Greenfires development includes a significant residential component. How will the current state of the residential markets impact the development?
It is difficult to predict what the real estate markets will look like over time. The majority of Greenfire’s residential units will be constructed a few years from now. Out of a proposed 430 residential units, 305 do not get built until Component Three of the project. This means they are not likely to be under construction until 2012 and 2013. By then, the economy and markets are likely to recover, and Greenfire’s residential product will be in a good position for the market’s recuperation. Having more residential units in the downtown is in concert with the conclusions of the Downtown Master Plan: “A key strategy to achieve the level of activity and economic sustainability that the Durham community desires to bring to downtown is to dramatically increase the rate of growth of residential units in downtown. In particular, this will help support the growth of retail and commercial services that existing Durham residents already demand.
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