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Cincinnati: Downtown: Hampton Inn / Homewood Suites (Cincinnati Enquirer Building Redevlopment)

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More residents in the CBD will kill like a million birds with one stone.

 

Definitely.  If you really think about it, it's amazing how many problems that simply adding a significant amount of residents would solve.

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Can anyone post a picture of the building for out-of-towners like myself?

 

It's hard to figure out which building is which just from newpaper articles ... even with windows local live!

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As a whole most of the cities rental rates are less than $1.00 a SF, making it hard to build something new...

 

But props to Middle Earth for coming up with a way to do it. I think it will be a cool project in a killer location.

 

Most rental rates Downtown are $1/sf or higher.

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Ok, when I was looking for apartments last summer, most of the places I looked downtown (Groton, Sycamore Place, Emery, 4th and plum, etc) were under a $1/SF. The renaissance and 6th and Race were over 1, but not by more than a quarter.

 

Now that is no market study, but just what I experienced...

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yea almost all are around the $1/sf level.  Some above, some below, but most right around.  Every realtor person I have talked to has echoed this. 

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on a side note, what is the typical cycle for downtown.  I am so used to living in the university bubble at osu and now uc that I expect everything to come on line in september and want to look 2 months ago.  But yea its way too early for downtown, unless I put myself on lists, etc.  But most places have told me to wait until 60 days before.  If I do this, can I expect to find things for September 1st or is the usual cycle June to June and there won't be as many units available in September? 

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^It's tough...from what I have experienced.  It really just depends on what place you're looking at and what kinds of residents they have.  I don't know if there is a definitive cycle or not.  I would recommend meeting with leasing agent and getting a feel for the place...they should be able to give you a good idea.

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I started looking on the last day of June and found a great place that I moved into by the July 4th. Now I needed to move that fast, but if you have some time, spend a couple of weeks checking stuff out. A leasing agent can help, but if you know the area you can set up appointments by yourself. I wouldn't say there is a cycle of move-ins/outs. I know my lease is a year long, but after that I go month to month.

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Historic Enquirer Building to See New Life

http://www.urbancincy.com/2008/08/historic-enquirer-building-to-see-new.html

 

The historic art deco style Enquirer Building, built in 1926, has seen better days. What used to be home to Cincinnati’s daily newspaper until the 1980’s, is now a class “C” office building with an abysmal 16% occupancy rate.

 

With nearly three decades of hard times, the “Grand Lady of Vine Street” is ready for her makeover. In May 2007, Middle Earth Developers (MED) purchased the building with plans to renovate and develop the historic structure into a mixed-use building consisting of apartments, office and retail space, and parking. Thanks to some historic tax credits and private financing the $37,399,000 project is now ready to move forward, with a projected completion date of Mid-2009 (office) and May 2010 (apartments).

 

Retail space will remain at street-level, 53,400 sf of office space will take up floors 2-3, and 152 apartments will take up floors 4-14. 170 parking spaces will also be made available by retrofitting the basement mezzanine levels (previously held 10-ton printing presses) into a 3-level private parking garage.

 

Glenn Kukla, partner of MED, says that there will be a mix of studio, 1br, 1br/1 den, and 2br apartment units. These units will boast features such as free/dedicated wi-fi access, stainless steel appliances, washer/dryer hookups, hardwood/polished concrete floors, lofted kitchen and bathroom areas, and private parking.

 

While the project has lots of amenities, Kukla states, "the biggest amenity by far is that the building is a half-block away from the newly renovated Fountain Square." The building will also be modified to include a new rooftop deck, clubhouse and fitness facility next to the rooftop deck, public conference room and business center, and coin operated laundry/vending facilities.

 

1.

617Vine.jpg

 

2. Exterior shot from 6th & Vine

Exterior1.jpg

 

3. Couple interior shots...sorry about the bad quality...I don't know what happened.

Interior1.jpg

 

4.

Interior2.jpg

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This is one of my favorite buildings in DT and arguably in the best location in DT. I am really excited about this project and hope that they really do a nice job. This building and this location deserve nothing but the best

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16% occupancy rate? Good grief.

 

The plans are really nice. Those are a lot of units for the building and it'll be nice to have more residential activity on that end of downtown. The more, the better!

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Great to hear this is about to get started.  I think this will be one of the more successfull properties downtown.  The location is just unbeatable and the building is even better.  Hopefully MED doesnt screw it up.   

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Character isn't something that is instantly created. While many of the buildings in the past were very ornate and fancy, we often do not have the luxury to do that today in an effort to keep costs down. It's much more expensive, in relative dollars, to build anything in an urbanized area, so many of the ornate features that we were used to simply cannot be installed from the beginning.

 

But a building's character and charm can certainly change over the period of 50 years. Give it time, and many of the plain developments you see today will evolve into something much nicer (hopefully).

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The vacancy rate mostly shows that nothing filled the old Enquirer space. I definitely agree with Seicer and I'd add that many of the neighborhoods that have so much character now (I'm thinking 1920s-era places like Pleasant Ridge) seemed anodyne and soulless when they were built but 90 years of human occupancy has given them character (for good or ill).

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With the lack of apartment rentals available ... this can't come soon enough. Recently Siecer stated that he couldn't find anything available and just a few weeks ago a friend of mine couldn't find anything either. They said they were straight up turned down by Towne Properties because they had nothing.

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$5m for this project is roughly 15% of the overall project cost ($37.4m).  Like the Can Factory project in Northside, this is apartments which should also help get this thing going.

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Does anyone know if this project is off the table? I'm looking at moving back to Cincy in 1 year and my g/f isn't comfortable with OTR yet so I thought this would be a great place to get a start.

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Doesnt look good for this project!

 

Middle Earth faces tax problems

By Lisa Bernard-Kuhn • lbernard@enquirer.com • October 19, 2009

 

 

Camp Washington-based Middle Earth Development Inc. owes Hamilton County more than $51,000 in delinquent taxes on a dozen properties, including several at the firm's recently finished downtown condo development Parker Flats.

 

 

Investors will get a chance to purchase the debts at public auction of tax liens slated for Friday at 6 p.m. at the Hamilton County Administration Building, 138 E. Court St.

 

http://news.cincinnati.com/article/20091019/BIZ01/910200312/1076/BIZ/Middle+Earth+faces+tax+problems

 

 

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Stories of it's demise have been greatly exaggerated

 

Middle Earth pays county tax bill

 

Camp Washington-based Middle Earth Development Inc. says it has made payment arrangements with Hamilton County for more than $51,000 owed in delinquent property taxes.

 

 

http://news.cincinnati.com/article/20091021/BIZ01/910220330/Middle-Earth-pays-county-tax-bill

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http://news.cincinnati.com/article/20100316/BIZ01/3170317/Tobacco+store+closing++building+shuttered

Tobacco store closing; building shuttered

By Laura Baverman • lbaverman@enquirer.com • March 16, 2010

-----------------------

Doesnt sound like this is going to happen anytime soon.  Anyone have any inside info?

 

The 34-year-old business, one of just two smoke shops downtown, is in the process of selling its inventory and closing its shop in the historic Cincinnati Enquirer building at 617 Vine St.

 

The building's owner, Middle Earth Properties, notified Tobacconist owner Pat Coldiron Feb. 1 that the building could soon close.

 

The Camp Washington-based developer, which has plans to spend $20 million to renovate the Enquirer building into apartments, office and street-level retail, is facing foreclosure at several of its local apartment buildings and is fighting other lawsuits associated with its condo projects.

 

 

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just found this after wondering what was up with 617 Vine - bad news, but then again MED would have screwed this project up beyond belief - would be better off in the hands of someone else (Northpointe gets my vote)

 

doesn't MED also own the lot across from 4th & Plum?

 

feel bad for MED property residents, but the idiots that run that company had it coming

 

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