Posted February 25, 200520 yr This project was announced in the first quarter of 2004 but hasn't had much buzz about it. It's supposed to be an office complement to Court Street Center I, which is the office building in the block between Court and Central Parkway along Plum St. The project is currently in the pre-leasing stage. These buildings would go in the same area. CSC II would be along Court St. at Elm, where there is currently a surface parking lot. CSC III would be on the same block as CSC I, just south of it on Court St. between Plum and Elm. Chavez Properties is the developer. Court Street Center II: 5 stories, 100,000 SF. Class A office building with underground executive parking (50 spaces). Court Street Center III: 5 stories, 200,000 SF. Class A office building with 7-story parking garage (1,300 spaces). For building stats and info, go here: Court Street Center II Court Street Center III So what do you guys think? Do you think that there's much chance of these being built with the lack of DT office demand (class A office has about a 10% vacancy rate in the CBD). Attached are some pics: 1) Court Street Center II rendering 2) Court Street Center II map of site 3) Court Street Center III rendering 4) Court Street Center III map of site (keep in mind the parcel also includes the already completed Court Street Center I)
February 25, 200520 yr Well, if Chavez owns the property, don't hold your breath. They also own the Broadway Commons site and have been "planning" to develop that since way before it was proposed for the baseball stadium.
February 25, 200520 yr ^ I was thinking that too. Robert Chavez seems to own an awful lot of parking lots around town.
February 26, 200520 yr Yes, parking really is the family business, but they do some development as well. The problem is, I believe, he makes so much money on parking with no overhead and no risk, that he really has no incentive to build out his properties on any sort of speculative level. Moreso, in the case of Broadway Commons, I believe he was asking something like $20M when the development and/or ballpark ideas were floating around. That is a lot of dough for that land, if it is so valuable why has it been vacant my whole life?
February 26, 200520 yr I am interested to see if newer office space will go. I wonder how much of a draw smart-wired office space with auto-flush toilets will be.
October 11, 200618 yr Does anyone know whats going on with the building demo on the corner of Court and Central Ave?
October 11, 200618 yr I just check the auditor website, and if you are referring to the southeast corner, most of the buildings are consolidated on one parcel and sold on 8/12/06 for $353K to CP-327 W. Court LLC. No idea what they are doing though. The pic from the auditor page doesn't look like much either.
October 11, 200618 yr Thanks for the update, Cincinnati Kid. Just drove by there and the old building is completely demolished. It looked like an old machine shop (4 truck bays, about 6-7 thousand square feet). The building was abandoned for as long as I have known and tearing it down is a step in the right direction. Looks like whom ever bought this is looking to do something with it quickly. I just hope something economically constructive goes there...not just a parking lot!!
October 12, 200618 yr Okay, the owner address traces back to Robert Chavez, who owns many parking lots in the area. He also has the Court Street Center and had planned to build Court Street Center II and II on nearby land: http://www.urbanohio.com/forum2/index.php?topic=2466.0 Sadly, we're looking at a parking lot, folks. Chavez applied for a building permit for a parking lot on August 31, 2006. On land with a 30-year TIF tax abatement that expires in 2032. Ideally, it would be great if this parking lot was to make room for surface lots lost for construction of his planned projects, at least. But I wouldn't hold my breath. He has held lots all over the city for a very very very long time.
October 12, 200618 yr Thanks for doing the homework. Its funny...I live near there and the parking lot across the street (on Central Ave) is barely half full during the week...and almost empty on the weekend...I am wondering how that is a good investment?!? Well, I guess I am not the "parking lot mogul" either!
September 28, 200717 yr Court between Elm and Plum likely to remain surface lots Building Cincinnati, 9/25/07 The surface lots around Court Street Center appear likely to remain as pavement for the foreseeable future. Michele Laumer of Carey Laumer Commercial Realty, Inc. says that there has only been occasional interest in Court Street Centers II and III, which have been in pre-leasing since early 2004. As proposed, Court Street Center II would be five stories and 100,000 square feet of Class A offices. Court Street Center III would be the same height, with twice the floor space. A seven-story, 1,300-space parking garage would be built adjacent to it. Despite the lukewarm reception so far, Laumer puts both buildings in the "possibilty" category. The parking lots are owned by Chavez Properties, owner of many surface lots in the City core, including much of Broadway Commons. Chavez doesn't have any interest in speculative development in the tight Downtown market, especially with the low-overhead income he receives from parking revenues. He would prefer to have at least 50% of either building pre-leased before starting construction. What he does have is the resources to make either of the buildings happen if a company chooses to locate there and can abide a long enough lead time to wait until the structure is built. Court Street Center II Rendering Court Street Center III Rendering WINDOWS LIVE BIRD'S EYE VIEW GOOGLE LABELLED AERIAL MAP http://buildingcincinnati.blogspot.com/2007/09/court-between-elm-and-plum-likely-to.html
October 2, 200717 yr Sounds to me like his modus operandi is to float an idea, see who bites, drive up his value, then back off. Well it may not be court st. but Urban Sites has some interesting ideas on 9th with the old Lawyers Title Building.
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