SAN ANGELO, TX – In a June 20 interview Chamber of Commerce VP of Economic Development Michael Looney announced that 97% of all apartments in San Angelo are full. The news comes as a plus for complex owners as they can use the revenue to improve communities. For those looking to move here and find affordable housing, or any housing, relief is about a year out. However, Looney says the city is primed to act on the need for housing.
“97% occupancy of all multi-family units in San Angelo is indicative of an extremely robust and strong economy,” said Looney. “That’s a high number; you don’t see numbers that high in very many parts of the country.” Looney went on to say that while local lenders are hesitant to invest in area residential property development, several builders are looking at sites and ready to move ahead to capitalize on the clear and present demand for housing.
Looney, as well as officials with the San Angelo Downtown Association stated that both outlying properties and properties in the downtown urban core are being looked at for additional housing. “We’ve got several buildings that would be ideal for renovation to be converted into downtown housing,” explained Del Velasquez, the Executive Director of Downtown San Angelo Inc. “Right now we have some very small, limited, number of spaces that have been developed; but not to the magnitude that we need.”
The issue with developing those existing downtown properties for residential use comes down to the cost of renovations, and the process of working within restrictions imposed on historic buildings.
“The interesting thing is that everybody in the community pretty much knows that we have a need for more quality, market-rate, multi-family developments here in San Angelo and in the immediate surrounding area,” Looney continued.
The need for more housing, as Goodfellow AFB adds missions and staff, and as local entrepreneurial and industrial employment expands, is not a new revelation. A 2009 housing study concluded that San Angelo not only needed, but would easily support growth in the housing market.
We’ll bring you more information as the topic of residential property development continues to play out.