July 16, 200717 yr the easement is associated with the purple people bridge approaches though, right? i still think the banquet center should move close to fountain square.
July 16, 200717 yr ^That was my understanding as well, but in either case they should have been more accomodating (imo). I would love to see the Fountain Square scenario play out, but I don't think we'll be seeing that anytime soon.
July 17, 200717 yr Just stopped by, there is a buldozer ready for action but the area has not been taped or blocked off at all. There are a couple of "chew marks" on some of the windows :evil: The demolition is supposed to be a little before 6 pm.
July 18, 200717 yr That sucked! I got down there and they were having some sort of banquet with music under a tent next to the building. Bulldozer was just sitting there in the same spot. :whip:
July 18, 200717 yr Mrs ExPat and I went to the "Raze the Roof" party tonight. We got there just in time for a couple of comments from a Miller Valentine rep, followed by comments from Cincinnati City Manager Milton Dohoney. Following that, Dohoney climbed into the cab of a back hoe, got a quick lesson in how to operate it. Doheney then proceded to punch a big hole in the south wall of the building. Nothing wimpy. He pretty much punched through the wall and then lifted the bucket to rip a vertical gap up to the roof line. Naturally I was envious. I have to say, it was a show better than the usual gesture of sticking a shiny shovel into the ground and turning over some dirt for a "ground breaking".
July 18, 200717 yr Demolition celebrated BY JON NEWBERRY | CINCINNATI ENQUIRER July 18, 2007 PHOTO: Cincinnati City Manager Milton Dohoney starts demolition of the Gregory Center, making way for One River Plaza, during a cermony Tuesday. THE ENQUIRER / JEFF SWINGER DOWNTOWN - The developers of One River Plaza at the foot of the Purple People Bridge staged a "demolition party" Tuesday to garner publicity for the $140 million twin-tower condominium project that will occupy the site of the former Montgomery Inn Banquet Center on Pete Rose Way downtown. Click on link for article.
July 18, 200717 yr well im disappointed that we will still have to wait before construction starts but i suppose 28 percent sold is better than nothing. at least that thing is finally coming down!
July 19, 200717 yr Interesting. I noticed the phrase in "dollar terms". From a financial point of view, this would seem to be the corredt metric to use, but I've never heard it before. Is this common? I assume developers use whichever sounds the best (% of units vs % of dollar value).
July 19, 200717 yr Interesting. I noticed the phrase in "dollar terms". From a financial point of view, this would seem to be the corredt metric to use, but I've never heard it before. Is this common? I assume developers use whichever sounds the best (% of units vs % of dollar value). Yes, both are common metrics, and when it comes to developing something that needs pre-sold, "in dollar terms" is the correct method to use. For instance, in One River the condos range from $400K to $2M-ish; if they sold 50% of the units but they were all of the $400-$500K variety that would not give them a substantial enough financial base to build the building. However, if they sold perhaps 10-15 of the $2M units that would only be about 10% of the units sold, but it would be a significant enough gain in funds (ie. "in dollar terms") to begin construction. Of course those are all round numbers that have nothing to do with the actual pre-sale requirements, but you get the idea.
July 19, 200717 yr Hello everyone, here are some pictures from the demolition/exhibition ceremony. :wave:
July 29, 200717 yr I'm glad the actually got on with the true demo. I was expecting it to sit their with with that one symbolic hole in the wall for another month or two.
July 29, 200717 yr Very nice! The renderings look so awesome, and this will truly be a great compliment to the other new developments in the downtown!
July 29, 200717 yr Very nice! The renderings look so awesome, and this will truly be a great compliment to the other new developments in the downtown! You are aware of what side of the river this is on, don't you? You can just click on the "Modify" link. ;)
July 29, 200717 yr Hey, I may swear by the oath of the Commonwealth, but I like the Nasty just as much ;)
August 10, 200717 yr Bovis to manage riverfront condo project Business Courier of Cincinnati - 9:44 AM EDT Friday, August 10, 2007 A global construction management firm will be in charge of the $140 million condominium project planned for Cincinnati's western riverfront. Bovis Lend Lease, which has its U.S. headquarters in New York and an office in Cincinnati, was chosen by developer Miller-Valentine Group to handle the project, dubbed One River Plaza. Bovis is one of the largest construction management/general contractor firms in the United States and has been involved with more than 400 residential or mixed-use developments. It's a division of Sydney, Australia-based Lend Lease Corp. One River Plaza will include 150 condominiums, two high-end restaurants and a promenade overlooking the Ohio River. Condo prices will range from $400,000 to several million and are being marketed by Huff Realty. The former Montgomery Inn Banquet Center, owned by co-developers the Gregory and Andrews families, was razed in July to make way for the project.
August 11, 200717 yr are there any new numbers associated with preleased units? The pessimist in me just keeps telling me this is not going to happen.....the last number I heard was 18 units preleased. Anyone have new info?
August 12, 200717 yr I don't think there is any reason to doubt this project...especially as seeing how they have already put up the money to demo it. I think they plan on moving along with their time frame as planned. I'm not real sure if the pre-leased units will make much of a difference...it matters which units they have pre-leased. If it's the high ticket ones, then they're fine. But like I said, I don't think the Gregory's are too worried about all that. I could be wrong though.
August 12, 200717 yr I work for Miller-Valentine, so I'll just walk around the corner and ask the question.
August 14, 200717 yr I don't think there is any reason to doubt this project...especially as seeing how they have already put up the money to demo it. I think they plan on moving along with their time frame as planned. I'm not real sure if the pre-leased units will make much of a difference...it matters which units they have pre-leased. If it's the high ticket ones, then they're fine. But like I said, I don't think the Gregory's are too worried about all that. I could be wrong though. This project has been filled with "missed" deadlines and delays...going on what..three years now? Im pretty sure the Gregory's are very worried about this. You'd think with all the connections they must have in the city they'd of sold a few more than 18 by now. I dont imagine the family fortune is so vast that they can take a 140 million gamble like that. Maybe im wrong, but i think there is every reason to doubt this project. Also whos to say that demolition means anything? All anyone needs to say is 5th and Race.
August 14, 200717 yr 3 years is not all that long considering the unique/difficult circumstances surrounding this site.
August 14, 200717 yr ^Uh oh...you're going to bring ragerunner out of the woodwork with comments like that. :laugh:
August 14, 200717 yr ^ i dont disagree that the delays are for a legitimate reasons. im just saying the gregory's or going to be more conservative...if they had been operating under the "lets do it anyway" mindset i imagine they would have started construction already.
August 14, 200717 yr To get financing for a project, there usually needs to be a percentage of sales anyways.
August 14, 200717 yr Well before they could proceed they first had to finalize the land swap with the City of Cincinnati, and then they also had to wait on word back from ODOT on whether they could use land that is considered ROW (if I remember correctly that is). Add in the fact that they had to get demolishion permits after all that finally shook out, and you have yourself a natural delay in the process. One that they couldn't just push forward on by themselves. Now sure, the market right now isn't great (to say the least)...and the Gregory's might very well be conservative with the project. But from my understanding it has been a dream of theirs for sometime to develop that land into something special. They now have that something special lined up, and I think they're ready to move forward regardless of what happens. On an unrelated note...at the Montgomery Inn locations they proudly display the renderings of the proposed One River Plaza. I just think they have a personal connection to the project that will keep it moving forward.
August 14, 200717 yr well of course they have a personal connection to the project. they will begin construction once they have enough presales...plain and simple.
August 14, 200717 yr We have had numerous projects delayed due to a lack of presales. One of our notable examples down here was the GameDay center. Had a strong interest in presales, with 50 out of 126 sold in the 15 story development. Later scaled down to IIRC 7, and then it was canceled. Monies refunded. Just because a place is demolished and a developer is on hand, doesn't mean that the project is a get-go from the start. The company may just wait out the housing bust and see what happens.
August 14, 200717 yr I understand how the development game works. I've got my bets placed on this project, that's all.
August 15, 200717 yr That's a safe bet, Rando. I can tell you, from the inside, that this development is going forward. Presales stand at around 30% of the total project cost (50% needed for construction start) and a lot of new interest was generated as a result of the banquest center demo event. It seems that when the banquet center went down a lot of the people who were a bit skeptical as to whether or not it would go forward began to really believe that it is indeed a reality. Potential buyers have come out of the woodworks in the last few weeks; and Huff Realty is courting them appropriately. As this game goes, it can still take a good deal of time to get the rest of the sales, but they will come in and this project will be built. Patience, young grasshoppers. I've asked the question of the number of units sold to date and hopefully will have an answer soon.
August 15, 200717 yr That's a safe bet, Rando. I can tell you, from the inside, that this development is going forward. I don't know why people still doubt me. I have to justify myself to no end sometimes. :-D
August 16, 200717 yr I was also informed by someone well informed that this project will move forward as planned. They were right on about the demo schedule, so I have no reason to doubt.
September 9, 200717 yr What's the latest on this project? Has it already broken ground? As of Labor day, the demo had been completed and the site completely cleared of any sign of the old banquest center. However, there weren't any signs of a construction start that I noticed.
September 9, 200717 yr I was just reviewing the MLS listings for the project. A bunch of the "01" units showed up in the MLS a few weeks ago totaling over $7 million. My guess is that these were fairly recent sales that occurred before the units were ever listed on the MLS.
September 11, 200717 yr ^ Do you have an address and I'll check on it? One example: 601 E Pete Rose Wy 1501, MLS# 1085753 It shows a date of 20 August 2007. Same as several others. This particular one includes the description "sold before Sent".
September 11, 200717 yr Okay ... I've got 45 total listings ... 19 Pending contracts ... 8 Canceled ... and 18 active. Of the Pending Contracts: Listing Price Range Quantity Average DOM $350,000 thru $399,999 1 0 $400,000 thru $449,999 1 0 $450,000 thru $499,999 1 12 $500,000 thru $549,999 1 0 $750,000 thru $799,999 1 0 $800,000 thru $849,999 1 0 $850,000 thru $899,999 1 0 $900,000 thru $949,999 1 0 $950,000 thru $999,999 1 161 $1,000,000 thru $1,249,999 4 39 $1,250,000 thru $1,499,999 2 0 $1,500,000 thru $1,749,999 3 0 $2,000,000 thru $2,249,999 1 0 19 17 Summary Price Information Minimum $375,000 Maximum $2,150,000 Average $1,069,270 Median $1,050,000
November 9, 200717 yr Condo tower rises to meet demand for unique views BY LAURA BAVERMAN | CINCINNATI BUSINESS COURIER November 9, 2007 DOWNTOWN - Downtown condo project One River Plaza still has nine units left to sell before it can begin construction, but recent activity is giving the developers confidence. ... [glow=yellow,2,300]Miller-Valentine Group and the Gregory family cut the size of the top two floors and added two more floors on top of them, making the building 15 stories high[/glow]. ... [glow=yellow,2,300]His team also added a swimming pool between the two buildings to meet potential buyers' demands.[/glow] Click on link for article.
November 9, 200717 yr If you go to huff's website the first five listing for 'city' are five 1~plaza units, all of which say sale pending, with an aggregate value of 8.4 million american dollars
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