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More condos coming to the Arena District

Home Forums General Columbus Discussion Development More condos coming to the Arena District

This topic contains 82 replies, has 36 voices, and was last updated by King Gambrinus King Gambrinus 3 years, 4 months ago.

Viewing 15 posts - 46 through 60 (of 83 total)
  • Author
    Posts
  • #1100646
    Walker Evans
    Walker Evans
    Keymaster

    I’m not sure that still having unsold condos 10-15 years after opening is a good argument for the condo market being able to sustain a 20+ story condo building.

    The North Bank Condo building was completed in 2007. That was eight years ago, not 10-15.

    2007 was also the beginning of the great recession and the national housing market collapse. Not a great year to have for-sale units coming online.

    I don’t think that taking eight years to sell 100 units ranging from $350,000 to $3.5 million through a national recession is necessarily a bad conclusion to the story of that building.

    Though I might agree that at those price points, another 100 units of luxury condos might be over-saturation at this point in time for that specific area. But if anyone has the time to ride it all out and do it all again, it’s the deep pockets of NRI and their parent company.

    #1100658

    WJT
    Participant

    Honestly with all the recent announcements I was expecting around 6 stories. So 12 isn’t bad. I look forward to seeing the renderings.

    I agree. This is not on a crucial intersection on High, and 12 floors is not bad at all(and within the called for 10 floors plus in the downtown plan for this site I believe). I too was expecting around 6. Hope we get a good design.

    #1100661

    ohbr
    Participant

    <div class=”d4p-bbt-quote-title”>ohbr wrote:</div>
    I’m not sure that still having unsold condos 10-15 years after opening is a good argument for the condo market being able to sustain a 20+ story condo building.

    The North Bank Condo building was completed in 2007. That was eight years ago, not 10-15.

    2007 was also the beginning of the great recession and the national housing market collapse. Not a great year to have for-sale units coming online.

    I don’t think that taking eight years to sell 100 units ranging from $350,000 to $3.5 million through a national recession is necessarily a bad conclusion to the story of that building.

    I was including the Miranova who took almost 15 years to sell the last condo. I think the two major condo buildings being largely on the market at the same time and competing through the financial crisis definitely played in to the length of time it took to sell out each of them.

    While NRI is a company who could probably sit on that money to wait out an over-saturation, it’s definitely not anything even the largest companies are usually being ok with. For development’s sake, it’s probably better they take that money and put it elsewhere in the meantime.

    #1100705
    whopper jr
    whopper jr
    Participant

    If this proposal is only for the NE corner of Spring and Neil, there will still be a considerable amount of land left along McConnell Blvd on McFerson Commons. 69 units and 12 stories is less than 6 units per floor, so it sounds like this building may have a relatively small footprint similar to North Bank condos.

    #1100707

    futureman
    Participant

    It will also have a 4 story parking garage.

    #1100708

    jbcmh81
    Participant

    Honestly with all the recent announcements I was expecting around 6 stories. So 12 isn’t bad. I look forward to seeing the renderings.

    Same here, was definitely expecting something shorter. But it goes to show that things have been so disappointing lately that you automatically assume it won’t be that great. It is still disappointing for this location, though.

    #1100711
    whopper jr
    whopper jr
    Participant

    Still seems like there will be some land left over…that parcel is 2.7 acres. The entire North Bank condo site across the street is about one acre.

    #1100715
    Josh Miller
    Josh Miller
    Participant

    Maybe the parking garage will stretch the footprint but be built with infrastructure to add another tower at some point in the future?

    #1100728

    WJT
    Participant

    <div class=”d4p-bbt-quote-title”>Eridony wrote:</div>
    Honestly with all the recent announcements I was expecting around 6 stories. So 12 isn’t bad. I look forward to seeing the renderings.

    Same here, was definitely expecting something shorter. But it goes to show that things have been so disappointing lately that you automatically assume it won’t be that great. It is still disappointing for this location, though.

    Don’t get too disappointed yet. We have not seen renders, we are not certain that this proposal covers the entire empty site/2.7 acres yet. So the White Castle proposal gets watered down a bit, An 11 story office building gets reduced to nine…it is not all doom and gloom.

    We still have to keep our fingers crossed about the Two/25 tower, and there is certainly going to be a proposal for the corner of High just north of the new Courthouse(I think Schiff is in a court battle over it right now)…we have the 12 story hotel addition to look forward to on High North of Gay, and maybe they will come up with a better proposal for across the street from there as well.

    Sounds like maybe having to fight tooth and nail on CityData with that Minneapolis freak guy may be taking a toll? lol?

    Cbus is behind compared to our competitor cities(this is Cbus, remember) but things are headed in the right direction and we are getting better and taller proposals, little by little. I have to think that we are just on the cusp of some really great proposals yet to come…not only in buildings but in transportation, etc. – the city seems to be edging toward bigger and better things almost despite itself.

    #1100782

    heresthecasey
    Participant

    My understanding is that this site will be built out in 3 phases, and this is just the first portion of that (plus the parking garage). 69 units in 12 stories at the corner w Neil is a nicely-sized project IMO.

    #1101434
    Eridony
    Eridony
    Participant

    Well the rendering is on the main page now. It’s not a very exciting design. I do like they are currently targeting it to be complete 18-months from now. So assuming it gets approved it won’t be a long wait to see it come in to being.

    #1101441

    News
    Participant

    New 12-Story Luxury Condo Building Announced in Arena District
    November 11, 2015 1:00 pm – Walker Evans

    Nationwide Realty Investors officially unveiled their latest Arena District residential development today. A 12-story luxury condominium building known as Parks Edge will be constructed at the northeast corner of Spring Street and Neil Avenue in between North Bank Condos and McPherson Commons.

    READ MORE: https://www.columbusunderground.com/parks-edge-condos

    #1101448
    Walker Evans
    Walker Evans
    Keymaster

    It’s not a very exciting design.

    I don’t think they’re going for “exciting”. I think they’re going for sleek and strong, and wanted to create something that will age well in the decades to come.

    To me, it looks like a solid design, built to last.

    The Convention Center on the other hand… is exciting. ;)

    #1101479

    Nancy H
    Participant

    The Convention Center on the other hand… is exciting. ;)

    Yes Walker, very exciting ;-j

    In another decade or two, we will all appreciate the extra sidewalk depth in front of the CC. Probably just enough space to add a better looking facade.

    #1101487
    Stephen43215
    Stephen43215
    Participant

    Very nice addition to the western edge of the skyline! Just wondering if the 4 story parking garage is going to have enough spaces for the other two phases or is it strictly going to be parking for Parks Edge?

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