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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 - 46 through 60 (of 901 total)
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  • #260690

    surber17
    Participant

    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?

    #260691

    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.

    #260692

    JD3
    Member

    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.

    #260693

    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!

    #260694

    HeySquare
    Participant

    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.

    #260695

    misskitty
    Participant

    I think the Townhouses on 4th and Gay are pretty nice. But they are way out of my range :(

    #260696

    JD3
    Member

    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.

    #260697

    surber17
    Participant

    yeah, i dont spell check ….. sorry, dont be that person that no one likes that points out spelling mistakes on posts

    #260698

    drew
    Participant

    It sure would be nice if someone from Ibiza would comment on their ridiculously obvious lack of progress…

    #260699

    Good News! I hear WalGreens purchased half of the Ibiza lot!!

    #260700

    JD3
    Member

    drew wrote >>
    It sure would be nice if someone from Ibiza would comment on their ridiculously obvious lack of progress…

    AMEN!!

    #260701
    Walker Evans
    Walker Evans
    Keymaster

    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

    #260702
    JoePeffer
    JoePeffer
    Participant

    +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.

    #260703

    JD3
    Member

    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.

    #260704

    CbusIslander
    Participant

    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.

Viewing 15 posts - 46 through 60 (of 901 total)

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