Studio 56 Progress

[vdogg]

I didn't vote, as I just saw the article and missed the poll. I love the comments though, many of them "get it." They are MASSIVELY OVERPRICED. The wages here cannot support that kind of cost!!

You mean to tell me that they can't find 56 people in all of Hampton Roads who could buy a loft at that price? The evidence suggest otherwise. There is a market for it just like there is a market for $500,000 homes just like there is a market for $50-60,000 high end cars. The people do exist, and they live in this area. The market can support it. I would love to see prices come down (which they are) but I also recognize that some people want and can afford higher end. I'm not going to rail against them and say the region can't support it simply because I can't afford it.

[erdogs]

I made it onto a radio show yesterday. Tony London on 850AM. They spun all of my negative stuff, but the truth is... the advice they were handing out is going to ruin lots of people. The affordability of the overpriced housing comes via risky loans, that are going to go into default. The investors will loose hardcore (I mean those investing in the loans).

Maybe they will fire Tony London and hire Tel! She obviuosly doesn't know what she is talking about.

[rusthebuss]

Dude your posts all sound the same. Why don't you make a word document and save your comments and repost them. It sounds like a broken record that the housing bubble is getting ready to burst. This thread is to discuss the progress of this development. You aren't going to put 120K housing in the central business district.

[urbanlife]

the only way you will see 120K or anything close to that in Pembroke is if some developer builds a building that has close to a 1000 units in it. There has to be a profit for a developer to do cheaper housing, or an actual push from the city to make it happen in the CBD.

Actually lofts starting at low 200K is pretty damn good if they were in Portland. The job market might not be great for Hampton Roads for higher paying jobs, but you have to start somewhere. Norfolk, NN, and VB are doing a great job trying to reinvent or create a new downtown for something like this to happen. In 50 to 100 years from now this will probably be a different story, you just have to think long term and sometimes past what you will get to see.

[urbanvb]

a larger rendering. I really love this building with its glass and brick facade. It's modern yet very easy to the eye. I think CMSS did a great job on this project. And notice the resturant's umbrellas for dining outside in the pic. Pretty cool.

[hoobo]

I read those Pilotonline comments and am amazed at those people. (My personal favorite was the guy who wanted TC torn down and the trees replanted. Yeah, those trees would remain there forever.) They want affordable housing which would require either a government mandate or subsidies (either direct to the developer or home buyer or indirect as in more taxes spent on city services versus property tax revenue). I'm sure that if the government placed affordable housing requirements or spent money to make it affordable, these people would whine that the City is wasting their tax money. You just can't please them and as they offer no alternate solution, the only logical thing to do is ignore them.

[hoobo]

a larger rendering. I really love this building with its glass and brick facade. It's modern yet very easy to the eye. I think CMSS did a great job on this project. And notice the resturant's umbrellas for dining outside in the pic. Pretty cool.

CMSS did this? Wow. I like how this block will contrast with the other part of TC. They're really trying to put in all the current styles into this place: Modern (PAC/Studio 56), Industrial (Dick's), Traditional (middle blocks), and Junk (AH Tower and Cosmo).

[wrldcoupe4]

Wow, I'm pretty amazed that so many people in Va Beach don't embrace the idea of TC.

[vdogg]

Wow, I'm pretty amazed that so many people in Va Beach don't embrace the idea of TC.

You shouldn't be. Alas, this is still a suburb and most people did not move to the suburbs for urban living. It is changing however, these pilot polls always tend to draw out the most virulent of the NIMBYs. By contrast though in their guestbook spot about Town Center most of the comments were positive. I think people in general like TC, they just wouldn't give up their well manicured lawns to live there.

[rusthebuss]

You shouldn't be. Alas, this is still a suburb and most people did not move to the suburbs for urban living. It is changing however, these pilot polls always tend to draw out the most virulent of the NIMBYs. By contrast though in their guestbook spot about Town Center most of the comments were positive. I think people in general like TC, they just wouldn't give up their well manicured lawns to live there.

The NIMBYs are usually the only ones that even pay attention to the stupid pilot polls anyways. Most people that like it lurk on this site or on other positive minded sites. I think that most people embrace the TC. I've heard nothing but positive things from people around Vabeach and outside of it. Everytime I'm at TC its packed. People that are NIMBYs are more likely to try and get heard whereas people that like it don't care to be heard and don't make @sses out of themselves.

[metalman]

My initial response too was that is was too much for so little space- 700sq ft for high 200,000; but I feel much better about this now that I just found out today that my friend who lives in Pasadena pays 1,500 dollars a month for a studio apartment that is under 500sq ft!!!!! That is more than my mortgage for my 1,450sq ft house with a sizable yard and an attached garage!

But, you have to realize that there are many people who find it a perk to live in a condo and pay for the top notch furnishings and trimmings (that I'm sure Studio 56 will have), and not have to worry or deal with a yard to mow and manicure.

Metalman

[vdogg]

These developers always give themselves a little padding. If the units don't move at this price they will simply rduce the price, along with some of the amenities. With such a small # of units, this is relatively low risk for them.

[urbanlife]

Well if CMSS has been expanding any, they might be letting some of the more talented young designers flex their muscles alittle bit more.

At least right now, the quality of design is looking better for this building, but then again if you think about it, all CMSS is doing is designing the building. A great architect already layed out the block for them, all they had to do is fill in the hole and make sure it looked good next to the PAC.

Anyway, I can't wait to go back home and see all of this completed.

[Telmnstr]

No offense, but why should we care whether you or anyone else on the Pilot poll/comments section would or would not live in urban Beach housing? I wouldn't live in it either, but I'm not going to taking my feelings and make a generalization of the population at large.

There has to be a market for it, otherwise it wouldn't be built. The original plans called for a 3-story office/retail building. That changed to a 5-story loft/retail building. If the market wasn't there, they would have stayed with the offices or made it a completely mixed-use building with only half the number of lofts. If it fails, it fails. That is the fault of the builder. Luckily, since there is no garage, no public money is going into this thing (assuming all money spent on infrastructure would have been done anyway because of the PAC).

You know how it works right? People take out money from their house, and put it down on a Condo. They don't want to live there, they just want to wait a few years to sell it off to someone else and pocket the $100-200K. In some markets people were sleeping on tents in sidewalks to get there in time so they could put down their deposit, then resell the spot to the next flipper. It's not that people want to live in these, the market is of people who want to get rich without working, by reselling them.

This has happened all over the country. Look at the financial reports from many of the large builders. What is happening now is people are walking. They are leaving their deposit behind, because the mania has died and they will not be able to resell their unit or house at a large profit.

I do not think the developer really knows the market. Granby Tower can't even sell their units. Yes, I'm aware that many buildings and neighborhoods have a clause that says you have to own the unit for 1 year before sellings. With appreciation running 30% YoY, buyers figured they could leave them empty, then sell them as new.

And don't believe the hype on the out of towners buying up the units. That is the speculative investors. They aren't buying them to come visit, they are buying to flip them. Town Center is a mall and a bunch of chain resturants. Even I will admit Granby Street is three times what Town Center is.

[Telmnstr]

Wow, I'm pretty amazed that so many people in Va Beach don't embrace the idea of TC.

Your starting to see a backlash of people in regards to all median income households being priced out of the market. And from the homeowners, they are starting to lash out against the tax increases, that the cities are using to fund the downtowns. It's could drive fixed income households into forclosure.

(Check out the Tea Party II).

Our Navy town once known for low income workers (and marketed as such by our economic development groups), now has a cost of living that is out of line with the salaries.

[urbanvb]

I disagree. I also think that most people who live here are used to the suburban lifestyle. Like Vdogg said they want their yards and space, which is fine. Va Beach is for the most part unknow for its urban living except in the newly developing Pembroke area and somewhat at the Oceanfront.

[Telmnstr]

I disagree. I also think that most people who live here are used to the suburban lifestyle. Like Vdogg said they want their yards and space, which is fine. Va Beach is for the most part unknow for its urban living except in the newly developing Pembroke area and somewhat at the Oceanfront.

I have heard that! People say "I moved here to get away from the city." I dunno, some people say that the downtown living lifestyle is the only real sustainable living arrangement that makes sense with regards to energy. Too much energy is used in commuting and taking care of the suburban lifestyle, and in the future that cheap energy won't be availible. I can see it. I know a software engineer or two that bought into Elizabeth City, as it was the only local affordable housing. His commute to downtown Norfolk was long, and in the end he was pushing to try to telecommute (work from home) a few days a week.

[erdogs]

I have heard that! People say "I moved here to get away from the city." I dunno, some people say that the downtown living lifestyle is the only real sustainable living arrangement that makes sense with regards to energy. Too much energy is used in commuting and taking care of the suburban lifestyle, and in the future that cheap energy won't be availible. I can see it. I know a software engineer or two that bought into Elizabeth City, as it was the only local affordable housing. His commute to downtown Norfolk was long, and in the end he was pushing to try to telecommute (work from home) a few days a week.

You and your friends must get paid in peanuts! How can you not afford a home in Norfolk, but can spend all that money for the commute? You might want to think about trying plumbing for a living.

[vdogg]

This project will be approved...um...I mean voted on by City Council on October 10th, which is next Tuesdays session.

[urbanvb]

This project will be approved...um...I mean voted on by City Council on October 10th, which is next Tuesdays session.

Great. I hope to have some promotional materials to post soon.

[urbanvb]

Condos approved at Beach Town Center

VIRGINIA BEACH - The City Council on Tuesday approved plans for 56 loft-style condominiums at Town Center.

The five-story building will be built next to the Sandler Center for the Performing Arts by fall 2007. Units will be 700 to 1,100 square feet and priced at $300,000 to $400,000.

story

[hoobo]

It'd be funny if the city council conspired to make it a split vote like 6 to 5. Just to throw people off. Give the Pilot something to write about.

An aside: I do like the one comment on pilotonline where the woman complains that they would never vote no and it doesn't matter because VB with never be like NYC. She is the reason why I'm happy that our form of government is a representative democracy and not a true one.

[vdogg]

It'd be funny if the city council conspired to make it a split vote like 6 to 5. Just to throw people off. Give the Pilot something to write about.

An aside: I do like the one comment on pilotonline where the woman complains that they would never vote no and it doesn't matter because VB with never be like NYC. She is the reason why I'm happy that our form of government is a representative democracy and not a true one.

Interesting note, Reba McClannon (sp?) actually voted against this project. She was the lone dissenting vote however. Unsure what the reasoning behind it was because it was on the consent agenda and therefore not discussed during the formal session.

[urbanvb]

If anything this is one of the more unique projects in TC imo.

[hoobo]

Interesting note, Reba McClannon (sp?) actually voted against this project. She was the lone dissenting vote however. Unsure what the reasoning behind it was because it was on the consent agenda and therefore not discussed during the formal session.

I can really think of three reasons for a ney vote: incentives, design, and affordable housing. I don't believe incentives are part of this building so that reason is out. I'm not sure what Ms. Mclanan's position is on affordable housing. All I can tell from her vbgov.com bio is that she's on the City's Beautification Committee and Colors Committee. No clue if that has anything to do with architecture. I suppose the simplest thing would be to ask her.