Stockton's hot housing market may spill over into Downtown
D. Hill has lived in his two bedroom, one bath unit, complete with a nice sized kitchen for six months.
“What do you like the most about it?" "The quietness."
And where does the former postal carrier live in his quiet apartment? Downtown. That’s right Downtown Stockton.
“And they say well, Downtown Stockton? And I say yes that’s where I stay. And they say I couldn't stay down there. And I say you ought to come down and look at it then," says Hill.
Hill lives in what is now called the Cal Weber 40 building. It's a year old and was once of pair of decrepit buildings. One was built in 1891 and the other in 1926 and now has 40 units of both affordable and market rate housing along with retail.
With Stockton being the hottest housing market in the country, City Economic Development Director Micah Runner says Stockton is on the cusp of renaissance for its downtown.
“You know you are seeing a lot of interest downtown. I think that might be due to a tight market but also just an interest in getting back to the core and people wanting to live downtown and be part of a vibrant urban community," said Runner.
One of the next downtown projects is the 12 story "Medical Dental" building at Miner and Sutter Streets.
It was built in 1927 and will be turned into 34 housing units and retail shops.
Chris Flaherty developed the Cal Weber building and purchased the building here on Miner for $2.5 million.
“Been watching the market and we felt that entering the market about 3 years ago was the right time for us and we just continued to try and build on what we’ve been doing," says Flaherty.
Flaherty says the project will start in April and take about 18 months to complete.
“We entered the market with our first project in affordable housing, using low income housing tax credit platform. So that’s been successful on our Cal Weber 40 project and now we’re going to be doing the same thing at the medical dental building," added Flaherty.
So, if you’re still not convinced downtown Stockton may one day be the place to be, no worries, D Hill is already sold on it.
“I said downtown Stockton is coming up now. They said coming up? I said yeah," said Hill.
Another development, called the "Open Window Project," will house 200 plus units and is currently in the financing and permit review, according to Micah Runner.