I'm no RE guru (wish I was, b/c I could clean up here), but it appears that simply some projects are more/better funded than others so developers are more apt to build/finish more on spec than hard presales which all of them must have some presale ratio before a spade goes into the ground... RE is funny, reflecting the people who buy locate there.  F&S soars while Jay struggles... Stonebridge (w/ it's weird sort of out-of-the-way location) can't put up buildings fast enough to meet demand, while Pinnacle, right in the heart of one of Cleveland's hotest/hippest hoods, is -- by simply eyeballing it at night --is largely vacant.  Go figure   :wtf:; although I have heard gripes that Pinnacle is considered by some overpriced for this market and may come down a tad (then again, Larchmere Lofts, around the corner from me, is selling 12-1400 sq ft, 2-bed units for over $320K and like F&S and Stonebridge, stay over 95% full -- again, go figure) ...  Developers like Heartland, no doubt, subsidize their struggling (presales) props w/ their more successful ones... I know for a fact, Avalon Station was, as of Christmas, had low presales -- about 17 units sold of around 50, yet it is almost finished.  And it appears their moving on Phase II across the street.

 

I suspect once Avalon and a few others get on their feet, Heartland will turn attention (including stepped up marketing) to Jay... but as to when, exactly, who knows.  Of course their reps are going to project as sunny outlook as possible...

 

I think your eyes deceive you.  According to my uncle & aunt who have been looking at units there (these 65 year olds want to downsize and party - go figure), out of the 65 (I think she said 65 it could have been 75) regular apartment only 8 are available.  They don't want to buy there now, because they waited thinking a) the price would go down b) they could get a lower unite with a terrace for cheaper but those units don't have good views.  They ended up looking at the penthouses and my uncle agrees with you that those units are nice, but overpriced. 

 

Shaker Square has such a variety of apartment and incomes, all the new stuff sold out VERY QUICKLY.  I think its time for some of these rental buildings with their big suites to go condo.  Area's like ours, Edgewater, Ohio City, Little Italy,  Flats WestBank will sell.  Areas like, HWD, Detroit Shoreway, Hough/Forest Hills, Flats EastBank & university circle will benefit from the fast sells in those neighborhoods as people will think they are priced out.

 

I too think that Heartland has their hands full and don't have the man power to fully support the project.

HWD?

 

I have never really looked at SQ because both of us have to drive to work -- publick transporation is not an option.  Is it hard to get in and out?

HWD?

 

I have never really looked at SQ because both of us have to drive to work -- publick transporation is not an option.  Is it hard to get in and out?

 

HWD=Historic Warehouse District.  What is SQ?

I meant Shaker Square --just forgot my alphabet.  Just like I forgot the "historic" before "warehouse district".  I will learn some day!

^ Oddly I totally get "SQ"...didnt even think if was off!

Sorry to dig up an old thread but I was walking by the building yesterday and was wondering what is the status of this?

 

Some pictures for those who haven't seen lately...

 

I think their leasing office on W. 25th St was open for maybe a couple months and then the real estate meltdown happened.

This project is indefinitely(?) in some kind of holding pattern.

^That developer most unfortunately is having some real troubles right now... I know a different developer not so long ago looked into potentially buying this project but it didn't happen.

 

Walking around 2 Saturdays ago at the Ohio City Christmas Walk I see that the building once (still?) referred to as Jay Avenue Lofts has seemingly been back under renovation for a little while now.

I couldn't find anything on line.

Moderators - this should probably go back to Northeast Ohio Projects, evidently no longer abandoned? Don't know if name is still Jay Lofts though.

 

 

(Bad picture)

 

 

 

Thanks for the update - hope you can keep us posted, I've been curious to see if/when this would be redeveloped.

Project is moved back into active projects as work on it has restarted. BTW, the developer is Tom Gillespie, owner of several other West 25th Street buildings. He is turning the structure into eight apartments over first-floor retail.

^Good to hear, though I wish they kept the name "Jay Hotel" as it is far cooler/hipper than the corny "Lofts" name.

BTW, Tom Gillespie is owning/redeveloping the Jay Lofts through a company called TEG Properties Inc., with an office at 1836 W. 25th.

 

the plywood has recently been coming ddown.

 

 

 

 

 

 

This hasn't been abandoned.  I think it was completed successfully.

I thought there's a shop called Whiskey Grade that recently opened in the ground floor of this building. Not sure what's upstairs?

I thought there's a shop called Whiskey Grade that recently opened in the ground floor of this building. Not sure what's upstairs?

Yea Whiskey Grade is open. I didn't think to look up the last time I walked by there. The article about the store in May said the owner was doing 'eight large apartments' above.

 

http://www.cleveland.com/business/index.ssf/2015/05/whiskey_grade_store_in_clevela.html