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Author Topic: Cleveland: Downtown: The Beacon / 515 Euclid Avenue  (Read 70332 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.

Online 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.
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline 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...
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

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?

Offline 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.


Offline simplythis

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1032 on: December 05, 2017, 12:33:26 PM »
On September 11 Euclid Ave was closed for a week to install a crane so that
construction work can begin. It is now 2 1/2 months later and i do not think any MAJOR construction
work is noticeable ( other than preparatory work). Can anyone with knowledge elaborate
on when or why we do not see steel rising.

Offline CbusTransit

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1033 on: December 05, 2017, 12:44:17 PM »
Iíve seen workers there all the time. And the crane moving. Just because there isnít suddenly steel rising doesnít mean they havenít been doing extensive work.

Offline Mov2Ohio

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1034 on: December 05, 2017, 02:45:03 PM »
On September 11 Euclid Ave was closed for a week to install a crane so that
construction work can begin. It is now 2 1/2 months later and i do not think any MAJOR construction
work is noticeable ( other than preparatory work). Can anyone with knowledge elaborate
on when or why we do not see steel rising.

There is likely intensive infrastructure work bringing electrical systems, Plumbing and mechanical piping from the taps below and up the garage to the base of the future utility shafts. Lots of work there.

Offline MayDay

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1035 on: December 05, 2017, 02:47:57 PM »
View from the Terminal Tower observation deck (fyi, they have extended hours on Saturday/Sunday until Dec. 17th*).

As you can see, lots of rebar work which I presume is to shore up the elevator core - after all, the steel has to be attached to *something*  ;)

*https://www.eventbrite.com/e/terminal-tower-observation-deck-self-guided-tour-tickets-33127241471

Online deanhorn

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1036 on: December 05, 2017, 08:57:39 PM »
 Looks to me like the elevator core is starting to rise.   :)

Offline Clefan98

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Re: Cleveland: Downtown: The Beacon/515 Euclid Avenue
« Reply #1037 on: December 11, 2017, 02:56:28 PM »
A photo of our crane hard at work. The first steel delivery is just weeks away. Stay tuned for more amazing highlights

https://www.facebook.com/TheBeaconCLE/?hc_ref=ARS8pd2P6JtCnvoXjX3Gu13mQhvyALcOpgxff9T6pPfQSaIMQhVYlkcEvshqYGFwTys&fref=nf

Offline mrnyc

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1038 on: December 12, 2017, 10:01:12 AM »
lol yep that is absolutely, definately well underway -- in fact it looks like the elevator core has jumped its first level, which makes sense as the first concrete pour up there was the week of nov 18.

Online YABO713

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1039 on: December 12, 2017, 10:38:53 AM »
I was driving up 77 today, this building will really fill in a nice chunk of the skyline and contribute greatly to the volume and aesthetic as you head north on 77.

Offline MayDay

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1040 on: December 20, 2017, 12:53:58 PM »
Slipforms on the elevator core continuing to climb.

Online w28th

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1041 on: December 20, 2017, 01:27:31 PM »
The building density above street level is going to be pretty great once this is done.

Online YABO713

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1042 on: December 20, 2017, 01:28:14 PM »
The building density above street level is going to be pretty great once this is done.

Totally agree. I would've loved for an extra 40-50ft of height but this will certainly make an impact.

Offline dar124

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1043 on: December 27, 2017, 02:39:10 PM »
While I was out for lunch today it looked like there was visible steel up on 515 Euclid??  Or am I seeing this wrong??








Online mack34

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1044 on: December 27, 2017, 02:40:52 PM »
ITS A CHRISTMAS MIRACLE!!!!!

Offline Oldmanladyluck

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1045 on: December 27, 2017, 02:55:14 PM »

Offline MayDay

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1046 on: December 27, 2017, 07:17:26 PM »
Snapped a quick pic from the Innerbelt, not visible here but good to see the steel is going up. Thanks to the recent work, it's easier to see the elevator core and get an idea of where this will fill in a skyline gap :)

Online YABO713

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1047 on: January 09, 2018, 03:23:13 PM »
Walked by today... Amazed at how fast they're moving.

Offline dar124

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1048 on: January 09, 2018, 04:00:41 PM »
Walked by today... Amazed at how fast they're moving.

Wondered how the cold weather would impact (slow down) the construction.  Glad to hear it is still moving along nicely!!!

Can't wait to see more steel in the air!!!

Offline simplythis

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Re: Cleveland: Downtown: The Beacon / 515 Euclid Avenue
« Reply #1049 on: January 09, 2018, 04:16:43 PM »
Walked by today... Amazed at how fast they're moving.

Does anyone have a closer-up picture?