DENISON - While Denison has experienced job growth in recent months and years, the city’s population has remained flat.
Citing a new market study of the city and region’s residential market, Denison Development Alliance Vice President for Business Development Scott Smathers said a lack of high-end apartments is a big part of the cause.
“For us to continue to be successful, we not only need to get the jobs here, but we need to get the houses here, which then gets the retail here,” he said. “It all ties together.”
“The city definitely knows that a high-end apartment complex is needed,” said Mayor Jared Johnson.
The study, which was performed by Butler Bugher Group LLC of Dallas, concludes Denison will need 512 apartment units over the next three years to keep up with job and population growth.
Smathers said the Alliance decided to commission the $7,750 study after being approached by Piazza Construction to partner on the analysis. Piazza is planning to build a 200-unit apartment complex in the 2900 block of Loy Lake Rd.
In addition to estimated growth in the area, the study also points to high occupancy rates and increasing rental rates as evidence of the area’s need.
The study estimates that a two-bedroom unit of 925 to 1,050 sf could rent for $850 to $1,000 per month.
Ultimately, the effort is about trying to attract and retain young families to Denison, which city leaders hope will benefit existing retail, attract new retail and boost tax revenue.