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YouTubeI exaggerated with the $1M comment. But my point was that affordability for younger folks that want to live downtown areas is too few and far between. The LC project is great, and I want to see more like it- maybe in some taller buildings further north. I can't help but think a 8-10 story condo building like Ibiza would sell better at $150-$250k, and spur more growth. The demand does exist.
Columbus Underground Messageboard » General Columbus Discussion » Development
The Hubbard Apartments (Former Site of Ibiza Condos) - News & Updates
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titleistcm
Dublin
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Posted 3 years ago # -
jpizzow
580 N. Park St.
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Developers can't offer more affordable units because of the cost of producing them. Land prices are astronomical in the downtown area, which gets dispersed within the overall price per unit. Construction costs, delays, permits and a whole gaggle of things drive prices up. And of course, the developer wants to make some sort of profit. Until developers can find more creative ways to lower costs, then i'm afraid the number of affordable units built in the near future will not amount to much.
As for Lifestyles development of affordable units, they may have gotten that land dirt cheap from the city, I'm not sure. They are also stick built, like something you would see mass produced in the burbs, which is cheap to do. I don't really want a whole lot more stick built condos around downtown and in the Short North. I'd rather see developers go up, which is usually what they have to do in order to offset the cost of the land.
Nationwide just bought some dirt cheap land near Vine, I wish they would contribute to the affordable housing pool. When are they supposed to build the 200+ apartment complex? Anyone know?
Posted 3 years ago # -
Mercurius
First Avenue
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The question isn't have all condos sold, the question is what's the market in the Short North and have all of Arms condos sold? I believe the rest of their projects have sold (they even have all of the commercial units leased) and there isn't any other project other than The Jackson (which is moving forward) in the Short North. Ibiza has a better location and design than The Jackson, so...
Posted 3 years ago # -
ilovethiscity
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There is at least one other project in the Short North, The York on High, the old Masonic temple. With Myers+Welsh new Smith and High project wrapping up, American Apparel in the block and a brand spankin new Kroger on the way... Great location and spectacular old building
Posted 3 years ago # -
Walker
The KLD / Downtown
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titleistcm wrote >>
I can't help but think a 8-10 story condo building like Ibiza would sell better at $150-$250k, and spur more growth. The demand does exist.Sure, the demand is there, but it doesn't mean that it's easily met. As jpizzow mentioned, land downtown is expensive, and construction material costs are rising every day. Even with tax breaks, something built downtown is going to cost more to produce than it will be on farm land in the suburbs.
Honestly, if we want to see larger amounts of affordable housing, I think we're going to have to look a little bit east of downtown and a little bit west of downtown, and not in downtown proper. You generally don't see a whole lot of affordable pricepoints in the center of major urban areas.
Anecdote: I just google-mapped the distance from Ibiza to Broad & High and found that it is the exact same distance from my house in the KLD to Broad & High. Affordability can be found within a very close proximity of downtown. I just don't know if you're going to find it in the Short North very easily.
Posted 3 years ago # -
surber17
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ShimmyKnocker, over 50% of Ibiza is in contract now, including a good portion of the million dollar units. So here is your logic .... over 50% of the units are sold and have tennents who have already secured a mortgage. Short North, even durning this economic climate, still saw growth (there are studies that prove this). So facts state that money and interest is there. And there is no proof that they have lost their financing. The Jeffery has its own story and can not be compared to this. Also why are rental units bad? They still pay the bills for the place don't they?
Posted 3 years ago # -
ShimmyKnocker
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Surber, I am not sure where you are getting your facts from, other than possibly the Ibiza website which is completely misleading and biase in favor of marketing the building to potential buyers. As for the tenants (not tennents) who have "already secured a mortgage", this is false. I am a seasoned veteran in the mortgage industry and rest assured these folks do not have a mortgage. Banks do not lend to individual buyers based on something that is not standing and has not received its C.O. (Certificate of Occupancy).
Regarding the "economic climate" of the Short North. These studies were done at a time when the economic indicators nationwide were strong, except for a few select cities. If the growth of the Short North was as strong as your "facts" claim, then why has there been a number of stores losing business and closing their doors? Maybe you should know your community better than you seem to.
Next, "why are rental units bad?". Well, while rental units might "pay the bills", the building developer has not accomplished its intended purpose as an income generating property through the sale of condos that were built for the purpose of selling, and sold to investors and banks for this purpose. The idea of building any development is to build quick, sell quick, and make a marginal profit, not become an apartment complex. Also, converting these condos into rental properties will depreciate the value of the properties, affecting homeowners who have purchased units in the building, as well as surrounding condo projects in the area.Posted 3 years ago # -
JD3
Columbus
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ShimmyKnocker wrote >>
Surber, I am not sure where you are getting your facts from, other than possibly the Ibiza website which is completely misleading and biase in favor of marketing the building to potential buyers. As for the tenants (not tennents) who have "already secured a mortgage", this is false. I am a seasoned veteran in the mortgage industry and rest assured these folks do not have a mortgage. Banks do not lend to individual buyers based on something that is not standing and has not received its C.O. (Certificate of Occupancy).
Regarding the "economic climate" of the Short North. These studies were done at a time when the economic indicators nationwide were strong, except for a few select cities. If the growth of the Short North was as strong as your "facts" claim, then why has there been a number of stores losing business and closing their doors? Maybe you should know your community better than you seem to.
Next, "why are rental units bad?". Well, while rental units might "pay the bills", the building developer has not accomplished its intended purpose as an income generating property through the sale of condos that were built for the purpose of selling, and sold to investors and banks for this purpose. The idea of building any development is to build quick, sell quick, and make a marginal profit, not become an apartment complex. Also, converting these condos into rental properties will depreciate the value of the properties, affecting homeowners who have purchased units in the building, as well as surrounding condo projects in the area.It's bias or biased (not biase) and it would be proper to use quickly (not quick) when talking about the idea of building a development. Sorry, had to do that.
Posted 3 years ago # -
ShimmyKnocker
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JD3 wrote >>
ShimmyKnocker wrote >>
Surber, I am not sure where you are getting your facts from, other than possibly the Ibiza website which is completely misleading and biase in favor of marketing the building to potential buyers. As for the tenants (not tennents) who have "already secured a mortgage", this is false. I am a seasoned veteran in the mortgage industry and rest assured these folks do not have a mortgage. Banks do not lend to individual buyers based on something that is not standing and has not received its C.O. (Certificate of Occupancy).
Regarding the "economic climate" of the Short North. These studies were done at a time when the economic indicators nationwide were strong, except for a few select cities. If the growth of the Short North was as strong as your "facts" claim, then why has there been a number of stores losing business and closing their doors? Maybe you should know your community better than you seem to.
Next, "why are rental units bad?". Well, while rental units might "pay the bills", the building developer has not accomplished its intended purpose as an income generating property through the sale of condos that were built for the purpose of selling, and sold to investors and banks for this purpose. The idea of building any development is to build quick, sell quick, and make a marginal profit, not become an apartment complex. Also, converting these condos into rental properties will depreciate the value of the properties, affecting homeowners who have purchased units in the building, as well as surrounding condo projects in the area.It's bias or biased (not biase) and it would be proper to use quickly (not quick) when talking about the idea of building a development. Sorry, had to do that.
Your corrections are noted and appreciated. I apologize, I should not be talking on the phone while typing such Pulitzer Prize winning material!
Posted 3 years ago # -
HeySquare
German Village
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Isn't 106 N. High Street the place without windows?
Yea... I'd want to drop big $$$ on that.
I toured one of the units several years ago. Several people have told me that they think the design is quite clever, but it still didn't sell me on the unit... I want a house with windows.
So really... there may be other factors besides a bad economy happening with some of these properties. With Carlyle's Watch, I think it was probably the parking garage. The mechanical stacked parking scared people away.
Posted 3 years ago # -
JD3
Columbus
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ShimmyKnocker wrote >>
JD3 wrote >>
ShimmyKnocker wrote >>
Surber, I am not sure where you are getting your facts from, other than possibly the Ibiza website which is completely misleading and biase in favor of marketing the building to potential buyers. As for the tenants (not tennents) who have "already secured a mortgage", this is false. I am a seasoned veteran in the mortgage industry and rest assured these folks do not have a mortgage. Banks do not lend to individual buyers based on something that is not standing and has not received its C.O. (Certificate of Occupancy).
Regarding the "economic climate" of the Short North. These studies were done at a time when the economic indicators nationwide were strong, except for a few select cities. If the growth of the Short North was as strong as your "facts" claim, then why has there been a number of stores losing business and closing their doors? Maybe you should know your community better than you seem to.
Next, "why are rental units bad?". Well, while rental units might "pay the bills", the building developer has not accomplished its intended purpose as an income generating property through the sale of condos that were built for the purpose of selling, and sold to investors and banks for this purpose. The idea of building any development is to build quick, sell quick, and make a marginal profit, not become an apartment complex. Also, converting these condos into rental properties will depreciate the value of the properties, affecting homeowners who have purchased units in the building, as well as surrounding condo projects in the area.It's bias or biased (not biase) and it would be proper to use quickly (not quick) when talking about the idea of building a development. Sorry, had to do that.
Your corrections are noted and appreciated. I apologize, I should not be talking on the phone while typing such Pulitzer Prize winning material!
haha, I couldn't help it. As for the mortgages, there are some places that will hold a rate for you for a year (for a fee), but that's about the extent of it.
Posted 3 years ago # -
ShimmyKnocker
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Good News! I hear WalGreens purchased half of the Ibiza lot!!
Posted 3 years ago # -
Walker
The KLD / Downtown
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drew wrote >>
It sure would be nice if someone from Ibiza would comment on their ridiculously obvious lack of progress...I sent an email to Rajesh Lahoti yesterday. I've only met him once before, and he seemed like a nice enough guy to me. Hopefully I can get some comments out of him and get a few questions answered. :D
Posted 3 years ago # -
JoePeffer
Columbus
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+1 ...As a city, we have to stop thinking of East and West as undesirable ghetto and start thinking of it as great opporunity...
Walker wrote >>
Honestly, if we want to see larger amounts of affordable housing, I think we're going to have to look a little bit east of downtown and a little bit west of downtown, and not in downtown proper. Affordability can be found within a very close proximity of downtown. I just don't know if you're going to find it in the Short North very easily.
Posted 3 years ago # -
JD3
Columbus
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Walker wrote >>
drew wrote >>
It sure would be nice if someone from Ibiza would comment on their ridiculously obvious lack of progress...I sent an email to Rajesh Lahoti yesterday. I've only met him once before, and he seemed like a nice enough guy to me. Hopefully I can get some comments out of him and get a few questions answered. :D
That's great man, please get us some news from someone who is at least part of the project. However, what I have heard from the sources and what I have seen with my eyes have been two different things so I'll probably take it with a grain of salt all the same.
Posted 3 years ago # -
CbusIslander
Cbus Islander
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The construction loan business is extremely rough right now. I believe this project is "on hold" like many other projects out there. I will be optimistic till Walker hears directly from the source. Hope the project actually starts soon because I think this would be a great addition to the neighborhood.
Posted 3 years ago #
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