Another 1,000 units are planned for the downtown area within the next few years, much like Hilltop, developed by HTBT Properties, and the modular method may give advantage to staying ahead of the competition.
“The multifamily housing market is poised for strong growth in the upcoming year,” says Tom Hardiman, executive director of the Modular Building Institute (MBI). “Modular construction is ideal for this market as it shortens the overall construction schedule allowing for earlier occupancy and quicker return on investment.”
The quality of construction benefits from being in a controlled environment, reduces the cost of labor, and can often save 20-30 percent in time. In addition, many construction companies folded as a result of the housing downturn that began in 2008, forcing construction workers into other labor markets.
One major drawback is some of the more desirable multifamily development sites are in urban areas where young professionals want to live. MHProNews understands moving a flatbed truck loaded with a 40-60 foot module through congested traffic for a crane to offload it at the site can sometimes lead to costly delays. ##
(Image credit: nreionline–Hilltop House modular apartments in Winston-Salem, NC)
