Multifamily demand is particularly strong in Springdale, as a hiatus on multifamily development in the nearby area was recently lifted, allowing a developer to deliver the first new multifamily product in the market in over 30 years. Interestingly, the new “work from home” environment has allowed Springdale to use multifamily as an economic development weapon, as their new “at-home” work location has shifted the income tax reporting location to Springdale, which can have a dramatic increase in the General Fund revenues for Springdale.
The existing 3,600 space parking decks can be utilized to efficiently deliver upscale multifamily and mixed-use development product for a cost less than surface parking, and increasing speed to market, thereby minimizing execution risk.