So who moves into the "one" condo that has already been converted?  Can I get a good deal on that now? ;)

“The last thing developers want to do is create more inventory.

No Arn, the last thing a developer wants to do is return 35 deposits and walk away from a project half sold.  Coldwell has to be steamed over this as an agent typically isn't paid until closing.  There has to be more to this than we are hearing as they were close to their 51% mark and I hear that FHA is getting ready to extend its limits to 600,00.  Not enough information here for me, they are leaving out something.

 

Perhaps the developers and their families had personally bought several of the units that counted towards the pre-sales mark (with the goal to "flip" them upon completion). I don't know about Ohio, but that's a very common practice in Florida.

 

This would mean that the developer's own personal money was at risk - as opposed to investors or the LLC's money - and that can change the equation in a heartbeat.

 

 

“The last thing developers want to do is create more inventory.

No Arn, the last thing a developer wants to do is return 35 deposits and walk away from a project half sold.  Coldwell has to be steamed over this as an agent typically isn't paid until closing.  There has to be more to this than we are hearing as they were close to their 51% mark and I hear that FHA is getting ready to extend its limits to 600,00.  Not enough information here for me, they are leaving out something.

 

They probably just looked at the situation and decided waiting for more contracts wasn't worth continuing to pay carrying costs. There are projects all over the country that were a bit further along that have gone bankrupt and went to auction. I can think of several here in Orlando, with the cranes still up. Refunding all the deposits was probably the best thing to do.

Just an FYI,

I drove by the building where the Edge was going to be and they are doing demo on each of the floors, including the exterior walls and old windows.  Any idea on whats going on?

I noticed this too a few weeks back, forgot to post though.

There's a banner that says something like "Great Views" and a phone number.  The demolition looks like what they would be doing if they were beginning the conversion.

 

I couldn't find anything in the MLS.  Some possible theories (all pure speculation on my part):

 

a) They are proceeding with their original plan (unlikely)

b) They're going to renovate the building, but not add any floors in an attempt to recoup their investment.  Possibly a combination of residential and office space, or all office space.

I heard to day from someone that heard from someone else that is is being developed as a furniture/design center.

Perhaps, it's time to move this back to Projects & Construction. :clap:

 

 

Edge building markets design appeal

By Laura Baverman • [email protected] • September 8, 2009

http://news.cincinnati.com/apps/pbcs.dll/article?AID=/AB/20090908/BIZ01/909090334/

Downtown’s Edge condo project shifts to office

Business Courier of Cincinnati

 

Walnut Hills developers Ed Horgan and James Merritt secured Cincinnati City Council’s approval Thursday for a 12-year property tax exemption to help finance a $3.4 million office project at 310 Culvert St.

 

It’s a building that was previously marketed as The Edge condominium project, with 77 units planned in a $35 million development announced in 2008.

 

^ Is the market really better for office space than condos?

That was my concern.  With a new 41 story building sucking up a large office tenant and other buildings expecting vacancies, this could just add to the over-abundance of office space downtown.  Ideally, rates would go down to lure new tenants but that remains to be seen with the slow economy.

There is a local marketing firm that should be moving in soon.

I expect that you'll continue to see conversion for some of the older buildings downtown.

re the Edge and that neighborhood in general

 

http://www.soapboxmedia.com/features/0126bucktown.aspx

re the Edge and that neighborhood in general

 

http://www.soapboxmedia.com/features/0126bucktown.aspx

 

From that article - "The decayed shacks and foul odors of this wretched bottom were no worse than the inhabitants, who stole, fought, made love, and got drunk with unfailing regularity."

Apartments! Apartments! Apartments!

 

... and affordable ones too.

That would make too much sense.

It looks like they have been pretty successful in renting it out as office space.

They are slowly working to convert the building into office space. Replacing the brick walls with full floor-to-ceiling glass and other amenities. Looks nice.