^I think it was floors 4 - 15.  Mostly the Forest City space.

Housing at its most luxurious! Inside the new downtown CLE apartments

POSTED 6:53 PM, APRIL 5, 2017, BY JENNIFER JORDAN

 

CLEVELAND, Ohio-- It is Northeast Ohio's hottest housing market right now. There is explosive rental growth in downtown Cleveland.

 

But to live, work and play there will cost you a pretty penny.

 

Several new apartment buildings and former offices converted into rental properties are hitting the market fast and furious.

 

And they're filling fast, with waiting lists well into 2018.

 

MORE

http://fox8.com/2017/04/05/hot-housing-market-see-inside-the-downtown-cleveland-rentals-on-the-rise/

Cleveland apartment rent hikes surpass national rate

April 20, 2017 UPDATED 18 HOURS AGO

By STAN BULLARD

 

Although apartment rents are moderating nationally and rose just 0.7% last year, they climbed 1.2% in the Cleveland area, according to a just-released March real estate market report by Zillow (Nasdaq: Z,ZG)

 

The Seattle-based online real estate listing and data provider reported the Cleveland-Elyria Metropolitan Statistical area had a rent of $1,114, according to the Zillow rent index, although the report does not include last year's numbers.

 

Although the burgeoning apartment market and rise of downtown Cleveland living have helped the region shed its reputation as a low-rent town, it's still below the national figure, which the Zillow rent index puts at $1,408.

 

Nationally, it's the slowest rent appreciation rate since November of 2012, when rents climbed 0.6% nationally.

 

MORE:

http://www.crainscleveland.com/article/20170420/NEWS/170429974/cleveland-apartment-rent-hikes-surpass-national-rate

Crittenden owners will soon pay off UDAG loan

April 30, 2017

By STAN BULLARD   

 

When the 17-story Crittenden Court Apartments, 955 W. St. Clair Ave., opened in 1996 in Cleveland, its 200 suites were a big factor in efforts to create downtown living in the city.

 

After 21 years, financing that made the multimillion-dollar project a reality may continue to yield added benefits for the city's continued economic development. That's because a $3 million grant from the defunct federal Urban Development Action Grant plan helped make it happen. The Voinovich administration structured UDAGs as loans repayable to the city, although the terms were easy, such as 30-year terms at zero-interest in the case of the Crittenden project.

 

However, the loan may be a gift that keeps on giving, as legislation pending before Cleveland City Council would allow building owner Crittenden Court Joint Venture to satisfy the loan with a $972,000 advance payment. The city has OK'd such prepayments in the past as the figure is based on the net present value of the loan in today's terms.

 

MORE:

http://www.crainscleveland.com/article/20170430/NEWS/170439992/crittenden-owners-will-soon-pay-off-udag-loan

BTW, I previously posted in another thread this news from a Crain's Cleveland Business article. But this article from California (where M&M is HQ'd) provides more context to me on the prospects for more multi-family construction in Cleveland....

 

Marcus & Millichap Opens New Ohio Office

By Joel Russell

Friday, May 19, 2017

 

Marcus & Millichap Inc. has opened an office of its Institutional Property Advisors division in Ohio.

 

The commercial real estate brokerage headquartered in Calabasas named Michael Barron and Daniel Burkons, senior directors, and Joshua Wintermute, director, to lead the IPA Midwest-Multifamily office. The three men opened Marcus & Millichap’s Cleveland office 15 years ago and have since expanded their brokerage business throughout Ohio and neighboring states.

 

IPA specializes in institutional investment funds to buy apartment buildings. The IPA Midwest-Multifamily office has 10 brokers.

 

“Expanding our IPA Multifamily services in the Midwest deepens the division’s presence in the heartland and provides area multifamily investors with enhanced access to our full range of services,” Hessam Nadji, chief executive of Marcus & Millichap, said in a statement.

 

MORE:

http://www.sfvbj.com/news/2017/may/19/marcus-millichap-open-new-ohio-office/

Note that all of the new high-rise apartment buildings either under construction or due to start construction this year are on Euclid Avenue:

 

+ One University Circle - 20 stories

+ The Beacon - 28 stories

+ Playhouse Square Tower - 34 stories

 

And I love-love-love that Playhouse Square is the one financing this. They don't have to get a private-sector return on investment to make this work. If they cover their costs, they create a net public benefit to their district in terms of more business activity, restaurants, retailers, presumably higher attendance for shows, etc. I would love to see more nonprofits do this to jump start building projects that the private sector shies away from.

 

When I wrote the NEOtrans piece, I wondered what additional financial resource was being brought into the picture to justify an announcement only one month away. Playhouse Square needed the parking deck to be paid for (much like 515 Euclid) to be able to afford constructing the tower above it. The $1 million from the state wasn't close to sufficient (PS had sought $4 million). I was expecting something like New Markets Tax Credits to provide the gap financing for this. But I wasn't expecting a $10 million+ gift from the Richard J. Fasenmyer Foundation! That's even better.

 

One last thing, regarding the multi-family rental market, please note the very recent news:

 

California's Bank of the West opens commercial banking hub in Cleveland (The last commercial office it opened prior to this was in Atlanta in late 2014. And coinciding with the Cleveland location, another new office is poised to open in Dallas):

http://www.crainscleveland.com/article/20170608/NEWS/170609829/californias-bank-of-the-west-opens-commercial-banking-hub-in

 

Marcus & Millichap's Institutional Property Advisors opens Midwest multifamily division (and locates it in Cleveland):

http://www.rejournals.com/2017/05/22/institutional-property-advisors-opens-midwest-multifamily-division/

 

They see something that the skeptics do not, and they are positioning their human resources and financial capital here to make money off of investment in commercial and/or residential development.

 

Developer Bob Stark once said it is relatively easy to convince 1 percent of a market to do something, like move downtown (Greater Cleveland is 2.1 million people, or 3.5 million if you include Greater Akron-Canton). That's 21,000 to 35,000 people living downtown. We're getting closer, but not there yet. And yet if we want to move back into the ranks of Seattle, Atlanta, Portland, Denver, etc., we'll want to have much more than 1 percent of our metro area's population living downtown. In fact, Cleveland's Central Business District (CBD) isn't even yet at the national average share of population for the entire metro area (see below). To get merely to the average, downtown Cleveland's population would have to rise to 27,300 to 45,500.

 

SOURCE: Demographia

 

I wonder if using the 1% number for CBD living if we really should only look at the MSA rather than CSA.  Only because Akron has its own CBD which I assume would count toward the 1% of CBD residents.

 

As much as I love what's happening in downtown Akron, it's a long way from building the kind of big-city downtown with all of its amenities that Cleveland has, and which young professionals and empty-nesters are looking for. And, one can argue, that with the opening of the MC2STEM school at CSU (plus a few more primary schools and playgrounds, both indoor and outdoor), downtown may soon be attractive to families as well. That's probably the next big horizon for downtown residential development to cross. It has the grocery stores. It has a medical clinic. It has a downtown transit circulator. It has some clothing retailers (Geigers, Tower City clothiers, etc) but needs a department store-type retailer (like a City Target or a Discount Drug Mart), a few more 24-hour restaurants and a 24-hour CVS or convenience store. And it needs stuff that kids need/want to use (day care, playground, primary school etc).

 

When it gets those things, then downtown can tap in to more age groups and families.

Personal View: Transforming city streets creates another path to growth

June 25, 2017

By BOB BIGGAR

 

Downtown Cleveland’s continued growth depends on attracting people and jobs. We’re working toward this goal with a number of strategies, but there is another method to attract people and jobs that we have largely ignored. It is relatively inexpensive, can be implemented quickly, and has an immediate impact.

 

I’m talking about the design of our city streets. Young talent is moving to walkable, dynamic cities that do not require driving as the primary means of transportation. Companies like GE, Marriott, Kraft and Motorola are following this talent back into the cities. Experts are encouraging cities to capitalize on these desires to attract more residents.

 

Paul Graham, leader of the top tech incubator Y-Combinator, recently spoke on attracting young people to Pittsburgh. In his lecture, he highlighted millennials’ evolving preferences, stating that, “… those 25- to 29-year-olds do not like driving. They prefer walking, or bicycling, or taking public transport. Why not make Pittsburgh the most bicycle and pedestrian friendly city in the country? … If you do, it’s very unlikely you’ll regret it. The city will seem like a paradise to the young people you want to attract. … And what’s the downside? Can you imagine a headline ‘City ruined by becoming too bicycle-friendly?’ It just doesn’t happen.”

 

MORE:

http://www.crainscleveland.com/article/20170625/NEWS/170629857/personal-view-transforming-city-streets-creates-another-path-to

^ In ten years Cleveland will be as bike friendly as Pittsburgh was ten years ago. Sad, but progress is slow sometimes.

^ In ten years Cleveland will be as bike friendly as Pittsburgh was ten years ago. Sad, but progress is slow sometimes.

 

Bike paths are great but it will never catch on fully in Cleveland the way it has in other cities.  We average 61" of snow per year.  When you get an above average year, it makes biking impossible for months at a time.

 

Pittsburgh averages 27" of snow per year, less than half. 

^ In ten years Cleveland will be as bike friendly as Pittsburgh was ten years ago. Sad, but progress is slow sometimes.

 

Bike paths are great but it will never catch on fully in Cleveland the way it has in other cities.  We average 61" of snow per year.  When you get an above average year, it makes biking impossible for months at a time.

 

Pittsburgh averages 27" of snow per year, less than half. 

 

We have these great things called snow plows.

 

Also, people over estimate how much weather negatively impacts bike riding. "For months at a time" is a gross exaggeration.

^ In ten years Cleveland will be as bike friendly as Pittsburgh was ten years ago. Sad, but progress is slow sometimes.

 

Bike paths are great but it will never catch on fully in Cleveland the way it has in other cities.  We average 61" of snow per year.  When you get an above average year, it makes biking impossible for months at a time.

 

Pittsburgh averages 27" of snow per year, less than half. 

 

We have these great things called snow plows.

 

Also, people over estimate how much weather negatively impacts bike riding. "For months at a time" is a gross exaggeration.

 

I lived in Cleveland for years & used to bike everywhere.  When it snows a lot, the snow gets pushed into the sidewalk or big mounds at intersections to clear parking.  It makes biking impassable.  If it stays cold for a long time, the snow doesn't melt and the city doesn't haul it away.  It stays like that for months at a time.  I think 2009 we had a big snow, it was miserable from Jan-March.  And then about 2012-2013, we had a snap where it didn't get above freezing for at least a month.  Not a lot of biking then. 

 

I lived in Cleveland for years & used to bike everywhere.  When it snows a lot, the snow gets pushed into the sidewalk or big mounds at intersections to clear parking.  It makes biking impassable.  If it stays cold for a long time, the snow doesn't melt and the city doesn't haul it away.  It stays like that for months at a time.  I think 2009 we had a big snow, it was miserable from Jan-March.  And then about 2012-2013, we had a snap where it didn't get above freezing for at least a month.  Not a lot of biking then. 

 

If so, doesn't that speak to the need for more bike paths -- not just painted lines on the sides of a roadway, but protected cycle tracks and dedicated bike rights of way?

 

BTW, the cold doesn't stop cyclists in the Twin Cities or Toronto or any other Canadian city from biking a lot more than we do. But they do have much better dedicated, safe biking infrastructure. One thing we do very well in Cleveland is we work very hard at finding excuses for not doing anything.

One can always look to Kobenhavn for any type of cycle inspiration. If its at all possible, that city is doing it.

http://www.copenhagenize.com/2011/01/cycling-in-winter-in-copenhagen.html?m=1

 

It comes down to how many and how much people in a particular area care about it. Copenhagen takes it to a new level.

I will say though Cleveland is quite a unique City in the world for the frequency of our snow (total accumulations aside) Its quite possible up here for it to snow 4+ separate times a day, every day for weeks on end. Its a snow removal, maintenance nightmare as we all know quite well.

 

I lived in Cleveland for years & used to bike everywhere.  When it snows a lot, the snow gets pushed into the sidewalk or big mounds at intersections to clear parking.  It makes biking impassable.  If it stays cold for a long time, the snow doesn't melt and the city doesn't haul it away.  It stays like that for months at a time.  I think 2009 we had a big snow, it was miserable from Jan-March.  And then about 2012-2013, we had a snap where it didn't get above freezing for at least a month.  Not a lot of biking then. 

 

And my experience since moving back to Cleveland has been quite different. There were only a handful of days over the past two winters that I didn't ride my bike. And my comment about snow plows was more theoretical. The status of quo of the city's snow removal process isn't great. Nonetheless, weather shouldn't be an excuse for inaction.

 

The greater point about this article though is making downtown streets more friendly for people in general. Pedestrians walk on the sidewalks 12 months of the year, whether there is snow or not. Living downtown has a lot of great advantages, but our streets downtown often make for an unpleasant experience. The mayor has often said that in his ideal world, he would entirely ban cars from the downtown area. But I haven't seen much from his administration to better the pedestrian experience for people downtown.

 

 

 

I often walk from my office to lunch in the winter, which usually means a .25-.5 mile walk down E.9th. I think Downtown is well handled in terms of salt on the pathways, but I think the city would greatly benefit from more capable sidewalk ploughs, either from DCA or the city itself. Wearing dress shoes down there in the winter can often make the sidewalks unnavigable if you do not want to ruin a pair.

 

I am happy to the commitment to "outdoor" walking, however. Minneapolis is in its own right a great town, but I have been there 3-4 times in the winter months and it feels like a ghost town because of the skyway.

 

I know I will get flack for this, [and in the long run I am probably wrong] but I wouldn't hate seeing the street parking completely removed from Euclid and extending the sidewalks another 4-5 feet. That would allow for space for snow pileups.

The whole "you can't ride a bike in the winter" is way overplayed.  Most of the winter is perfectly fine for cycling.  You just need the proper equipment.  The city, due to a specific traffic engineer, does a terrible job with bicycle infrastructure. 

 

^ i will give you no flak for your comment except that I'd like to see bike lanes all the way to Public Square as well as expanded sidewalk on Euclid.  Don't get me started on the much too wide Lakeside, Superior, and St. Clair.

I wouldn't mind seeing a "cultural trail" along Euclid like Indy has. It's essentially a walking/bike path like you'd find in the MetroParks but it has its own signage and pavement coloration and crosswalks, but is at-grade with the sidewalk. It's a nice bit of branding and a good visual link between neighborhoods.

I think there will be outliers who will ride a bike no matter what the conditions.  That's not the point.  The point is infrastructure investment directed to bicycling.  And any sort of investment is based on a certain amount of users.  In saying no matter what the investment, the overall number of users will be lower in Cleveland over other cities because of higher snowfall and more extreme

cold temps than cities like Pittsburgh

Has anyone pointed out that Pittsburgh has brutal hills and that still hasn't stopped them from putting in bike infrastructure?

When it comes to cycling, the temperatures are probably most important.  Places like the Twin Cities are far colder and have the same number of days with measurable snow (100 in TC vs 91 in Cle)  It only becomes difficult to ride in active snowfall or when snow is on the road.  These events are very rare no matter how much anyone wants to believe differently.  If there is snow on the ground  but the roads are plowed any rider can ride in temps down to around 25 degrees. We have very few days that are colder than 25 degrees. Cleveland is far from the coldest place in the US.  Chicago, Madison, WI, Twin Cities are far colder and higher cycling rates because of better infrastructure. 

I would think with the skylift gondolas in the right spots that would help extend biking and walking in Cleveland.  People at E&Y or whatever other new companies come in the E Flats could get to W25th area or edgewater or downtown in all weather with their bikes.  And vice versa obviously.  Once the other trails in the flats open and link to the rest of the towpath that would make Cleveland very bike and pedestrian-friendly.

I wouldn't mind seeing a "cultural trail" along Euclid like Indy has. It's essentially a walking/bike path like you'd find in the MetroParks but it has its own signage and pavement coloration and crosswalks, but is at-grade with the sidewalk. It's a nice bit of branding and a good visual link between neighborhoods.

 

There was a cool idea for a "District of Design" along Euclid. It was to highlight Cleveland's role in technology and innovation. Cleveland has such a tremendous history but I think there's a certain midwestern modesty at play. The city should do more to celebrate itself.

 

Anyhow the idea never got traction, however.

Landmark lands Quay 55 apartments on lakeshore

http://www.crainscleveland.com/article/20170713/NEWS/170719904/landmark-lands-quay-55-apartments-on-lakeshore

Redirected from the nuCLEus thread....

 

There is real utility in improved morale. The downtown skyline has been virtually stagnant since, what, 2 high rises since Key Tower? A lack of cranes doesn't tell the whole story, but it certainly is not helpful to boosters and potential investors/businesses/residents.

 

Even though I think Stark is a leech and liar, I would imagine this kind of project would loosen a lot of knots in stomachs about the city and region's status. We need some, more visual evidence of momentum

 

Every time I drive past Nashville I always wonder what the hell they're doing that Cleveland is not. With each time a travel past there are more and more cranes in the air. 3-4 years ago it wasn't like this, but within the last year it's crazy to me how much construction started happening. It seems to me mostly residential as well.

 

Nashville doesn't have dozens of old, obsolete, 10- to 30-story office buildings that can be affordably converted into housing. When that conversion stock is close to running out (which is coming soon), rents will go up to levels where new construction can be justified without resorting to big subsidies and complicated, baklava-style financing packages.

Nashville is a bubble waiting to burst. I have friends down there, and aside from service industry jobs associated with tourism, there are not a whole lot of sustainable jobs being created. They say everyone they know works in the service industry and works multiple jobs to be able to afford the ridiculously high rents. A lot of the condos being built are being bought and used as vaca properties as well. Not that there's anything wrong with that. Just saying

 

Anytime someone says that...

 

<img src="https://i.imgur.com/pQwZNTb_d.jpg?maxwidth=640&shape=thumb&fidelity=high">

nashville is one of those places that was able to incorporate into their entire county, because there was basically nothing there. cleveland's density is over double that of modern nashville and that is the end of the story as far as i'm concerned. however, i give it props because it is yet another shining example of how consolidation helps set the table for helping a region grow.

Redirected from the nuCLEus thread....

 

There is real utility in improved morale. The downtown skyline has been virtually stagnant since, what, 2 high rises since Key Tower? A lack of cranes doesn't tell the whole story, but it certainly is not helpful to boosters and potential investors/businesses/residents.

 

Even though I think Stark is a leech and liar, I would imagine this kind of project would loosen a lot of knots in stomachs about the city and region's status. We need some, more visual evidence of momentum

 

Every time I drive past Nashville I always wonder what the hell they're doing that Cleveland is not. With each time a travel past there are more and more cranes in the air. 3-4 years ago it wasn't like this, but within the last year it's crazy to me how much construction started happening. It seems to me mostly residential as well.

 

Nashville doesn't have dozens of old, obsolete, 10- to 30-story office buildings that can be affordably converted into housing. When that conversion stock is close to running out (which is coming soon), rents will go up to levels where new construction can be justified without resorting to big subsidies and complicated, baklava-style financing packages.

 

We don't really know rents will go up enough to support new construction when the pipeline of conversions runs dry. They might, but seems just as likely to me they don't and additional residential growth downtown, if any, happens in low/mid rise new construction on the fringe, like the Avenue District townhouses.  Would be interesting see how rents and construction costs in Cleveland compare to those in Nashville or even Columbus, but for whatever reason the economics of high tower construction in Cleveland seem to be pretty bleak. 

Except rents are going up now even as more and more inventory is added to the market. The driving factor appears to be that the occupancy rates are staying the same even as that new inventory is added.

^Aren't 1 Univ Circle, 515 Euclid, and Playhouse Sq evidence that CLE can support new construction for residential?

 

The focus needs to turn on sustainability. Volume will continue to grow, but without equity Downtown there is always the possibility that we are left with one Hell of a bubble. It is a bit of a "chicken or the egg" situation, though - developers won't spend money on a condo highrise or conversion until the down payments are there; the down payments won't be there until more comps are available.

^^"Maybe" yes.  Both 515 and Playhouse Square are unique and probably should not be used as examples that the tide is turning.

 

Playhouse Square is apparently getting done because of the Foundation which is doing it on its own and is less concerned with "profit".  According to reports the Foundation tried to convince a number of private developers to take on the project and none of them could make the numbers work for them.

 

515 is unique in that it has a pre-existing  foundation which has clearly helped with costs (along with government subsidies).

Downtown population reaches a new milestone. http://www.wkyc.com/news/local/cleveland/downtown-cleveland-sets-a-residency-record/475003722

September 24, 2017 4:00 am

Downtown Cleveland is feeling more like home

By STAN BULLARD 

 

...The Beacon is one of 17 projects in a pipeline that the Downtown Cleveland Alliance nonprofit estimates could lift the central city past a goal of 20,000 residents by 2020. With 1,000 units hitting the market this year, the nonprofit that fosters downtown development and oversees marketing, safety and maintenance matters celebrated the city's Downtown Days to mark the downtown population reaching an estimated 15,000. The more than doubling from 6,484 residents in the 1990 U.S. Census, a count that exempts the downtown jail population, was something to celebrate. But DCA said it's focused on what's left to be done.

 

..."We had five sources of capital in The Beacon," Sommers said. "There were 18 sources of capital in the Flats at East Bank. That was just three years ago. If it weren't for that gap, with occupancy at 97% in new project, you'd see tower cranes all over the Cleveland skyline."

 

The next big tests are Stark's nuCLEus in the Gateway District and Playhouse Square Foundation's Playhouse Square Tower in the theater district. Stark's quest for funds for the skyscraper with 500 residential units, including some for-sale suites, along with office, hotel and retail space, is focused on winning approval from the city of Cleveland and Cleveland Metropolitan School District for a tax increment financing package that includes property taxes for schools. The city typically does not offer the school portion of property tax collections to developers.

 

MORE:

http://www.crainscleveland.com/article/20170924/news/136586/downtown-cleveland-feeling-more-home

At Playhouse Square, Art Falco, president, has told architects and contractors to push for a groundbreaking later this year for 319 apartments and street-level retail at 1650 Euclid Ave. for its Playhouse Square Tower.

 

The nonprofit operator of the city's restored vaudeville and early film theaters is pursuing the $135 million project, Falco said, only after two real estate developers passed on the proposal because it provided inadequate returns for the risk involved.

 

Being a nonprofit brings Playhouse Square advantages it believes will help it forge a deal. Playhouse Square's tax-exempt status means it will eschew federal taxes on rental income in its downtown district. It also can pursue tax-exempt bonds prized by investors, he said, and take a lower rate of return than for-profit developers.

 

So, I'd have to go back to irs codes, but if playhouse square inc. gets into the rental business, wouldn't that be taxable unrelated business income?

 

https://www.irs.gov/charities-non-profits/unrelated-business-income-tax

 

I guess they could make the argument that the rentals are related to their charitable purpose, which they are, but still sounds like a stretch. I wonder if there is precedent in the area.

Yes, there is a precedent -- in activities Playhouse Square is already doing. It already owns multiple real estate properties and collects rent from tenants in most if not all of them. It's not doing anything different except that the tenants in this case are residential rather than commercial. And its purpose for doing so is for civic improvement (an eligible objective for a non-profit) rather than for-profit. Its purpose is to enhance the quality of life in a theater/arts district.

Survey Shows Spike in Price of Cleveland Rentals

http://www.ideastream.org/news/survey-shows-spike-in-price-of-cleveland-rentals

As downtown #CLE grows - adding apartments and residents - condo projects are notably scarce.

https://t.co/Bdw2nSAC2V

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

^In addition to condos, we need 3-4 br units (both rental and for-sale), otherwise as people have kids, they are forced to leave their home for the burbs.

Why isn't rent-to-own more of a option that's available? It was available at Stonebridge, at least for a while.

I currently share an apartment with a friend downtown, my roommate is dying to buy a condo but can't find anything.

There are 9 available downtown properties on Redfin. Has your roommate looked at them?

^9 is hardly a big number when one is looking for a place to live. There are probably 10,000 Houses for sale right now in Cuyahoga County--it doesn't mean that all 10,000 are a good fit for the buyer---in terms of price, size, amenities, etc.

I currently share an apartment with a friend downtown, my roommate is dying to buy a condo but can't find anything.

 

I would look to buy at Stonebridge. Currently close to a dozen units available there and most owners get an indoor parking space with their unit.

^9 is hardly a big number when one is looking for a place to live. There are probably 10,000 Houses for sale right now in Cuyahoga County--it doesn't mean that all 10,000 are a good fit for the buyer---in terms of price, size, amenities, etc.

 

Agreed, 9 is an embarrassing small number...especially for someone moving in from out-of-town looking for downtown urban ownership.

 

Portland (where I currently live and where the gentlemen from the article above moved from) provides a better example of what Downtown Cleveland could/should look like from a "for sale" offerings metric.  Portland OR has a similar 2.3 million metro population.  For sale in Portland's city center:

 

Downtown Portland -- 48 condos for sale:

https://www.zillow.com/downtown-portland-or/condos/

 

Pearl District/Downtown Portland  -- 52 condos for sale:

https://www.zillow.com/homes/Pearl-District-Portland-OR_rb/

 

Thanks 100 "for sale" options for someone looking to own downtown. Heck, before I bought my own house out here, I personally looked at 30+ houses before deciding.

 

Downtown Cleveland drastically needs a tremendous increase of "for sale" downtown living options. 

 

Downtown Toledo lists 3-4 condos for sale :)

^We need condos, badly. The apartment boom is building no equity.

Plenty more properties in Tremont, Ohio City, Central, Slavic Village and St Clair/Superior, all of which are adjacent to downtown. Also, the condo market is tight everywhere - it's not just a downtown Cleveland thing.

Plenty more properties in Tremont, Ohio City, Central, Slavic Village and St Clair/Superior, all of which are adjacent to downtown. Also, the condo market is tight everywhere - it's not just a downtown Cleveland thing.

 

That's just not true. The cities where you see large retail presence in their CBD all have significant condo presence. Just look at Pittsburgh, Portland, Milwaukee, Kansas City, Charlotte, etc.

 

Cities like Tampa and Cleveland have been experiencing a rebirth and have very low equity in their downtowns. This is a MAJOR problem if the economy goes south or demand declines.

I often wonder why we don't see property owners and developers throwing out some sleek condo tower renderings with the express intent on getting majority of presale commitments. Based on the reception you can change the scope of the project.

 

I'm not so knowledgeable with this idea though. Is it hard to get the overall financing for a project like this due to the amount of individual mortgage loans? Or is is that the individual mortgage loans themselves are the difficult part to get for a condo? I know I for one would be very interested if presented with buying into a condo hiserise construction.