August 8, 200618 yr I'm not really sure. Punch list stuff I guess. Maybe one or two of the units still have some work going on. The common areas are all finished out. There were plenyt of workment in the elevators on Friday, bit I could never figure out where they were heading.
August 19, 200618 yr There's a new website for this project: www.oneriverplazacincinnati.com. It looks like the project has taken an entirely different direction from the original proposed project. There's just one large building now that will hold 140 condos. According to Cincinnati Magazine, there will be a Design Center open for this years Downtown Tour of Living on Sept. 24.
August 19, 200618 yr Author Wow, that thing looks huge in the rendering! The view is facing east, with Mt. Adams on the left side background. I count 12 stories plus the roof.
August 19, 200618 yr Cool! I think this is much more appealing.Somehow this project just seems so much more viable now. There seems to be a fresh spark,a groundswell of optimism building in Cincy lately.Exciting stuff!!
August 19, 200618 yr I did like the plaza concept represented by the previous renderings. It included a mix of retail and had a central gathering spot. I wonder if this tower will have some mixed uses because the description in Cincinnati Magazine said that the condos start on the third floor and go up. Also, I wonder if it will have the same footprint or if this rendering is hiding a plaza or common area fronting Pete Rose Way. I know there were talks that the project would include a couple restaurants and perhaps a grocery store. In any event, its good to see confidence in the market. Although we could stand to have a couple more projects in the 150-250k range. Cincinnati Kid, as a developer, is it just not feasible to build in the 150-250k range in downtown? I can't understand why you don't see those projects because I think they would sell like hotcakes. They're all over the place in Columbus. Beyond Parker Flats, there is no new construction in that range in the CBD. Parker Flats is pretty much priced out of that range at this point. Edge has some units in that range but very few. Gateway and some of Captain's Watch are in that range but they aren't in the CBD.
August 19, 200618 yr There's just one large building now that will hold 140 condos. According to Cincinnati Magazine, there will be a Design Center open for this years Downtown Tour of Living on Sept. 24. I suspect there may be more profit in one building with 140 condos than two with the same count.
August 19, 200618 yr Author Cincinnati Kid, as a developer, is it just not feasible to build in the 150-250k range in downtown? I can't understand why you don't see those projects because I think they would sell like hotcakes. They're all over the place in Columbus. Beyond Parker Flats, there is no new construction in that range in the CBD. Parker Flats is pretty much priced out of that range at this point. Edge has some units in that range but very few. Gateway and some of Captain's Watch are in that range but they aren't in the CBD. I would say it depends on several factors. First and foremost, there are such high land costs in and around downtown. (Relating to Columbus, my only assumption is that there are more large tracts of land available at better prices. Cincinnati's parcels are so small and owned by many different people, that is is much costlier to assemble a piece of land.) Also, the cost of construction and materials is pretty much set across the board. The only chance to build units at the low end of the price spectrum is either to shrink the units (square footage), amenities (e.g. # of bathrooms, elevators, parking, etc.), or use lower end finishes. So, right off the bat with just land and construction costs, your per unit baseline is pretty much set. Then add in a desired profit, and you get a baseline cost per unit. You then run into the amenity issues: everyone wants parking, two baths, an elevator, etc. which all increase the cost of the development which must be spread out over the number of units. You can see where the pickle comes in; for about 90% of the fixed cost, it costs the same to build a $200K unit as it does a $400K unit. If you were the developer, which would you build? The only ways I see to address this problem are through the market forces of supply and demand. Eventually, the market for urban condos between $400-$800K will dry up, you may then see developers shifting the supply to smaller, more affordable units to fill that demand. The only other way to do this is for a government or some other entity to subsidize the loss in profit to the developer to shift the supply side to the lower priced units. Hence, the giant problem that is affordable housing in every market in the country. This is even more apparent in expensive markets like San Francisco, land aside, it costs the same to build a four bedroom house here as it does in SF, but it will sell for 2-3x the cost in SF versus Cincinnati.
August 19, 200618 yr that rendering is actually a section through what im assuming is the plaza space to the pete rose side and perhaps terraced mix use toward the riverfont side. also if you look close in the rendering you can see the reflection of what appears to be a smaller version of the same building. perhaps two buildings? one a little brother to the other? the design seems to have lost some of it original edge...but would be a nice addition none the less.
August 19, 200618 yr Thanks for the insight. I figured it had alot to do with land costs in and around the CBD. I'm still surprised, however, that you don't see more developers tackling the middle-income market with the amount of competion in the high-end market.
August 19, 200618 yr A point of clarification: Did the Cincinnati magazine article say the project had been changed to a single building instead of two, or is everyone assuming that based on the web site's rendering?
August 20, 200618 yr Author Guess this answers the one or two towers question... Condos to replace banquet center BY CLIFF PEALE | ENQUIRER STAFF WRITER DOWNTOWN - The transformation of one of the Cincinnati riverfront's high-profile properties into high-priced condominiums will start in January with the razing of the Montgomery Inn Banquet Center on Pete Rose Way. Click on link for article. http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20060820/BIZ01/608200305
August 20, 200618 yr Yeah,the Edge will have to update their view to the south won't they? Perhaps they can market these units to people watchers.Yk,of the "rear window" variety. :lol: Hopefully these 2 exciting projects will work together and not against each other.Does anyone know if the 2 towers of One River Plaza will sit on opposite sides of the PPB or are they both to the east of it?
August 20, 200618 yr Cincy is about to take off. Lots of national tv attention with sporting events, the new Fountain Square bringing downtown back to life, the new convention facilities, condos gallore. I think this town is starting to act major league again. Hell, we even got the coveted IKEA.
August 20, 200618 yr ^ Not to mention the coveted Cirque du Soleil and after the shows are over, the Banks starts construction.
August 20, 200618 yr All this optimism is refreshing isn't it?This town really needs some fervent boosters to sell all this positive energy so the city,it's media and residents will simply have to sit up and take notice.
August 20, 200618 yr I too love the optimism - for many years you could sense that people here loved the city and would brag about it wherever they went. Today I hear more transplants tell me how great it is, but it does seem the tide is starting to change. The most powerful marketing tool a city can have is its citizens as they are the ambassadors - I would go on, but this is probably a separate topic. I actually like this new design better because it is a little glitzier. By no means an example of earth shattering architecture, but it gets the job done in an appealing way.
August 20, 200618 yr While its a plus for the city, I'm not a fan of the design whatsoever. So there, necromatical.
August 20, 200618 yr SSSCincy, man ... you sound like a completely different person as of late. ;) Way to go, Cincy!
August 21, 200618 yr I'm glad that they have announced a construction timeline. This will really complement the attractions at NOTL, and make the Purple People Bridge an even bigger destination! It is great that there will be restaurants and the likes with everything directly connected to the PPB and riverfront park system! Great project all around!!!
August 22, 200618 yr Does anyone know if the 2 towers of One River Plaza will sit on opposite sides of the PPB or are they both to the east of it? Both on the west side.
August 22, 200618 yr Author Riverfront condos in works On 3 acres near pedestrian bridge By Greg Paeth Post staff reporter A new billboard greets outbound I- 71 drivers as they approach the Stewart Road exit touting a new housing project to be built near Yeatman's Cove Park. Buoyed up by its success with the conversion of the Polk Building into 114 condos in downtown Cincinnati, Miller-Valentine Group has announced ambitious plans to build 150 more units on a three-acre tract immediately west of the Purple People pedestrian bridge that links Cincinnati and Newport. Click on link for article. http://news.cincypost.com/apps/pbcs.dll/article?AID=/20060822/BIZ/608220344
August 22, 200618 yr Hine said the company will be working with a list that has about 200 names of people who said they would be interested in new condo units but weren't interested in a building that was being converted for residential use. Wow, 200 names...thats a good number to get started with. I can see why they are interested in building a couple new condo towers.
August 22, 200618 yr ... to provide the only Cincinnati view of the river that isn't blemished by a roadway, Hmmm. I wonder what other development he might be referring to? :wink:
August 23, 200618 yr Riverfront condos in works On 3 acres near pedestrian bridge By Greg Paeth Post staff reporter A new billboard greets outbound I- 71 drivers as they approach the Stewart Road exit touting a new housing project to be built near Yeatman's Cove Park. I don't know how common publicity is for projects like this in Cincy, but more is better and I'd like to see more of that here.
September 23, 200618 yr The http://www.oneriverplazacincinnati.com/ web site now has real information on it including renderings and ameneties. Although they have a link for them, they don't actually show you any floor plans. :-(
September 23, 200618 yr i came across a small blurb on this project in the print version of the business courier on friday. i couldnt find it online to post it but the gist of it was that on sept 13, 150 "prefered buyers" bid on the 80 units of the first phase and that reservations have been made on 10 of the 16 penthouse units. it also said that the remaining units unclaimed after the bidding will be available to the public "next week". maybe someone else caught that article and can post it.
September 24, 200618 yr Author From the website: "An ideal setting for outdoor dining, the Promenade will be home to two well-known, award-winning restaurants". I wonder which ones they are, hopefully not chains, but if they are, let's hope they are unique to the region.
September 24, 200618 yr From the website: "An ideal setting for outdoor dining, the Promenade will be home to two well-known, award-winning restaurants". I wonder which ones they are, hopefully not chains, but if they are, let's hope they are unique to the region. "Well known" seems to imply a chain. About a year ago, I was talking to one of the developers, and there seemed to be some interest in Smith & Wollensky. Of course, maybe it's one of the new "Huddle Houses" coming to the area and maybe a McDonalds. :wink:
September 24, 200618 yr i sure hope the find a way to connect the public space (if indeed thats what it will be) to the river front parks. from the section rendering and the rendering on the main page of the website, it doesnt really look like they have it figured out. right now it just looks like a huge wall with no physical connection at all...even thought it does appear they intend to directly connect to the purple people eater. i think those buildings look pretty sharp from that angle and i think they will be a nice addition to the riverfront.
September 24, 200618 yr Riverfront condos in works On 3 acres near pedestrian bridge By Greg Paeth Post staff reporter A new billboard greets outbound I- 71 drivers as they approach the Stewart Road exit touting a new housing project to be built near Yeatman's Cove Park. I don't know how common publicity is for projects like this in Cincy, but more is better and I'd like to see more of that here. They have pretty much the same sign in Wyoming, but it says "if I ever moved from Wyoming... " I am pretty excited about this.
September 24, 200618 yr ... to provide the only Cincinnati view of the river that isn't blemished by a roadway, Hmmm. I wonder what other development he might be referring to? :wink: Could it be Catpain's Watch?
September 24, 200618 yr ... to provide the only Cincinnati view of the river that isn't blemished by a roadway, Hmmm. I wonder what other development he might be referring to? :wink: Could it be Catpain's Watch? I was thinking it was a shot at the Edge. They had just come on the market about the same time One River Plaza was supposed to start their marketing and presales.
September 25, 200618 yr Author Riverfront reservations Two recent events could tell the tale of One River Plaza, the joint venture riverfront condominium project between the Miller Valentine Group and the Gregory family on the site of the Montgomery Inn Banquet Center. Click on link for article. http://cincinnati.bizjournals.com/cincinnati/stories/2006/09/25/newscolumn2.html?b=1159156800^1349445
September 25, 200618 yr >i sure hope the find a way to connect the public space (if indeed thats what it will be) to the river front parks. from the section rendering and the rendering on the main page of the website, it doesnt really look like they have it figured out. right now it just looks like a huge wall with no physical connection at all... I'd imagine in anticipatation of skateboarders and other miscreants there will be a private shared patio or at least some seperation between public and private space in this development. >even thought it does appear they intend to directly connect to the purple people eater. i think those buildings look pretty sharp from that angle and i think they will be a nice addition to the riverfront. Definitely an improvement over what's there currently, I'm curious as the whether the city has ever considered selling the air rights over Bicentennial Commons' parking lot between the L&N and I-471 bridges. Seems like a great way to recover some of the city's investment in that land, assuming there is market interest.
September 27, 200618 yr On Sept. 13, up to 150 preferred buyers bid on units in the project's 80-unit first phase, set to break ground in the first quarter of 2007. It never really occurred to me that they would develop the two towers in separate phases (which is kind of stupid of me given that it's the obvious way to do it). I wonder how full they will want the first phase before they start selling in the second, or if they will even start the second phase before the first is complete. I suppose the second phase could be years away or possibly never be built.
September 27, 200618 yr ^always a possibility but i would doubt they'll have any trouble finding people to fill it all. >I'd imagine in anticipatation of skateboarders and other miscreants there will be a private shared patio or at least some seperation between public and private space in this development. i agree that detering this type of public traffic is important. however, it seems they want this plaza space to be as public as newport on the levy is, obviously scaled down. if this is going to be the cincinnati anchor to the purple people bridge it needs to be open and welcoming. if its going to be a successfull public space then it should have a very strong connecting with the existing and immediate public spaces. i am sure it is being addressed....it just hasnt been conveyed as an objective at this point.
September 30, 200618 yr The website has floorplans now. http://oneriverplazacincinnati.com/Floor_Plans/
October 5, 200618 yr Council OKs property conveyance for riverfront condos Cincinnati Business Courier - 3:45 PM EDT Wednesday One River Plaza, the condo development slated for the Montgomery Inn banquet center site, took another step Wednesday, when Cincinnati City Council approved the conveyance of the property to the city. Click on link for article. http://cincinnati.bizjournals.com/cincinnati/stories/2006/10/02/daily37.html
October 5, 200618 yr Is it a way to avoid taxes? Is this an incentive Cincinnati is using to help the project?
October 5, 200618 yr ^^Well the land used to be controlled by the city, not the Gregory's...I'm not sure if this is why such a thing would happen but......
October 9, 200618 yr Can someone explain to me why the property would be conveyed to the city? This post might help: http://www.urbanohio.com/forum2/index.php?topic=3314.msg40007#msg40007
October 19, 200618 yr Some listings have shown up in the MLS http://www.comey.com/browse.asw?proptype=1&browseby=street&mls=mls_cincy&choice=River%20Plaza
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