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Author Topic: Cleveland: Downtown: The Beacon/515 Euclid Avenue  (Read 7236 times)

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Offline RE Developer In Training

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1020 on: November 09, 2017, 08:48:01 AM »
I'm just stating that there is a need for for-sale housing.  The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent.  I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide.  I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated.  That is all. 

Offline Mov2Ohio

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1021 on: November 09, 2017, 09:40:09 AM »
I'm just stating that there is a need for for-sale housing.  The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent.  I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide.  I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated.  That is all. 

And we may be at or near that point. One of my buddies who has been renting at Flats East for two years for $2K+, was getting ready to leave, then they dropped his rent by $500 bucks.

Rentals have been moving slow in some of the new properties in northern Ohio City as well. Meanwhile we have 200+ units hitting the OC market in the next six months.

Offline Clefan98

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1022 on: November 09, 2017, 09:43:05 AM »
I'm just stating that there is a need for for-sale housing.  The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent.  I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide.  I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated.  That is all. 

Yes, there are a lot of 2k-3k a month apartments for rent downtown, but you can still find many in the 1100-1800 range.  The population and job numbers are not stagnant downtown either.  The entire metro area has done fairly good in adding jobs this year.  Check out the Cleveland general business thread for examples.
« Last Edit: November 09, 2017, 12:14:23 PM by Clefan98 »

Online mu2010

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1023 on: November 09, 2017, 09:44:19 AM »
Guy I know in real estate told me that similar markets have supported 2% of the regional population in the CBD and we are still less than 1%. That is apparently the rationale for why they keep building. We'll see what happens.

Also anecdotally a friend of mine who has been renting downtown has been looking to buy a condo there but hasn't found one he likes yet so he signed on another year lease.

Offline mack34

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1024 on: November 14, 2017, 03:05:54 PM »
So is anything happening at the site?  Steel being dropped off?  Crane blowing in the wind? anything??

Offline Pleco

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1025 on: November 14, 2017, 03:13:25 PM »
Yeah I think a photo of the site like once a week would be helpful for those not in NEO so that even if there is no visible progress/nothing to discuss, there is still a way to check in with the project. I realize as I am not in NEO currently this burden wouldn't fall on me but I would think there are others interested in this idea.

Offline Boxtruffles

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1026 on: November 14, 2017, 03:30:08 PM »
No more major visible progress as of yesterday...

Offline KJP

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1027 on: November 14, 2017, 04:22:12 PM »
Crane was lifting things into place today. I didn't stare at it to see what it was. But do I/we really need to post messages like that? When there's pictures/news worth posting, they will be posted. When there isn't, then you'll know by the silence.
America will never be destroyed from the outside. -- Abraham Lincoln.

Online MayDay

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1028 on: November 16, 2017, 03:56:48 PM »
Not easy to see but they're working on (rebuilding?) rebar for the elevator core.

Offline KJP

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1029 on: November 16, 2017, 04:09:25 PM »
I took a similar picture today from almost the same angle...
America will never be destroyed from the outside. -- Abraham Lincoln.

Offline mrnyc

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1030 on: November 16, 2017, 09:22:35 PM »
is the glass coming off during the work? looks like it?

Online MayDay

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1031 on: November 17, 2017, 12:46:33 PM »
^That's been ongoing for a while - not sure to what extent they plan to remove it.

What I *am* sure about - we've got some "world class signage*"!!!  ;D

*For those who weren't around - the phrase was used in some promotional materials for the construction of the Avenue District tower.