The Ralston (section 8, apartment, to rent)

[Sonofagun112]

It seems the Ralston will soon be vacated as HUD has canceled their contract with the current operator. I have a feeling this building will be purchased fairly quickly and transformed into condos. What do you guys think?

[JayHey]

My wish is for that to happen. My expectation is that the building sits empty for a few years, is declared too expensive to save, and is torn down.

[columbusboy8]

Originally Posted by Sonofagun112

It seems the Ralston will soon be vacated as HUD has canceled their contract with the current operator. I have a feeling this building will be purchased fairly quickly and transformed into condos. What do you guys think?

The Ralson, renovated and restored to its former glory, using historical tax credits, etc., would make an AWESOME condo, apartment, office building, with shops, restaurants, and various services on the bottom floors, with a restaurant/bar on the roof! I was up there in the 60's and can only imagine the view now!!

[Columbus1984]

Lots of possibilities for this building. A mixed-use deal would be great.

[Sonofagun112]

Originally Posted by JayHey

My wish is for that to happen. My expectation is that the building sits empty for a few years, is declared too expensive to save, and is torn down.

You really think so? I know there will be interest in the building. I wonder if CSU would purchase it. They were looking for more dorm space not too long ago.

[columbusboy8]

I could also see a company like USAA coming in and buying the building and converting it into retirement condos and financial services facilities for military retirees, etc.

[Fountain-of-youth]

I hope the bradley buy the building.

[JayHey]

Originally Posted by Sonofagun112

You really think so? I know there will be interest in the building. I wonder if CSU would purchase it. They were looking for more dorm space not too long ago.

Agreed with foodmngr about CSU. It's too big and too costly of a project for CSU to take on.

I think at the very least the newer adjoining tower will be coming down no matter what. It's in about as bad shape as The Ralston, without any of the historical character and appeal. Plus, that lot would probably be eyed for its parking potential by any renovator of the hotel building.

I know the big developer players in town will be interested if it goes on market, but I just don't know if any have the desire to take on the capital risks in taking on such a costly and large project, other than a sit-on-it-for-years purchase. I think those same renovation costs will keep out of town developers at bay. I have a feeling that Downtown's large projects are on a sort of moratorium until the current under-development large projects have proved themselves.

Besides my concern for The Ralston being unused and eventually demo'ed, I somewhat embarrassingly worry that the current faceless Sec 8 slumlord sells it to a slightly better faceless Sec 8 slumlord who brings it up to minimum standards and the building continues its current use.

I hope this is an opportunity for a Ralston revival, but until something positive develops my doubts are more than nagging.

[columbusboy8]

Given the extensive renovations probably needed, I bet the Ralston can be bought "cheap!" The Carmike Building was a steal!

[Fountain-of-youth]

Originally Posted by JayHey

Agreed with foodmngr about CSU. It's too big and too costly of a project for CSU to take on.

I think at the very least the newer adjoining tower will be coming down no matter what. It's in about as bad shape as The Ralston, without any of the historical character and appeal. Plus, that lot would probably be eyed for its parking potential by any renovator of the hotel building.

I know the big developer players in town will be interested if it goes on market, but I just don't know if any have the desire to take on the capital risks in taking on such a costly and large project, other than a sit-on-it-for-years purchase. I think those same renovation costs will keep out of town developers at bay. I have a feeling that Downtown's large projects are on a sort of moratorium until the current under-development large projects have proved themselves.

Besides my concern for The Ralston being unused and eventually demo'ed, I somewhat embarrassingly worry that the current faceless Sec 8 slumlord sells it to a slightly better faceless Sec 8 slumlord who brings it up to minimum standards and the building continues its current use.

I hope this is an opportunity for a Ralston revival, but until something positive develops my doubts are more than nagging.

I'll watch out for the owner after his contract with section 8 is terminated. He'll probably try to do the bare minimum for renovation just to rent his units above the market rate.