CORPUS CHRISTI, Texas — The City of Corpus Christi is focusing on trying to attract developers who will invest in downtown. A brand new 2021 downtown residential market study took a look at the demographics and the real estate factors that would be attractive to a developer or give them pause for concern.
The study shows that only one-percent of Corpus Christi residents live and work downtown. The study showed that nearly all of the apartments or condos for rent in the downtown area are filled up.
While there is a market demand for more downtown rentals, the study says a developer would need a subsidy of some $30,000 per unit for a new development because of a lack of parking.
Mayor Paulette Guajardo said this study is a great tool to have so that City Council will know what it needs to do to keep transforming the downtown area.
"Do we need to change our policy? Do we need to look at our incentives?" Guajardo said. "Do we need a hybrid of upfront incentives versus performance incentives?”
A TIRZ, or tax increment reinvestment zone, committee made up of the mayor and city council members is charged with attracting new developments to the downtown area, but Councilman Gil Hernandez told 3News he heard the City also needs to try harder to get local developers to look at downtown.
"Fort Worth has done a tremendous job of developing their downtown. Now they had a benefactor, the Bass family, but that’s basically what they said. You need to go find an investor or a benefactor,” Hernandez said.
Alyssa Barrera Mason is the Executive Director of the Downtown Management District and is promising to use the study to drum up interest here and across the state.
"We will also be meeting with developers and investors from across the state to tell them right now how Corpus Christi is a good investment," Mason said. "And then bringing recommendations back to the board to help move and invest in some of these projects.”
Another issue that came up through the study concerns the lack of condos in the downtown area for people to buy. People like Councilman Mike Pusley said they wouldn’t mind living downtown if they could find a place to actually buy.
"I strongly believe that the downtown area of Corpus Christi needs a really nice condo, upscale condominium, for people to be able to purchase instead of just renting,” Pusley said.
Colby Clarke is the assistant manager for Nueces Lofts. He told 3News he’s lived in the downtown area for 10 years. Clarke said over the past five years it’s really grown and he feels entertainment is a big factor in all that growth.
"The entertainment factor, that’s what brings people downtown, and I think that’s what makes people want to move down here as well," Clark said.
The Downtown Management District will now get to work on coming up with a plan of action for council members to consider as they continue to try and revive what was once the center of activity in Corpus Christi.
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