These two demographic groups comprise almost half of the U.S. population — the Census Bureau estimates there are 75.4 million Baby Boomers (those born between 1946 and 1964) and 83.1 million Millennials (those born between 1982 and 2000).
Despite the age difference between Millennials and Boomers, they share similar preferences regarding where and how they want to live. Walkable neighborhoods with amenities such as coffee shops, restaurants, arts venues and shopping are at the top of the list. The less people need to get into a car to enjoy those amenities, the happier they are. This is why more people are relocating to small cities and towns with defined downtown districts.
The City of Manassas is a perfect example of what people are seeking in a vibrant downtown. Residents in and around the historic district have a short walk to the growing array of downtown restaurants and shops, festivals and events, markets, galleries , and more. In fact, Historic Downtown Manassas has a Walkscore of 85, which is considered “Very Walkable.”
Responding to these lifestyle trends, real estate developers have become increasingly willing to diverge from typical suburban development to smaller and denser urban renewal projects. Conceived during the economic downturn, several new (but different) housing developments in the Downtown Historic District cater to both demographics.
Prescott Court, a 33–unit garage–style townhome development offers homes priced around $300,000 and is still under development. Old Towne Square, a 58–unit townhome development featuring two– and three–bedroom units with Georgian–style architecture was priced slightly higher. Old Towne Square began construction in 2013 and the last unit was sold in August.
“The neat thing about this community is that it encompasses an entire city block in the heart of the historic district. We were excited about the location because it is walkable to so much in downtown Manassas,” says Candy McCracken of Van Metre. “We worked in partnership with the City to come up with the right product on this site. Everybody is happy with it and homeowners love it.”
Millennials are more transient now than ever before and find apartment living appealing. The City of Manassas offers downtown apartments to meet their needs.
The Courts at Historic Manassas offers 139 luxury rental units priced from $1,400-$2,000 per month. These units are close to all of the amenities that Downtown offers while also being conveniently located to major employers and the VRE.
Renting allows residents to become acclimated to a new area before buying, provides housing without the financial and maintenance burdens of home ownership, and grants flexibility for relocation without worrying about selling a home. Interestingly, the flexibility afforded by apartment living also appeals to Boomers who like to travel extensively.
Highlighting these trends, two more apartment projects in the Historic Downtown are in preliminary development. Messenger Place will replace the vacant News & Messenger Building at 9009 Church Street and will bring 94 apartments to downtown — 75 two-bedroom units and 19 one-bedroom units. It will be a five-story building that will feature 3,500 square feet of retail on the ground level. Residents will enjoy a 24-7 gym facility, lounge, and office area. Rents will range from $1,500 to $2,000. The developer, Coleman Enterprises LLC, anticipates construction to start before the end of the year and for units to become available in July 2016.
Finally, 105 apartments will be coming to Prince William Street, replacing the ABC Building. Manassas Station will anchor this edge of downtown with a three-story building by Christopher Land LLC. It will offer a combination of one- and two-bedroom units featuring granite countertops, walk-in closets, and balconies. Manassas Station will offer residents a fitness center; a community room with a TV and wet bar; and a “cyber café” for working remotely. Rents are anticipated to be comparable with the other two developments and the project is anticipated to be completed in late 2016.