Revel Development had a planned project on Lancaster St West and Union St. There are two houses beside Forwell Variety on Lancaster that where to be demolished. I noticed today the Revel sign is down and the property is up for sale. I would say based on that this project is dead.
(10-02-2014, 06:29 PM)rickhd Wrote: [ -> ]Revel Development had a planned project on Lancaster St West and Union St. There are two houses beside Forwell Variety on Lancaster that where to be demolished. I noticed today the Revel sign is down and the property is up for sale. I would say based on that this project is dead.
I should take some pictures. The two houses are all boarded up with a big warning to Keep Out. Looks like something straight out of a slum. Hopefully they demolish the houses soon. Then it can become another weed infested vacant lot.
I'd consider this "Urban Kitchener" as opposed to "Suburbs." It's inside the expressway, anyway, and Lancaster has a mix of uses and doesn't seem especially suburban.
Edit: that's probably pretty moot as it's not likely to be a project anyway.
What had Revel been planning for this site? Seems like a decent location for an affordably priced product.
(10-27-2015, 10:06 AM)tomh009 Wrote: [ -> ] (10-27-2015, 09:24 AM)rickhd Wrote: [ -> ]Current Plan by new developer.
http://www.openavenue.com/portfolio-item...ownstones/
Interesting ... they are looking for (smaller?) investors for the project. Maybe I should sign up to get the details! 
I believe this was an investment company the developer started for people to invest in some/all of their projects.
But I remember there being some issue as to if they would be able to sell "shares" as there needed to be some kind of certification process. Don't remember all of the details though.
(10-27-2015, 10:20 AM)Spokes Wrote: [ -> ] (10-27-2015, 10:06 AM)tomh009 Wrote: [ -> ]Interesting ... they are looking for (smaller?) investors for the project. Maybe I should sign up to get the details!
I believe this was an investment company the developer started for people to invest in some/all of their projects.
But I remember there being some issue as to if they would be able to sell "shares" as there needed to be some kind of certification process. Don't remember all of the details though.
Correct. Openavenue was tied to Revel/Madison and I believe is also defunct for whatever reason. I also recall some issue with the legality of dividing up real estate in this fashion ...
Isn't that effectively the same as a condominium corporation, just not owner-occupied?
(10-27-2015, 12:57 PM)tomh009 Wrote: [ -> ]Isn't that effectively the same as a condominium corporation, just not owner-occupied?
No, they want to raise capital to build projects similar in a way that a start up raises funds to build their business.
My comment wasn't clear, sorry.
(10-27-2015, 03:18 PM)REnerd Wrote: [ -> ] (10-27-2015, 12:57 PM)tomh009 Wrote: [ -> ]Isn't that effectively the same as a condominium corporation, just not owner-occupied?
No, they want to raise capital to build projects similar in a way that a start up raises funds to build their business.
My comment wasn't clear, sorry.
If it's just a corporation that develops and rents real estate, it's not obvious to me what the legal difficulties would be.
(10-27-2015, 04:48 PM)tomh009 Wrote: [ -> ] (10-27-2015, 03:18 PM)REnerd Wrote: [ -> ]No, they want to raise capital to build projects similar in a way that a start up raises funds to build their business.
My comment wasn't clear, sorry.
If it's just a corporation that develops and rents real estate, it's not obvious to me what the legal difficulties would be.
Could be an issue with average people not being allowed to invest in non-publicly-traded companies in general. You'd need to be an "accredited investor," i.e. you have to have a fairly large amount of non-real-estate holdings.
The two houses are gone this morning. I think they were demolished yesterday; I saw a power shovel there last night but assumed it was just part of the Union road work.
Some work starting on the site. Noticed that sewers have been installed.
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