Topic: Cincinnati: Downtown - One River Plaza

[David]

Unfortunately they may have been trying to make the most money possible instead of just getting something up and walking away with a solid profit.  It's interesting when looking at the stalled foundation pit dug for the Chicago Spire that the new condos next to it are only 3 or 4 floors high.  No doubt they could have thrown up something like the 4-floor stuff along Eastern Ave. and been counting their millions by now. 

Yeah but with developers of that calibur, they make so many millions of dollars that they can hold off until the project is complete (when they'll make tens of millions more). I guess when you're that big, it's worth it. I thought it was funny too, seeing those 4 story condos next to the Spire.

[thomasbw]

highest best use

[Alabama ExPat]

Are these people not asking for their deposits to be returned guaranteed the prices from when they signed on in 2007~?  Otherwise I can't imagine why anyone would let the money sit in an escrow account, or however it is that they do it.

While we were waiting for our unit to be built at Park Place at Lytle (also by Miller-Valentine), they were paying us an interest rate on our escrow funds of around 7% (which seemed high to me).

[jmecklenborg]

If they're paying them 7% right now that's one of the better investments going.  I'm assuming that the interest is being paid out of the company's revenues and savings, not out of the balance of the deposits.  Otherwise the deposits would be depleted in about 10 years or if people start pulling their money out there wouldn't be any left for the last few people, similar to a ponzi scheme. 

[Alabama ExPat]

Well, everyone got there 7% added in at closing, so if obviously was coming from somewhere else.

[jmecklenborg]

So you did not earn the interest if you have the deposit returned without closing?  That makes a lot more sense for both parties.  Otherwise people could just make deposits and earn interest better than a bond or CD. 

[Alabama ExPat]

So you did not earn the interest if you have the deposit returned without closing?

In a normal situation, if the buyer backs out, they may not even get their deposit back. That's kind of the point of having a deposit.

In special cases such as a major delay or cancellation of development, I suspect there's a case to be made for the developer having to pay the interest out along with the deposit.  But I'm no expert.

I'm sure every contingency spelled out in that tiny little print that's been run through the copier enough times that you can't read it when you sign.

[Scrabble]

So is this dead or what?

[UncleRando]

^Pretty much yes.

[JYP]

It's not over until its....well it's pretty much over.

One River Plaza gets extension

By Lisa Bernard-Kuhn • lbernard@enquirer.com  • August 23, 2010

DOWNTOWN  – The long-stalled One River Plaza – a proposed 140-unit condominium project on Cincinnati’s riverfront – may not be completely sidelined.

The project’s ownership group landed a one-year extension for the development’s zoning to “permit time for recovery from the economic crisis,” according to a report to Cincinnati’s Planning Commission.


Rest of the story here:  http://news.cincinnati.com/article/20100823/BIZ01/308230034/One-River-Plaza-gets-extension

[cincyimages]

I forgot about this project. 

[ColDayMan]

So did the rest of the world.

[JYP]

Looks like they're headed back to the City's Planning Commission tomorrow for yet another extension. Good grief!

[atlas]

there needs to be rentals in this development or it won't get off the ground for quite some time. 

[JYP]

According to the documents they submitted to the PC last Friday they seem to be pursuing apartments, office and retail.

http://www.cincinnati-oh.gov/bldginsp/downloads/bldginsp_eps44772.pdf

Relevant information starts on page 2.

[Jimmy_James]

^Not sure about the retail, but apartments and offices seem to be a better choice than the condos they've been waiting on for years.

[JYP]

I think it could support something small and low key (like a coffee shop, small eatery etc.). With Lytle Tower near by, the increased residential population with office workers can sustain a few small businesses and add some vitality to that area.

[Cygnus]

The "City property across the street" is nearly complete in it's transition to an actual parking lot. The laying of asphalt, stripping, and installation of light poles appears all that is left. Not sure how many spaces it'll have.

I really hate the idea of a parking garage eventually going in at this location. It's only saving grace would be 1st floor retail.

Either way, crossing Pete Rose Way in this area can be very dangerous. The businesses in the old Midland building hire off-duty police in the morning and evening to control traffic as to allow pedestrians to safely cross.

[Rob Jaques]

perhaps they'll institute some (desperately needed) traffic calming measures in the area.

[OCtoCincy]

A little disappointing, but better than nothing. Since we're about to have 300 apartments come online in the next 18 months just a few blocks down the river it would be great to have these be for a mix of for rent and for sale units to continue to increase ownership along the river.

Also, not sure we need anymore office space downtown right now. The Edge building about a block away is newly renovated and still pretty vacant, Atrium, Baldwin Center, Chiquita Center, etc all have high vacancy rates and there's a large plot at the Banks waiting for a tenant.

But!! Good to see they're still trying. Hope they don't replace the original design with some boring different tower.