Developers plan large apartment complexes
-August 2,2019-
A growing number of large apartment complexes are in the works in Visalia looking to ramp up the number of multi-family units that could be built in the next year or so in the city.
In July developers filed preliminary plans in both the southern and northern parts of town. They include a 228-unit complex in three buildings at 5518 W Cameron Ave, near Costco in the southern part of the city. Also, a 188-unit project at Akers and Riggin and a 216-unit three-story development at the NEC of Shannon Way and Court – both in north Visalia.
Also recently a 58-unit Tulare County Housing Authority project filed a site plan review application on Lovers Lane, another developer plans a 70-unit project at Douglas and Tracy St, and a 100-unit senior housing complex at Ferguson and Dinuba Blvd were filed as well.
Add to that, a big and controversial project, 200-units approved by the city in late 2017 at Shirk and Doe is said now to be close to breaking ground.
Not that all of these apartments around town will be built of course, but at least preliminary applications for more than 800-units have been submitted so far this year and a backlog of others. That compares to just 18 units that been permitted to be built in 2019 and only 77 units built for all of last year.
The 10-year total of multi-family units built in the City of Visalia stands at only 439 units. That compares to 4100 single family homes permitted for the same decade, 10X the number.
Nationwide, the multi-family sector has been on a tear since the recession ended say reports. Construction spending on multi family is up 18% in the past few years juiced by the fact that more millennials look to rent by choice rather than buy.
In Visalia the low number of new projects speak for themselves says Visalia developer Harvey May who with partners built the new upscale Montecito Apartment Homes near Goshen Ave and Woodland. Demand has been good says May saying they are “about 80% leased.”
“There has been a long spell between new construction of apartments in Visalia and we saw that” adds May.
The complex is described as a “luxury rental community”, located in North West Visalia across from the Visalia Country Club.
Montecito offers 1, 2 and 3 bedroom, energy efficient apartment homes, including features such as granite countertops, washer/dryer, walk-in closets, ceiling fans, luxury vinyl floors, a private balcony and garages. Th have a clubhouse, a resort-style pool and 24-hour fitness facility.
More news that apartments are hot in Visalia right now.Cameron Crossing ,an existing 96-unit apartment complex just sold for $16.32 million or $170,000 per unit according to a report.
Rooftop solar strong in Visalia
Meanwhile rooftop solar permits in Visalia number 804 through July 2019 ahead of last year’s pace when the city permitted 913 residential solar projects all year.