Seven-unit condo project planned for warehouse site

BY LAURA BAVERMAN | CINCINNATI BUSINESS COURIER

August 17, 2007

 

DOWNTOWN - A pair of real estate veterans are driving their stake into downtown with plans for a unique redevelopment of a 137-year-old warehouse in the historic West Fourth Street district.

 

Architect Connie Oppt and developer Jack Glaser purchased 312 McFarland St. for $365,000 Aug. 1 and plan to invest $1.3 million to convert the 19,000-square-foot building to seven loft-style condominiums.

 

They hope to capitalize on the momentum of the district, the locale of Middle Earth Development's new Parker Flats condos and Bang Nightclub, which opened in the spring.

 

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Cool! 

the soapbox district is really comming along.

That's a great location ... with only 7 units they should have no problem selling that $200K unit.

Here is a pic of the building from the HC Auditor website, a bad angle unfortunately.

 

According to the auditor website each floor is 47x80 (3760sq.ft.)  $400k for a 3760sq.ft. condo is a bargain.

^True, it is a bargain...but you have to have the $400k to begin with.  I'm still hoping for more in the $200k ballpark.

well ill sure get a first hand look at this project...all i have to do is tilt my head up from my computer and there it is!  It would be great is someone would turn the parking between this building and parker flats into a green space.  obviously that would be great for residents in the area and workers from 302 W 3rd.  Unfortunately i doubt that would ever happen since a lot of visitor spots from 302 are there and most likely some for the tenants of the existing residential buildings.  Fantastic that these folks see the potential in the building.  From what i can see through the windows the spaces are quite nice but the exterior will need a lot of work.

^True, it is a bargain...but you have to have the $400k to begin with.  I'm still hoping for more in the $200k ballpark.

 

The prices quoted in the article have to be wrong.  A 3700 sq.ft. condo in The Edge is listed at about $1.3 million.  How can you offer the same sized unit in this building for $400k?  Maybe, The Edge is just a nicer building in a nicer area (although I personally prefer the SW side of the CBD) but that cant account for a $900k difference in asking price.  I hope I am wrong.  If I am I will be the first to make an offer.

I have been inside that building years ago. I lived in the Gas, light, Coke building right behind it. VERY COOOL!!

This is about as close to NY warehouse living as you can get in the CBD.

I noticed this building had sold but I hadn't been able to find anything out.  This is great!

 

I hate the term "soap box distrcit" can we kill that now?

As for the parking lot between Parker Flats and that building, the Parker Flats drawings show a two level parking lot there. I think they are planning a level of public parking and a level for tenents of MEDs other projects. But hey I'm all for the greenspace idea since my unit is going to overlook it. I would much rather look at trees than a bunch of cars.

 

^ interesting.  i was unaware that the parking would extend around that back side...but there will still be a surface lot between this garage and 312.  even reworking the parking lot and adding some trees would do wonders and probably be much appreciated by tenants in both projects.

^True, it is a bargain...but you have to have the $400k to begin with.  I'm still hoping for more in the $200k ballpark.

 

The prices quoted in the article have to be wrong.  A 3700 sq.ft. condo in The Edge is listed at about $1.3 million.  How can you offer the same sized unit in this building for $400k?  Maybe, The Edge is just a nicer building in a nicer area (although I personally prefer the SW side of the CBD) but that cant account for a $900k difference in asking price.  I hope I am wrong.  If I am I will be the first to make an offer.

 

A $125/sf to $300/sf variation in residential construction is realistic.

 

Imagine the difference between drywalling and finishing versus specialized finishes and labor, plus location/view premiums.

Here are some pics I got of the site over the weekend:

 

 

 

 

 

This will be a great project...such a cozy little street that will be just wonderful once this building is rehabbed.

Does anyone know what the usual ROI is supposed to be for a development like this?  They're investing $1.3 million to develop seven units. I suspect the average for the 6 units on floors 2-6 would need to be a lot higher than $200K to make it work.

 

 

Well I gave the foundation a good kick...therefore I can surmise that the building has no major structural problems as a result of that test.  That should help to knock that cost down a bit.

What I was wondering when I looked at it Sunday morning is the location. It has absolutely no views. Its totally blocked from Plum St, the West facing units will have some views to the south west but I doubt they'll see much. Just seems like a weird building to rehab, I think thats why the low prices. They'll have to have incredible interiors to sell these I think.

^ or a great price

^^ the impression i get is not many of the buildings in that corner of downtown have views to speak of.  I think it might be unreasonable for every development to have to have views to be successful.  They are taking a chance sure...but good for them.

You're right, there aren't views, but the bigger problem is exposure.  If/when that vacant lot on Fourth gets developed, this building is going to be buried back there.  It may not be a big deal to residents... until they go to sell their unit.  An associate of mine took a look at that awhile back.  The interior is apparently a very cool space, and needs a lot of work, but didn't pull the trigger due to location - which happens to be everything in real estate.

I would consider its mum location to be a selling point.  McFarland is a very quiet and calm street, but with quick access to anything.

I like this project and I'm glad that this particular area is finally getting a lot of attention.  However, a burgeoning club/lounge/nightlife district like many have been excited about + new high end condo development = no more nightlife district.  Just an observation, I think I'd be happy with either outcome.

 

I agree with Maximillian that the building and neighborhood have a very NYC vibe.  Although it hasn't come close to reaching the popularity as a nightlife destination like TriBeCa, Chelsea, or Hell's Kitchen, I could see it going through a similar transformation where new development and residents push the bars and clubs out.

this is so new york, crammed location and accesssible to everything.

And here I thought that 302 W 3rd offices would be the only ones able to watch me eat breakfast naked.  Now there will be neighbors from 312 McFarland looking directly into my condo at Parker Flats.  Hopefully I will find some method to cover that glass garage door in the living room so I do not scare anyone.

I was thinking the same thing, now I have to splash out for expensive window coverings.

I went through the same thing while I was at the Shillito. The Gramercy was right across the street. We had blinds, but a word of advise ... just let it go! I started getting used to the idea that I don't care and eventually you get used to it.

Yeah but when you're sitting at the pool, the only thing you see in the Shillito windows are reflections.

At least thats all I see floating in the pool with my cocktail and cigar.

Boy that pool is going to feel nice tonight, I should have called in sick.

No, not the pool. I actually had other units parallel across the street from me!

i noticed the other day that they have lined the inside of each of the windows with plastic...perhaps they are about to begin work.

There is now a sign on the building saying "Opening Spring 2008".

 

Does the front of the building look any better, or like they have done any work?

Cool!

the sign has been there for a few weeks.  although i noticed the plastic...i have not seen any workers or obvious signs that work is going on.  the exterior of the building has not been touched.

Well, it's already "Spring '08".  How much work do they plan on doing?

I have noticed a handful of workers nosing around the interior and performing a few exterior tasks.  They were pressure washing the brick exterior and tuck pointing on the east side.  Hopefully they plan on doing some repairs on the McFarland facade....the window lintels are in terrible shape. 

 

Not significant progress but progress non the less.

A bunch of work happening this morning.

 

That's fantastic.

They are actually doing pretty extensive rehab to the McFarland facade.  They have been replacing window lintels, and doing extensive tuck pointing which assumed they would skip over.  It looks like they are even restoring what was a bricked off opening right where the workers are in that picture.  I wonder if they have any intentions on reparing the street level cornice...its in bad bad shape.  They have pretty much not touched anything to the right where the fire escapes are...including cleaning.  I wonder what they will do there. 

I am pleasantly surprised how carefully they are cleaning up that building, although I agree they need to take care of the area near the fire escapes and fix the cornice. It's interesting walking to the office every day because you never know what kind of stuff the workers are going to be throwing out of the windows... or where exactly it is going to land!

Yeah, they were winging bricks with abandon, I gave the yellow caution tape a wide berth.

Yeah, they were winging bricks with abandon, I gave the yellow caution tape a wide berth.

 

lol!

They were installing HVAC and some funky red vents Thursday.

 

 

I am kind of interested in purchasing a unit in this building.  There was some pricing info in the article cited on the first page, is there any more recent info?  Also, does anyone know when it will be finished? 

^  "Spring '08"  Thats what the banner said that they put up in May.  Haha. 

 

To my suprise they actually removed the fire escape from the McFarland facade sometime this week.  There are some gaping holes at the connections but i imagine they will repair these. 

Does it look like the will install balconies?  That is a must.

From Soapbox

 

Conrad Oppt and Jack Glazer are moving forward with the seven unit McFarland Lofts, a ... loft renovation in the 137 year old former wagon warehouse of Cincinnati Gaslight & Coke (just behind and to the East of AVS Art).  According to Oppt, the model at McFarland should be ready in 6 or 7 weeks, and they will custom finish-to-order the units (most of which will range from $195K to $250K) as they are sold.

Are there any nice views from this building?

Does it look like the will install balconies? That is a must.

 

The big square holes on the south facade will be covered outdoor porches.  The back side (north) will have balconies attached, similar to what they have on the American Building.

Very cool...urban living just isn't the same without some sort of small outdoor space be it a fire escape, balcony, porch, or rooftop terrace.