As their name implies, the Creekside Meadows apartments are going up next to Periwinkle Creek.
Since last September, construction has been under way on three apartment buildings between Periwinkle Creek and Geary Street in Albany, at 1755 Geary St. S.E.
You can see why the developers are calling it Creekside Meadows. The three-story buildings cover a former meadow, and from the top floor tenants may have a view of the creek below.
Let’s hope there’s no confusion about names when the project is finished, for just on the other side of the channelized creek there are the Meadows Apartments, at 1915 21st Ave. S.E.
The buildings at Creekside Meadows will have 44, 30 and 33 apartment units, respectively.
I last did a story on this project just after site work started in September 2023. On a bike ride along the Periwinkle Bikepath last week, I took note of how far construction had progressed.
Paradigm Albany, a limited liability company based in Eugene, owns the property. City building permits identify the contractor as Cohen Skovborg LLC, out of Bend.
The Albany planning division approved the site plan for the apartments in June 2022. The plan called for 79 apartments with one bedroom each, and 28 with two. There were to be 153 parking spaces.
Values assigned to the project by the building division total about $13 million.
People always ask how much the rent will be. We won’t know until the units become available. In the Meadows complex across the creek, a two-bedroom unit was being advertised on line for just under $1,500. (hh)
No wonder people are so disillusioned with our politics. Who can afford, except for those with college educations and good jobs, $1,500 for rent? And, still in this country, more people do not have a bachelor’s degree than have one. People have to double up and have roommates, whether they are romantically involved or not.
I question the number of parking spaces vs type of tenants. Just recently a “family” moved in near me in a sub 900 sqft, what I presume to be, 3 bedroom house with very recent “garage work”. I’ve seen up to 6 cars parked overnight, although the norm seems to be 4+.
Do the requirements of first and last month and cleaning deposit still apply, plus a pet deposit if applicable? If they do that would be a minimum of $3,000 to even get in.
That’s affordable?????????????????
I think it’s 1st, security and pet. As a general rule. Plus, the more ‘supply’ of housing options, the dynamics change in favor of the renter.
I would be curious to know what the actual population growth rate in Albany is as Google has estimates from .04 which I believe should be 4% to 6%. As the 6% rate would be somewhere in an additional 2500 people a year, that would double the population in12 years.
Do you realize how many postings you have made about new housing?
According to Portland State population estimates for Albany:
2020 – 56537
2021 – 57046
2022 – 57320
2023 – 57997
Largest year-over-year population gain was 1.2%. Total gain between 2020 and 2023 was 2.6%.
City link with graphic –
https://www.albanyoregon.gov/demographics/population#:~:text=Albany%20grew%20by%20almost%2039,people%20(40%2C852%20to%2056%2C752).
Text:
Population
According to the Portland State University (PSU) Population Research Center July 1, 2023 estimate, Albany’s population is approximately 57,997 people.
Albany grew by almost 39 percent between 2000 and 2020, increasing by roughly 15,900 people (40,852 to 56,752).
Using the official 1.27% forecasted annual growth rate generated by the PSU Population Forecast Program, Albany is projected to reach 71,985 people by 2040. If Albany were to grow at the average annual growth rate since 1992 of 1.69%, the City’s 2040 population would be 78,486.
RayK
I would personally love it if the people making the piles of money from this gave say 10 percent of it to help restore the creek to pristine conditions.
If the actual cost to build is anywhere near the $13 million of valuation then $1500/mo for a 2 bedroom seems pretty cheap to me. I’d guess the 1 bedrooms would be around $1250/mo. That’s about $140k a month in rent income. From that, subtract all the various monthly expenses (taxes, city fees, insurance, maintenance, staffing, etc). Then factor in covering interest and loan payments for the construction costs. Even if they are clearing $100k a month after all that, it’ll still take almost 11 years to recoup the initial valuation.