^ I was just thinking the same thing.  I was over by Cedar-Lee about a month or so ago taking a look at the deck and it didn't nearly look close to being finished.  Nice to see it's done, it's needed on the weekends with all the bustle in that area lately.  Love the accent lights... too cool.

if L. Kahn were alive today, he'd say "light is not architecture"

So is there any word yet on construction starting for the Terraces?

Talked to a friend who has a deposit on one.  Said that when he first put his deposit down (July-ish) they said move in would likely be end of '08.  They're now saying end of '09.  Don't know how many units have been sold.

 

Just found a website for the project.  Not sure if that's been posted before:

http://terracesonlee.com/

Just saw this.  I would hate to see them scale it back, but.....

 

A tough

Thursday, January 03, 2008

By Amanda E. Garrett

The Sun Press

CLEVELAND HEIGHTS A Cincinnati-based company will meet with city leaders this month to reassess a multi-million dollar mixed-use development in the Cedar-Lee Business District.

 

Al Never Inc., the construction manager for the Terraces on Lee, wants to sell between 40 to 50 percent of its retail and living space before it begins construction on the $25.7 million project, spokeswoman Gail Paul said.

 

The project has not been selling as well as anticipated because of a slow housing market in the region and the state.

 

 

Contact Garrett at [email protected] or at (216) 986-5479.

 

 

 

 

 

anyone heard any news?  There is talk on the CH forum of cleveland.com that the project is dead.  I have not found any confirmation though.

I would hate to see the project die, but I think their price per square foot is too high. I know new quality construction costs are high, but I don't think they can make the project successful at those prices.

according to a rep from the developer they didn't get enough pre-sales and the project is on hold indefinitely.

Per this PD article from a couple weeks ago,

 

A similar city setting, though, wasn't enough to salvage the Terraces, a complex of 48 condos atop restaurants and shops proposed for the Cedar-Lee district in Cleveland Heights.

 

The city fulfilled its commitment to Cincinnati developer Al. Neyer Inc. by buying three homes and a gas station, cleaning up that gas station's pollution and building a $6.2 million parking garage.

 

But the project never happened. Al. Neyer sold only five of 24 units needed to start construction, said Richard Wong, Cleveland Heights' director of planning and development.

 

"We're disappointed," Wong said. "It seems understandable, though, given the economic climate."

 

http://blog.cleveland.com/business/2008/05/condos_are_hard_sell_but_citie.html

That's sad....  I like the Cedar-Lee area and hang out there quite often (Strongbow on tap and tasty Margaritas are never a bad thing)!  I think the developers will probably have another chance in a couple years when the housing market turns around, cause that's a really convenient location that already has good street life. 

^Yup, I agree.  As many others have pointed out, projects like this falling apart are probably as much about interested buyers not being willing/able to sell there single fam houses in a down market as they are about the projects themselves not drawing interest.

but cities are locking themselves into major debt and the private dollars aren't following.  How is this ok?  I hope there's more to it than this.

The parking garage wasn't built just for the new development.  Had you ever tried to find a parking spot around that place during peak weekend evening hours?

So should this topic be moved to Abandoned Projects?

So should this topic be moved to Abandoned Projects?

 

I think this would be its third trip into that forum.......third times a charm!

 

Any objections?

^Sounds right.  Here's hoping we can resurrect it again in a couple years.