PIB Guy

Correct, the original city limits of Columbus, as of 1950, has had significant population decline also. That aside though, regardless how they got there, it's still growing.

I know the folks that operate tower cranes make good money, but it's not nearly enough to get me to sit in one of those...especially when it's secured down by counter weights on top of a parking garage. Clearly once the 515 starts going up, it will be anchored to the structure.

Clefans photo above taken from the third floor is clearly prepped for a concrete slab on deck. You can clearly see PT cables draped across the deck along with horizontal #4 rebar and rebar dowels. The outer walls may be wood, but for some reason the interior slabs are clearly concrete. Therefore, there must me concrete columns extending up through the structure to support the decks. Can't tell from any of the photos. But in essence, its essentially a parking garage encompassed with a wood exterior.

The Picture that KJP posted from Panzica's Twitter shows that this entire building is post-tensioned concrete. Think Parking garage design standards. I'm really surprised by that, but happy to see they went with that type of design. I think back to when Stonebridge was built with all light gauge steel. Much different construction standard here.

That vantage point tells me how much we are in need of a May Company building conversion/rehab.

I know were all excited to see construction starting on this project, but does anyone really like the design? I for one am hoping that the rendering just doesn't serve it justice.

I wonder where exactly is the crane going to sit?

Not sure, but one of them is Cumberland, so I'm not counting that. It just amazes me how some projects hit financing snags that seem extremely viable. Then, there's a building like this that costs 12 MIL to build, and there's 16 total units. I would love to know the appraised value of this building once complete.

Maybe I'm not reading this article right, but it says the building will cost $12 million to build 16 apartments. At rents of $3,750/month, it will take 16 years to collect $12 million in rent off 16 apartments. That 12 million figure seems extremely high for a building this size.

The headline makes it sound as though it just started. This project started months ago.

If I were Carney, I'd be pissed. May Co probably could have been close to completion by now.

I understand that point and could see how you feel about the public financing portion. I think end of the day however is the amazing difference between the total construction cost versus the appraised value at completion. A developer would have to be crazy to use their own cash to build this project out. So it comes down to a want/need for Cleveland. Is it a catalytic project that could spur more development? Will the income tax and sales tax generated by this development be a win for Cleveland? There's a lot to think about here, not just the school portion issue, but the big picture too. I'm not sure how I feel about the deal. I know I want to see it get built, but how we get there is the tough pill to swallow.

I think a lot of people are missing the point here. I'm sure Ikea knows a store could be successful in Cleveland. I imagine a great deal of their discussions revolve around, what will a store in Cleveland do to stores in Columbus or Pittsburgh. Similar to Crate and Barrel. Sure, it would succeed in Westlake, but would that cause the demise of Lyndhurst or vice versa. As far as opening in Medina, heck no. That would kill either Columbus Ikea or Medina Ikea. And Streetsboro, that would compete with Pittsburgh. The last thing a retail entity wants to do is compete amongst themselves. Too many retail Giants have destroyed they're companies by doing so.