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The Hub Mixed Use Apartment Development in The Short North - News & Updates

Home Forums General Columbus Discussion Development The Hub Mixed Use Apartment Development in The Short North – News & Updates

Viewing 15 posts - 31 through 45 (of 901 total)
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  • #260675

    I just ran by the site, and, like always, there was nothing going on. I hope they at least do something, as it just looks like a giant wasteland.

    #260676

    ShimmyKnocker wrote >>

    CDS sherman wrote >>

    ShimmyKnocker wrote >>
    That being said, there is no way that the bank is going to release the funds on a $27m condo project due to current market conditions. :)

    try more like 61 million…..

    My apologies. ;)

    no need to apologize honey…. but thats from the horse’s mouth. lot a money!

    #260677
    Walker Evans
    Walker Evans
    Keymaster

    ShimmyKnocker wrote >>
    You may have noticed that the condos that have been completed downtown have had to convert to rental properties, due to the lack of demand and more specifically due to the lack of available credit to the average buyer.

    Specially, which ones? The only one I’m aware of is Carlyle’s Watch, which had more problems than just “lack of demand”.

    They did a fine job of tainting the downtown condo landscape all my themselves though. I’ve heard plenty of people say things like “omg! all of the condos downtown are being auctioned off because no one wants them!” and are completely stunned when they heard that Burnham Square sold out a long time ago. Not that every other condo development is a raging success story, but people really seem to zero in on any unsold units in a condo building more so than they do unsold units in a suburban housing development. I’m not really sure why that is.

    #260678

    Walker wrote >>

    ShimmyKnocker wrote >>
    You may have noticed that the condos that have been completed downtown have had to convert to rental properties, due to the lack of demand and more specifically due to the lack of available credit to the average buyer.

    Specially, which ones? The only one I’m aware of is Carlyle’s Watch, which had more problems than just “lack of demand”.
    They did a fine job of tainting the downtown condo landscape all my themselves though. I’ve heard plenty of people say things like “omg! all of the condos downtown are being auctioned off because no one wants them!” and are completely stunned when they heard that Burnham Square sold out a long time ago. Not that every other condo development is a raging success story, but people really seem to zero in on any unsold units in a condo building more so than they do unsold units in a suburban housing development. I’m not really sure why that is.

    Hmm, where do I begin..Let’s start with
    The Lofts @ 106 N. High St.,
    LeVeque Tower condos,
    199 S.5th St.,
    The Terraces,
    City View,
    225 N.4th St…need I continue?

    #260679
    Walker Evans
    Walker Evans
    Keymaster

    I’ve not been on a condo hop in awhile. Do these places not mention this stuff? Some of them don’t have any rental information online (199 S. 5th). 60 Spring (City View) on the other hand has always had rentals in their lineup.

    Your inclusion of the single available Leveque Tower unit cracked me up though. ;)

    #260680

    i was gonna say…. when did the leveque renovate condos? i knew of the one!

    #260681

    199 S.5th is all rental units, I have a co-worker renting there now, and City View is not the Sixty Spring apartments, these are two different projects. As for the LeVeque Tower, there are two units that are being leased out by the developer. Why?, because they CANNOT SELL THEM!!

    #260682

    titleistcm
    Participant

    BUILD AFFORDABLE HOUSING DOWNTOWN! WTF don’t developers get? Why would you spend a million dollars to live in inner city Columbus? I personally love the city and the scene, but it ain’t Chicago! I would love to live downtown in a nice $175k condo. What does that buy? A small room? There has to be people to start the movement, and its not going to be people with $500k+ dollars to spend. It is so frustrating to me…I bought a place in Hilliard, and I want to be down there. IBIZA had a handful of affordable places, with no view of the city. Okay enough ranting :)

    #260683

    enough affordable units to get money from the finance fund.

    #260684
    Walker Evans
    Walker Evans
    Keymaster

    Oops. Cityview, not Cityspace. I forgot what they called themselves. ;)

    titleistcm wrote >>
    BUILD AFFORDABLE HOUSING DOWNTOWN! WTF don’t developers get? Why would you spend a million dollars to live in inner city Columbus? I personally love the city and the scene, but it ain’t Chicago! I would love to live downtown in a nice $175k condo. What does that buy? A small room? There has to be people to start the movement, and its not going to be people with $500k+ dollars to spend. It is so frustrating to me…I bought a place in Hilliard, and I want to be down there. IBIZA had a handful of affordable places, with no view of the city. Okay enough ranting :)

    The number of units that cost around $1M are pretty limited. There’s quite a few in the sub $250k range, and the entire LC development is being built with affordability as the number one goal. We could always use more of that though. ;)

    And of course, you can always live in a different direction outside of downtown for much more affordable rates if your only criteria is the price/sqft ratio (which sounds like the main thing you are ranting about). Plenty of deals in my neighborhood, and I’m sure CDS Sherman would love some new neighbors in Franklinton. ;)

    But I digress. This thread for complaining some more about Ibiza.

    #260685

    titleistcm
    Participant

    I 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.

    #260686
    Jason Powell
    Jason Powell
    Participant

    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?

    #260687

    Mercurius
    Participant

    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…

    #260688

    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

    The York on High[/url]

    #260689
    Walker Evans
    Walker Evans
    Keymaster

    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.

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