Ryan Carlie, Senior Manager, Real Estate Development
Years with Opus: 3 years
Project Credits: Citizen Park Luxury Apartments and District Flats
Event: Risk Management Association Panel
Key Points from the Panel
- The St. Louis market is likely approaching the end of the cycle. It lags two to three years behind larger markets and some of those markets are starting to become overbuilt. Although likely in the later innings, there’s room for more residential units in some core submarkets.
- Chesterfield has the greatest opportunity for development. No new product has been developed in 30 years. There is one project currently under construction, and there is definitely room for more.
- More millennials are renting and are less concerned with home ownership. They also want to be in the inner ring in more urban environments so it will be interesting to see how new multifamily projects cater to this group, including the possibility of more micro units that are 200 to 300 square feet in size. We find that residents want a live-work-play lifestyle so we seek out locations that offer this and have economic drivers that support demand. A good example of this is the medical center in St. Louis’ Central West End. Roughly 43% of current residents at Citizen Park are affiliated with the medical center in some fashion. Additionally, our amenities are very technology driven, including parcel pending, butterfly, fitness on demand and state-of the-art cardio equipment.
- There are high barriers to entry in the St. Louis residential development market, including construction costs and obtaining incentives required to make the projects happen.