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Consultant gives stalled projects a jump-start | Condos get rescued
Real estate risks that send some developers running – those mired in financial woes or are in need of considerable modifications – are exactly what drive Andy Howe.
‘Fixer’ Andrew Howe pushes to revive stalled Schoolhouse Lofts project – Business Courier
After 18 months in limbo, the Schoolhouse Lofts project in East Walnut Hills got a new lease on life in May, when developer Andrew Howe cut a deal with lenders and lienholders on…Click Here to Read The Entire Article
Cranewoods Purchases Remaining Schoolhouse Lofts in Cincinnati, Ohio
Cranewoods Development is entering their second redevelopment project in Cincinnati Ohio with the purchase of the remaining Schoolhouse Lofts. Now in the process of finishing the luxury urban condo project, the Mcarland Lofts, in the West Fourth Street Historical District within the business district of Downtown Cincinnati, Cranewoods is engaging another historically oriented project in East Walnut Hills. The remaining Schoolhouse Lofts units had languished in the challenged real estate market. Cranewoods has taken on the role as the Redevelopment Manager of the former schoolhouse.
Andrew Howe of Cranewoods saw the beautiful old Walnut Hills High School and decided his expertise in historical building redevelopment and luxury housing gave him insights on how to provide contemporary (if not urban hip) design to the unique building with multiple turrets and Romanesque Revival design.
“I like the challenge of historical buildings,” says Howe, “but I also liked the central location near downtown Cincinnati, the hospitals and Clifton. The neighborhood is highly walkable, and I felt I could bring value and an upgraded design to new buyers at the Schoolhouse Lofts.”
Cranewoods will provide new layouts and new design to the remaining five units. The project will now include optional layouts for a second bedroom or an expanded great room, bamboo floors, cutting edge designed bathroom vanities and fixtures, and designer lighting along with stainless steel appliances and granite countertops. The revisions will also now include optional private garages in the gated parking lot.
The neighborhood of East Walnut Hills has grown from its “urban pioneer” days to be voted one of Cincinnati’s Top Ten neighborhoods.
One of the more unique aspects of the project is the financing structure Cranewoods arranged by teaming with the Cincinnati Development Fund (CDF). CDF will provide a no interest/ no payment second mortgageto qualified buyers for 10% of the purchase price.
Cranewoods began providing real estate development consulting in Cincinnati in 2010 and the Schoolhouse Lofts is their second redevelopment project in the city.
For more information on the Schoolhouse Lofts visit http://www.schoolhouselofts.net
McFarland Lofts – Walkable Living in the Downtown Cincinnati West 4th Street Historic District
in Cincinnati Real Estate Development, Cincinnati Real Estate News, Ohio Real Estate Development News
Lof t project in the historic district around the corner from 4th and Plum. 304 McFarland street.
Murray Howe’s Vintage 1909 Photographs of Moscow
In 1909 my great-grandfather visited Russia and Germay on an exhibition tour of race horses. He took over 300 photographs with a high quality Graflex camera, and wrote extensively about the trip. Here are his photographs taken while in Moscow:
http://www.flickr.com/photos/cranewoods/sets/72157626191454674/show/
How a Walk Score Rating Increases Real Estate Values
You already know that walking is good for your health. And you probably already know that neighborhoods with lots of foot traffic support a better quality of life for the people who live, work and play in those communities.
But do you know whether your home is rated as a “Walkers Paradise” or “Car Dependent”? Do you know how each of those ratings increases or decreases your home value?
Walk Score rates locations based on how walkable they are. They take into consideration walking distance from a specific address to services, art galleries and museums, clubs and nightspots, shopping, restaurants and delis, everything you need to live without a car.
So, What’s your Walk Score?
To take advantage of the information about a location’s walkability, just enter a street address on the Walk Score website. The site will populate a map of venues within walking distance on a map, and rate the walkability of the location. The Walk Score ratings are:
90-100 Walker’s Paradise – Daily errands do not require a car.
70-89 Very Walkable – Most errands can be accomplished on foot.
50-69 Somewhat Walkable – Some amenities within walking distance.
25-49 Car-Dependent – A few amenities within walking distance.
0-48 Car-Dependent – Almost all errands require a car.
According to Walk Score, the following characteristics make a community walkable: Read more →
Furnishing A Historic Loft Interior Video
Furnishing the model at The McFarland Lofts in the Downtown Cincinnati West Fourth Street Historic District.
Prices start at $199,000 and include garage parking, private balconies and conditioned storage.
ENR Magazine Interviews Distressed Real Estate Project “Fixer”
In the November 3rd edition of the Engineering News Record (ENR), the leading news weekly to the construction industry, Andrew Howe, president of Cranewoods Development was…Click Here To Read The Entire Article
ENR Magazine Interviews Distressed Real Estate Project “Fixer”
Engineering News Record (ENR) magazine points out how real estate developer Andrew Howe, of Cranewoods Development, combined his knowledge of development and construction to offer asset management services for banks and borrowers to fix broken real estate projects and loans. ENR calls him a “project fixer” and a “poster child of survival”.
Cincinnati, OH (PRWEB) November 16, 2010
In the November 3rd edition of the Engineering News Record (ENR), the leading news weekly to the construction industry, Andrew Howe, president of Cranewoods Development was spotlighted for his success at “fixing” distressed real estate projects and loans in the tumultuous real estate market.
The article, titled “Consensus Is Reached: Nowhere To Go but Up”, points out that Cranewoods “rolled with the punches” by realizing that with fewer new projects on the horizon, their expertise in construction and real estate development financing was in demand by troubled investors, lenders and borrowers with projects that had stalled or gone into foreclosure. Cranewoods began consulting long before the world’s economic troubles, but their unique knowledge is now being requested more than ever, as so many projects and loans fall prey to the changing economic conditions. Distressed asset management has become a key component of their business.
When asked how he adapted to the market, the article quotes Howe, “Having both construction and development experience is what kept us in the game”. Stalled projects, usually with less money and a smaller market available, present real challenges to bankers and developers alike. “Taking over half-finished projects is a specialized field,” Howe said. “Since the time when those projects were initiated, the markets had changed, which required we make design changes. We’re now in the business of fixing broken projects.” Read more →