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I think that this project failed because it was TOO innovative...if they hadn't overthought it, they'd have recognized that the houses were going to be way too expensive, especially in a city that is absolutely loaded with cheap housing stock. A tiny house works for people because it is cheap, costing at most what a rental would cost. This house is too big, and too expensive. My 3-bedroom 1200 sq ft condo in North Olmsted cost me little more than half of what these are selling for. It's not rocket science...build them cheap in a safe enough neighborhood and they will be much more likely to sell. Most urban tiny house communities are for economic and yet dignified housing for the homeless, those trying to get back on their feet (like veterans), and people who just want to minimize their cost of living. That would be incredibly useful in a city like Cleveland, but you can't have the starting price be a $1,000/month house payment! Make it somewhere closer to $500 or $600 and put it in a nice enough neighborhood, and then you've got something. That's not innovative, it's just not overthinking and overdoing it!
So happy to see some analysis from Cheis again! GO C A V S ! ! !
Wow...guess you guys struck a nerve! Keep up the good reporting!
Let's just talk about room nights for a second: did they go up in 2016? I have to think they must have. If you dump a ton of rooms into the market, your occupancy RATE is of course going to drop. While it's right to be concerned about the occupancy rate, it's really important to consider whether total room-nights are increasing year over year. It's also important to consider whether events like the World Series and the NBA Finals filled the hotels in spite of extra capacity and whether rates appreciated at those times. The most important thing going forward is whether the hotels downtown will remain profitable at these occupancy rates...and I have yet to see you so any solid reporting on this. It's easy to say they may have overbuilt, but what occupancy rate is profitable in Cleveland??? Anyone opening or renovating a hotel has to have dug into this and come up with their own projections.
Great news, awesome business model! Food from Ohio always tastes best!
Chuckles, I'm aware that happened, but it's worth noting that Chicago and New York may have suffered less in their cores because of the public transportation connectivity. I'm sure Cleveland would still have hollowed, but perhaps nowhere near as much. And when the economy bounced back in the 80s, 90s, development Downtown and along transit lines likely would have been much stronger as well, especially as urban living gained the popularity it has now.
If the subway planned and started back in the 1920-30s had been built, we'd already have a subway and el system that would have taken the Red Line from the Airport to East Cleveland via Downtown, except right over or under Detroit and Euclid, as well as another line extending over Pearl and connecting to the Red Line at W 25th & Detroit. This would be on top of the Blue & Green lines we have today. It's likely the line down Pearl would extend at least to Parma Heights if not Strongsville by now, and the one to the Airport into Berea. Another line was supposed to be added later down Superior. There would be little need for the Downtown Loop buses,since the subway would have been a loop. The Healthline and the Cleveland State BRT lines would also never have been needed because a subway would have been there instead. The Red Line would have stations in totally convenient locations instead of being in the middle of an industrial wasteland, far from any homes or storefronts. And Downtown and Ohio City would have had several stations rather than just one each, making it really convenient to take the subway to work and not walk but a block or two from the stop.
As it was, only the segment between W 25th & Detroit and W 9th & Superior was ever built, as it was part of the Veterans Memorial Bridge. This only ran for a brief period of time until it was closed because none of the rest of the system was ever built. Had it been built, perhaps department stores would still exist on Euclid Avenue and Downtown would never have hollowed out like it did. This was all brought to us by a Cuyahoga County Engineer who was bought and paid for by automotive interests who wanted to sell cars. This engineer reigned for decades and torpedoed any progress on the subway through the 1950s. The only thing Cleveland got was the Red Line, which followed abandoned freight tracks that hardly came close to where people really needed to go. It's a lesson that politicians will talk the people into bringing their own demise as long as the corporate money is there for their campaigns.
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