^You miss 100% of the shots you don't take.

More scaffolding going up today.

I really wish the Beacon would offer some units for purchase. I am currently on the house/apartment hunt and these are my options downtown if I want to buy.... This is more than likely going to force me to Ohio City or Tremont, which is fine. But Downtown was certainly my first choice.

^My apologies on the quality of my screenshot

Wow, The Park at $310,000. We almost bought there years ago and the prices were a lot less. Like they say, location, location..

Eventually they'll have to start converting some of these buildings into condos.  I hope it doesn't take mass vacancy for owners to consider doing so.  On a related note, I looked at the Garfield's website - looks like a ton of vacancies.  Not sure how long they've been available, but there will come a time when millennials realize renting for $2k a month is just plain stupid.

Eventually they'll have to start converting some of these buildings into condos.  I hope it doesn't take mass vacancy for owners to consider doing so.  On a related note, I looked at the Garfield's website - looks like a ton of vacancies.  Not sure how long they've been available, but there will come a time when millennials realize renting for $2k a month is just plain stupid.

 

Millennials aren't the only group of renters downtown. To your second point, there are many units available downtown for under 2k.  If you did indeed look at the Garfield's website you would've seen apartments available for $1095. 

Eventually they'll have to start converting some of these buildings into condos.  I hope it doesn't take mass vacancy for owners to consider doing so.  On a related note, I looked at the Garfield's website - looks like a ton of vacancies.  Not sure how long they've been available, but there will come a time when millennials realize renting for $2k a month is just plain stupid.

 

Millennials aren't the only group renting downtown.

 

I understand that, but they're likely the ones that are renting way above their means and joining the rat race.

Millennials aren't the only group renting downtown.

 

They're not even the largest market (by age) moving into downtown.

Eventually they'll have to start converting some of these buildings into condos.  I hope it doesn't take mass vacancy for owners to consider doing so.  On a related note, I looked at the Garfield's website - looks like a ton of vacancies.  Not sure how long they've been available, but there will come a time when millennials realize renting for $2k a month is just plain stupid.

 

Millennials aren't the only group renting downtown.

 

I understand that, but they're likely the ones that are renting way above their means and joining the rat race.

 

How do you know?

I understand that, but they're likely the ones that are renting way above their means and joining the rat race.

 

This actually isn't true. I spoke with a close personal friend who owns, in aggregate, over 400 units in Ohio City, Tremont, and some Downtown... He told me he loses more prospective tenants who are millenials because they are unwilling to budge on their budget. He said it's Gen-Xers and even some older crowd who say "we'll make it work."

 

This trend, however, varies when it comes to PURCHASING.

"Not sure how long they've been available, but there will come a time when millennials realize renting for $2k a month is just plain stupid."

 

Any chance there's some for-sale housing in your background as an RE Developer in Training that might make you a little biased?  ;)

I'm just stating that there is a need for for-sale housing.  The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent.  I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide.  I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated.  That is all. 

I'm just stating that there is a need for for-sale housing.  The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent.  I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide.  I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated.  That is all. 

 

And we may be at or near that point. One of my buddies who has been renting at Flats East for two years for $2K+, was getting ready to leave, then they dropped his rent by $500 bucks.

 

Rentals have been moving slow in some of the new properties in northern Ohio City as well. Meanwhile we have 200+ units hitting the OC market in the next six months.

I'm just stating that there is a need for for-sale housing.  The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent.  I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide.  I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated.  That is all. 

 

Yes, there are a lot of 2k-3k a month apartments for rent downtown, but you can still find many in the 1100-1800 range.  The population and job numbers are not stagnant downtown either.  The entire metro area has done fairly good in adding jobs this year.  Check out the Cleveland general business thread for examples.

Guy I know in real estate told me that similar markets have supported 2% of the regional population in the CBD and we are still less than 1%. That is apparently the rationale for why they keep building. We'll see what happens.

 

Also anecdotally a friend of mine who has been renting downtown has been looking to buy a condo there but hasn't found one he likes yet so he signed on another year lease.

So is anything happening at the site?  Steel being dropped off?  Crane blowing in the wind? anything??

Yeah I think a photo of the site like once a week would be helpful for those not in NEO so that even if there is no visible progress/nothing to discuss, there is still a way to check in with the project. I realize as I am not in NEO currently this burden wouldn't fall on me but I would think there are others interested in this idea.

No more major visible progress as of yesterday...

Crane was lifting things into place today. I didn't stare at it to see what it was. But do I/we really need to post messages like that? When there's pictures/news worth posting, they will be posted. When there isn't, then you'll know by the silence.

Not easy to see but they're working on (rebuilding?) rebar for the elevator core.

I took a similar picture today from almost the same angle...

is the glass coming off during the work? looks like it?

^That's been ongoing for a while - not sure to what extent they plan to remove it.

 

What I *am* sure about - we've got some "world class signage*"!!!  ;D

 

*For those who weren't around - the phrase was used in some promotional materials for the construction of the Avenue District tower.

 

On September 11 Euclid Ave was closed for a week to install a crane so that

construction work can begin. It is now 2 1/2 months later and i do not think any MAJOR construction

work is noticeable ( other than preparatory work). Can anyone with knowledge elaborate

on when or why we do not see steel rising.

I’ve seen workers there all the time. And the crane moving. Just because there isn’t suddenly steel rising doesn’t mean they haven’t been doing extensive work.

On September 11 Euclid Ave was closed for a week to install a crane so that

construction work can begin. It is now 2 1/2 months later and i do not think any MAJOR construction

work is noticeable ( other than preparatory work). Can anyone with knowledge elaborate

on when or why we do not see steel rising.

 

There is likely intensive infrastructure work bringing electrical systems, Plumbing and mechanical piping from the taps below and up the garage to the base of the future utility shafts. Lots of work there.

View from the Terminal Tower observation deck (fyi, they have extended hours on Saturday/Sunday until Dec. 17th*).

 

As you can see, lots of rebar work which I presume is to shore up the elevator core - after all, the steel has to be attached to *something*  ;)

 

*https://www.eventbrite.com/e/terminal-tower-observation-deck-self-guided-tour-tickets-33127241471

Looks to me like the elevator core is starting to rise.  :)

A photo of our crane hard at work. The first steel delivery is just weeks away. Stay tuned for more amazing highlights

 

https://www.facebook.com/TheBeaconCLE/?hc_ref=ARS8pd2P6JtCnvoXjX3Gu13mQhvyALcOpgxff9T6pPfQSaIMQhVYlkcEvshqYGFwTys&fref=nf

lol yep that is absolutely, definately well underway -- in fact it looks like the elevator core has jumped its first level, which makes sense as the first concrete pour up there was the week of nov 18.

I was driving up 77 today, this building will really fill in a nice chunk of the skyline and contribute greatly to the volume and aesthetic as you head north on 77.

Slipforms on the elevator core continuing to climb.

The building density above street level is going to be pretty great once this is done.

The building density above street level is going to be pretty great once this is done.

 

Totally agree. I would've loved for an extra 40-50ft of height but this will certainly make an impact.

While I was out for lunch today it looked like there was visible steel up on 515 Euclid??  Or am I seeing this wrong??

 

 

 

 

 

 

ITS A CHRISTMAS MIRACLE!!!!!

Snapped a quick pic from the Innerbelt, not visible here but good to see the steel is going up. Thanks to the recent work, it's easier to see the elevator core and get an idea of where this will fill in a skyline gap :)

Walked by today... Amazed at how fast they're moving.

Walked by today... Amazed at how fast they're moving.

 

Wondered how the cold weather would impact (slow down) the construction.  Glad to hear it is still moving along nicely!!!

 

Can't wait to see more steel in the air!!!

Walked by today... Amazed at how fast they're moving.

 

Does anyone have a closer-up picture?

Like this?

Here's something you don't see everyday: 

 

Hah, didn't know potato quality was still a thing!

That was pretty cool

Question for clefan98.  Is there any structural steel on site yet?

Question for clefan98.  Is there any structural steel on site yet?

 

I have been asking that same question. They started construction in September and everytime someone asked when

we will see steel rising everyone said things like soon or there is are so many other things to do first.

 

Well, it is almost 5 months and still no one sees any structural steel rising.

^ there will be steel soon

From Beacons FB page today....Steel!