Downtown Living...More Demand Than Supply - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Downtown Living...More Demand Than Supply

It's not the lack of demand, it's the lack of supply that's curbing downtown residential units from popping up in Amarillo.

Currently, if you want to live downtown, you don't have many options. There are only a handful of rentals and even fewer condo properties. The lack of properties has a lot to do with the lack of financing offers from banks.

Center City has a plan to boost the downtown residential scene, giving builders a historical tax credit. Beth Duke says "to qualify for the program the property has to be income producing. So they'll put a business plan that allows for them to rent for 5 years and then maybe become condo."

They're looking for a certain kind of renter. There's two main groups downtown developers are trying to attract to live downtown...young urban professionals and empty nesters. A busy, thriving downtown doesn't just benefit those who live there.

Amarillo National Bank's president Richard Ware says "a strong downtown makes amarillo look great. It attracts people and it'll attract industry. The second thing is, people take pride in their downtown.that's the one thing that everyone has in common." Ware says its a work in progress, but within five years there will be more action downtown.

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