Mangum 506 open house turns out crowd
October 22, 2007
Wondering what the interest in downtown condos and residential units are? A look at the open house and party for the Mangum 506 condo project (map) on Friday night suggests it continues to be fairly deep, and fairly intensive.
I stopped by to check in and take a look at the plans for a few minutes, only to find the Center Studio Architecture office literally packed wall-to-wall with Durhamites checking out the newest downtown residential project. Over the course of an hour or so, I'd estimate that about 75 people made it through to look at the site plan, 3D models, unit floor plans and cabinetry samples.
Which is a good sign of demand for downtown residential units, particularly with competition from the completing-construction Trinity Lofts near the DAP, the Durham Kress, and soon American Tobacco. Downtown Durham's renaissance depends on drawing a critical mass of residents to support retail and dining options in the urban core, and to create activity beyond the 8am-to-5pm of the workday.
Although projects like Mangum 506 are coming online in the midst of a national downturn in the residential real estate world, the continued growth in the Triangle and the Bull City bodes well -- The Durham News notes the Wall Street Journal's notes Durham prices are up 7.2% over the 4Q 2005 national peak price -- for finding buyers for these condo units, especially in light of the increased interest in urban lifestyles.