downtowndreamer

Interesting clip from WCPN. http://www.wcpn.org/mp3/2006/0725housing1.mp3

Only a few more until they hit pre-sales!!! Plan on Buying at The Avenue District? Eight Reasons to BUY NOW! Have you been dreaming about living at The Avenue District? Here are several compelling factors why now is the best time to secure your future residence at Cleveland’s newest and most desirable downtown address. Pre-construction pricing will be only available for a limited time. With only a few units left to sell until we reach our pre-sale requirement, the price for your fantastic loft or townhome will never be cheaper than it is right now! Construction costs are continually on the rise. Interest rates to finance your new home have steadily risen over the past year. 15-year tax abatement - every homeowner at The Avenue District will receive this special incentive. Future downtown developments may not have this luxury. For example, purchasing a $300,000 unit, is a savings of approximately $100,000! Below Market Interest Rates - you can currently secure 1.5% below the market interest rates. Why pay full price to borrow money? Location - be within walking distance to everything Downtown Cleveland has to offer, like fantastic dining, the Theater District, The Q, Jacobs Field, Cleveland Browns Stadium, Rock and Roll Hall of Fame, Great Lakes Science Center, House of Blues, and many other entertainment venues. Pick your view - by securing your new loft or townhome now; you will be able to have the best choice available to some of the most impressive views in downtown Cleveland. Signing Bonus!!! - For a limited time, if you buy a loft in The Avenue District, you will receive a special incentive. Ask our Sales Manager for details. So, what are you waiting for? Call The Avenue District Sales Manager, Frank Lalli at 216.589.8524 to set up a consultation or you e-mail him at [email protected].

Mister Good Day... I can't wait for that conversation to happen

Minor piece of information for The Avenue District. The building at E.12th and St. Clair has an address now. 1211 St. Clair Ave.

Another thing to think about is that it costs just about the same to build one of these buildings in Chicago as it does in Cleveland. Just the Cleveland market isn't mature yet, so the margins are a lot slimmer. These building are not cheap to build. Majority of the affordable stuff will come from Rehabs.

THERE ARE IMPORTANT FACTORS THAT EVERYONE IS FORGETTING... The Avenue District Townhomes and Lofts have a 15 year tax abatement and 1.5% below the market interest rates. No Taxes, except for the land tax. 5.05% interest rates on a 30 yr fixed rate, so $242,000 at The Avenue District is not the same as $242,000 in Westlake. The payment drops drastically! It can be affordable. That being said, The Avenue District hasn't unveiled their lower priced lofts yet that they have planned, which will hit a different demographic. Bottomline...I can even afford this place. Not the Penthouse, but I can afford it.

Let's remember that Zaremba's main objective is to fill the space with service-oriented retail for the residents and surrounding work community. As more building begin to pop up and more retail space is available, I think this discussion becomes more prevalent. That's how you you create a neighborhood. Focus the retail on the staples first. grocery store (Reserve Square expanding and remodeling to 30,000 sq. ft), dry cleaner, drug store, coffee shop. etc. Those will be the first things in The Avenue District. I wouldn't get too wrapped up in the high end stuff right away. I think you'll see some of that, but later. You're not going to get those type of retailers until you build a market or population in the near vicinity. That being said, I can not see a fast food place in The Avenue District. I think they're smarter than that.

Hey....at worst, this has kicked all of those land owners in the behind to do something in the Flats! At best, Wolstein's project will be a huge success after he acquires all of that land.

I know Zaremba's people read this thread. From what I was told, they check it almost daily.

I bought at The Avenue District this past week. The reason why it's going to take so long is because there are separate buildings being built. The buildings won't have anything more than 58 units so, since this isn't one huge structure, it will take longer..being built individually. The first block alone will have 5 Loft buildings.

they have more buyers than that. Their first contract was a month ago and they have about 14 sales. That article was probably written in april sometime.

Here's an article from the Jewish News. Real Estate Section The Avenue — downtown Cleveland’s newest residential hope By: JIM LAWLESS The Avenue development will offer condominiums, lofts and townhouses within walking distance of major attractions in downtown Cleveland. A proposed, $200-million, up-scale residential housing project east of the 40-story Erieview Tower could be the start of the rejuvenation city planners have wanted for more than 50 years. Zaremba Inc., a successful residential builder, has acquired six acres on three sites east of Erieview Tower. The plans are to break ground in July on the first of three buildings that will eventually house more than 400 condominiums, including lofts, penthouses and townhouses. More at clevelandjewishnews.com http://www.clevelandjewishnews.com

I don't know about you guys, but I can't wait to see that crane in the air!

The plan is this summer. They need to get to pre-sales for the bank to give the go ahead. Sales have been swift though.

Yeah, the announcement was that The Avenue District (Zaremba) and The Cleveland Athletic Club have an agreement where every buyer at The Avenue District will get a one year membership to the CAC included with their signed contract. It was a pretty good event. There was a decent amount of people there. Their people got around and answered questions. I even had a chance to speak with Nathan Zaremba after his speech.

Special Announcement and Speech by Nathan Zaremba, President Zaremba Inc., at The Avenue District Meet & Greet Dear Friends, I would like to personally invite you to The Avenue District “Meet and Greet” on Wednesday, April 26th from 6pm-9pm at the Cleveland Athletic Club. Our “Meet and Greet” will be an excellent opportunity for you to meet Zaremba staff and ask us direct questions about The Avenue District. This Wednesday evening, Nathan Zaremba, President of Zaremba Inc., will speak about Cleveland’s newest downtown neighborhood. In addition, we will be making a very special announcement regarding The Avenue District to all those in attendance. We are looking forward to meeting all of you and helping you learn more about Downtown’s newest residential development. Please Note: PARKING MODIFICATION AT THE CLEVELAND ATHLETIC CLUB Due to the extensive filming of Spiderman 3 this week in Downtown Cleveland, general parking at the Cleveland Athletic Club will be adjusted. Parking for The Avenue District “Meet and Greet” will be on East Huron Street, behind the Halle Building. Huron Street can be accessed from Prospect Avenue. Complementary valet parking will be provided. Zaremba representatives will be on hand to escort you to the main entrance of the Cleveland Athletic Club, located at 1118 Euclid Avenue. I look forward to seeing you there! Sincerely, Don Picciano, Jr. Who: Friends of The Avenue District and members of the Cleveland Athletic Club What: Meet representatives from Zaremba and the Cleveland Athletic Club over hors d’oeuvres When: Wednesday, April 26, 2006 6:00- 9:00 pm Where: Cleveland Athletic Club Sterling Room, 7th Floor 1118 Euclid Avenue Cleveland, OH 44115 RSVPs requested to Frank Lalli at 216.589.8524 or [email protected]

I'm on the The Avenue District's e-mail Newsletter list. I'm planning on going on the 26th to their CAC event. Is anyone else going to go to this? I haven't had time to stop into the sales office for more than 5 min, so I'm looking forward to talking to their people to ask some questions.

I'm not sure. I heard Playhouse Square, but I'm can't be positive. Fado' would have worked if it had a better location. Fado' was a victim of The Flats demise.

This is actually a true Irish Pub. I heard about this as well. Everything they put in the place is imported from Ireland.

I saw the newsletter too. I don't think it's a big announcement b/c it said "Special Announcement". They're having an event at the Cleveland Athletic Club. I bet it has something to do with the CAC.

My bad, I thought District Park was moving forward with the whole GBSL thing.

This looks like an uphill battle for Wolstein. At least District Park and The avenue District are moving forward.

Regardless, I'm just excited that The Avenue District seems to be off to a great start. I like the fact that Zaremba is doing things thoughtfully and with the citizens of Cleveland, and eventually The Avenue District in mind.

Regarding The Avenue District name...it's nameds that because all avenues in Cleveland lead to The Avenue District. I think StrangeBrew commented on this some time back.

I believe District Park got off to a rough start for a couple of reasons. 1. I think the numbers they worked with as far as cost of the building were old, and by the time they went to sell, their pre-sale pricing was way off from their costs. They would have lost their shirt. 2. They hired a PR firm from out of town, which wasn't in tune with Cleveland, which hurt pre-sales.