Maybe I'm missing something, but I don't see how this fits the demographic of the square...at all. The nieghborhood is primarily college students, young professionals, and the elderly.  Maybe they're hoping to attract the douchie hipster wannabes that I see walking around all the time??

 

I'm going to assume that you don't live in Highland Square and I'm going to assume that you don't know what a hipster is. If you lived in the square and if you could recognize a hipster you would know that 1. There are already a lot of hipsters here and 2. They would not shop at Next, for the most part (unless they were trying to be ironic). All you have to do to encounter a hipster in Highland Square is to go to Angel Falls or to shop at Revival, their natural habitat(s). The demographics of this neighborhood is predominately made up of college students, gays, and hipsters with some young professionals, families, and old people thrown in.

 

Oh, by the way, does anyone else get the feeling that the mayor pulled fast one with the whole grocery store fiasco?

 

It sucks driving all the way to the Fairlawn border for groceries.

Yeah, I was wondering what was happening with that.

Oh, by the way, does anyone else get the feeling that the mayor pulled fast one with the whole grocery store fiasco?

 

It sucks driving all the way to the Fairlawn border for groceries.

 

It takes a while to get everything in place, rights, money, plans, etc...although, I'm surprised that they did not put up a project sign at least before the election. The owners of Mustard Seed live in HS, so I would hope that they weren't this devious.

I'm going to assume that you don't live in Highland Square and I'm going to assume that you don't know what a hipster is.

 

Sorry, I should have been more clear.

 

I've lived in HS for a few years now, and I know what a hipster is.

 

1. There are already a lot of hipsters here

 

I know. That was point. I meant(somewhat tongue-in-cheek) that perhaps 'Next' was looking to attract the hipsters that already live within the neighborhood. After I reread my post I could see how you might interpret it a different way.

 

and 2. They would not shop at Next, for the most part (unless they were trying to be ironic).

Isn't that the point?  :wink:

 

All you have to do to encounter a hipster in Highland Square is to go to Angel Falls or to shop at Revival, their natural habitat(s). The demographics of this neighborhood is predominately made up of college students, gays, and hipsters with some young professionals, families, and old people thrown in.

I know, I walk past those places daily. I'd always assumed that most of the 'hipsters' were college students as well. And that most of the gays were young professionals/college students. That's why didn't explicitly include either group in my description of the neighborhood.

 

 

 

and 2. They would not shop at Next, for the most part (unless they were trying to be ironic).

Isn't that the point?  :wink:

 

Unless it's ironic to not be ironic. ;)

Unless it's ironic to not be ironic. ;)

 

Oh shit, this thread is so hipster.

Price tag for Highland Square grocery store could be nearly $7 million

 

By Stephanie Warsmith

Beacon Journal staff writer

 

The cost to put a grocery store in Akron’s Highland Square neighborhood could be nearly $7 million.

 

That might sound like a lot, but city leaders say building the store for this price would be possible only with a low-interest federal loan to cover the $3.8 million construction cost.

 

http://www.ohio.com/news/local/price-tag-for-highland-square-grocery-store-could-be-nearly-7-million-1.263573

COMMENTARY Akron: A Grocery Desert? Featured

Written by  Edward L. Esposito

 

(U.S. Department of Housing and Urban Development - news release) U.S. Housing and Urban Development Midwest Regional Administrator Antonio R. Riley announced today that HUD is approving a $3.8 million loan guarantee to the City of Akron to finance development of the Highland Square Grocery Store Project. The grocery store, which will be leased by locally owned grocery store chain Mustard Seed Market, will be part of a new retail district including stores and a library.

 

HUD’s loan guarantee has leveraged more than $3 million federal, city and private funds.  Currently developed businesses in Highland Square are rented by the city and producing income to help finance the grocery store.

 

http://www.akronnewsnow.com/news/local/item/46294-commentary-akron-a-grocery-desert?

2 things...

 

1) Does anyone know the story behind the brick building in highland square(across from Highland Ave) that was recently demolished? Do they plan on replacing it with another suburban style plaza? :roll:

 

2) How about that Highland Square grocery store? Seems like the mayor pulled another fast one...

 

Crap, wrong thread.

2 things...

 

1) Does anyone know the story behind the brick building in highland square(across from Highland Ave) that was recently demolished? Do they plan on replacing it with another suburban style plaza? :roll:

 

2) How about that Highland Square grocery store? Seems like the mayor pulled another fast one...

 

Crap, wrong thread.

 

1. The Von & The Cresecent apartment buildings have been vacant for years. At one point there was a grant to do some work, but it never finalized. They were demolished this and last week to make way for a new mixed use building. Retail ground level and housing above. Not sure how many stories above yet.

The retail below has been speculated to include Capri Pizza, Matinee, Mr. Zubs, Ray's, and Good Life Tattoos.

 

2. The Grocery has secured a HUD fund that the City applied for to fund the project. The City has also approved the design of the building. They have not applied for plan review yet. Not sure when that will happen.

2 things...

 

1) Does anyone know the story behind the brick building in highland square(across from Highland Ave) that was recently demolished? Do they plan on replacing it with another suburban style plaza? :roll:

 

2) How about that Highland Square grocery store? Seems like the mayor pulled another fast one...

 

Crap, wrong thread.

 

1. The Von & The Cresecent apartment buildings have been vacant for years. At one point there was a grant to do some work, but it never finalized. They were demolished this and last week to make way for a new mixed use building. Retail ground level and housing above. Not sure how many stories above yet.

The retail below has been speculated to include Capri Pizza, Matinee, Mr. Zubs, Ray's, and Good Life Tattoos.

 

2. The Grocery has secured a HUD fund that the City applied for to fund the project. The City has also approved the design of the building. They have not applied for plan review yet. Not sure when that will happen.

 

Wow, if Capri Pizza, Matinee, Mr Zubs and Ray's moved into this complex, that would leave a lot of empty storefronts in the existing Highland Square strip.  Is the new mixed use building in the planning stages with renderings, etc?  This is the first I've heard of it.  The Von and Crescent were great old buildings.

Wow, if Capri Pizza, Matinee, Mr Zubs and Ray's moved into this complex, that would leave a lot of empty storefronts in the existing Highland Square strip.  Is the new mixed use building in the planning stages with renderings, etc?  This is the first I've heard of it.  The Von and Crescent were great old buildings.

 

Yea, hopefully it will give the opportunity to renovate those spaces, which are somewhat of an eyesore. Yes, they give some character to the area, but it would be nice to see them brought up a little bit.

 

I think they are probably still planning, doing site layout and such at this point. They only closed on the buildings around the beginning of August I think.

1. The Von & The Cresecent apartment buildings have been vacant for years. At one point there was a grant to do some work, but it never finalized. They were demolished this and last week to make way for a new mixed use building. Retail ground level and housing above. Not sure how many stories above yet.

The retail below has been speculated to include Capri Pizza, Matinee, Mr. Zubs, Ray's, and Good Life Tattoos.

 

2. The Grocery has secured a HUD fund that the City applied for to fund the project. The City has also approved the design of the building. They have not applied for plan review yet. Not sure when that will happen.

 

Thanks. I'm also kind of surprised at how many businesses will be moving into a single building.

 

I have a hard time visualizing how that many new storefronts could squeeze into such a small footprint.

Von and Crescent photo set:

 

http://www.flickr.com/photos/marktee/sets/72157625344045686/

Von and Crescent photo set:

 

http://www.flickr.com/photos/marktee/sets/72157625344045686/

 

Wow, cool shots! I like the one with the old library. I went to that one and the one in Wallhaven frequently, but I didn't remember what it looked like.

Grocery project coming off shelf

 

7/25/2013 - West Side Leader

By Stephanie Kist

 

Groundbreaking set for August; Akron Council also discusses CSO project

 

Per the agreement, Mustard Seed will lease, with the option to purchase, the grocery property from HSED and will manage the other retail property.

Mustard Seed will begin making rent payments three years after the lease begins, according to the agreement. The rent payments will be based on the city’s payments on a $3.8 million Housing and Urban Development loan utilized by the city to purchase the grocery property in 2010, tax increment financing and net operating income.

 

http://akron.com/akron-ohio-community-news.asp?aID=19932

Mustard Seed Opening In Highland Square

Written by  Matt Hartong

 

The Mustard Seed grocery store will be opening it's doors in Highland Square.

 

The final details have officially been worked out for what has been described as a long and complicated process by the City of Akron.

 

The 23,000 square foot grocery store will have a second floor, with a terrace and restaurant.

 

Ground breaking is slated for next week.

 

http://akronnewsnow.com/news/local/item/104962-mustard-seed-moving-to-highland-square

 

land cleared for new strip mall:

 

 

 

This has been a long time in the making for Highland Square and will be great for the community. I still won't fully believe it until I see it though.

Tear Down Clears Mustard Seed Path Featured

Written by  Amani Abraham

 

A retail building, which has remained vacant since the day it was built about five years ago, is being torn down to make room for a new grocery store in Highland Square.

 

Adele Roth, economic development director for Akron, says the city bought the building for more than $400,000 from Albrecht Inc., but the city is unable to use the building because it's not big enough for Mustard Seed Market. The building sits on the future site of Mustard Seed Market at the corner of West Market Street and Portage Path.

 

http://www.akronnewsnow.com/news/local/item/125655-tear-down-clears-mustard-seed-path

Photo from Twitter of the Mustard Seed Market in Akron......

 

Awesome. It's been a long time in the making. Hopefully it provides a bit of a shot in the arm to an area that has gone downhill a bit since I used to live there 13 years ago.

Awesome. It's been a long time in the making. Hopefully it provides a bit of a shot in the arm to an area that has gone downhill a bit since I used to live there 13 years ago.

 

Hmm, couldn't disagree more.

 

Here's a photo of construction on the new building going up where the Von & Crescent Apartments formerly stood.

^Whenever I go back to Highland Square to visit, it doesn't have the same energy it used to. A large part of the gay population has moved from the area ( most of my friends were gay, and they all moved to Cbus or out of state),  the young professionals aren't there, and a lot of the beautiful, old apartment buildings on North Portage Path have gone Section 8. I used to live in the Twin Oaks apts on the corner, and it's falling apart now. Property values in Highland Square are down and crime is up compared to 2001 when I left. Yes, there are a couple new bars, but that does not a neighborhood make. Highland Square is getting rough around the edges and I would love to see a revival. I'm hoping the Mustard Seed can be a part of that.  Are you familier with  the Highland Square of the late 90's/early 2000's? 

 

On another note, it's been almost exactly 3 years since Mustard Seed was named as the grocer for this area. It took a long time for everything to come together.

^As someone who lived most of my life (29 years) in Akron, I agree on HS and would also extend that concern to the city as a whole. It is changing, and none for the better, unfortunately. The string of bars that have opened over the past few years on Main Street, and the even longer string of student housing complexes in the area for UA doesn't even begin to address the economic and social decay that has permeated the rest of the city and its inner ring suburbs. While we are talking about Highland Square, I could just as easily write a similar post about the decline of North Hill, Goodyear Heights, Ellet, Chapel Hill, Tallmadge, Kenmore, Barberton, Firestone Park, etc.

 

Highland Square itself should honestly be thriving and gentrifying like Ohio City and Gordon Square in Cleveland, Over-The-Rhine in Cincinnati, and South Side in Pittsburgh. Instead, it's stagnant if not headed in reverse. A new grocery store might stem the tide somewhat, but it honestly needs to be coupled with a major economic development initiative to put the community back on the map as a place to be. It's barely so now, and that's a stretch. Honestly, other than new school buildings, how much of an economic development focus has the city of Akron placed on its communities within the past 15 years? Do they even still know how to do this? I'm only partially being facetious here.

 

What might really help Akron at this point is a new mayor. Plusquellic has more than done his time and has clearly run his well dry of relevant ideas. The city would really benefit from a new mayor, probably younger with a fresh perspective, ideally one grounded in or otherwise heavily influenced by New Urbanism and a strong community-oriented focus.

On another note, it's been almost exactly 3 years since Mustard Seed was named as the grocer for this area. It took a long time for everything to come together.

 

It's Akron's curse...waiting longer than usual. I don't even remember how far back the supermarket discussion goes. The 1990's?

Case in point: The area Panera Bread franchise owner that was slated to build one in Ellet at the Acme Plaza on Wedgewood Drive has cancelled those plans. City Council approved it a year ago. No reason was stated for the cancellation, but it's easy to see why they decided not to move forward with it. The Akron area is economically stagnant. Even Ellet, a one-time suburb that has long been one of the city proper's better neighborhoods, seems like its just drifting along nowadays, with no significant economic development and investment having taken place there in a decade or longer, other than the new school buildings.

 

http://www.ohio.com/business/panera-scraps-plan-to-build-new-style-restaurant-in-ellet-area-of-akron-1.472729

^Whenever I go back to Highland Square to visit, it doesn't have the same energy it used to. A large part of the gay population has moved from the area ( most of my friends were gay, and they all moved to Cbus or out of state),  the young professionals aren't there, and a lot of the beautiful, old apartment buildings on North Portage Path have gone Section 8. I used to live in the Twin Oaks apts on the corner, and it's falling apart now. Property values in Highland Square are down and crime is up compared to 2001 when I left. Yes, there are a couple new bars, but that does not a neighborhood make. Highland Square is getting rough around the edges and I would love to see a revival. I'm hoping the Mustard Seed can be a part of that.  Are you familier with  the Highland Square of the late 90's/early 2000's? 

 

On another note, it's been almost exactly 3 years since Mustard Seed was named as the grocer for this area. It took a long time for everything to come together.

 

I guess I would have to start by asking what your opinion of making it a good neighborhood to start with would be. You have laid out some valid points. Crime is an issue, but crime happens everywhere. There was a double murder on a nice street that falls within Highland Sq. last year. They person was obviously crazy. You can't limit crime to only bad neighborhoods because it happens everywhere.

Secondly, there were 3 festivals last year in Highland Square that attracted over 10,000 visitors to the area. Just one of these festivals alone was bigger than has ever been held in HS and was the largest free music festival ever held in Akron.

Thirdly I am a young professional living in the area and have other friends in the area, so, I would have to disagree.

 

^As someone who lived most of my life (29 years) in Akron, I agree on HS and would also extend that concern to the city as a whole. It is changing, and none for the better, unfortunately. The string of bars that have opened over the past few years on Main Street, and the even longer string of student housing complexes in the area for UA doesn't even begin to address the economic and social decay that has permeated the rest of the city and its inner ring suburbs. While we are talking about Highland Square, I could just as easily write a similar post about the decline of North Hill, Goodyear Heights, Ellet, Chapel Hill, Tallmadge, Kenmore, Barberton, Firestone Park, etc.

 

Highland Square itself should honestly be thriving and gentrifying like Ohio City and Gordon Square in Cleveland, Over-The-Rhine in Cincinnati, and South Side in Pittsburgh. Instead, it's stagnant if not headed in reverse. A new grocery store might stem the tide somewhat, but it honestly needs to be coupled with a major economic development initiative to put the community back on the map as a place to be. It's barely so now, and that's a stretch. Honestly, other than new school buildings, how much of an economic development focus has the city of Akron placed on its communities within the past 15 years? Do they even still know how to do this? I'm only partially being facetious here.

 

What might really help Akron at this point is a new mayor. Plusquellic has more than done his time and has clearly run his well dry of relevant ideas. The city would really benefit from a new mayor, probably younger with a fresh perspective, ideally one grounded in or otherwise heavily influenced by New Urbanism and a strong community-oriented focus.

 

The problem I see is where would you develop? The only new development in the area has come by way of demolition. So, somebody would have to buy and tear down a building(s) for something new. That's not really an option as there is plenty of land in Akron that can be had for cheap and developed with a better profit margin in mind.

Mustard Seed progress:

 

Looking better with each passing day. Now if only we could convince Walgreen to rebuild their store flush forward to the sidewalk with the parking at the rear, we'd have a true west end gateway to the Highland Square commercial district.

 

I know, it's wishful thinking at this point, but still. How frequently do they remodel/rebuild their stores? Shouldn't this one be about due?

Looking better with each passing day. Now if only we could convince Walgreen to rebuild their store flush forward to the sidewalk with the parking at the rear, we'd have a true west end gateway to the Highland Square commercial district.

 

I know, it's wishful thinking at this point, but still. How frequently do they remodel/rebuild their stores? Shouldn't this one be about due?

 

Those Wallgreens bastards tore down the best venue in HS, the Trolley Stop. It was an awesome historic building. Wallgreens... I will never set foot in that place.

Looking better with each passing day. Now if only we could convince Walgreen to rebuild their store flush forward to the sidewalk with the parking at the rear, we'd have a true west end gateway to the Highland Square commercial district.

 

I know, it's wishful thinking at this point, but still. How frequently do they remodel/rebuild their stores? Shouldn't this one be about due?

 

Those Wallgreens bastards tore down the best venue in HS, the Trolley Stop. It was an awesome historic building. Wallgreens... I will never set foot in that place.

 

The only saving grace with Walgreens now is that they have changed their corporate model and are only now becoming better community partners. I doubt that store would be torn down for another 10 years unless someone combines all of those lots on that side of the street and redoes everything.

No, Akron missed the boat on that one.  I cringe when I drive by other Walgreens in the area (like in Shaker) that don't have a setback and think about how out of place the current Walgreens is.

 

I wouldn't expect any movement on that lot for a long, long time.  Unless there is a great need for a significant change in store size I don't see anything happening other than a renovation.  I haven't seen any changes with any others in the region.

 

The plaza with the pet store and tattoo shop also needs to go.  That would be more likely but given the current environment I don't see anything happening there without city intervention and $$$.

 

Also, good pic:

I spent a LOT of money at the Trolley Stop back in the late-80s, early-90s.

The only saving grace with Walgreens now is that they have changed their corporate model and are only now becoming better community partners. I doubt that store would be torn down for another 10 years unless someone combines all of those lots on that side of the street and redoes everything.

Maybe when LeBron retires from the NBA, he'll move into commercial property development and take interest in this sort of thing? Short of another area developer like Testa or Stark taking up interest in HS, he's probably Akron's best hope for accelerating and expanding the city's redevelopment.

Maybe when LeBron retires from the NBA, he'll move into commercial property development and take interest in this sort of thing? Short of another area developer like Testa or Stark taking up interest in HS, he's probably Akron's best hope for accelerating and expanding the city's redevelopment.

 

I wouldn't describe a guy who has nothing to do with real estate or economic development, works in a completely unrelated field making  more money than Testa and Stark combined, and will continue to do so for the next decade or so as "Akron's best hope for accelerating and expanding the city's redevelopment."  Good PR for the city, maybe, but otherwise I don't see LeBron suddenly deciding to take a break from basketball to start developing small scale real estate in a small-ish Midwestern city.

 

At best, maybe he'll do a Mike Pruitt and open a car dealership 20 years from now.

Maybe when LeBron retires from the NBA, he'll move into commercial property development and take interest in this sort of thing? Short of another area developer like Testa or Stark taking up interest in HS, he's probably Akron's best hope for accelerating and expanding the city's redevelopment.

 

I wouldn't describe a guy who has nothing to do with real estate or economic development, works in a completely unrelated field making  more money than Testa and Stark combined, and will continue to do so for the next decade or so as "Akron's best hope for accelerating and expanding the city's redevelopment."  Good PR for the city, maybe, but otherwise I don't see LeBron suddenly deciding to take a break from basketball to start developing small scale real estate in a small-ish Midwestern city.

 

At best, maybe he'll do a Mike Pruitt and open a car dealership 20 years from now.

 

He already is in development. You don't become a billionaire by just playing basketball, but it's a good start.

Maybe when LeBron retires from the NBA, he'll move into commercial property development and take interest in this sort of thing? Short of another area developer like Testa or Stark taking up interest in HS, he's probably Akron's best hope for accelerating and expanding the city's redevelopment.

 

I wouldn't describe a guy who has nothing to do with real estate or economic development, works in a completely unrelated field making  more money than Testa and Stark combined, and will continue to do so for the next decade or so as "Akron's best hope for accelerating and expanding the city's redevelopment."  Good PR for the city, maybe, but otherwise I don't see LeBron suddenly deciding to take a break from basketball to start developing small scale real estate in a small-ish Midwestern city.

 

At best, maybe he'll do a Mike Pruitt and open a car dealership 20 years from now.

 

He already is in development. You don't become a billionaire by just playing basketball, but it's a good start.

 

If you're Donald Sterling, the path goes the opposite direction.  You get into basketball by being a billionaire.  :angel:

Maybe when LeBron retires from the NBA, he'll move into commercial property development and take interest in this sort of thing? Short of another area developer like Testa or Stark taking up interest in HS, he's probably Akron's best hope for accelerating and expanding the city's redevelopment.

 

I wouldn't describe a guy who has nothing to do with real estate or economic development, works in a completely unrelated field making  more money than Testa and Stark combined, and will continue to do so for the next decade or so as "Akron's best hope for accelerating and expanding the city's redevelopment."  Good PR for the city, maybe, but otherwise I don't see LeBron suddenly deciding to take a break from basketball to start developing small scale real estate in a small-ish Midwestern city.

 

At best, maybe he'll do a Mike Pruitt and open a car dealership 20 years from now.

 

He already is in development. You don't become a billionaire by just playing basketball, but it's a good start.

 

Of course, he still has the obligatory steakhouse to open and then let fail within 2 years.

 

It could happen, but lets hang our hopes on something that has more than just a grain of reality to it.  I can say with 99.9% certainty that if he is "in development" in this region and I haven't heard of it he's not in any danger of triggering a hot market.  Plus, as someone with ample resources that stretch beyond Northeast Ohio, why in the world would he start dumping money into a market with such low demand and low margins when he could put his money into literally anywhere?  I would take a cue from Forest City, who is local but develops on a national scope, and they won't even hold property here in their portfolio outside of Terminal Tower.

 

That's not to be negative, but a reality of our local real estate market.

 

 

Of course, he still has the obligatory steakhouse to open and then let fail within 2 years.

 

It could happen, but lets hang our hopes on something that has more than just a grain of reality to it.  I can say with 99.9% certainty that if he is "in development" in this region and I haven't heard of it he's not in any danger of triggering a hot market.  Plus, as someone with ample resources that stretch beyond Northeast Ohio, why in the world would he start dumping money into a market with such low demand and low margins when he could put his money into literally anywhere?  I would take a cue from Forest City, who is local but develops on a national scope, and they won't even hold property here in their portfolio outside of Terminal Tower.

 

That's not to be negative, but a reality of our local real estate market.

 

 

 

Bottom line to making money is Return on Investment. There is a huge real estate demand in Fairlawn and Montrose right now and I have no doubt that it's cheaper than anything in Miami.

Are Montrose and Fairlawn really all that hot from a ROI perspective right now?  I can see them being stable, but for there to be real upside in real estate, you have to successfully predict where something will be even hotter in 5-10 years than it is today.  Moreover, you have to basically mentally scatterplot the likely outcomes when deciding your risk tolerance, meaning evaluating downside risks before putting money on the table, too.  Obviously, there is a chance of any real estate investment going belly-up (it's a very high-risk sector across the board), but Fairlawn and especially Montrose seem to have real downside potential if our culture shifts in a less autocentric direction.

It could happen, but lets hang our hopes on something that has more than just a grain of reality to it.  I can say with 99.9% certainty that if he is "in development" in this region and I haven't heard of it he's not in any danger of triggering a hot market.  Plus, as someone with ample resources that stretch beyond Northeast Ohio, why in the world would he start dumping money into a market with such low demand and low margins when he could put his money into literally anywhere?  I would take a cue from Forest City, who is local but develops on a national scope, and they won't even hold property here in their portfolio outside of Terminal Tower.

 

That's not to be negative, but a reality of our local real estate market.

I don't pretend to know what goes on in LeBron James' head, but my thoughts are that at the very least, he's likely going to be looking for some tax write-offs for his immense and still-growing fortune. That may or may not mean dabbling in real estate, but if so, why not in his hometown of Akron? He's already shown a great deal of interest in helping out the city community through his foundation and the events he has staged around town. I could easily see him taking things a step further by trying to place his stamp on the city in a more substantial and lasting way, through community and neighborhood development of some kind. The house rehab project he highlighted during his "homecoming" rally at UA could become the foundation for him of a larger effort of scale.

Are Montrose and Fairlawn really all that hot from a ROI perspective right now?  I can see them being stable, but for there to be real upside in real estate, you have to successfully predict where something will be even hotter in 5-10 years than it is today.  Moreover, you have to basically mentally scatterplot the likely outcomes when deciding your risk tolerance, meaning evaluating downside risks before putting money on the table, too.  Obviously, there is a chance of any real estate investment going belly-up (it's a very high-risk sector across the board), but Fairlawn and especially Montrose seem to have real downside potential if our culture shifts in a less autocentric direction.

If current national trends in urban retail and millennial/aging boomer preferences for urban/urbanized living bear out, Montrose and Fairlawn both are definitely in trouble in the next 5-10 years.

 

Precluding this in the Akron metropolitan area however, is the fact that the residential redevelopment of the city center (and neighborhoods like Highland Square) has moved forward so slowly. Demand for urban living exists, but options relevant to what people can afford and want still remain scarce.

 

Some of the glut of student apartments being built downtown should have instead been built and marketed to the general adult population. It's quite ironic that downtown Akron's residential revival has been facilitated mostly by students, yet UA's enrollment has been slipping downward, making it less likely that some of the additional residence halls planned closer to the university on East Exchange will actually be built in the near future.

 

This presents an opportunity for some of Akron's more ambitious and forward-looking suburbs (if there really are any) to cash in on the demand. I don't see this happening in Montrose since it is unincorporated and more of a commercial hodgepodge than anything else. I honestly don't see Fairlawn going this way either, though it probably has the resources and wherewithal to pull it off if they were more inclined to do so.

It could happen, but lets hang our hopes on something that has more than just a grain of reality to it.  I can say with 99.9% certainty that if he is "in development" in this region and I haven't heard of it he's not in any danger of triggering a hot market.  Plus, as someone with ample resources that stretch beyond Northeast Ohio, why in the world would he start dumping money into a market with such low demand and low margins when he could put his money into literally anywhere?  I would take a cue from Forest City, who is local but develops on a national scope, and they won't even hold property here in their portfolio outside of Terminal Tower.

 

That's not to be negative, but a reality of our local real estate market.

I don't pretend to know what goes on in LeBron James' head, but my thoughts are that at the very least, he's likely going to be looking for some tax write-offs for his immense and still-growing fortune. That may or may not mean dabbling in real estate, but if so, why not in his hometown of Akron? He's already shown a great deal of interest in helping out the city community through his foundation and the events he has staged around town. I could easily see him taking things a step further by trying to place his stamp on the city in a more substantial and lasting way, through community and neighborhood development of some kind. The house rehab project he highlighted during his "homecoming" rally at UA could become the foundation for him of a larger effort of scale.

 

He would do more good by making money out of state and then bringing that money into his foundations here than by losing money on real estate investments here.  From a cold, cynical perspective, if people are going to lose money on Akron real estate, you don't want them to be Akron residents.  Of course, you'd rather have a hot market in which almost everyone in real estate is gaining money (since a cold market is bad for both locals and non-local investors), but as discussed in the last few posts, that's anything but guaranteed given Akron's current land use patterns and population trends.

Of course, he still has the obligatory steakhouse to open and then let fail within 2 years.

 

It could happen, but lets hang our hopes on something that has more than just a grain of reality to it.  I can say with 99.9% certainty that if he is "in development" in this region and I haven't heard of it he's not in any danger of triggering a hot market.  Plus, as someone with ample resources that stretch beyond Northeast Ohio, why in the world would he start dumping money into a market with such low demand and low margins when he could put his money into literally anywhere?  I would take a cue from Forest City, who is local but develops on a national scope, and they won't even hold property here in their portfolio outside of Terminal Tower.

 

That's not to be negative, but a reality of our local real estate market.

 

 

 

Bottom line to making money is Return on Investment. There is a huge real estate demand in Fairlawn and Montrose right now and I have no doubt that it's cheaper than anything in Miami.

 

Summit County's hottest area is tepid compared to other areas of the country.  You can tell this just by looking at new building starts and the overall age of the building stock here vs other areas. 

 

And I agree it is all about ROI, which is why they have a tough time getting projects to fly.  Our rents are extremely low which makes it very hard to make money on new buildings.  The land itself may be cheaper but that is balanced with rents also being significantly cheaper, materials costs being the same and labor costs not being significantly cheaper.

 

I ask you this: Where in Akron or Summit County can you find $3,000 apartments?  $2,000 apartments?  Even $1,500?  People here are not willing to pay what it costs to support a quality building, and reasonable commercial real estate already exists.

 

Oversupply, under-demand equals $400 apartments.  No one builds new buildings for $400 apartments,  The only new commercial real estate that goes up is expecting to poach business from somewhere else locally, not because their is additional demand for it, which also keeps rents low.

 

It's the nature of our region at this point in time.  I enjoy the low cost of living, it's great.  But it does not make for an inviting market for new real estate development.  If one was going to start plowing money into real estate investments it would be wiser to do so in a market with much more current and projected demand.  Check out realtor.com or loopnet.  Check out our area and other areas of the country.  Look at the average age of the building stock, what rents are, and what commercial buildings are going for per square foot.

 

 

Some of the glut of student apartments being built downtown should have instead been built and marketed to the general adult population. It's quite ironic that downtown Akron's residential revival has been facilitated mostly by students, yet UA's enrollment has been slipping downward, making it less likely that some of the additional residence halls planned closer to the university on East Exchange will actually be built in the near future.

 

If you do the math, the only reason those projects went forward is because they are expecting to be able to charge *per bedroom* what an average Akron *apartment* goes for on a monthly basis.  When doing the math that means they are looking to generate $2,000-$3,000 (depending on the number of bedrooms) per month per apartment, which would never fly here outside of that context. 

 

I don't understand the long term thinking behind those projects, as I would assume most students at most Universities are funding those kinds of rents via student loans, and I don't see that gravy train going on indefinitely.  I've heard that the finished buildings are already not operating at the capacity they were hoping for, but I don't have anything solid to back that up.  Then you've got the dilemma that if all of those buildings do fill, what about all of the weaker housing stock around University Park?  More supply... less demand... how does that end well?

 

Northside Lofts are a good example of how we really don't have the demand for those kinds of prices.  I do believe we have demand for downtown living as Canal Square is always full.  But it is always full at $800 per month for a 2BR, not $2,800.

I would think that this rent by the bed thing is absolutely maxed out in Akron.  The Depot is opening very soon and I believe the other complex on Exchange is close to opening as well with a Chipotle.  That is a lot of students paying a good chunk of change to live in posh surroundings.  There should be plenty of good options for apartments in Highland Square area and more typical, in the valley.  If anything, I'd say that the valley is standing out as the best, low-cost choice.  Plus, its probably the most walkable community in Summit county.

 

As far as LBJ re-investing back in Akron.  I think he'll pick and choose where he invests.  He's built playground basketball courts, expanded STVM gym, and money for housing projects.  I would expect things along the line of that.  Probably donating more to STVM, perhaps a youth center in Elizabeth Valley, perhaps helping out with the arena in downtown Akron.

 

Getting back on topic, I noticed that new apartments are finally being framed out over the new complex next to the Library.  It still looks awkward.  To me it looks like the stores from that other plaza with 2 turtles and tattoo shop would be more its type of tenant than bars and restaurants.  I'm hearing that Ray's might not be moving over.  But we'll see. 

Getting back on topic, I noticed that new apartments are finally being framed out over the new complex next to the Library.  It still looks awkward.  To me it looks like the stores from that other plaza with 2 turtles and tattoo shop would be more its type of tenant than bars and restaurants.  I'm hearing that Ray's might not be moving over.  But we'll see.

 

Never contemplated that, but I would agree that would be an awesome location for those types of businesses.

 

I'm not a huge fan of the design, but the positives far outweigh all of the massive negatives that could have happened with that lot.

 

I would be surprised if Ray's didn't move over, I thought the whole impetus behind putting up that building was due to disputes with the landlord across the street.

Getting back on topic, I noticed that new apartments are finally being framed out over the new complex next to the Library.  It still looks awkward.  To me it looks like the stores from that other plaza with 2 turtles and tattoo shop would be more its type of tenant than bars and restaurants.  I'm hearing that Ray's might not be moving over.  But we'll see.

 

Never contemplated that, but I would agree that would be an awesome location for those types of businesses.

 

I'm not a huge fan of the design, but the positives far outweigh all of the massive negatives that could have happened with that lot.

 

I would be surprised if Ray's didn't move over, I thought the whole impetus behind putting up that building was due to disputes with the landlord across the street.

 

As far as I know, Ray's is crossing the street. And bringing their wall artwork with them.

As far as I know, Ray's is crossing the street. And bringing their wall artwork with them.

 

I think it would be unusual that the family would go to the effort to build a building across the street and then leave one of the businesses behind.

A first look inside the new Highland Square Mustard Seed Market & Cafe in Akron (photos)

 

http://www.cleveland.com/akron/index.ssf/2015/05/a_first_look_inside_the_new_hi.html

Visited the new Mustard Seed this past weekend with a small group of friends.  Definitely off to a good start, but a very ambitious upstairs cafe in particular (legitimately one of the largest restaurants in Highland Square), with high price points and a lot of square footage that suggests that they think they can keep a lot of bodies coming in to pay those prices for good dining in the upstairs cafe of a grocery store.  They certainly had a who's who there this weekend, though.

A little west of Highland Square...

 

 

Akron factory will crank out eight-story apartment building in modular units

Published: August 12, 2018 - 7:30 PM | Updated: August 12, 2018 - 10:38 PM

By Doug Livingston

Beacon Journal/Ohio.com

 

Todd Tober will build Akron’s next high-rise apartment building in a factory.

 

The developer behind Stoney Pointe Commons and the new headquarters for AAA Akron Auto Club has launched ToVee LLC., an Akron-based manufacturing plant that uses the efficiency of indoor assembly lines to crank out building units that can be put together on job sites to build multistory structures. With labor costs on the rise and the weather reliably unpredictable, Tober said his new company will build 30 percent faster with up to 10 percent fewer hard-hat wearing workers.

 

His proof of concept will be his first endeavor: The One Twenty at 120 S. Hawkins Ave., a proposed 152-unit apartment building that will cover the northwest corner at Hawkins and Alden avenues.

 

MORE:

https://www.ohio.com/akron/news/local/akron-factory-will-crank-out-eight-story-apartment-building-in-modular-units