In-Depth Market Report Informs Strategic Neighborhood Housing Team

avondale.png

The Uptown Consortium (UCI) recently commissioned a study of Avondale’s housing market to guide future housing options and development in the neighborhood. The study is aligned with UCI’s goal of supporting the Avondale neighborhood in conjunction with developing the Uptown Innovation Corridor. Results of the study will aid the Consortium, Avondale homeowners, residents, planners and investors in maximizing future improvements, impact and outcomes.

UCI engaged Dinn Focused Marketing to conduct an in-depth analysis of the physical condition and configuration of Avondale’s current housing stock and to understand market trends. The data will be used to help neighborhood leaders formulate a tactical housing strategy that capitalizes on current and developing opportunities, while adequately addressing existing challenges.

“We are taking the necessary steps to ensure that Avondale residents are included in future developments and have the resources needed to thrive as the neighborhood changes,” said Beth Robinson, president and CEO of the Uptown Consortium. “It is important to all of us that we keep the neighbors we have while welcoming new residents when this is all said and done.”

UCI will be working in close partnership with the Avondale Development Corporation to engage the community and develop a housing strategy for Avondale. The plan will leverage current resources to create specific solutions based on the housing challenges on each block. This will help Avondale remain a vibrant community with a variety of housing options in the future. 

“Authentic housing market intelligence is critical to understanding an area’s current housing situation and forecasting positive, collaborative directions ahead,” said Michael Dinn, CRE, president of Dinn Focused Marketing. 

The report revealed that Avondale is faced with challenges but also has tremendous opportunities. Housing challenges include a low homeownership rate, aging housing stock, a high number of vacant properties and low housing values compared to neighboring areas. Avondale has also had a consistently high number of bank sales over the past 15 years. However, more than 62,000 employees work in Avondale and nearby Uptown neighborhoods with nearly 75 percent of jobs in health care, tech and professional services, so there is a growing market for a range of housing options.

“This data gives us something we didn’t know before—a street by street breakdown of the current housing stock,” said Russell Hairston, executive director of the Avondale Development Corporation. “As we work with the Consortium, we will use this data to pinpoint blocks where our services can be best utilized and to make a larger impact with our programs, towards growing Avondale.”

Using information from the study, UCI and Dinn Focused Marketing developed nine principles that reflect a shared vision to guide Avondale’s housing revival:

  1. Support a wide range of housing that reflects a community diverse in households, ages, income and interests.
  2. Encourage housing choices that respect and maintain a vibrant Avondale.
  3. Support and encourage the revival of the existing housing stock.
  4. Introduce new housing that serves unmet demands.
  5. Improve the marketability of all housing in Avondale.
  6. Provide resources to increase viable homeownership.
  7. Mitigate the value erosion in distressed areas, thereby improving the housing stock and the neighborhood.
  8. Spend resources for visible, sustainable neighborhood results.
  9. Encourage housing in areas where there exists development momentum, building on and supporting future developments of scale.

This study is one of the Consortium’s many community-focused efforts related to upcoming development projects. UCI has also engaged WEB Ventures, LLC to support the economic inclusion and job training initiatives around the Uptown Innovation Corridor, such as RWB Construction’s carpentry training program.