On the whole "Why are there waiting lists downtown" thing, I can think of four possible reasons. First, you're only typically going to see rent increases happening at the end of a tenant's lease period, lest you stir up any number of contractual battles. I would imagine that the vast majority of downtown leases have start dates of April to September, when people are most likely to be moving ... the rest of the year, you're kind of tied to whatever you're already charging. So if someone does an occupancy count in December or January, and that's the first time you realize just how tight the market is, you're not going to see rates opening up new occupancies in any large number for several months.

 

Second, it may be that the market demand is less elastic than landlords anticipate. A landlord might anticipate that adding $75 to everyone's monthly rate will open up a lot of space to wait list people. But if the vast majority of tenants are willing to stay put even with that increase, then you still have the vast majority of your wait list, and you have to wait another year before you raise rents again (see reason 1).

 

Third, the opposite might be true ... Landlords anticipate market demand is VERY elastic. They're concerned that raising rents even $75 might push out a lot of current tenants and also scare away a lot of prospective tenants. It may be that even with 96% occupancy, relatively small rents could have an oversized impact on people's desires to live downtown. If that's the case, or if you're a landlord that suspects that might be the case, you might not be all that interested in experimenting with rent rates.

 

Fourth, while demand is high, as an individual landlord, you might be wary of being the first one to raise rents in any meaningful way. DCA lists 32 apartment buildings downtown. Add in several new buildings in the works, warehouses that aren't being marketed as residential but that people live in nonetheless, a smattering of single- to four-family units on the edges of downtown and rental markets in nearby places like Ohio City and Tremont, and that's starting to look like a whole lot of competition. If you're raising your rents and no one else is, you might be scaring tenants off to other buildings ... Your 90% occupancy at a higher rate might not be as profitable as someone else's 100% at a lower rate. I would think people who own one building or a smaller number of total units would be particularly wary ... you're really waiting for someone like Maron or K&D to make the move on rents before you do.

 

Finally, I would also question how active these wait lists are ... If someone put themselves on a wait list 6 months ago, or even 2 months ago, chances are, they've entered into a year-long lease somewhere else in the meantime. Unless those wait lists for East 4th or 668 are all people who inquired within the last month or so, I'd say the stand-by line is a lot shorter than it looks. It's probably good from a marketing standpoint, but it doesn't mean that everyone's still interested ... or that they were 100% interested in the first place. If that's the case, it makes tinkering with the rents all the scarier for a landlord because your "relief" tenants aren't as plentiful as people think.

 

Perfect example of what I mean by a lot of variables. 

 

I'm a downtown resident and am glad that they are not raising rents and I predict that to be the case for the near future...

 

shouldnt this discussion be in The Downtown & Vicinity Residencies thread?

I was walking down 4th this morning and realized the "Go Fourth" sign was gone and in its place was a storefront that had a exterior design that resembled Dredgers Union. This leads me to believe that they are expanding.

Thanks! Or could it be room service? Didnt someone mention that on here a while ago? That all of the home decor section was removed from Dredgers Union?

I saw plenty of home decor (or just as much as months ago) when in there two weeks ago - after someone had said it was all gone.

I saw plenty of home decor (or just as much as months ago) when in there two weeks ago - after someone had said it was all gone.

 

I went in like a month after someone said that and it was all gone. They must have brought it back!. Does the basement run under the other space as well?

I guess I shouldn't assume I knew how much home decor was in there before - but a few weeks ago it was as much as, say, jan-Feb I thought... Lots of knick-knacks, lamps, shower curtains, baby room stuff, cups, dishes, a chest or two, etc...

You know - from peeking down in the basement - I would venture a guess it actually does run under the other space...

Stores that are next to each other often have similar designs to their signs.  And this is just the background.  So I wouldn't assume Dredgers is expanding.  They could just be prepping the space for the sign of whatever's going in there.

At long last there's a chipotle going downtown, next to noodlecat

At long last there's a chipotle going downtown, next to noodlecat

 

That's fine, as long as it has no effect on the far superior Ohio City Burrito's business.

At long last there's a chipotle going downtown, next to noodlecat

 

In the spot that has looked like crap for way to long? If so, awesome!

The amazing plywood storefront , correct?

I have to take pictures! lol

Is this the "Sometimes in the Silence" space? or next to that with the wood?

 

This is GREAT news!

That's the old Bang & Clatter theater, right?

 

If this was a chain taking the spot of a successful local business, then I'd call it a negative. But since this is taking a spot that's vacant (and been vacant for several years now), I call that a positive. And the growing number of chains in that area is a validation of the draw that area has become. I just hope it doesn't get too crazy with chains.

At long last there's a chipotle going downtown, next to noodlecat

 

In the spot that has looked like crap for way to long? If so, awesome!

The plywood store is actually next to the Jimmy Johns and Sometimes in the Silence

Finally!!!!!!!

At long last there's a chipotle going downtown, next to noodlecat

When was this announcement made? I mean its great news but I guess I missed when this was confirmed.  And I agree about OhioCity Burrito being just as good or better, I can't tell you the last time I went to Chipotle.

Yes, when/how was this confirmed?

 

There is not a sign on the plywood or anything, so I'm just wondering.

 

But this just adds to this awesome stretch of Euclid Avenue

I think if true, a lot of residents, workers, and visitors will be very happy. I dont eat there, but I know its very popular.

 

They dont franchise right? So that means they straight up just want to be in Cleveland.

I have a bit of bad news I saw construction workers working on the store next to Dredgers Union and asked what was going on. They told me the space is nothing but storage for there tools and no one bought the space yet so oh well to that. Also I walked past the infamous wooden store and didn't see a sign announcing a Chipotle moving in so idk what's happening with that situation either.

If not that space, what are they working on?  Storing tools for what?

If not that space, what are they working on?  Storing tools for what?

All they told me was its a place to store tools and I asked "so nothing is going in here?" and the workers said no because no one purchased the space yet.

If not that space, what are they working on?  Storing tools for what?

All they told me was its a place to store tools and I asked "so nothing is going in here?" and the workers said no because no one purchased the space yet.

 

they have always used one of the buildings as the tool and equipment storage.  the storage building has moved around as other buildings have been developed, and now appears to be the smallest space left.  they store hoses, saws, wheel barrows, and all kinds of tools that support the apartments as well as future construction (and I assume the current construction in Rosetta building).

I also asked people in Dredgers Union were they expanding and they told me no as well

Random comment:  I love that the Maron's do not fill these spaces as soon as someone is willing to pony up the necessary cash and they hold out for something unique/fitting to the area.

At long last there's a chipotle going downtown, next to noodlecat

 

In the spot that has looked like crap for way to long? If so, awesome!

The plywood store is actually next to the Jimmy Johns and Sometimes in the Silence

 

If it was going next to Noodlecat, it might be taking the place of Zoup which is currently closed and has a sign posted saying sorry we're closed but we're planning to reopen soon with new management. I hope it takes the place of a vacant storefront and not Zoup. The Zoup space seems too small anyways for a Chipotle. (by the way, from the image, Noodlecat is next to Jimmy Johns. It took the place of Teresa's Pizza)

Zoup franchise being taken over by folks who run Solon and Harvard/271 locations. Thought they were reopening Zoup this week...

Yeah there is definitely something going on with that plywood space. If you look at the picture above, you see how the plywood is further back into the storefront and the whole thing looks like crap. It has been like that forever. Now the plywood is more built out showing some sort of construction going on inside.  Also what is in the space above the storefront? Could we possibly see a two story space?

 

More like this

 

 

And look how far this area has come. These photos were taken by Mayday awhile back.

 

 

Wow!! If I ever wished something looked better in that area I'm sorry because that shows how far we've come... Thanks for sharing

How long ago did it look like that? I've been here just over two years and the changes I've seen are phenomenal.

Yeah there is definitely something going on with that plywood space. If you look at the picture above, you see how the plywood is further back into the storefront and the whole thing looks like crap. It has been like that forever. Now the plywood is more built out showing some sort of construction going on inside.  Also what is in the space above the storefront? Could we possibly see a two story space?

 

More like this

 

 

And look how far this area has come. These photos were taken by Mayday awhile back.

 

 

 

While I love the Chipotle rumor, I am not so sure there is much activity going on in this space.  For one, the lock holding the "door" (which is just another piece of plywood) doesn't move.  I walk by this every day on the way to work and it is on the same spot on the chain, facing the same way.  Either construction guys are coming and going through another entrance (which didn't happen with Zoup so doubt it would now) or there is not any buildout happening. 

 

I posit that the plywood was erected because a couple of "street guys", namely the guy that carves walking sticks, would hangout there.  I think because MRN had control of the space they did what they could to make it more unappealing to them.

Zoup franchise being taken over by folks who run Solon and Harvard/271 locations. Thought they were reopening Zoup this week...

 

It looks as if Zoup is fully reopened. I walked by it earlier this week. I didn't go in but the "Opening soon under new management" signs were gone and it looked open to me.

Yeah there is definitely something going on with that plywood space. If you look at the picture above, you see how the plywood is further back into the storefront and the whole thing looks like crap. It has been like that forever. Now the plywood is more built out showing some sort of construction going on inside.  Also what is in the space above the storefront? Could we possibly see a two story space?

 

More like this

 

 

And look how far this area has come. These photos were taken by Mayday awhile back.

 

 

Could it be the mysterious Chipotle?

FYI it seems that Quiznos in the Colonial Arcade has closed. 

FYI it seems that Quiznos in the Colonial Arcade has closed. 

 

Too much competition in the immediate area? I'm surprised since the other sub shops nearby have lines out the door at lunch time.

FYI it seems that Quiznos in the Colonial Arcade has closed.

Aww it was a quiznos?! Should've bee on Euclid in one of the storefronts I would have ate there.

Side question....What area does the East 4th street Development thread cover because I have seen post on here about projects that really weren't on fourth but reasonably close.

I really hope MRN plans to do something with the Volks building soon. Its not looking so good, and a restored storefront would really make that area look better, and continue the progress of East 4th down Prospect.

I really hope MRN plans to do something with the Volks building soon. Its not looking so good, and a restored storefront would really make that area look better, and continue the progress of East 4th down Prospect.

 

They don't own it, that building sold last year for ~$375,000 IIRC

I really hope MRN plans to do something with the Volks building soon. Its not looking so good, and a restored storefront would really make that area look better, and continue the progress of East 4th down Prospect.

 

They don't own it, that building sold last year for ~$375,000 IIRC

 

I remember seeing this article last year. Did something change?

 

<b>MRN Ltd. buys building on Prospect Avenue that's home to Volk's Jewelry</b>

http://www.crainscleveland.com/article/20110103/FREE/110109976

The Quiznos faced Euclid Avenue, and will unfortunately be a noticable vacancy on the street.

FYI it seems that Quiznos in the Colonial Arcade has closed.

Aww it was a quiznos?! Should've bee on Euclid in one of the storefronts I would have ate there.

It actually was in the storefront space on Euclid. I walked by it every day going to the gym. Maybe if they were open after lunch time they would get my money. There aren't nearly enough sandwich shops open past work hours.

Dang, Quiznos is the only subs I'll eat.  Maybe the chain is having problems.  The one by me in Lakewood closed a couple years back.  Although both stores were a bit lacking in customer service, compared to other Quiznos I've been to.  The one on W 3rd seems to do well.

Any one been to the potbelly yet? Is it good??

chipotle is going in the former bang and clatter. there is a new gumbo place going in the space next to jimmy johns. It will not be 2 stories, above that space is part of the WT Grant apartment complex.

chipotle is going in the former bang and clatter. there is a new gumbo place going in the space next to jimmy johns. It will not be 2 stories, above that space is part of the WT Grant apartment complex.

 

You are awesome. Thanks! Im glad to see something finally go into the bang and clatter storefront as well. This is better than I originally thought! Two less vacant, highly visible storefronts!

Any one been to the potbelly yet? Is it good??

 

You may want to read up thread and the Cleveland restaurant thread.

So between Public Square and East 6th, in the last several months, and near future, we added a Chipotle, Gumbo?, Potbelly, Hodges, Colossal Cupcakes, Cleveland Clothing Company, Visitors Center, NoodleCat, and Zoup. I think we see this progress continue to spread.