mack34

KJP, my question is, why are CLE construction costs so high compared to same sized cities? In speaking with Columbus developers the average apartment rental price per SF is $2 for new construction, basically the same as Cleveland's. You would probably consider Columbus higher rent though wouldn't you. This downtrodden Cleveland attitude runs from this forum all the way up to banks and developers regardless of how true it is, or how other places that are seemingly growing compare favorably to our situation... Moved this from the Playhouse Square tower thread. w28th[/member] the only reason why I say the market is stagnant is because it is. Some of it is justified and some isn't. The fact is that Greater Cleveland's population hasn't grown in nearly 60 years, Cleveland's population has been tanking for nearly 70 years, its jobs market has been sluggish/receding for 40 years, its rents are some of the lowest of any big city in the nation, and its Commercial construction costs per square foot were recently (2010) ranked higher than Washington DC, Denver, Miami, Atlanta, Phoenix, Houston, Dallas and other growing cities. Sure, there's a decent amount of intra-metro area movement of population that justifies a small amount of downtown Cleveland residential development. But if I'm a lender, I question how long that is going to last and at what scale. With growing cities offering higher rents and similar/less construction costs, I'd be more confident loaning big money to a developer in those cities than I would to a developer in Cleveland. Greater Columbus and Columbus proper are both growing at a healthy clip. Greater Cincinnati and Cincinnati proper are growing at a slow pace but still growing. Greater Cleveland is not growing and Cleveland proper continues to shrink. There isn't even a blip of growth in the past 50 years in either Greater Cleveland or the mother city that a lender can point to in order to allay shareholders' concerns that happy days will return again. Sorry to be a downer, but there's only a finite amount of money out there and a lot of growing cities we're competing with. You have to really love Cleveland to ignore its lack of growth of population and jobs in order to invest here. I truly respect all of you who do just that.

^ this honestly makes me jealous......

KJP,, Thanks for the new images......WE HAVE RETAIL!!!!! I can't wait! This tower will be spectacular !

Wow.....Thats horrible......It looks like an medical office building from the 70's

Another well written piece by Michele. And shes correct...as I near making my move, only viable options are rental. Job and population growth would definitely help move the needle

^ I wish them luck....but that is a horrible spot for a restaurant. I'm surprised Flip Side lasted as long as it did

YES!!!!! Finally!!!

So is anything happening at the site? Steel being dropped off? Crane blowing in the wind? anything??

^ perhaps the Rascal Flats restaurant is finally starting??

I talked to the owner....he was watching them drill on Thursday. Said it was for his new home

Forums are back!!! I noticed yesterday that they are starting construction on a private residence at the dead end of Lorain Road, right next to Grove Court condos

^Well thats great to see!!!

Are we sure it wasn't the wind?? Is there anything being done on site?? It was a ghost town when I walked by this morning

yes please

We should see work starting next year on Canal Basin Park, which would be the End, (or Beginning) of the Towpath Trail. So I'm sure the MetroParks would incorporate the Cultural Center into that. That will be a fantastic corner when all done

the Downtown Cleveland Alliance tweeted out this graphic yesterday. Shows projects nearly completed and on books that will help us get to 20,000 residents in DT in next 5 years.

So how far east? Is CSU considered DT?

Plus the stated goal of the DCA is 20K by 2020. What are the actual boundaries used when they get these population figures?

This is great news...15K is awesome. But how do we get to 20K? A lot more construction needs to be done if you figure an average of 2 people per apartment. (which is probably high) we need at least 2500 more apartments or condos downtown

KJP, this is fantastic!!! its the perfect spot and answers all of Amazons needs!!!! Then think of the apartment construction boom that would follow!!

^ Why do I remember a mention of his group wanting it for parking...... The phrase "downtown is underparked" comes to mid

This is fantastic!!

I still don't get why Gilbert is afraid of a vote? It would pass. This is a hissy fit

I still don't understand why its dead......Why are they afraid of a vote? This sounds like a Gilbert hissy fit. Personally, I thought this was a good deal for all sides, and if presented correctly would of passed.

Preach Cadmen.....Preach!!!