Affordable Downtown Living - Part 2 of 3

The online video below, courtesy of The Downtown Cleveland Alliance, takes a look into the lives of Cleveland residents Greg and Becky. The video discusses the affordable aspects of urban living as well as the advantages of buying versus renting in downtown Cleveland. Click here to watch the video on the Downtown Cleveland Alliance Website.

Affordable Downtown Living - Part 1 of 3

Today, people are starting to look at downtown living in a new and affordable way. Among other benefits, including the convenience of being close to work and entertainment, and the health aspects of a walkable neighborhood, residents are embracing the ways that city life can help save money and build futures.

This three-part blog series will examine the economical aspects of urban living.

The following article from the Fresh Greens blog by US News and World report writer Maura Judkis, explores affordability of downtown living with housing and transportation costs set against percentage of household income. Check out the full article and access the affordability index tool by clicking on the links below.

City Mouse, Country Mouse: Who Spends More?

By Maura Judkis, Aug. 20, 2008

For decades, people have chosen life in the 'burbs because of the lower cost of housing, the extra space, and the family-friendly atmosphere. Gas prices, however, could change everything about suburban life—and a great tool that analyzes the true cost of suburban living can show us how...

...The Center for Neighborhood Technology, Brookings Institution, and Center for Transit-Oriented Development have come up with an affordability index that maps the true cost of suburban life vs. urban life by combining census data about income, housing, and transportation. The index found that city living, which many people consider to be too expensive, can actually be more economical than life in the suburbs.

Said Maria Stamas of the Rocky Mountain Institute: "Among the findings, people who live close to transit, jobs, schools, and retail—typically in cities and inner-ring suburbs—spend up to $2,100 less per annum on gasoline than residents of outer-ring suburbs."...

CLICK HERE FOR FULL ARTICLE

CLICK HERE TO ACCESS HOUSING + TRANSPORTATION AFFORDABILITY INDEX

Costs of Commuting Part Two: Influence

The reality of rising gas costs, combined with relatively steady home values in downtown cores, are influencing today's homebuyers to consider downtown living. New information, including that found in the graphic to the right, was released June 18 from a Coldwell Banker real estate survey, published in the follow AP article and accessed through MSNBC.com:

Cost of gas is influencing housing purchases
Urban, homes near commute options holding value better than suburbs:Click here for story

Also, view the video below on NBC Nightly News with Matt Williams on how skyrocketing fuels costs are influencing people on where to live.

Costs of Commuting Part One: Tracking National Trends

The rising costs of commuting are driving Americans back to downtown living.

The Avenue District, located at East 12th Street and St. Clair Avenue in downtown Cleveland, is designed as a walkable neighborhood, placing residents in walking distance to shopping, dining, arts, work and more. Its central proximity to several major Cleveland districts is a strong advantage for those looking to eliminate their dependence on cars, and make the lifestyle change from suburban to urban living.

The Avenue District is not alone in this transformation, as there are multiple revitalization projects underway throughout Cleveland, that will connect segments of downtown and set the stage for a thoroughly walkable metropolis.

The following three-part blog series will take a look at the financial, environmental and health advantages of walkable neighborhoods, and the significance of downtown Cleveland taking this first step in bringing residents back to the City.


PART ONE: TRACKING NATIONAL TRENDS

On any given day, media coverage is dominated by the topic of rising fuel costs. In addition to the impact on peoples’ wallets, and the trickle-down effect throughout the economy, new emphasis is being placed on the ongoing environmental issues of fuel consumption and non-renewable energy sources.

Suburbs a Mile Too Far for Some - Demographic Changes, High Gasoline Prices May Hasten Demand for Urban Living
Jonathan Karp - Wall Street Journal
Tuesday, June 17, 2008

"In recent years, a generation of young people, called the millennials, born between the late 1970s and mid-1990s, has combined with baby boomers to rekindle demand for urban living. Today, the subprime-mortgage crisis and $4-a-gallon gasoline are delivering further gut punches by blighting remote subdivisions nationwide and rendering long commutes untenable for middle-class Americans..."

Is America's suburban dream collapsing into a nightmare?
Lara Farrar - CNN
Monday, June 16, 2008

"Instead, they are looking for what Leinberger calls "walkable urbanism" -- both small communities and big cities characterized by efficient mass transit systems and high density developments enabling residents to walk virtually everywhere for everything -- from home to work to restaurants to movie theaters.

The so-called New Urbanism movement emerged in the mid-90s and has been steadily gaining momentum, especially with rising energy costs, environmental concerns and health problems associated with what Leinberger calls "drivable suburbanism" -- a low-density built environment plan that emerged around the end of the World War II and has been the dominant design in the U.S. ever since..."

Market blamed for fuel costs
Bob Dart - Cox News Service
Wednesday, June 4, 2008

“Gasoline should cost about $2.25 a gallon at the pump, and everything above that is "funny money" largely tacked on by speculation and manipulation in the energy markets, a consumer advocate told a Senate committee Tuesday…”

As gas prices rise, commuters hop on mass transit wagon
Sarah Karush - Associated Press
Wednesday, June 4, 2008

"Around the country, high gas prices are pushing more people to leave their cars at home and crowd onto trains, buses and subways…”

Small cars overtake Ford trucks
Dee-Ann Durbin - Associated Press
Wednesday, June 4, 2008

“U.S. auto sales in May brought the starkest signs yet that gas prices have dramatically shifted the market to smaller cars, as the top-selling Ford F-series truck was dethroned by cars from Toyota and Honda…”

PD Profiles Downtown Living

The following April 17 Plain Dealer article by reporters Melissa Hebert and Brenda Junkin profiles people that moved to downtown Cleveland, from empty nesters, to urban professionals, to transplanted residents.

Many are making the move to live downtown
Growing number of residents making the move downtown, with more housing units coming

The article states:
“Approximately 10,000 people call downtown Cleveland -- bordered by Lake Erie to the north, the Inner Belt to the east and south, and the Cuyahoga River to the west -- home, according to the Downtown Cleveland Alliance...” Click here for the full article

The article included a map with 42 locations of condos, apartments and under-construction living options in downtown Cleveland. Click on graphic below to view map on Cleveland.com.

I Love Downtown! open house this Sunday

The Avenue District is among 18 downtown residential and commercial properties to be featured in the “I Love Downtown!” trolly tour, 1-5 p.m., Sunday, April 20.

Earlybird admission is $20 through today (April 16) and $35 thereafter. The tours start at Bricco, Cleveland Chophouse & Brewery and Pickwick & Frolick. Complimentary beverages will be provided. Parking is $1 at three downtown locations: Tower City Center garage, the AMPCO lot at East 17th Street and Euclid Avenue, and Network Parkingat West Ninth Street and St. Clair Avenue.

For tickets and event details, call (216) 771-1994, or visit the I Love Downtown! and Downtown Cleveland Alliance Websites.

Empty Nesters Filling Downtown Spaces

With the kids grown up and moving out, many Baby Boomers are making the decision to downsize the nest, and upgrade their lifestyle in downtown dwellings. As part of a national trend, it’s no surprise that The Avenue District is welcoming buyers from this demographic at its luxury 10-story condo building at East 12th Street and St. Clair Avenue, and townhomes at East 15th Street and Rockwell Avenue.

Whether drawn to the downtown lifestyle and walkable neighborhoods, or simply purchasing a second home in the city for investment or personal use, Empty Nesters are quickly becoming a force in downtown living.

In a Feb. 27, 2008 article on FoxBusiness.com, Kyle Ezell, author of “Retire Downtown: The Lifestyle Destination for Active Retirees and Empty Nesters,” was quoted on the topic. The article states:

“The number of Americans over age 50 is expected to triple in the next 10 years. That increase means a larger retired population in most U.S. cities, as today’s 50-and-over crowd seeks convenience and close proximity to health care and entertainment, according to CityRetirement.com”

“There is a growing percentage of empty-nesters who have lived in the suburbs all their lives and are ready for the action they’ve been craving,” said Ezell. “It’s a niche market for those ready for fun and entertainment.”

Click here for full article

Avenue District Featured in Plain Dealer

The Avenue District headlines the Business section of the February 15, 2008 Plain Dealer - "Developer hopes others buy into downtown life." The article also can be found at Cleveland.com. Check out the article introduction and link below:

Buyers sign up for downtown homes

February 15, 2008
By Michelle Jarboe
Cleveland.com and The Plain Dealer

"Nearly 16 months into building the Avenue District neighborhood, it appears that Nathan Zaremba's bet that downtown residents want to own homes - and not just rent them - might pay off.

The Cleveland developer has sold a dozen townhomes along Superior Avenue, where the first handful of residents moved in late last year. Of the 58 or so lofts rising at St. Clair Avenue and East 12th Street, about 29 are spoken for - including penthouses priced between $835,000 and $1.2 million. . . ."

Full Article

Downtown Cleveland Townhomes Photo Update

The photos below, taken 1-31-08, show The Avenue District townhomes at East 15th Street and Rockwell Avenue.

(Above) In this photo, framing work continues on Building Two, future home to ten townhomes. In the center background, you'll notice the tower crane and construction of the ten-story Building One of The Avenue District at 1211 St. Clair Ave.


(Above) A view of the townhome block looking west down Lindazzo Avenue.


(Above) Townhome Building One, which features 10 completed units.

Townhome Building 2 Goes Vertical in The Avenue District

Downtown Cleveland’s premier walkable neighborhood continues to take shape. Foundation work is complete and framing work has begun on Building 2 at the townhomes site, which will bring 10 additional for-sale units to The Avenue District.


Demand remains strong for the townhomes, as many young professionals and Ruppies have been attracted to the urban living lifestyle with spacious three-story floor plans. Each townhome includes the convenience of a two-car garage, plus a rooftop deck with views of Cleveland’s skyline.


(Below: Construction of lofts and penthouses at 1211 St. Clair can be seen centered in the background.)


Meanwhile, the lofts and penthouses at 1211 St. Clair continue to draw interest from buyers as construction reaches the 10th and final floor.


Zaremba, Inc. and Panzica Construction are expecting to top off the mixed-use structure later this month, with occupancy scheduled to begin in fall 2008.