Living Downtown

[northside lurker]

It seems unlikely that an artist would want something new and affordable.  They would want something with character and affordable. (like my suggestion for the Stambaugh building.)  There is already plenty of affordable housing around the city.  But there isn't much downtown.

I'm not suggesting we use every available space downtown for residential.  Retail would probably do best on the ground level.  But, the upper levels could be residences.

I could be wrong, but with the exception of BW3's, isn't the Stambaugh building empty?  It was suggested to me on UrbanOhio.com, that maybe grant money for brown-field cleanup could be used to pay for asbestos removal in the Stambaugh building.

[Towntalk]

You're absolutely right Jay, but the question is, where would you put them? Given the state of the economy as it stands, could Rep. Ryan get some money to expand the Arlington Heights development to include a couple of affordable apartment complexes.

If you'll recall there were plans to develop affordable housing on the lower South Side around the old South Side Hospital and look how far that went.

The Baldwin Area is such a project also.

Why should we concentrate on grabbing every inch of downtown space for housing to the exclusion of retail space, we certainly wouldn't solve the problem of having shops there for the convince of our folks.

I'd like to see a land survey to see just how much unoccupied space there is in the downtown area before we jump headlong into before we go off grabbing up more land for downtown housing than has already been planned. And I would also like to see some deep thought about how we could have another development of moderate income housing without ending up with another Westlake Terrace where we would have high crime areas. We certainly don't need that.

Finally, you might also recall that there were a couple of developments on the East side that got no real traction.

[jay]

When I toured the old Ward Bakery building this past weekend, some of the Artists of the Mahoning Commons had living spaces within their studios.  I'm sure artists and others would be willing to live downtown but I doubt they could afford to purchase a condo.  We need downtown living spaces for people with moderate incomes.

[Defend Youngstown]

The ribbon cutting for the Realty Building is set for Wednesday, May 14th.

Best kept secret for downtown apartment living at present:

Wood Street Apts. (recently renovated). Young professionals and students moving in each month.

[ytowner]

Patience is a virtue. The last thing we need to do is move too fast and really screw these projects up...

Give him time to add up on the grants to get this project off the ground... His company was working on a building in Downtown Cleveland this past weekend, goes to show he will keep his word.

[northside lurker]

You may very well be right about the banks' reluctance to lend money.

On a slightly unrelated note, I find it interesting that the fastest growing housing market in Cuyahoga county is in downtown Cleveland.

--edit--

I was just thinking, this morning as I walked past it, that the Stambaugh building would be a good candidate for cheap space.
What I mean is this:
Remove the asbestos, leaving nothing but the outside walls, floors (exposed structure ceilings) and corridor walls.
Replace the windows.  After these things are done, sell off the raw square footage to anyone who is interested, and let them build out the space as they desire.  Maybe someone, like an artist, just wants a lot of raw, open space with a small, cheap, bathroom and kitchen tucked in the corner?

[Towntalk]

Could it be that the developer is running into the same problems that the Home construction companies are running into ... ie the banks.

My goodness, a day doesn't go by that this is not an issue as I cover politics on my web site. Home forclosures are at an all time high, and the banks around here are already up to their necks in mortgages. Sure, we would like to see the three projects completed and fully occupied, but we don't have our cash tied up in any of them, and its not us that has to go to the banks to convince them to lend us multimillion's of dollars, and with each passing week, the cost of materials and labor keeps going up.

Then there is the problem of convincing people to invest in a condo at a time when it's becoming increasingly difficult for the average Joe to swing a deal with the bank.

When you combine both factors, you have a problem on your hands that would explain the delay.

As to the average Joe investing in a condo ... where would he get the money to purchase one. Fanny Mae is looking at a 2.2 billion with a "B" shortfall because of the mortgage crisis, and given the economics of the valley, how can he or she afford to invest in a new home on the kind of wages that are being paid here?

Certainly the private developer is not happy about the delays in turning the Reality, Wick and Erie Terminal buildings into condos and getting them sold, but he can't very well put a gun to the heads of the banks and prospective customers and force them to make a deal now can he?

[jay]

The private developer who is supposed to provide housing in downtown Youngstown is moving too slowly.   
In addition to professionals, apartments should be created for the average worker.  The personal economic impact for a support staff person would be great if that person did not have to own a car to get to work.