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Guest thomasbw

Cincinnati: West End: Development and News

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Yeah a lot of these hillside lots were previously inhabited and only are empty due to the lack of bedrock and soil erosion / landslide type issues.

 

A lot of the original hillside homes were wood or otherwise shoddy construction.  Few people with the means to do so built a nice house on an unstable hillside in the 1800s.

 

A rule-of-thumb for speculative homebuilders is not to pay more than 10% of a finished home price for the lot.  So $70k for a $700k house, for example.  In the case of these hillside lots, if your aim is to make money as a spec homebuilder, you would subtract geotechnical work from the offer on the lot.  In many cases that work exceeds 10% of the home price, before the lot. 

 

But those things don't stop wealthy people from building custom homes on the hillsides that cost much more to build than they can be sold for.  That happens all the time.  It also happens all the time with extravagant renovations of existing homes. 

 

 

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Cincinnati nonprofit building $10M facility in West End

 

Tender Mercies Inc., a Cincinnati nonprofit that provides permanent housing and services to homeless adults with severe mental illness, is building a more than $10 million facility in the West End.

 

The organization started construction in August on 821 Flats, a more than 40,600-square-foot building that will have 57 affordable homes. The project is being co-developed with Over-the-Rhine Community Housing. The 821 Flats will include three one-bedroom apartments and 54 efficiency units with modern laundry facilities, common kitchen and dining space, security and support staff, and on-site health services and case management.

 

More below:

https://www.bizjournals.com/cincinnati/news/2018/10/16/cincinnati-nonprofit-building-10m-facility-in-west.html


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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2 hours ago, SleepyLeroy said:

^ Since Friday it dropped to 45% of that! ?

 

 

Actually I typed it incorrectly when I posted on Friday.  It was listed at $45k originally. I was at work and not giving urban ohio my undivided attention! 

  • Haha 1

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Vision Realty just closed on the strange concrete block building between Wade and Bauer for $750,000.  This building occupies enough space for seven single-family homes, so they paid slightly over $100k per "lot".  If they are able to build 18-foot or 20-foot attached row houses instead of 20-foot houses with 60" alleys, they will be able to build several more houses. 

 

 

 

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Sorry I was at work yesterday and couldn't screw around making a graphic.  Here is what Vision now owns...the red is the former Feast of Love concrete block building that they purchased for $750,000.  Blue is a pair of overgrown lots purchased for $93,000.  Green is a single lot on Central Ave. purchased for $20,000.  The Bauer Ave. lots and Central Ave. lots were transferred from a different Vision LLC which is why the purchase price appears as $0. 

 

westend.thumb.jpg.ac5ba3a457e7e8ad3bbabef5d26c776b.jpg

 

 

visionrealty.thumb.jpg.0e78de7fa9d11cabc4f4ca172eb90e0d.jpg

 

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Revelation Baptist Church still owns the parking lot along John St. between Wade and Bauer.  On the opposite site of the block, two holdouts remain.  Odd Lots, LLC hasn't budged on selling the NW corner of Central Ave. & Wade.  A certain Lloyd Tate hasn't sold the SW corner of Central Ave. & Bauer.  I have heard through the grapevine that this guy might be ill and unable to represent himself legally. 

 

The Jahovah's Witnesses haven't sold anything, and neither has the foreign family that owns a bunch of the block between Bauer and Liberty, including the various automobile garages. 

 

The other characters who own more than one lot are Central Development, LLC and Wade St. Holdings, LLC, which each own a pair of properties.  

 

 

 

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The crooked pastors will pocket all of the money. 

On 3/1/2019 at 9:12 PM, 1400 Sycamore said:

Actually 12 parcels I believe.

 

They might be able to build 12 attached row homes in that space.  Cincinnati zoning permits attached row homes as narrow as 18 feet.  In this case that would mean 9 along Bauer and 3 facing Wade. 

 

 

 

 

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I don't have much faith in this developer.  Website last updated in 2017.   No activity as of late.   The same company has had a rag tag crew interior demoing Bloom one block over.   Not much progress with that building either though all in all.

 

http://heberlelofts.com/

 

http://zadadevelopmentgroup.com/portfolio/dayton-street-historic-district/

Edited by oakiehigh

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