Jump to content
Sign in to follow this  
Guest CMH_Downtown

Columbus: Downtown: Gay Street Development

Recommended Posts

Carlyles Watch taking shape

Monday, June 26, 2006

Mike Pramik, THE COLUMBUS DISPATCH

 

Downtown workers and frequent visitors to the city’s core have witnessed the speedy construction of the Carlyles Watch condominiums at 3rd and Gay streets.  One reason for the briskness is the building’s bones.  Ruscilli Construction is using a prefabricated steel product manufactured by Dietrich Metal Framing, a division of Worthington Industries, to build the eight-story, 54-unit condominium. The light-gauge steel is said to be easier to work with than structural steel.

 

Read more at http://www.dispatch.com/business-story.php?story=dispatch/2006/06/26/20060626-E6-00.html

 

Share this post


Link to post
Share on other sites

Auction set for Modern Finance building

BY BRIAN R. BALL | COLUMBUS BUSINESS FIRST

August 10, 2007

 

Changes to the Gay Street corridor in downtown Columbus may hold promise for a century-old office building scheduled to be sold at an auction.  Gay Street Office Property LLC, which for eight years has owned 11 E. Gay St., plans to sell the four-story, 21,000-square-foot building Sept. 26.  It has been about three years since primary tenants WorldCom Wireless and Modern Finance Co. vacated the building.

 

East Gay between North High and North Third streets has become a hub of activity lately.  At the Third Street end, the Renaissance Columbus hotel and Carlyles Watch condominium project anchor a commercial strip that has added the Due Amici restaurant. The former Buckeye Federal building in the middle of the block is being converted to a Residence Inn hotel.  "People are really appreciating Gay Street as an urban environment," said developer Don DeVere, who has renovated the Ruggery office building at 22 E. Gay and a housing and office property at 15 E. Gay.  While the Columbus developer acknowledged he might be a "logical buyer" of the Modern Finance building, other projects likely will keep him on the sidelines. "We kind of have our plate full," DeVere said.

 

The building has two finished offices on the first floor and about six offices on the second floor, according to Ohio Real Estate Auctions LLC, which is conducting the sale.  Best said the building has garnered some interest, including from downtown housing developers.  But they typically have sought contracts with long time frames for due diligence, he said, while the auction would force buyers to close by mid-November. "We'd prefer to have a quick sale," Best said.

 

Share this post


Link to post
Share on other sites

CONSTRUCTION UPDATE:  GAY STREET TWO-WAY CONVERSION

 

http://capcitysavvy.com/2007/08/14/construction-update-gay-st-2-way-conversion/

 

Construction Update: Gay St. 2-way Conversion

Gay St. definitely seems to be the darling of our city leaders of late, as it seems they’re trying to concentrate public dollars and create some momentum.  There were perks given to the Gay St. Neighorhood developers in the form of low interest loans, a new parking garage, and now…Extreme Makeover: Gay Edition!

 

aymakeoverweb.jpg

 

More info on the project can be found http://pubserv.ci.columbus.oh.us/transportation/GayStreet/Default.htm

 

The idea is to calm traffic and create a more inviting, livable, ”people scaled” street.  All great stuff.  It shouldn’t be very contentious here either, as Gay St. isn’t a main auto thoroughfare.  A small handful of parking spots are being sacrificed, but if anyone is having any trouble finding a parking space in the downtown area, just consult this map at www.geturban.com/KyleEzell2.htm.

 

Here are a few snapshots of the project…

 

One of the “bump-outs” that will hold a tree planter and small patch of grass

 

1086932608_ab48b3c13d.jpg

 

 

Median being installed east of 4th St.

 

1086931448_064cee1ed8.jpg

 

 

~ by Eric on August 14, 2007.

 

 

 

 

 

Share this post


Link to post
Share on other sites

Read more at http://columbus.bizjournals.com/columbus/stories/2007/09/17/story2.html 

 

Focus turns to Carlyles Watch

Developer sets auction for unsold condos

Business First of Columbus - September 14, 2007

by Brian R. Ball, Business First

 

The remaining condos at Carlyles Watch at 100 E. Gay St. downtown will go on sale via auction Oct. 28.

View Larger The developer of Carlyles Watch in Columbus will try to auction off 35 condos at the 10-story development in an effort to combat the drag of slow sales.

 

Paul Sherlock, a partner in Urban Loft Ventures I LLC, confirmed the Cleveland developer took the unsold condos in the 54-unit project off the Columbus Board of Realtors' multiple listing service as it prepares for an Oct. 28 auction. Urban Loft Ventures began closing on sales in February while construction continued on the upper floors of the building at 100 E. Gay St. Seventeen condos have been sold and two are in contract.

 

Share this post


Link to post
Share on other sites

From Columbus Retro Metro comes a link to 10TV about the upcoming Carlyles Watch condo auction. 

 

http://www.10tv.com/?story=sites/10tv/content/pool/200709/212983006.html

 

Downtown Condos To Go Up For Auction

Sep 18 2007 10:29PM

COLUMBUS, Ohio - An excess of high-priced condominiums is forcing developers to get creative.  A slowdown in the downtown condominium market is forcing developers to either drop prices or put them up for auction, 10TV's Kevin Landers reported.  "I think we're going to sell them for less than what we hoped to sell them for," said Caryles Watch Condos developer Thomas Fortin.

 

Fortin is auctioning 34 one and two bedroom condos inside his Gay Street Condos, Landers reported.  Eight of the lofts will not have a minimum bid, Fortin said.  That means that no matter what someone bids, the developer will accept it. 

 

Realtor Larry Schottenstein blames the condo cool down on slower sales in the suburbs.  "If they can't sell their home in Dublin, they aren't going to move downtown," Schottenstein said.  Colleen Gilger, the city's downtown development director, said that developers need to lower prices so that condo sales can pick up. "We definitely have more inventory at a higher price point and there's definitely a need for more downtown housing at a variety of price points," Gilger said.

 

Watch 10TV News and refresh 10TV.com for additional information.

 

Link to Download Cartwell Auction Flier - http://columbusretrometro.typepad.com/columbus_retrometro/files/chartwellauction.pdf

Share this post


Link to post
Share on other sites

An auction is a very different way of selling a condo.  I wonder how true the issue with selling a condo downtown being linked to being able to sell the suburban home, really is.  If this is the case and the condo builders along with many "urbanaut" groups want people to move downtown maybe they should buy up those homes with a non-profit and re-sell them to get people moving into the condos.  This might increase the excitement, or buzz, level of this neo-traditional life style.

 

Also, does anyone know if this development will have any affordable housing?  I notice that many condo builders promote downtown living as a way to live more eco-friendly and what not but there always seems to be a lack of affordable housing.  I know the property is of prime value but as all good urban promoters know disperal of income leads to better results, of course I over generalize here.

Share this post


Link to post
Share on other sites

Also, does anyone know if this development will have any affordable housing?

 

The Carlyles Watch was built as a market rate residential development (i.e. no subsidized units).  However, if someone gets a unit at a low auction price, it'll be very "affordable"!  (see the auction flier below)

 

1433006419_c147369838_o.jpg

Share this post


Link to post
Share on other sites

Downtown condos up for auction

Thursday,  September 27, 2007 3:58 AM

By Mike Pramik and Debbie Gebolys

The Columbus Dispatch

 

The developers of a Downtown condominium building plan to offer many of the units at auction next month, a fire sale that reveals at least some cracks in the urban housing market.  Partners in Urban Loft Ventures say they want to sell 24 of the 54 units at Carlyles Watch, 100 E. Gay St., at auction on Oct. 28.  The reason: They need money to pay off lenders and don't want to hold units that they can't sell. So far, only 19 of the units have sold or are in contract in the eight-story building at the corner of Gay and 3rd streets that was completed in early 2007.

 

Read more at http://dispatch.com/live/content/local_news/stories/2007/09/27/Condo_auction.ART_ART_09-27-07_A1_FN81AQN.html?sid=101

Share this post


Link to post
Share on other sites

Modern Finance Building Auctioned Off

 

Link to the auction website: http://www.ohiorealestateauctions.com/09-26-071.htm

 

1449252100_34b4269b33_o.jpg

 

1449252108_cd3de5df38.jpg

 

Via the columbusretrometro blog:

"And I was beginning to think is would never happen but thanks to Eric over at Cap City Savvy we are know in-the-know about the Modern Finance building on the southeast corner of Gay St. and N. High St.

 

Given the fact that this building was sitting around for around $1,000,000 for some time for well over a year, this auction ended up getting the owner more than it had been listed for. It will be curious to see how the Carlyles Watch auction goes on October 28th after witnessing these results."

 

Link: http://capcitysavvy.com/2007/09/26/i-hear-8008-an-a-quarter850/

Eric Wittine

Cap City Savvy

September 26, 2007

 

I hear 800…8 an’ a quarter…850…

Ever been to an auction where someone dropped over $1 mil? Neither have I, until today that is.

 

A friend and I were eating at Cafe Brioso when we noticed the commotion across the street at the Modern Finance Building. There was actually an auction for the building set for noon so we decided to stroll over and check it out. Absolutely the most fun I’ve had during lunch in awhile. Here’s a shot of what the scene looked like…

 

1445734824_888bee3e74.jpg

 

Total wuss move by me to watch from the other side of the glass walls in the atrium, but I was completely petrified that the auctioneer (center) was going to interpret my camera phone snapshot for a million dollar bid.

 

Anyway, the room was fairly full, but things just kept bouncing back and forth between two bidders. One of them dropped off at around $1.3 million appearing to let the other have it. In an exciting finish, a group of indian men from Atlanta (pictured in the blue shirt - far left) ended up joining the fun at the end for a cool $1.375 million.

 

Now we just need to keep our fingers crossed and hope they turn around and develop it quickly.   That corner (High and Gay) is too valuable an address to let things sit idle.  The ground floor is perfect for retail, and I’m thinking a few more stories can probably be stacked on top.

 

 

 

 

 

Share this post


Link to post
Share on other sites

The Dispatch catches up to the sale of the Modern Finance Building at the southeast corner of Gay & High in Downtown Columbus with this story . . .

 

Gay St. building sold at auction

$1.5 million deal could help drive street's revival

Tuesday, October 9, 2007

By Mike Pramik, THE COLUMBUS DISPATCH

 

An abandoned office building could become a cornerstone of a renovated Gay Street if its buyer follows through with planned improvements.  Out-of-state investors offered the winning bid of nearly $1.5 million for the four-story building at 1 E. Gay St., the former headquarters of Modern Finance and also a Dollar Federal Savings Bank office.  The circa-1900 building was empty for two years after being abandoned by two bankrupt companies, Modern Finance and WorldCom.  Bob White, principal broker with Prudential Cres Commercial Real Estate, said the bidders are "a father and two sons out of Atlanta."  He declined to identify them pending the closing of the deal.

 

Read more at http://www.dispatch.com/live/content/business/stories/2007/10/09/AUCTION.ART_ART_10-09-07_B04.html?sid=101

Share this post


Link to post
Share on other sites

An update on the Gay Street construction progress via columbusing.com

 

We’re almost there guys… here’s the latest, straight from the Mayor’s office:

 

Gay Street Project Update:

October 15, 2007

 

1. Paving will start October 15 at Grant Street and proceed west.

 

2. Angle parking will not be available for use until traffic is open in both directions. Meters and signage have been installed for the final two-way conversion. Meters facing the new eastbound direction are currently bagged. Parking will be made available as construction sequencing continues.

 

3. The target for opening Gay Street to two-way traffic is the first week of November. Construction and traffic maintenance will continue after that date for work behind the curbs and in the medians.

 

4. The Third Street signal was replaced this past weekend, and the Fourth Street signal will be replaced next weekend (10/20).

 

5. Columbia Gas continues to work at Pearl Alley to install gas lines. This work will require gas to be shut off for periods for the businesses between Pearl and High.

 

6. Conduit work for the Edwards’ development continues at 5th Street. Various utilities also will work at this intersection while a broken pole is replaced and existing overhead lines are shifted.

 

7. Pre-marking for striping the new traffic pattern will start the week of 10/22.

 

 

Share this post


Link to post
Share on other sites

Thanks, Noozer.  Just trying to spread the word about some of the good things happening in Columbus.  I appreciate the compliment about posting like a city planner (or at least I hope that was a compliment).  :wink:

Share this post


Link to post
Share on other sites

Shops ready for 2-way traffic

Gay Street conversion expected Wednesday

Monday,  November 5, 2007 3:44 AM

By Tim Doulin

 

THE COLUMBUS DISPATCH

 

There will be a grand "reopening" of Gay Street on Wednesday. No fanfare is planned, and the street never was officially closed, but tell that to merchants who have struggled to attract customers during the six months it's taken to convert Gay from a one-way street.

 

For more, click the link

www.dispatch.com

tdoulin@dispatch.com

 

http://dispatch.com/live/content/local_news/stories/2007/11/05/GAYSTREET.ART_ART_11-05-07_B1_6I8CHDK.html?sid=101

Share this post


Link to post
Share on other sites

A couple of reports on the Oct. 28 condo auction for the Carlyles Watch project at 100 E. Gay Street.  Here's one from the Dispatch.

 

At least 8 bidders win condos at auction

Tuesday, October 30, 2007

By Marla Matzer Rose, THE COLUMBUS DISPATCH

 

Eight buyers got what one real-estate agent called "great values" on condos in the Carlyles Watch building at an unusual auction of some of the lofts at the 100 E. Gay St. building.  An additional 21 bidders will find out by the end of today whether their bids for the units, originally priced between $205,000 and $450,000, will be accepted.

 

The partners in Urban Loft Ventures, the building's owners, said they held the auction to pay off lenders and move units that have been slow to sell. More than half of the building's 54 units were offered at the auction Sunday, although the number that end up being sold that way could end up being less than a dozen.  With winning bids still well above $100,000, the condos didn't exactly go for bargain-basement prices. But the auction was closely watched by many as an indicator of the health of the Downtown residential market.

 

Read more at http://dispatch.com/live/content/local_news/stories/2007/09/30/Condo_auction.ART_ART_09-30-07_A1_FN81AQN.html?sid=101

Share this post


Link to post
Share on other sites

Read more at http://columbus.bizjournals.com/columbus/stories/2007/11/02/story5.html

 

Carlyles Watch auction falls short of developers' hopes; 8 condos sell

Business First of Columbus

Brian R. Ball, Business First

Friday, November 2, 2007

 

The developer of the seven-story Carlyles Watch condominium building in Columbus got plenty of publicity but only eight sales at its closely watched Oct. 28 auction. It left the marketer of the downtown property wondering how much to ask for the remaining 28 unsold condos. Nearly 150 bidders lined up for as many as 36 condos that Cleveland auctioneer Chartwell Group LLC offered for sale.

 

The eight units sold brought in combined bids of just less than $2 million, or more than $1 million less than the cumulative list prices on the condos. Developer Urban Loft Ventures I LLC was going to reject the high bids on 21 other condos that were subject to the seller's acceptance by Oct. 31, said Mike Berland, a Chartwell principal and executive vice president. Seven other lower-priced condos never made it onto the auction block because of the bidding trend.

 

 

Share this post


Link to post
Share on other sites

It's official now - Gay (Street traffic) goes both ways.

 

Gay St. opens to 2-way traffic

Wednesday, November 7, 2007 - 2:51 PM EST

Business First of Columbus - by Matt Burns Business First

 

The City of Columbus has wrapped a nearly $8 million project spanning six months that opens Gay Street to two-way traffic.  The city announced that the conversion to two-way traffic between Cleveland Avenue and Front Street began shortly after morning rush hour Wednesday. 

 

The project, which cost an estimated $7.7 million, is part of the city's larger move to give downtown a neighborhood feel, one that can't be achieved with so many one-way streets, said Mary Carran Webster, the city's assistant director of public service.

 

The Gay Street corridor, which some city officials have unofficially labeled the "strip of hip," is the nexus of that growing sense of liveability.  The few blocks surrounding the west end of Gay Street represent the most densely packed residential area in downtown's central business district, with about 10 completed housing projects since 2002 and a few more in the pipeline.  One of those is a $70 million, 260-unit condominium project being developed by Columbus-based Edwards Cos. at East Long and Gay.  And along with the spike in housing has been an increase in restaurants, including Cafe Brioso, Due Amici and Tip Top Kitchen & Cocktails.

 

MORE: http://www.bizjournals.com/columbus/stories/2007/11/05/daily20.html

Share this post


Link to post
Share on other sites

I know that Gay Street's two-way traffic opening was previously reported.  But I just couldn't resist sharing this local report on it.  Gotta love that sign!

 

2050732740_57b6b1627d_o.jpg

 

Right Now Downtown Blog

Inside 43215: Building Blocks

November 20, 2007

 

Gay can go both ways.

 

At least when it’s Gay Street.  After endless months of construction, the all-new Gay Street made its official debut on November 7.  No longer for the exclusive use of westbound traffic, the thoroughfare is now open to eastbound-ers too.

 

While downtown drivers appreciate the shift, the improvement actually has more impact on pedestrians.  The construction makeover also includes very user-friendly crosswalks, and those walkways are making jaunts across the road survivable for bipeds.

 

Pedestrians are also in a great position to admire the street’s cosmetic improvements.  The scene is prettier these days, especially when illuminated by the elegant old-school streetlights.  Project Manager Thomas Murphy says that the city is still working on the street’s aesthetics.  He pledged, “The work will continue for the installation of amenities.”  More trees, decorative fencing and art installations are all on the list.

 

As for Gay Street businesses, Tip Top Kitchen celebrated the re-opening with a “Gay Goes Bi” party.  The restaurant’s manager, Cabby Lawry, forecasts a bright future for the passageway.  She’s pleased with the changes: “It makes Gay more accessible as a destination street.  People can more easily find their way to Tip Top, as well as the other wonderful places in this area.”

 

link to story: http://www.downtowncolumbus.com/rndb/

Share this post


Link to post
Share on other sites

LAsam posted some new photos of the Carlyles Watch (i.e Condos at 100 E. Gay) residential development in this City Photos - Ohio thread http://www.urbanohio.com/forum2/index.php?topic=14871.0. 

 

Nice view from Third & Gay Streets.  It's hard to tell from the photos but a coffee shop has moved into the retail storefront at the corner of the building.  Looks good, especially now that the Gay Street landscaping is now planted and the new streetlights are in.

 

 

DSCN2288.jpg

 

 

DSCN2289.jpg

 

 

DSCN2290.jpg

Share this post


Link to post
Share on other sites

Where in down town are these located.  I think the asthetics on the outside are pretty intriguing minus the panama city beach style balconies on the one corner/half-side.  If I moved back to Cbus I would consider living there.  What is the social scene like in that area?

Share this post


Link to post
Share on other sites

Northeast corner of Third Street and Gay Street.  Located one block north of the Ohio Statehouse/Capitol Square.  Real nice central location. 

 

Gay Street is quickly becoming a restaurant row.  The long-time upscale Mitchell's Steakhouse and the new upscale Latitude 41 restaurant are located on different corners of Third & Gay.  New restaurant/bar Tip Top Cafe is down the street along Gay Street.  Tip Top is located next door to Due Amici restaurant.  And Cafe Brioso, a great locally owned coffee shop, is located one block away at the northeast corner of High Street and Gay Street. 

Share this post


Link to post
Share on other sites

Glutmax: About a half mile north is Short North, which is a happening place.  Mainly younger people and lots of restaurants, bars, art galleries and the like.  The area is fairly dense although it is difficult to live a non-car lifestyle in C-bus, but as far as I can tell parking is really cheap compared to other cities.

Share this post


Link to post
Share on other sites

Carlyles Watch update

Monday, April 21, 2008

By Mike Pramik, THE COLUMBUS DISPATCH

 

Tom Fortin, one of the developers of the Carlyles Watch condominium project Downtown, said the building is full because the owners decided to rent the units they couldn't sell.  As condo sales in the eight-story, 54-unit building lagged, the owners in October conducted an auction of some of the unsold properties.  They auctioned only eight, leaving 31 unsold.  Since then, Fortin said, the remaining units have been rented for an average price of $1,370.

 

Read more at http://www.columbusdispatch.com/live/content/business/stories/2008/04/21/ZONE0421.ART_ART_04-21-08_C10_8P9V9E0.html?sid=101

Share this post


Link to post
Share on other sites

Shows people are willing to pay that much to have Gay St at their doorstep. I'm guessing proximity to the Arena District and Short North would have something to do with it too.

Share this post


Link to post
Share on other sites

Small hotel is possible on High

Former OSU, NBA star behind project

Thursday,  June 26, 2008 3:06 AM

By Mike Pramik, THE COLUMBUS DISPATCH

 

Jim Jackson's latest off-the-court move could help transform a sleepy Downtown block into a place where people would sleep in style. The former Ohio State University basketball star is looking into developing a boutique hotel at the northwest corner of Gay and High streets. His Toledo development company is trying to make the numbers work for a four-story, 150-room property on what is a parking lot.

 

Read more at http://www.dispatch.com/live/content/business/stories/2008/06/26/JJ_hotel.ART_ART_06-26-08_C8_G7AJA4P.html?sid=101

Share this post


Link to post
Share on other sites

No, we don't need another botique hotel.

 

Another? The only real boutique hotel downtown is The Lofts. I definitely think either a chain boutique hotel or an independent brand could work in that location.

 

Also, I can't help but wonder what would be done about parking. The Residence Inn in the converted Buckeye Building doesn't have it's own parking area, as far as I know. I wonder if they would keep part of the current surface lot to serve as parking for the hotel, or possibly use a close-by garage, or build an adjoining garage.

Share this post


Link to post
Share on other sites

Couldn't agree more, CMH.  The Lofts stands alone, and downtown could use two or three small hotels.  When I come back to Columbus, I generally stay at a hotel rather than with family (own bathroom, no one's feelings get hurt/sibling rivalry, maid service, morning coffee, etc) and the selection is not too great.  There are few to choose from....and I sure don't want to stay at a convention hotel. 

 

Experience Columbus, like most convention and visitors bureaus is looking out for its own interest, of course.  But not everyone who is staying in Columbus is there for some horse show or the Arnold Classic.  Some may be there on business, or even pleasure.  A 150 room hotel would be great if built right and marketed right.  And it wouldn't dilute anything from the convention crowd.

 

 

 

Share this post


Link to post
Share on other sites

If anything, Columbus needs MORE botique hotels and hell, I'll take a Hilton downtown!  Or atleast Comfort Inn!

 

But seriously, this is great news.  The scale of four-stories can be fine if done to match the existing buildings along High Street. 


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

Share this post


Link to post
Share on other sites

This would be great location for a boutique hotel, or anything else for that matter.  In the past 10 years, there's been alot of development that's occurred in downtown columbus.  But this particular block of High Street has stubbonly remained surface parking lots.  Cap City Savvy, one of our local blogs, recently described it as a "hole in our city" here at http://capcitysavvy.com/2008/04/06/mommy-why-is-there-a-hole-in-our-city/ .  They also included a nice aerial photo of this site too...

 

2376090050_02ec3d7786.jpg?v=0

 

The big question now is whether Jim Jackson can make the project happen.  I hope he can.  I've seen his involvement with the redevelopment of former Toledo Edison steam plant over at http://www.urbanohio.com/forum2/index.php/topic,3089.0.html.  Does anyone know of any other projects he's been involved in?

 

 

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...