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Interesting article in Business First this week about the possible foreclosure on the Atlas Building at Long/High but also a possible conversion on floors 4-12 as apartments.
http://columbus.bizjournals.com/columbus/stories/2010/05/03/story11.html
Columbus Underground Messageboard » General Columbus Discussion » Development
The Atlas Building - News & Updates
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heresthecasey
OSU
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Posted 2 years ago # -
futureman
Grandview Heights
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+ 1 for Apartments. I hope they won't go the high-end route, but instead focus on a single individual making 35-40K a year could afford. It'd be great to see nice one bedrooms (non-studio) going for $700 or less w/a parking space.
Kind of a more affordable Annex at RiverSouth development. $750 is still high-ish for a one bedroom with no parking spot.
Posted 2 years ago # -
Talcott
Clintonville
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futureman wrote >>
+ 1 for Apartments. I hope they won't go the high-end route, but instead focus on a single individual making 35-40K a year could afford. It'd be great to see nice one bedrooms (non-studio) going for $700 or less w/a a parking space (maybe).
Kind of a more affordable Annex at RiverSouth development. $750 is still high-ish for a one bedroom with no parking spot.Yes, this!
When I moved back to Columbus, I considered living downtown, but it was hard to find an actual apartment. I’m sure they exist, but they seem to be hidden away. I don't ever see myself in the market for a condo (if I'm going to buy something, I'd rather have a house) and it seems like that's all we have downtown. While I imagine apartments are harder to manage than condos [he guesses, with no real estate experience], I think they'd do a lot for the vitality of downtown. Aside from getting a more diverse group of residents, it would allow people to try living there without having to make a major commitment.
Posted 2 years ago # -
Oak
Schumacher Place/German Village area
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With the economy picking up now, about when this project is done with a year long apartment conversion, it should be ripe for the heavy rental season in spring 2011. Hard to find a downtown apartment? pish posh! http://www.metro-rentals.com
Posted 2 years ago # -
futureman
Grandview Heights
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Oak wrote >>
With the economy picking up now, about when this project is done with a year long apartment conversion, it should be ripe for the heavy rental season in spring 2011. Hard to find a downtown apartment? pish posh! http://www.metro-rentals.comProbably hard to find something affordable that isn't a 1 bedroom efficiency around Franklin University area on a typical state employ office worker salary (not saying Talcott is/was, just that salary range is average-ish around town). That's why I like the Annex at RiverSouth, I believe it has the lowest rent for a 1 bedroom for a new build in downtown proper @ $750 w/no parking space.
Posted 2 years ago # -
Talcott
Clintonville
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futureman wrote >>
Oak wrote >>
With the economy picking up now, about when this project is done with a year long apartment conversion, it should be ripe for the heavy rental season in spring 2011. Hard to find a downtown apartment? pish posh! http://www.metro-rentals.comProbably hard to find something affordable that isn't a 1 bedroom efficiency around Franklin University area on a typical state employ office worker salary (not saying Talcott is/was, just that salary range is average-ish around town). That's why I like the Annex at RiverSouth, I believe it has the lowest rent for a 1 bedroom for a new build in downtown proper @ $750 w/no parking space.
Yeah, that's about the right range. My problem is that I was looking for something in between what seemed to be offered downtown. I don't really want or need a ton of modern amenities, and couldn't care less about having things like gyms and such connected to my apartment (and rent), but I don't want somewhere completely run-down either. I'm sure there are downtown apartments that I'd love, but I didn't find anything when I was looking two years ago.
But I'm happy with where I wound up, and don't plan to move any time in the near future.
[edited to remove the evidence that all threads on here blend together into one über-thread in my mind]
Posted 2 years ago # -
Walker
The KLD / Downtown
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Walker
The KLD / Downtown
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Landmark's future 'up in the air'
Friday, December 24, 2010
BY MARK FERENCHIK
THE COLUMBUS DISPATCHThe historic Atlas Building Downtown has been in trouble for a while. The 105-year-old building is in foreclosure. Its upper floors are vacant because of fire-code violations.
Preservationists are worried that one of Columbus' landmark buildings - which has been on the National Register of Historic Places since 1977 - could be in jeopardy.
Posted 1 year ago # -
cc
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The good thing about the mortgage crisis is that the next buyer will actually have money and be able to afford this building and its upkeep. There are a lot of projects/buildings rotting in Columbus due to unvetted developers with rose colored glasses and other people's borrowed money. I feel sorry for the tenants and Long St.
Posted 1 year ago # -
revolutionist
SN
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It's in foreclosure? Any info on basic numbers for the building... I'm wondering specifically on how much the bank wants for it and how much the estimates are to get the building within code.
Walker wrote >>
Landmark's future 'up in the air'
Friday, December 24, 2010
BY MARK FERENCHIK
THE COLUMBUS DISPATCH
The historic Atlas Building Downtown has been in trouble for a while. The 105-year-old building is in foreclosure. Its upper floors are vacant because of fire-code violations.
Preservationists are worried that one of Columbus' landmark buildings - which has been on the National Register of Historic Places since 1977 - could be in jeopardy.
READ MORE: http://www.dispatch.com/live/content/local_news/stories/2010/12/24/landmarks-future-up-in-the-air.html?sid=101Posted 1 year ago # -
pez
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It started life as the Columbus Savings and Trust building. Absolutely a landmark worth saving.
From Dickerman's Bankers and Merchants Journal:
The Columbus Savings and Trust Company, of Columbus, Ohio, has given out a contract for the construction of a 12-story building at the N. E. corner of High and Long streets. The building will be 62 feet by 188 feet and is to be absolutely fireproof. The exterior walls will be constructed of granite, terra cotta and brick. All interior walls and partitions will be of hollow tile and the floor construction will be of reinforced concrete material. All corridors, lavatories and the main lobby and entrance vestibules will be of marble for both floors and wainscoting. Oak finish throughout the offices with maple floors. The building will be equipped with seven elevators, complete refrigerating plant, and will have its own power plant to furnish electric lights for the offices and power for machinery used in the building. Direct steam heating will be used. A pneumatic clock system will be installed with dials on each floor. The banking room occupies the west half of the building, covering floor space about 62 by 90 feet, with a height of twenty-five feet. The building will provide accommodations for about three thousand persons, there being three hundred and fifty-eight offices, and also three large store rooms occupying the Long street half of the building. The building is to be completed July 14, 1905. The company on July 1 reported: Capital, $500,000; surplus and profits, $71,758; deposits, $1,824,892; resources, $2,701,716.
Posted 1 year ago # -
futureman
Grandview Heights
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Urbanboi wrote >>
This makes me nervous,do you think its possible this building could be torn down? I love the bulding and hope someone can see the potential in this beautiful structure!I highly doubt it would be torn down. The building simply isn't in that bad of shape (it's still partially occupied). Realistically and best case scenario in my opinion is if they convert most of it to apartments.
Posted 1 year ago # -
futureman
Grandview Heights
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ATLAS BUILDING
Developer buys debt on historic high-rise
Friday, December 31, 2010 02:54 AM
BY MARK FERENCHIK
THE COLUMBUS DISPATCHA local developer has acquired the debt on the Atlas Building, hoping to redevelop the Downtown office building into a hotel, apartments or offices.
The company's president said fixing the building and bringing it up to code could cost as much as $18 million. First, however, the company has to gain possession of the building through foreclosure proceedings or by acquiring the deed from the current owner.
...
He could sell the building once he gains possession, he said. But he doesn't plan to demolish it.
"I don't think Columbus, Ohio, needs any more parking lots," he said.
Posted 1 year ago # -
cyclist II
Short North & Peach District
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Apartments for sure. The fact it comes with its own 135 space parking lot would help attract tenants. A variety of apartment styles would be great with them getting fancier on top.
Posted 1 year ago # -
Walker
The KLD / Downtown
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RoundTowner wrote >>
From Business First.
The historic Atlas Building at 8 E. Long Street could be redeveloped as apartments – but with another developer at the helm.
Real estate investor Mike Schiff of Schiff Capital Group led a purchase of the troubled property and adjacent parking lot with a Feb. 25 deal for both the mortgage and real estate, according to public records. Terms were not disclosed, but records show Schiff Capital affiliate 8 East Long Holdings LLC financed the acquisition through a mortgage from Safe Auto Insurance Co. for $3.5 million.
Schiff could not be immediately reached for comment.
Two developers had previously considered residential projects for the 107-year-old office building. Columbus-based Anchor Cos. had purchased the building and parking lot in early 2008 for a combined $8.9 million in expectation of putting apartments or a hotel in the 120,000-square-foot, Class C building. Michigan-based lender Citizens Bank foreclosed on the properties last April after securing an $8 million judgment, but Anchor partner Jason Gunsorek still had hoped to craft a redevelopment plan that included commercial tenants on the lower three floors and about 104 apartments on higher floors.
The bank sold its position in the mortgage in late December to Columbus investor Edward Burke Carey, principal of the Carey Realty Investments Inc. real estate firm. Carey said he expects Schiff to carry on with his tentative plans to develop about 110 apartments in the property, with or without the structured parking Carey Realty had planned to build.
Repositioning the building as apartments, he said, “is probably the logical redevelopment scenario.â€ÂPosted 1 year ago #
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