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Post by rodwilson on Dec 11, 2009 13:29:31 GMT -5
This project is public $$$? I assumed this too to be private investors.
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Post by Clipper on Dec 11, 2009 13:39:10 GMT -5
$2000 a month? Does that include the armed guard to take you to N Utica so you can safely walk your dog before bed time, the log chain to chain your car to a utility pole to keep it from being stolen, and the chain link fence with barbed wire around the property?
I love downtown Utica, and it is great place that would definitely benefit from redevelopment, but when I worked at the OD at night, I was amazed at the transformation that that takes place on Bleecker St when the sun goes down.
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Post by stoney on Dec 11, 2009 14:04:42 GMT -5
From what I understand, Rod, they want someone to buy & develop the buildings into high-rent units, with a little help money-wise/tax-wise from the city.
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Post by Clipper on Dec 11, 2009 14:18:12 GMT -5
Upscale loft apartments are not unheard of, and are not out of line rent-wise in larger, more prosperous areas of the country, but to think that someone is going to pay $2000 a month for what basically will be a 2nd floor walk-up apartment is silly.
They are getting the cart before the horse. There needs to be something in that area that would draw people to be there before anyone is going to pay high rent for a loft. Develop the street level business and THEN when the area is a cool place to be, develop loft apartments for those ready to pay the high rents.
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Post by rodwilson on Dec 11, 2009 14:41:10 GMT -5
Absolutely Clipper. That's key that these guys in EcDev here REPEATEDLY fail to recognize. Take care of the BASICS first. THEN growth can happen.
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Post by dgriffin on Dec 11, 2009 16:11:16 GMT -5
Couldn't have been more than a year ago that a similar Hi Price Hi Rise was planned on Broadway just off State St. in downtown Albany. The advertising read like they were about to open. I drove by there a month ago and still nothing has happened.
I wonder if someone makes money just thinking about such projects.
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Post by fiona on Dec 12, 2009 12:06:52 GMT -5
Yes, a few years back the old Hobart Arms was purchased by a young couple and they renovated it. It is in wonderful condition and well kept up. I don't think they have any openings and have had a stable tenancy there for several years. Now a Spanish restaurant has opened up on the first floor. I think things are going well for them. I thought the rents were a little pricey at the time - 700.00 up and plus pay all your own, but, I guess it is full. However, the neighborhood is a lot less isolated than Bleecker Street and also is on the bus line at night. There are little places where you can walk too. I see a lot of people out walking their dogs at night. I think Bleeker Street, if not handled with foresight, intelligence and sensitivity will be a wash
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Post by concerned on Dec 16, 2009 10:11:51 GMT -5
The new front of the buildings look beautiful. It is very classey.
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