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jmecklenborg

Cincinnati: Downtown: Development and News

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That guy sounds like a whole lot of hot air.  Wake me up when he has actual plans started in the approval process.  Also Cincy has more residents living in the urban core and a higher average rent so lol at saying "Cincinnati feels a little bit like Columbus did 8-10 years ago, at least in the urban area." 

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Activate, activate, activate!

 

I guess I should be optimistic, but hearing "activate" over and over and generic plans for a $100 million tower is well wishing. Many projects come and go at this stage. But based on the developer's comments, what would $100 million get you?

Edited by seicer

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14 minutes ago, Cincy513 said:

That guy sounds like a whole lot of hot air.  Wake me up when he has actual plans started in the approval process.  Also Cincy has more residents living in the urban core and a higher average rent so lol at saying "Cincinnati feels a little bit like Columbus did 8-10 years ago, at least in the urban area." 

That’s one thing that threw me off haha. Downtown Cincinnati and Columbus are nothing like each other. 

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2 minutes ago, seicer said:

Activate, activate, activate!

 

I guess I should be optimistic, but hearing "activate" over and over and generic plans for a $100 million tower is well wishing. Many projects come and go at this stage. But based on the developer's comments, what would $100 million get you?

The new building that’s proposed at the banks is 15 floors at 90 million. But then again even though it’s years old the original proposal for 4th and Race (30 floors) was 97 million. 

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I am also skeptical of out-of-town developers with no proven track record in Cincinnati, but Chinedum Ndukwe has the political connections that are unfortunately necessary to get things done in this city.

 

Quote

He said he also owns a “significant piece” of a building across the street from Rhinegeist Brewery at 1910 Elm St. that he wants to redevelop, among several other Cincinnati-area properties.

 

I wonder if "a 'significant piece'" means that he owns the air rights of that building too.

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3 hours ago, Ucgrad2015 said:

The new building that’s proposed at the banks is 15 floors at 90 million. But then again even though it’s years old the original proposal for 4th and Race (30 floors) was 97 million. 

Office floors are going to cost more than residential floors.

 

1 hour ago, taestell said:

I am also skeptical of out-of-town developers with no proven track record in Cincinnati, but Chinedum Ndukwe has the political connections that are unfortunately necessary to get things done in this city.

 

 

I wonder if "a 'significant piece'" means that he owns the air rights of that building too.

I agree, He sounds a bit of a blowhard. He has at least made connections with the right local group, but I would have much more faith in such a project if it had North American Properties name behind it or Neyer or Warm

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2 minutes ago, jmecklenborg said:

Ndukwe magically went from not being able to lease this building to big-time downtown deals after donating to Cranley.  It's insane.  

I find it comical that he mentioned the "huge" loss of Macy's HQ as a big thing. Yes, they are moving 500 jobs out of downtown but it is only a couple dozen that are leaving the region and they are bringing in hundreds more as a net gain. People who worked in the tower did not necessarily live downtown and people who live downtown dont always work downtown either. 

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On 2/11/2020 at 12:18 PM, Ucgrad2015 said:

 

Unless I read this wrong, he said he hopes to make a deal in 9 to 12 months and it will take a year to build. That doesn't make any sense especially when you have to demo the existing building. Also I know they haven't came up with the size of the tower, but if it only takes a year to build, it's going to be pretty small and short 

Edited by cin614

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7 hours ago, cin614 said:

 

Unless I read this wrong, he said he hopes to make a deal in 9 to 12 months and it will take a year to build. That doesn't make any sense especially when you have to demo the existing building. Also I know they haven't came up with the size of the tower, but if it only takes a year to build, it's going to be pretty small and short 

I’m assuming that the current building will be torn down by that time. But yes one year does sound like a quick timeline. 

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"A year" is developer speak for "two years from the start date we're telling you" so that people feel excited and it's easier to get people onboard.

Edited by jmicha

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3 hours ago, Ucgrad2015 said:

I’m assuming that the current building will be torn down by that time. But yes one year does sound like a quick timeline. 

 Can you imagine a year from now, demo at the Millennium, demo The convention place building, while fourth and race is still being built. The collective minds of suburban office commuters would exploded knowing they might need to take detours and not fly into the city as quickly. 

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The stage is being set for an enormous debacle.  All of this is coming from Cranley & the blue bloods, but when we're left with big vacant parcels and a half-finished convention center expansion they'll blame it all on Roxanne Qualls and the streetcar.  And the 700wlw audience will eat it up.  

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On 2/13/2020 at 11:11 AM, savadams13 said:

 Can you imagine a year from now, demo at the Millennium, demo The convention place building, while fourth and race is still being built. The collective minds of suburban office commuters would exploded knowing they might need to take detours and not fly into the city as quickly. 

 

By definition, a "skyscaper" is between 150-300 meters high (roughly 40 stories to 80 stories).  Above 300 meters is defined as a "super skyscaper".  In the US, it's nearly impossible to build a 40+ story building in a year, even 2 years can be a challenge if you''re building an underground garage or have other site issues.  Schiff is probably not thinking about building a true skyscaper, but building anything of scale in a crowded urban environment would likely take well more than a year, and this doesn't include demolition of the existing structure, which is minimum of 3 months.  North American/Northpointe/Al.Neyer's multi-family property at 8th and Main will take more than 2 years to complete.

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9 hours ago, thesenator said:

 

By definition, a "skyscaper" is between 150-300 meters high (roughly 40 stories to 80 stories).  Above 300 meters is defined as a "super skyscaper".  In the US, it's nearly impossible to build a 40+ story building in a year, even 2 years can be a challenge if you''re building an underground garage or have other site issues.  Schiff is probably not thinking about building a true skyscaper, but building anything of scale in a crowded urban environment would likely take well more than a year, and this doesn't include demolition of the existing structure, which is minimum of 3 months.  North American/Northpointe/Al.Neyer's multi-family property at 8th and Main will take more than 2 years to complete.

 

Wasn't even referring to skyscrapers. Was referring to the fact that there will be major demo work and construction in one area/intersection.

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EXCLUSIVE: Downtown Cincinnati building to be converted to apartments 

By Tom Demeropolis  – Senior Staff Reporter, Cincinnati Business Courier

 

The building at 124 E. Seventh St. will be converted to 35 apartments.

A longtime Cincinnati developer is planning to start work soon on its next conversion of a downtown building into apartments.

 

MORE

 

 

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On 3/6/2020 at 7:21 AM, The_Cincinnati_Kid said:

EXCLUSIVE: Downtown Cincinnati building to be converted to apartments 

By Tom Demeropolis  – Senior Staff Reporter, Cincinnati Business Courier

 

The building at 124 E. Seventh St. will be converted to 35 apartments.

A longtime Cincinnati developer is planning to start work soon on its next conversion of a downtown building into apartments.

 

MORE

 

 

 

That's a beautiful building, right on the streetcar line. And always good to see more residential coming to downtown.

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Between this project, the Second National Bank building, and the Eighth & Main project (with potential second tower), there will be a lot of new residents added to this stretch of Main Street. The Gwynne hotel should add some more street life as well.

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42 minutes ago, taestell said:

Between this project, the Second National Bank building, and the Eighth & Main project (with potential second tower), there will be a lot of new residents added to this stretch of Main Street. The Gwynne hotel should add some more street life as well.

 

Walked by Mezunte Centro, Crzy Monk, and Lalo yesterday evening and they were all dead. I hope some of these new residents move in before they go the way of Money Chicken. 

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34 minutes ago, DEPACincy said:

 

Walked by Mezunte Centro, Crzy Monk, and Lalo yesterday evening and they were all dead. I hope some of these new residents move in before they go the way of Money Chicken. 

I'm surprised they're even open on a Monday night. 

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Just heard yesterday from the City Planning Department that they are proposing a "Housing Overlay District" in Downtown, Pendleton, and Over-the-Rhine. This would eliminate density maximums/lot SF for all properties zoned multifamily or commercial.

 

This would cover all areas in Downtown, Pendleton, and the Over-the-Rhine Historic District. The idea is that this "Housing Overlay District" could be implemented in other locations across the city in the future to allow for denser development to happen in targeted locations where zoning codes currently restrict this. It wouldn't change the height limitations, historic guidelines, parking requirements, etc, but it would allow a developer to build as many units as they want on a commerical or multifamily zoned parcel provided it meets all of the other requirements (building code, etc).

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12 minutes ago, ryanlammi said:

Just heard yesterday from the City Planning Department that they are proposing a "Housing Overlay District" in Downtown, Pendleton, and Over-the-Rhine. This would eliminate density maximums/lot SF for all properties zoned multifamily or commercial.

 

This would cover all areas in Downtown, Pendleton, and the Over-the-Rhine Historic District. The idea is that this "Housing Overlay District" could be implemented in other locations across the city in the future to allow for denser development to happen in targeted locations where zoning codes currently restrict this. It wouldn't change the height limitations, historic guidelines, parking requirements, etc, but it would allow a developer to build as many units as they want on a commerical or multifamily zoned parcel provided it meets all of the other requirements (building code, etc).

 

A great move!

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42 minutes ago, taestell said:

 

Just did some searching and found that the owner is now trying to rent out 630 Main as office space. It seems like 3 of the 4 floors might currently be vacant.

I always hated that building. It would be best to tear it down and redevelop it. It is a decent sized lot and you could build a 15-20 story apartment tower on the lot. Maybe some mixed use space. 

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1 hour ago, ryanlammi said:

Just heard yesterday from the City Planning Department that they are proposing a "Housing Overlay District" in Downtown, Pendleton, and Over-the-Rhine. This would eliminate density maximums/lot SF for all properties zoned multifamily or commercial.

 

This would cover all areas in Downtown, Pendleton, and the Over-the-Rhine Historic District. The idea is that this "Housing Overlay District" could be implemented in other locations across the city in the future to allow for denser development to happen in targeted locations where zoning codes currently restrict this. It wouldn't change the height limitations, historic guidelines, parking requirements, etc, but it would allow a developer to build as many units as they want on a commerical or multifamily zoned parcel provided it meets all of the other requirements (building code, etc).

 

Oh, hooray... now Cincinnati can have Apodments like I lived in in Seattle. I hated loved my 27sf bathroom and 9" kitchenette sink.

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4 minutes ago, Chas Wiederhold said:

 

Oh, hooray... now Cincinnati can have Apodments like I lived in in Seattle. I hated loved my 27sf bathroom and 9" kitchenette sink.

Do you really think this is bad?

 

The example they gave was a parking lot that was 2700 SF in area. Based on the zoning, they would only be allowed to build 3 units on that land because the zoning only allowed one unit per 700SF, and it rounded down. This would allow them to make it a more reasonable configuration. With this overlay, they might not have to seek zoning relief and they can build something that's more in line with demand.

 

I don't think we'll reach the point of housing scarcity (or housing prices) that Seattle has where those tiny units become common. 

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18 minutes ago, Chas Wiederhold said:

 

Oh, hooray... now Cincinnati can have Apodments like I lived in in Seattle. I hated loved my 27sf bathroom and 9" kitchenette sink.

Really dont think the market would go for those units even if zoning does. The YP class is in Cincinnati because they still desire a bit of affordability. NY and Chicago are not for everyone. Also, if you are going to pay $2.50-$3.00 sq ft here for a 200 sq ft place, you could still get a 500-600sq ft within a reasonable proximity at a lower per sq ft cost than the micro unit. A rational renter would choose the bigger unit for the same price or not significantly more. 

 

Now if we get a version of an Amazon or another large employer that brings in 5000-10000 jobs in the city core, the apodments may make sense. 

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1 hour ago, Chas Wiederhold said:

 

Oh, hooray... now Cincinnati can have Apodments like I lived in in Seattle. I hated loved my 27sf bathroom and 9" kitchenette sink.

 

That's not going to happen here. The market wouldn't support it. We just don't have the levels of scarcity you see in Seattle or NYC.

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4 hours ago, Brutus_buckeye said:

I always hated that building. It would be best to tear it down and redevelop it. It is a decent sized lot and you could build a 15-20 story apartment tower on the lot. Maybe some mixed use space. 

 

The owner's plan was to convert the existing structure into retail and parking, build apartments above, and put a completely new facade on the front. So for all intents and purposes, it would be a brand new building. Too bad they scrapped that plan at some point.

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13 hours ago, taestell said:

 

The owner's plan was to convert the existing structure into retail and parking, build apartments above, and put a completely new facade on the front. So for all intents and purposes, it would be a brand new building. Too bad they scrapped that plan at some point.

 

It almost seems as if it would be more cost effective and cheaper to scrap the building and build a new one from scratch. Sometimes retrofitting the older structure and adding stories can cost more or, if you can do an additional 5-6 stories based on current foundation and load, it may allow you to do 10-12 stories for roughly the same cost with better design (or maybe more cost but allows for greater return) and increase the return. It would be one thing if the building had historical significance and should be saved, but in this case, nobody would care if it is razed and a new one put in its place. 

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