Less than a year ago (summer 2009) Urban Exchange opened its doors to the very first residents of this impressive new structure in downtown Harrisonburg.  Urban Exchange features 194 apartments in studio, 1 bedroom, 2 bedroom, 3 bedroom and loft configurations -- with over 45 different floor plans. 

The big question that (nearly) everyone asked or wondered was whether there could really be several hundred people who wanted to live in downtown Harrisonburg.  The results are in --- YES, there are a LOT of people who would like to live in downtown Harrisonburg!

A few quick updates, and then enjoy the photos below showing the final product:

• When Urban Exchange opened in summer 2009, nearly 70% of the apartments had already been leased.
• Per signed leases as of today, when Urban Exchange reaches one year of operation (summer 2010), over 95% of the apartments will be leased!
• Approximately 50% of Urban Exchange residents are "young professionals" or downtown employees.
• Approximately 30% of Urban Exchange residents are undergraduate or graduate students.
• Large contingents of Urban Exchange residents are: Rosetta Stone employees, local school teachers, and JMU and EMU faculty and staff.

It certainly is exciting to see the growing enthusiasm that exists for living in downtown Harrisonburg.  Most experts in downtown revitalization would agree that a growing downtown population is an essential part of a vibrant and sustainable downtown district.

If you have questions about Urban Exchange, feel free to call or e-mail Mary Messerley at 877-548-3831 or mary@LiveUE.com.

Of note -- only one of four retail spaces at Urban Exchange has been leased, but several spaces are still available.  If you are interested in details, please contact Mike Hendricksen at 540-908-7528 or mike@cbcfunkhouser.com.


Hardie Plank, corrugated metal, glass, bridges, lavish landscaping, seating areas, and more! 


This glass encased corner includes the mail room, a reading room, the gym, and The Apex.


The west-facing side of Urban Exchange, visible from Main Street near Court Square.


Four floors of apartments joined by a landscaped courtyard over top of double volume retail space.


Western views along Water Street, looking out towards Rosetta Stone.

The exterior of your home could be built with so many different materials, for example: stucco, stone, wood, brick, aluminum, concrete, steel and fiber cement.  That last one, fiber cement, is a vague and mysterious siding choice also referred to as HardiePlank siding, which has been around since the 1980's.

So, what exactly is HardiePlank siding??  First, HardiePlank siding is a fiber cement, made out of sand, water, cellulose wood fibers and cement.  Its source materials and design provide it with a number of unique qualities that often interest homeowners....

• It resists flame spread, making it safer in the event of a fire.
• It is a very durable material that resists damage from impact.
• It not susceptible to rotting, or termites.
• The color is baked on, so you won't have to paint for 15 years!
  

Many home buyers in the Shenandoah Valley have not heard of HardiePlank siding, but as soon as they come to understand how it outperforms wood and vinyl products, they become very interested!

HardiePlank comes in all sorts of colors and styles, and you'll start to see it on some newly built homes in this area, for example on the Paired Homes at The Glen at Cross Keys, on this EarthCraft home on Cottage Circle, on most of the homes at Preston Lake, and on Urban Exchange.

Check out these two stories about Urban Exchange that both hit the news today . . .



Downtown living: Urban Exchange sets a new course for Downtown Harrisonburg  (The New Dominion)






Urban Jungle: Urban Exchange Home To City's First ‘Green' Roof  (Daily News Record)

The architectural design of Urban Exchange is exciting, provocative and has received a lot of very positive feedback.  Two key features (among many others) that seem to be universally appealing are the expansive landscaped courtyard and the large windows and doors allowing for loads of natural light.  It is the unique "opposed L" design that allows for the natural light and the fantastic courtyard area --- and you might wonder how the developers stumbled upon such a great concept....

Several years ago, at the very start of the design process for Urban Exchange, the architects visited Harrisonburg to examine the site, and as a result, Philippe created the sketch below.



The architect and the developers then spent months creating a multitude of building styles and designs from which to choose --- but throughout the process, they kept returning to the very concept sketched out above. 

This design allowed for more significant massing on the main streets (Mason, Market) --- the brick areas on the now complete building, and it allows for lots and lots of natural light through the multiple exposed faces of the building.  And of course --- the primary colors of the bridges are now shining brightly in the sunlight, despite their position having been adjusted slightly from this original sketch.

As I have spoken with other architects, I have learned that it's not entirely uncommon for this to have happened --- for the very early inspiration to be the eventual reality.  I suppose the accuracy of this early sketch to the final building is so fascinating because of the large size of this project and the long (multi-year) development process that is just now coming to a close.

Click here to view updated construction photos, showcasing the nearly-complete Urban Exchange!  Both buildings (East and West) are now open, as of this pats Thursday.

Gym equipment will be delivered in the next few days, and the final construction details will be finalized.

To see the exciting developments at Urban Exchange for yourself, feel free to swing by our Leasing Center --- we're open nearly every day of the week from 12p - 5p.  Or, call Mary to schedule at 877-548-3831.

Well, actually, I'm not --- but as each week passes, the number of people who can make that statement is growing as Urban Exchange residents move in. 



More on that in a moment, but first, some very interesting historical context....

I referred to the Citywide Housing Analysis for Harrisonburg, Virginia a few weeks ago, and here are some additional excerpts from that 2005 report, related to downtown housing....


The growing number of people leasing apartments at Urban Exchange is showing that there is indeed an emergent (emerged?) downtown housing market.


Given the number of people leasing at the Urban Exchange (which are luxury apartments), I don't think we can describe the demand as latent anymore.  So....does that mean that downtown Harrisonburg has reached a critical mass of commercial and arts amenities??


Admittedly, Urban Exchange is being developed at the tail end of the 2005-2010 time frame referenced here, but certainly the demand for downtown living was grossly underestimated in this 2005 report. 

Urban Exchange is comprised of 96 apartments in the East Wing (roughly 90% leased to date), and 98 apartments in the West Wing (roughly 45% leased to date). 


Even aside from other recent downtown developments, Urban Exchange will contribute 194 households (75% increase), and the potential for 375 new residents (64% increase).  So, your next question might be....

Who are all of these people deciding to live in downtown Harrisonburg?? 

We'll be working to answer that more thoroughly in the weeks to come, but here are some examples of the Urban Exchange tenants that we have met over the past week:

• English teacher at Spotswood High School
• Sociology professor at JMU
• Program Assistant in JMU Residence Life
• Curriculum Developer at Rosetta Stone
• Division Manager at McDaniel's (now Masco)
  
• Teacher at Peak View Elementary School
• Husband/Wife owners of a downtown business
• Retiree from New York state
• Software engineer at Rosetta Stone
  

The list goes on and on --- and we'll get into more of these details as we near completion of Urban Exchange --- but it is very exciting to see the diverse and energetic community that is developing in this new community in downtown Harrisonburg.

We're now less than four weeks away from the first residents moving into the brand new upscale condos in the East Wing of Urban Exchange located in downtown Harrisonburg.  Click on the image below to view updated construction photos.

Construction is moving along steadily at Urban Exchange in downtown Harrisonburg.  This exciting new mixed-use community will include 194 condos, two levels of structured parking, and approximately 12,000 square feet of retail space.  

Over the past 16 months, we have been excited to see that people crossing nearly every demographic have interest in living at Urban Exchange.  Those having committed to living at Urban Exchange span an age range of 20 to 80, and include retirees, young professionals, university faculty and staff, undergraduate and graduate students, families with children, employees of growing local companies such as Rosetta Stone, SRI, SI, RMH, and more.  

Urban Exchange is comprised of two wings with approximately 100 condos in each, and when we broke ground in February 2008, we did so with the vision of selling the condos in the West Wing, and leasing them in the East Wing.  This past week, however, we made the decision to lease all 194 condos instead of selling half of them --- primarily because of the significant changes in the condominium financing market that have taken place over the past 12 to 18 months.

The West Wing of Urban Exchange is comprised of 98 condos, and Fannie Mae and Freddie Mac guidelines dictate that 51% (soon to be 70%) of such condos must be owner-occupied in order for any purchaser to use a conventional mortgage for purchasing at Urban Exchange.  Furthermore, Fannie Mae and Freddie Mac will not allow loans to close on any condos until 51% of the condos are reserved.

Given these guidelines, we knew that it would be difficult to orchestrate the sale of 70 condos nearly simultaneously, but we were determined to attempt to do so.  Unfortunately, a few timing and logistical factors conspired against us:

1. Construction on the East Wing (for lease) was started two months prior to construction on the West Wing (for sale).
2. Prospective Urban Exchange tenants were willing to sign leases well before their condo was close to being complete.  (In fact, I believe the first leases were signed before we even had a single piece of lumber on the work site!)  As of last week, 75% of the East Tower was leased, and 25% of the West Tower was leased.
3. Prospective Urban Exchange buyers were hesitant to sign even a non-binding reservation agreement until their condo and the building as a whole was nearly complete if not entirely complete.  As of last week, 15% of the West Tower was reserved for purchase.

Last week, when this decision was made, we were at the crossroad we had anticipated for several months.  We were seeing 5 to 6 new leases a week, yet nearly all of the prospective buyers (without reservations) were waiting to commit until construction was nearly complete.  We realized that within the next few weeks we would have to start turning prospective tenants away if were to preserve enough owner-occupied units in the West Tower to achieve the occupancy standards from Fannie Mae and Freddie Mac.  

Given the vast, early demand from tenants to live in Urban Exchange, and the delayed, hesitant demand from buyers --- last week we decided to move forward with leasing all of the condos at Urban Exchange.

We have discussed this change at length with all of the buyers who had reservations at Urban Exchange, but we know that there were quite a few other prospective buyers who had not yet committed to purchase.  If you are one such person, and are still excited about the possibility of buying a condo in downtown Harrisonburg, we'd like to stay in touch with you.  

The developers of Urban Exchange own several other properties in downtown Harrisonburg where they will be developing condos after Urban Exchange is complete.  The next two projects that they will be developing will be considerably smaller than Urban Exchange (15-25 units) and thus will be much more feasible for condo sales.  In approximately six months we will be starting to hold focus groups with any such interested downtown condo buyers, as we begin the design and planning stages of these next projects.  If you would like to know when these focus groups begin, please click here.

Thank you for your continued support of and excitement for Urban Exchange --- while the decision to lease all of the condos marks a slight change in direction, it will still be bringing dynamic change to our downtown district.  In just over a month, the first residents will be moving into Urban Exchange, and as the next few months unfold, we will be building up to over 300 new residents of downtown Harrisonburg in an exciting and diverse community at Urban Exchange

If you have any questions about this change in direction at Urban Exchange, please contact me (Scott Rogers, 540-578-0102, scott@LiveUE.com), and if you have interest in further details on leasing a condo at Urban Exchange please contact Mary Messerly (540-421-9341, mary@LiveUE.com).

Construction at Urban Exchange is flying along quickly!  In a mere 51 days, the first residents will be moving into these beautiful new condos in downtown Harrisonburg.  Click on any of the photos below to view updated construction photos.







Find out more about Urban Exchange:

• View Office Hours
• View Construction Photos
• VIew Video Interviews
• View Renderings
• View Sales Prices
• View Reservation Agreement
• View Rental Rates
• View Lease Application
• View Floor Plans
• Learn about Living Green

Just a few days ago, the third (blue) bridge was installed at Urban Exchange!  Click here to view updated construction photos of the blue bridge and other exciting developments at Urban Exchange.

If you look through all of the photos you'll also notice:

• the first kitchens at Urban Exchange, by Classic Kitchens, nearing completion
• the developer of Urban Exchange riding in his new ZAPCAR (zero air polution)
• the interior of the Urban Exchange Sales & Leasing office on Market Street

To see these exciting developments for yourself, feel free to swing by our Sales & Leasing Center --- we're open nearly every day of the week.  View our hours by clicking here.

Yellow, Red Bridge to be installed on Tuesday!

All day tomorrow (Monday) we'll be setting up a HUGE crane next to the Urban Exchange construction site.  Then, on Tuesday between 8:00 a.m. and 10:00 a.m. we'll be using the crane to (carefully, slowly) lift the red bridge and the yellow bridge over top of the East Wing, and down between the wings to span the courtyard area.

Feel free to drive by to see the action, or watch it live from across the street!  Call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com) with any questions.

Become a fan of Urban Exchange on Facebook!

Are you on Facebook?  If so, become a fan of Urban Exchange --- click here to visit the Urban Exchange page on Facebook.

An Urban Exchange Marriage Proposal!

Congratulations to Bobby and Jenna on their engagement!  Bobby proposed this weekend in the apartment at Urban Exchange where the couple will eventually be living --- after her surprise (Jenna thought she was just getting a tour of their apartment's progress) --- she said yes!  Bobby is a chef at Eastern Mennonite University and Jenna is a graduate student.  We wish Bobby and Jenna well, and are excited about the life they will share together at Urban Exchange!

Many thanks to Rebekah Girvan Budnikas, a top-notch local wedding and family photographer, who not only captured this special moment, but is also soon to be opening a high-end photography studio in downtown Harrisonburg! 

Six Days to Bridge Installation

BREAKING NEWS --- the three bridges that will connect the two wings of Urban Exchange will be installed on Tuesday, March 10th, beginning at 8:00 a.m.  We will be using an enormous crane to lift each section of the bridge up, and lower it into place between the two wings.  We will certainly post photos of this exciting event online, but feel free to stop by to watch the action!

Work was completed this past weekend on the metal columns that will support the bridges.  Click here to view these updated photos --- which also include a glimpse of some small bridge sections.

Classic Kitchens Prepares for Kitchen Installation

Class Kitchens now has all of the granite and cabinetry components in Harrisonburg for installation at Urban Exchange.  Click here to view photos from the Classic Kitchens warehouse, where the kitchen components will be staged and partially fabricated before being brought to the Urban Exchange site.

Condo Specifications

Are you curious about the detailed specifications of the apartments and condos being built at Urban Exchange?  We have now posted a list of specifications for the condos and apartments at Urban Exchange.  Please let me know if you have any questions about these specifications.

Stay tuned for more exciting announcements about Urban Exchange in the coming weeks. For more information about the condos and apartments, feel free to reply to this e-mail, or call me at 540-578-0102.  For all leasing matters, please call 540-421-9341 or e-mail info@LiveUE.com..

Construction is flying along at Urban Exchange (196 condos for sale and for lease in downtown Harrisonburg).  Here are a few updates on the progress:

• The courtyard is really shaping up!  The photo above starts to show how large of an area this will be, with raised decking, landscaping, and seating areas.  More courtyard photos here.
  
• The bridges will be installed soon!  As you can see in the photo above, the end segments of the yellow bridge (2nd floor) have been installed.  In roughly 4 weeks, all of the bridges will be installed via a crane!  More bridge photos here.
  
• The apartments in the East Wing (for lease) are moving along quickly, with rough mechanicals and insulation nearing completion and drywall in progress!
• The East Wing is now scheduled to be complete on July 1, 2009.  Completion of the West Wing is scheduled for August 20, 2009.

See the progress at Urban Exchange via these construction photos from earlier this afternoon.

As the development of Urban Exchange progresses, I will be continuing to post interviews on the Urban Exchange web site to provide you with a glimpse into the excitement taking place in Downtown Harrisonburg.

To start off, take a few minutes to learn more about Urban Exchange via interviews with Barry Kelley (developer), Andrew Forward (developer) and Philippe Jentsch (architect).

Listen in as Barry Kelley, one of the developers of Urban Exchange, talks about the impact that Urban Exchange will have on Harrisonburg.



Below is a rough transcription, for those of you reading on mobile devices without video capabilities...

I think the impact on downtown Harrisonburg is one feature that it will have, but I'd have to go even deeper and say that the idea of building an urban environment  and creating more functional urban environments is something that we as a society have been doing for hundreds of years.  It was until 1945, after the war and the baby boomers, that gas prices as they were allowed us to change our life and our lifestyles, and I think we've come to the conclusion that we are paying a big cost for that change in lifestyles.  And so, there seems to be a drawing back to the city centers and the urban environments because of increased use and better use of time and quality times with your children, and your friends and your neighbors. 

And so how does that impact Harrisonburg and downtown Harrisonburg, I think that is all part of the revitalization part, because people are coming to the understanding that maybe living 10, 15, 20 miles out into the county, has some downfalls, and so if you can live a simple life, maybe it can be more fulfilling in a lot of different ways.  So, how is it having an impact on Harrisonburg, I think it has a social impact on Harrisonburg and the surrounding areas, that our whole country is going through that is rather profound and we're just a small part of that.

Click on the photo above to view updated Urban Exchange construction photos, showing the dramatic progress that is taking place just one block from Court Square. 

Also, if you'd like to take a tour of Urban Exchange, please either stop by during our office hours, or also feel free to call or e-mail to make an appointment to meet on site:

Condo Sales
Scott Rogers
540-578-0102
scott@LiveUE.com

Apartment Leasing
540-421-9341
info@LiveUE.com

Are you interested in living in downtown Harrisonburg?

Despite some rainy days in December (see above), construction is flying along at Urban Exchange --- framing for the fourth floor is being finished on the East Tower (apartments for rent), and the first floor is being framed on the West Tower (condos for sale).

Click here to see the latest construction photos of this exciting project in Downtown Harrisonburg, the future home of 196 condos, and 12,000 s.f. of retail space.

The framing is continuing at a rapid pace at Urban Exchange in downtown Harrisonburg, future home of 196 condos, and 12,000 s.f. of retail space.  View more construction photos on the Urban Exchange web site.

Condo sales prices are now available for the West Tower of Urban Exchange, in downtown Harrisonburg.  As you know, apartments in the East Tower will be leased, and condos in the West Tower will be sold.

Here is an overview of the prices:

• Studio - $123,400 and up
• One-Bedroom - $141,400 and up
• Two-Bedroom - $189,000 and up
• Three-Bedroom - $239,800 and up
• Condos w/ Lofts - $236,850 and up

To view the full sales price list, click here.
To view the sales prices while exploring the floor plans, click here.

If you are interested in reserving a condo for purchase, we will require:

• a completed reservation agreement (available online)
• a deposit in the amount of 2% of the condo price
• a pre-qualification letter showing your ability to purchase

If you have any questions about buying at Urban Exchange, please call me at 540-578-0102.