11 minutes ago, GCrites80s said:

In the past (2000s-2010s) I would say that it's hard to find people under 30-35 making that kind of money outside of healthcare and some specific technical positions, but now that the labor market has been nuked by rapid Boomer retirements, a lack of new young people coming up due to extended low birth rates and COVID that you're going to start seeing a lot fewer college graduates stuck pouring the coffee until 35-40.

Yeah it has changed rapidly. Pre-covid our average tenant was 30 and made $70,000. Now they've aged 2 years and make $20,000 more. It's wild. But it makes sense. I personally saw that same thing happen while working for the company I do. Was promoted and saw a $20,000 salary bump end of 2020 and we're now having talks about further increases in order to stay competitive because EVERYONE is hiring and at crazy levels.

45 minutes ago, ryanlammi said:

But it's nuts that I was paying $700/month for a 2-bedroom on Main Street OTR from 2011-2014.

 

I think it's important to keep in mind how much the perception of OTR and the urban core has changed over that time. In the late 2000s / early 2010s, there was still a perception that the urban core was dangerous and all of this investment was on an unstable foundation — and as soon as there was "another riot" the whole Gateway Quarter experiment would come to an end, restaurants would close, and these fancy new condos would be worthless. In the 2020s, virtually no one is thinking that way, and we're even looking at a major disturbance like the pandemic as just a temporary blip. Two bedroom condos are continuing to sell in the $300k range, and most of the single family homes currently on the market are listed at $700k and up.

 

35 minutes ago, jmicha said:

It's a lot of money relative to how affordable Cincy used to be, but the city is basically playing quick catch up to the rest of the country that's already charging these rents.

 

This is exactly how I think about it. The days of getting a good deal in Cincy are over. You're no longer getting a discount for buying in Cincinnati, you're paying true market rates.

What industry are y’all in because I need to apply for a better job in that case. Our company was affected hard by the pandemic and laid off a quarter of the company and  we all received a cut in pay and didn’t receive any stabilization in pay till the beginning of 2021 and are only due for our next raise in early 2022…I work in the financial sector. 

45 minutes ago, taestell said:

 

This is exactly how I think about it. The days of getting a good deal in Cincy are over. You're no longer getting a discount for buying in Cincinnati, you're paying true market rates.

 

I will note there are still tons of good deals to be had in other neighborhoods. You can buy a nice house in Northside, Westwood, or College Hill that would cost you $100k more in a similar Columbus neighborhood and $300k more in an east coast city.

I should have said "you're no longer getting a discount for buying in Cincinnati's urban core". There are plenty of good deals if you go even a little bit outside of CBD/OTR/Pendleton.

yeah prices in Westwood and Price Hill are still very low relative to what you're getting. And these neighborhoods aren't what they were 15 years ago. There seems to be real potential where a home would really appreciate. Both areas seems to be making a lot of progress toward walkability and small business support, even if that progress can seem slow at times.

On 9/5/2021 at 9:34 AM, 1400 Sycamore said:

Bennett Point might just be the most unattractive building ever approved for the OTR or Pendleton Historic Districts. (I'd be interested in "runners up"). It lacks most all of the historic conservation guidelines described in the literature and will be a stain on the neighborhood until it disintegrates and is torn down probably less than 20 years from now. I guess it is all they could do to import some low income units into the neighborhood.

Not saying it's an improvement but a CMHA presentation dated Jan. 14 has a new rendering with some alterations (at least it looks like a new rendering to my extremely untrained eye) 

Yikes. Who is the architect? Any detail of how it will interact with the Reading/E 12th corner?

This is a nice density for this location. I used to work in an office building across the street; this new building is replacing what used to be our overflow parking lot and UrbanSites' maintenance garage.

5 minutes ago, taestell said:

This is a nice density for this location. I used to work in an office building across the street; this new building is replacing what used to be our overflow parking lot and UrbanSites' maintenance garage.

Good point. I'm mostly concerned about how the building on the right faces Reading Road.

Update on the Industry project. It’s looking nearly complete and I really like the way it fits into the context. I still don’t love the ‘zipper’ windows but the 2010s just won’t die. Have there been any announcements or rumors of what’s going into the ground floor?

 

bonus shot of Pins mechanical ripping up their rooftop patio for some reason.

8 minutes ago, ucgrady said:

bonus shot of Pins mechanical ripping up their rooftop patio for some reason.

 

The roof was leaking badly on the top floor of pins so ripping up the roof floor to fix the membrane below. 

So pleased with the quality of this building. It's gorgeous. Above and beyond expectation. Do we know what or who will occupy the ground floor? Will it be retail or a lobby for the units upstairs?

 

Edit: thank you so much for posting these photos, I live in LA now and only visit Cincinnati every couple of years, these updates are greatly appreciated. 

Edited March 31, 20223 yr by küshner

10 minutes ago, küshner said:

So pleased with the quality of this building. It's gorgeous. Above and beyond expectation. Do we know what or who will occupy the ground floor? Will it be retail or a lobby for the units upstairs?

 

Edit: thank you so much for posting these photos, I live in LA now and only visit Cincinnati every couple of years, these updates are greatly appreciated. 

Well yesterday we had LA weather so I wandered all around OTR on my lunch break to check out the world outside after months of hibernation. I lived in Chicago for a few years and relied on this forum for most of my "what's going on in Cincinnati" info so I get it. If you or anyone else has requests for projects that haven't been updated in a while I'll swing by them, the good news is there is a ton going on around town but the bad news is I feel like I have forgotten about many projects or they've slipped through the cracks. 

Edited March 31, 20223 yr by ucgrady

The parking lot on the north side of 12th just got resurfaced yesterday, so I guess there is no plan to build something there in the near future…

 

Dislike the wasting of that lot, not your post. 

I can't brag about the video, but it does have a pretty good view of the 12th St. parking:

 

 

The nearly-complete Industry project is adding a nice bit of texture to the skyline...

 

Another angle looking east down 12th Street:

 

 

Any news on when or if the affordable housing development Bennet Point will   Begin? I know they wanted a late 2022 opening but that’s clearly not happening. 

In honor of Industry season 2 starting on HBO Max this past Sunday, here is a photo showing that people have started to move into Industry in Pendleton. 

2 hours ago, ucgrady said:

In honor of Industry season 2 starting on HBO Max this past Sunday, here is a photo showing that people have started to move into Industry in Pendleton. 

The brick looks phenomenal 

Drove past Pendleton yesterday and noticed work has started on Bennett Point.

Old garage is completely gone, site work underway:

 

4 hours ago, taestell said:

Old garage is completely gone, site work underway:

 

I wish the Bigelow street apartments were a few floors taller. The views from there would be great.

It's the old wood construction height limit per building codes. Unfortunately the jump in cost to switch to steel is high enough that we rarely see it unless the rents go way up or if they are condos being built.

That being said the views are still amazing, I posted some on the Mt Auburn page a while back but the amenity decks and apartments will have great views from up there. 

I just realized something: the Greyhound station is also zoned DD so the proposed IDC would prevent the Chavez family from turning it into a parking lot, which they said they would do back when they purchased it.

I appreciate that the owners actually admit this:

 

Quote

“We’re not the highest and best use guys,” said Martin Chavez, managing partner of the family-owned company. “Our idea is to hold it until those guys come around. There’s a lot of momentum downtown. So, our hope is that it’s sooner rather than later.”

 

With Industry essentially complete, it's time for a before and after:

 

October 2019:

 

October 2022:

10 hours ago, taestell said:

With Industry essentially complete, it's time for a before and after:

 

October 2019:

 

October 2022:

Next year Bennett Point will also be in view. Would love to see the developer of Industry purchase those lots across the street for a phase 2.

From this angle it really fills in the parking crater well, however when standing in front of Alumni Lofts looking across it still feels like a parking crater and I would love to see some more infill after this project is wrapped up. You can also see Uptown's Bigelow project poking up over the trees in Mt. Auburn in the after photo. 

Can't imagine the mindset of someone (i.e. the Pendleton Community Council president) who thinks the first photo was better.

4 minutes ago, DEPACincy said:

Can't imagine the mindset of someone (i.e. the Pendleton Community Council president) who thinks the first photo was better.

 

Parking!!!

Looks like the Industry has "terraces" that could serve as outdoor patios... but currently just have white roofing material. Anybody know if the plan is to make those into usable outdoor spaces? 

24 minutes ago, jwulsin said:

Looks like the Industry has "terraces" that could serve as outdoor patios... but currently just have white roofing material. Anybody know if the plan is to make those into usable outdoor spaces? 

Some will be community terraces and others will be private terraces for the larger more expensive 2 bedroom units in the building. I am sure they still need to install the outdoor deck flooring. 

Bennett Point rising:

 

 

https://www.wcpo.com/news/local-news/hamilton-county/cincinnati/pendleton/new-56-unit-affordable-housing-complex-in-pendelton-gets-closer-to-completion
 

Article on the new affordable housing development Bennet Point. 

Edited May 9, 20232 yr by Ucgrad2015

Checking in from Cleveland here. Any sense on how Industry is leasing up? Are you all hearing any pushback on asking rents? How does the Pendleton rental market compare to OTR for new product? I know they're next (?) to each other but am interested in understanding whether Pendleton has premium rents?

 

 

 

58 minutes ago, babysfirstxmas said:

Checking in from Cleveland here. Any sense on how Industry is leasing up? Are you all hearing any pushback on asking rents? How does the Pendleton rental market compare to OTR for new product? I know they're next (?) to each other but am interested in understanding whether Pendleton has premium rents?

 

 

Los Angeles wants to know the same 

I'm 3 blocks to the north and my most recent tenant (and highest rent) is already bailed out from Industry. She hated it. Could be a one off, but I doubt it.

On 8/9/2023 at 3:05 PM, babysfirstxmas said:

Checking in from Cleveland here. Any sense on how Industry is leasing up? Are you all hearing any pushback on asking rents? How does the Pendleton rental market compare to OTR for new product? I know they're next (?) to each other but am interested in understanding whether Pendleton has premium rents?

 

 

Lease up was swift, they achieved their posted rents but CoStar has shown they are coming down some (this is true across the Class A market in Cincy right now). Average asking rent is $1,995 and average unit size is 760. Many other developments, new and old, have caught up to the rents here so it's not as much of an outlier anymore. I thought the amenities were really nice and the units were well done when I toured. Hard to compare OTR vs. Pendleton markets on this project since their really aren't any comparable properties to Industry in OTR. Pendleton is generally a little quieter/residential focused although this location is right across the street from Treehouse bar which is anything but quiet.

I live in the building. Many tenants are not renewing their leases as they expire. Main reasons: 

Noise from Treehouse is probably the biggest issue. Building management and residents have been working with the Pendleton Neighborhood Council, but the issue persists.

 

Poor build quality: the roof leaks, HVAC is loud despite multiple attempts at repair, elevators break every few weeks, and all the windows needed to be replaced. Turnaround on fixing the issues has been slow. Some residents literally didn't have windows during repair, and the common areas are still being finished, a year after opening.

 

Promised amenities have not been finished. The entire 2nd floor and the ground floor retail spaces have not been finished.

 

Some of the unleased rooms have been converted into building-managed Airbnb's, which has caused some issues from noise and use of common areas.

 

I'm in one of the cheaper/smaller units, so I'm still mainly happy with what I'm getting. But I don't think anyone would rent the more expensive units (most of which directly face Treehouse), if they knew the extent of the issues.

40 minutes ago, carnevalem said:

I live in the building. Many tenants are not renewing their leases as they expire. Main reasons: 

Noise from Treehouse is probably the biggest issue. Building management and residents have been working with the Pendleton Neighborhood Council, but the issue persists.

 

Poor build quality: the roof leaks, HVAC is loud despite multiple attempts at repair, elevators break every few weeks, and all the windows needed to be replaced. Turnaround on fixing the issues has been slow. Some residents literally didn't have windows during repair, and the common areas are still being finished, a year after opening.

 

Promised amenities have not been finished. The entire 2nd floor and the ground floor retail spaces have not been finished.

 

Some of the unleased rooms have been converted into building-managed Airbnb's, which has caused some issues from noise and use of common areas.

 

I'm in one of the cheaper/smaller units, so I'm still mainly happy with what I'm getting. But I don't think anyone would rent the more expensive units (most of which directly face Treehouse), if they knew the extent of the issues.

 

Interesting! thanks for the update!

23 hours ago, dnymck said:

Lease up was swift, they achieved their posted rents but CoStar has shown they are coming down some (this is true across the Class A market in Cincy right now). Average asking rent is $1,995 and average unit size is 760. Many other developments, new and old, have caught up to the rents here so it's not as much of an outlier anymore. I thought the amenities were really nice and the units were well done when I toured. Hard to compare OTR vs. Pendleton markets on this project since their really aren't any comparable properties to Industry in OTR. Pendleton is generally a little quieter/residential focused although this location is right across the street from Treehouse bar which is anything but quiet.

Great insights! Thank you!

 

How does Industry compare to something like 1010 OTR or The Blonde?

41 minutes ago, babysfirstxmas said:

Great insights! Thank you!

 

How does Industry compare to something like 1010 OTR or The Blonde?

Both suffer from lack of a pool, I think. Their rents are 20-30 cents lower than Industry's on average. 1010 has awesome views and okay unit finishes but is outperformed by Encore in most if not all aspects. The Blonde does pretty well considering it has no parking and unspectacular views.

Kunst completes latest historic apartment rehabilitation in Pendleton

 

Local real estate developer Kunst has completed its latest historic rehabilitation project in Cincinnati, bringing nearly a dozen new apartments online in the Pendleton neighborhood.

 

Kunst invested $2.1 million in the 10 units located at 509 E. 12th St. The developer used $196,500 in state historic tax credits to complete the gut rehabilitation, which took place throughout the Covid-19 pandemic.

 

Four of the units are already leased, according to Kunst. Monthly rent ranges from $1,200 to $1,600. Units include studios, one-bedroom and two-bedroom apartments.

 

“Pendleton, like all parts of Over-the-Rhine, benefits from more available housing, not vacant buildings,” Kunst founder and CEO John Blatchford said in a statement. The project turned two "very deteriorated" buildings back to active use, he said.

 

More below:

https://www.bizjournals.com/cincinnati/news/2023/09/14/kunst-pendleton-apartments-renovated-look-inside.html

 

Urban Sites, Cincinnati Metropolitan Housing Authority complete new, $21M Pendleton apartment project

 

The Cincinnati Metropolitan Housing Authority and Urban Sites have completed a new, 56-unit mixed-income apartment project on two parcels in Pendleton.

 

The Bennett Point project at 528 E. 12th St. and 600 E. 12th St. includes a fitness center, a commercial laundry room and a community room. Units also have laundry hookups in them. Finishes in the one- to three-bedroom apartments, which include granite countertops and laminate flooring, do not vary regardless of a renter’s income. Construction started in July 2022.

 

More below:

https://www.bizjournals.com/cincinnati/news/2023/12/08/urban-sites-cincinnati-metropolitan-housing.html

 

I actually think the "faux historic" facade on the 528 building is not too bad. Obviously, up-close, it's lacking some ornate details, but from other places where this building is visible from a distance, it actually blends in with existing neighborhood buildings pretty well.

Once the trees grow and the bricks age it won't stand out that much at all. 

I came across the 1982 Pendleton Area Urban Design Plan, which included this long-term vision of the Sycamore Street corridor:

 

 

This is showing a large park and rec center where the expanded Ziegler Park is today, but included the demolition of all of the historic buildings between Goetz Alley and Hanover Street, and the construction of a bunch of skywalks connecting the SCPA to the new park and new parking garages.