“I think the residential community downtown needs to continue to grow,” McKown said. “I don't think the physical real estate is there for it to become overbuilt.”
Bradshaw, meanwhile, said he suspects the downtown housing market will continue its switch from the wave of for-sale residences four years ago to rental projects such as the ones he and McKown are pursuing. Bradshaw was one of several developers who had more for-sale housing projects under design when the financial pain of the Great Recession hit in 2008.
“Financing is more difficult to get, it's hard to qualify, you've got to have down payments,” Bradshaw said. “And if all the demographics and studies are correct, we will have more people renting than in the past.”
Bradshaw added he believes the downtown for-sale market is recovering and will be assisted by the continued development of Deep Deuce.
“There are still people buying,” Bradshaw said. “They want to know what's all around them — they would like to see what it will look like when it's done. We might have gotten the cart before the horse, and should have done some rental before doing for-sale.”