Our City Online

Messageboard - Development

NOTE: You are viewing an archived version of the Columbus Underground forums/messageboard. As of 05/22/16 they have been closed to new comments and replies, but will remain accessible for archived searches and reference. For more information CLICK HERE

The Atlas Building - News & Updates

Home Forums General Columbus Discussion Development The Atlas Building – News & Updates

Viewing 15 posts - 16 through 30 (of 82 total)
  • Author
    Posts
  • #366127

    futureman
    Participant

    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.

    #366128

    futureman
    Participant

    ATLAS BUILDING
    Developer buys debt on historic high-rise
    Friday, December 31, 2010 02:54 AM
    BY MARK FERENCHIK
    THE COLUMBUS DISPATCH

    A 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.

    READ MORE:
    http://www.dispatch.com/live/content/local_news/stories/2010/12/31/developer-buys-debt-on-historic-high-rise.html?sid=101

    #366129
    Walker Evans
    Walker Evans
    Keymaster

    I think apartments would be the best bet short term. There’s demand for them Downtown. From the article:

    Built in 1917, the Seneca has 76 apartments and is 100 percent leased, said Tasha Intriere, its property manager.

    #366130

    cyclist II
    Participant

    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.

    #366131
    Walker Evans
    Walker Evans
    Keymaster

    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.”

    #366132

    tree_sketcher
    Participant

    Sounds like good news! one of the best buildings in downtown.

    Would love to see this developer add apartments and retail along High Street to mask the parking area.

    #366133

    futureman
    Participant

    And from the big D ….

    Atlas’ newest owner wants to turn it into apartments
    Historic 12-story tower sells for 2nd time in 3 months
    Wednesday, March 2, 2011 02:52 AM
    BY MARLA MATZER ROSE

    The historic Atlas Building has changed hands for the second time in three months, with its new owner planning a multimillion-dollar renovation to turn the Downtown office building, at 8 E. Long St., into apartments.

    Schiff Capital Group closed a deal on Friday to acquire the building, erected in 1905 and designed by architect Frank L. Packard, and its adjacent 130-space surface parking lot from Carey Realty Investments.

    Michael Schiff, principal of Schiff Capital, said it likely will cost about $15 million to renovate the 12-story building with marble lobbies and detailed stonework into 110 to 120 one- and two-bedroom units.

    READ MORE: http://www.dispatch.com/live/content/business/stories/2011/03/02/atlas-newest-owner-wants-to-turn-it-into-apartments.html?sid=101

    #366134

    Twixlen
    Participant

    It’s such a cool building. I hope they translate that into any living spaces they put in there.

    #366135

    News
    Participant

    Atlas Building rehab among 3 in Central Ohio to get historic tax credit
    Business First – by Jeff Bell
    Date: Thursday, July 28, 2011

    Three historic structures in Central Ohio, including the Atlas Building in downtown Columbus, have landed $7.6 million in state tax credits to help fund restoration projects.

    The $15 million Atlas Building rehab will receive a $3 million tax credit. Built in 1905, the building at 8 E. Long St. will be converted from offices to 100 market-rate apartment units.

    READ MORE: http://www.bizjournals.com/columbus/news/2011/07/28/atlas-building-rehab-among-3-in.html

    #366136
    Stephen43215
    Stephen43215
    Participant

    Just checked out the City Hop Tour stops and the Atlas building is on it! Great to know this building is going to get a major facelift!

    #366137

    Pro Se
    Participant

    The Downtown Commission agenda included an item for conceptual review of the renovation of this building (conversion of upper floors to residential) together with plans to develop the adjoining parking lot to the north on High with ground floor retail below two to four stories of residential. There are also plans for a courtyard and parking structure. Unfortunately, the review has been withdrawn for this meeting of the Commissiom but it is expected to be presented on at next month’s meeting.

    As we haven’t heard much recently on this since it was acquired (see article above), we can rest assured that it is in fact moving forward. And who knows, maybe we will rid ourselves of an unsightly surface lot on High in the process!

    #366138

    jbcmh81
    Participant

    Pro Se said:
    The Downtown Commission agenda included an item for conceptual review of the renovation of this building (conversion of upper floors to residential) together with plans to develop the adjoining parking lot to the north on High with ground floor retail below two to four stories of residential. There are also plans for a courtyard and parking structure. Unfortunately, the review has been withdrawn for this meeting of the Commissiom but it is expected to be presented on at next month’s meeting.

    As we haven’t heard much recently on this since it was acquired (see article above), we can rest assured that it is in fact moving forward. And who knows, maybe we will rid ourselves of an unsightly surface lot on High in the process!

    Are you talking about the surface lot that Nationwide does the large staged advertising? This may be going away?

    #366139

    Pro Se
    Participant

    That’s how I understood it from the way it was written and this is consistent with the news articles referenced above, which note that the adjoining lot was purchased by Schiff at the time his group acquired the building.

    Now, I don’t know if the parcel he bought includes the entire gap between the Atlas and the Bankruptcy Court. A quick search of the Auditor’s site should clear that up…

    #366140

    jbcmh81
    Participant

    Nice, I had no idea that the Atlas conversion was going to include a brand new residential and retail building in that adjacent lot. Great news to see one more surface lot being developed. I wonder just how many surface lots have gone away since the 2002 development plan.

    #366141

    Pro Se
    Participant

    Yes, wonderful news to see such prominent land on High being develope! And the Auditor’s site confirms that all parcels between the Atlas and the building being leased to the Bankruptcy Court (170 N. High) were acquired by 8 E Long Holdings LLC–the same owner as the Atlas. Hopefully, they have plans to develop the entire stretch!

Viewing 15 posts - 16 through 30 (of 82 total)

The forum ‘Development’ is closed to new topics and replies.

Ring in the decade in style! Join us for an all-inclusive NYE celebration!

CLICK HERE FOR TICKETS & INFO