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PoshSteve

Rhodes Tower 629'
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PoshSteve last won the day on January 12

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  1. I was very happy to read that they specifically stated the mature trees will be preserved under all of the proposals.
  2. https://www.cleveland.com/business/2019/02/good-news-for-home-buyers-sellers-housing-market-becoming-slightly-more-balanced.html I can say first hand that alot of the extra inventory coming online are rental properties. Alot of people who moved during the housing crash and were forced to rent out their houses are now finally able to sell them with prices coming up again. Investors who bought houses during that same time to turn into rentals are also selling now, and from what I've seen, the vast majority of these are becoming owner occupied homes. As a case in point, from my own (preliminary) data, the number of rental units in South Euclid decreased by about 8.5% just in the last year alone. While rising home ownership rates can certainly be a positive (some of these were tenants buying the houses they had been renting (fantastic!)), there is a creeping rental crisis developing in greater Cleveland. Rising rents, stagnant wages, and a diminishing supply of rental units is already causing a rise in homelessness. The region needs to really ramp up new construction of new multifamily and infill single family - more so now with the jobs market taking off too.
  3. Very nice, I like that the parking will be tucked in the center of the block. Huge step up from the current building with the parking/drives taking up all of the frontage. It's also substantially bigger than the current facility. Glad they'll be able to expand their mission and help even more. A nice bit of added density.
  4. Not bad, glad to see development heading further north there. Man, that vacant 10 story really needs to come down... CLE Venture Fund LP (whoever they may be) bought it almost a year ago now, and are at least paying on the large tax delinquency, so maybe they have a plan. Hopefully they do, since demos are about to come to a halt.
  5. Best part of the remodel, in my opinion: Saucy Brew Works opening inside
  6. Merging the courts is a great idea. There are already many great examples of municipalities in the county sharing courts - and others who go it alone where costs can be lowered, and the services provided can be improved.
  7. Good idea. Land contracts in theory are good, but in current practice can be dangerous. It's an area in terrible need of regulation (any regulation at this point, as there is basically none). They really blossomed after the housing meltdown, and are still festering. While not all are, many are predatory in nature. One problem we are seeing with these currently are the tenants paying for sometimes years and years (including a large downpayment), often being responsible for making all of the repairs needed and taxes, and then the landlord throwing them out. They invested nothing into the property, and come out with a fully repaired house, paid off taxes, and a nice profit. Even bigger is where the landlord collects the down payment, rent, and fees to go towards taxes, etc, but isn't actually paying the mortgage on the house or the taxes. The tenant then gets thrown out in foreclosure after doing everything right on their end, and the landlords make off with their big profits. I've seen others where they tenant makes their downpayment and monthly payments, but the amount going towards the purchase is so minuscule, they will never own the property in their life - yet they paid a large downpayment and are now paying more each month than they would pay to rent a comparable house. Another one, the tenant was moved into a house we deemed uninhabitable, with pages of code violations. She's paying each month and was made responsible for all of the repairs and taxes even though she doesn't at all have the means to bring the house to code. Yet another issue with the insurance. They can't get homeowners insurance since they aren't on the title, and renters insurance wouldn't cover the structure - even though they're the ones putting all of the money into the repairs and maintenance. Apart from the tenants losing out, the community as a whole often times ends up losing out. Often the tenants aren't in the financial position to make the needed repairs, or keep up with the regular maintenance The community ends up with a blighted structure, and/or ends up spending tax dollars on abating the property themselves. I'm not just pulling these examples out of theory, they are all situations I've seen with my own eyes. I've only seen one rent-to-own/land contract work out well, with the tenant now getting the deed. Even then, the house has been in substandard maintenance, and he has struggled through years of repairs that normally an owner would have been given 6 months to complete. Long story short, they are a huge problem, and sorely in need of oversight.
  8. That is a beautiful sight. I would argue that hotel has been the biggest suburban eyesore in the region, for a very long time. .
  9. What are the source of those numbers? I'm a little confused by them. Have the areas covered by the CDCs changed between those time? If the physical land area hasn't changed, and the total population has decreased (ex Little Italy) how has the density increased? Also, am I assuming that for the areas overlapping, such as Gateway and Downtown, the Gateway numbers are included in the Downtown numbers? Edit: I was told the boundaries of the CDCs have changed between the two samples taken. In that case, it is misleading to compare population and density changes if the areas being measured are not the same. Still interesting to see the numbers of people represented, but the numbers should be taken with an asterisk.
  10. Just like the Beacon before it, and Edge before it, this crane gives a nice impression coming up 77 into downtown. I would imagine FEB3 will have a tower crane too, and fingers crossed before that one comes down Nucleus (in whatever form) will be ready to go. We could be looking at a nice continuous time of cranes above downtown.
  11. I attended a meeting today with Gus Frangos of the county landbank where opportunity zones came up. He said they are very excited for them. There has been alot of interest in large properties in the landbank - particularly large apartment buildings and old industrial properties - where before there was zero interest (hence the landbanks involvement). Now there area alot of people interested in investing in them thanks solely to the opportunity zone benefits.
  12. By far the best news in there is the possible relocation of the CrossCountry Mortgage HQ from Brecksville, along with 450 jobs which they expect to double in the near term. They're looking at either here, or new build at the former Breckville VA site. I'm reading the purchase of these properties as them leaning towards this, but fingers crossed. They'd sure be wise to move downtown to stay competitive with attracting talent.
  13. Thursday's meeting on the above future of Mayfield and Green was very successful. There was about 150 people in attendance for the meeting which became standing room only, with the library completely running out of parking. The general mood of those in attendance was one of excitement, with overwhelming support for all aspects, including road diets for South Green and Mayfield and the inclusion of permanent bike lanes. Here is the link to the full presentation, including all of the nice renderings: https://www.onesoutheuclid.org/downtown https://www.onesoutheuclid.org/wp-content/uploads/2019/01/The-Future-of-Mayfield-Green.pdf Garden Drive festival area Intersection Events will start this year, including a beer garden, music, and food. Next year plans include restoring the storefronts along Mayfield to their historic facades and conversion of houses along Garden Drive into restaurant and office space. Two year plan envisions new mixed use construction along Green. Northeast corner of Mayfield will see murals and facade work starting this year. Longer term over the next two years envisions new mixed use construction on the parking lot behind the strip. Key Bank would move to the new construction building, and their current location on the corner would be converted into a rooftop brewery. Separate from the May-Green plan was the announcement of the plans to covert the former Sacred Heart of Jesus school buildings into apartments, restaurant space, and a preschool. Newland Developments has funding secured (requiring no government subsidies or abatements), tenants are lined up, and they can start construction as early as this year. They are currently in talks with the church for the purchase of the property. In addition to the rehab of the old school buildings, the development will include a new mixed use building on the corner of Rushton and Green, with either offices or apartments over retail space. This project is fully dependent on the church agreeing to sell to the developer.
  14. That's some pretty good news. They're a good, clean, well run chain. Mostly up in and around Lake County. Growing up out there, their theaters are where we would always go. Nice to see some investment like this in the area.
  15. They bought it 18 months ago. University Square has been in its present state for years, so it's not like it went down hill and this has been a surprise to them. They knew what they were investing next to. Besides, the shopping center isn't dragging down the whole area like they say, as there will soon be some new development across the street in South Euclid.
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