Hello,
I am new to this message board. I am a recent college graduate and have lived in Cincinnati for almost my entire life. I am interested in real estate and development. I am glad to have found this forum!!!!
I am particularly very interested in OTR. I am currently looking at a few condos in the area, notably the gateway quarter development.
I have been doing a good deal of research and I would like your thoughts on some of my findings. If this is inappropriate material for the forum, please disregard. I just though that this would make for some interesting conversation.
My concerns:
1. Main Street - Once the crown jewel of OTR development, the bar district is dead. I was in a band that played a concert at RBC's just two years ago. The area seemed pretty vibrant. I was shocked to see that the entire street is vacant. Why is the street vacant? I visited the two remaining bars on the street and talked to the people there. The time of day was around 7:00 PM and the bars were empty. I heard rumors that new bars were being planned in the area, but nothing concrete. I found it odd that some people who were involved with these businesses advised me not to invest in the area. They were concerned about crime :shoot: , risk, etc...
2. Section 8 Housing - I have done a lot of research and there are still a TON of section 8 voucher housing still in the area. I have found numerous examples of this housing available to recent construction/revitalization. Will this trend continue? I went to the old Restoc office to ask for some details about the recent deal between them and 3CDC. Does anyone know the ratio of ownership to section 8 in the revitalization effort?
3. Public Perception - The project does seem to have some momentum behind it, but I fear that it will run out of gas. The mass of people living in the Cincinnati metro shake their heads in disbelief when I tell them that this is my favorite Cincinnati Neighborhood. Recent articles that have been written are helping. I agree with the assessment that a chain store would help to change the publics perception. There really are some good things happening on Vine street, but it is difficult to even get Cincinnatians to look at it objectively.
4. History - The history of city planning in OTR is pathetic. Within the last decade, the city has been very fickle with development plans. There was a development plan that was replaced with another development plan that was replaced by the current 3CDC development plan. In the past, the city has used almost no foresight in sculpting the neighborhood. An example The city allowed a school to be built in Washington Park, directly across from Music Hall (a building all Cincinnatians should be proud of). Many people are skeptical that the new SCPA will be built next to Washington park. Are plans going ahead?
If anyone who may be more familiar with the area can speak to some of these concerns, I would much appreciate it. I would very much like to move to the area and help be a part of the change. I do not want to make a stupid investment.
Thanks!!
:-D