OFFICIAL - Reverb (1800 Walnut)

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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normalthings
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by normalthings »

https://lead.bank/single-blog/news-pres ... s-district

Lead Bank would have been able to take all of Corrigan 2. The fact they didn't move there shows that they are probably not working with Copaken on some larger vision.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Rabble »

normalthings wrote: Sun Dec 20, 2020 5:50 pm https://lead.bank/single-blog/news-pres ... s-district

Lead Bank would have been able to take all of Corrigan 2. The fact they didn't move there shows that they are probably not working with Copaken on some larger vision.
Regardless, the dink mid-century with the 6 year old topper, is bound to be replaced eventually by something that will fill out the block.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by flyingember »

Rabble wrote: Sun Dec 20, 2020 10:01 pm
normalthings wrote: Sun Dec 20, 2020 5:50 pm https://lead.bank/single-blog/news-pres ... s-district

Lead Bank would have been able to take all of Corrigan 2. The fact they didn't move there shows that they are probably not working with Copaken on some larger vision.
Regardless, the dink mid-century with the 6 year old topper, is bound to be replaced eventually by something that will fill out the block.
The only chance is when they inevitable merge the new bank owns branches too close together. This is a flagship branch today.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Midtownkid »

I think Reverb failed with their rooftop equipment. It is very visible from a few blocks away. The building has such clean lines and a minimalist vibe...until you look at the roof. I wish they would add a screen around the perimeter to hide it. It could have the same language as the fins that hide the garage along Walnut.
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Re: OFFICIAL - Reverb (1800 Walnut)

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Chris Stritzel
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Chris Stritzel »

Of the 132 units at Reverb, the website is showing 103 available (29 leased). Leased percentage: 22%.
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Re: OFFICIAL - Reverb (1800 Walnut)

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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Rabble »

TheLastGentleman wrote: Mon Dec 28, 2020 10:49 pm Image
This is a great view of Reverb. With additional infill the picture could be mistaken for somewhere in Manhattan.

From the south isn't bad either. I really like the way Reverb and Corrigan Station play off each other, same scale but completely different styles.
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I disliked the building to begin with because of the view from Main and the exposed parking cables. But I didn't understand that this faces an alley and will someday be covered up by a new building to the west.
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Look at Copaken's other recent apartment building, Arterra. Same parking cables, but here they're facing the alley side of the Crossroads hotel.
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Arterra filled in the hole of an existing neighborhood and got immediate context. Reverb is waiting for new neighbors on three of it's four sides, to give it the context it currently lacks.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by flyingember »

The west side has a neighbor. It's the bank entrance

north is owned by Scientology. That's *never* getting filled in unless they get shut down by the feds.

east is possible. It's owned by Botwin Commercial Development, 74th and Broadway
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by TheLastGentleman »

I get the feeling all the banks in the Crossroads are just real estate investments by the banks themselves. I mean, how many people are hopping off the streetcar to open and account with Lead or Enterprise? Property in the Crossroads, along the streetcar line especially, is just going to get more valuable as time goes on, and I'd think developers will be begging to build larger and more active projects on sites like these.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by flyingember »

TheLastGentleman wrote: Tue Dec 29, 2020 5:24 pm I get the feeling all the banks in the Crossroads are just real estate investments by the banks themselves. I mean, how many people are hopping off the streetcar to open and account with Lead or Enterprise? Property in the Crossroads, along the streetcar line especially, is just going to get more valuable as time goes on, and I'd think developers will be begging to build larger and more active projects on sites like these.
There's 12 banks within one block of the streetcar line. So clearly it's a great place to be located. There's very few banks even 2-3 blocks away.

We shouldn't be encouraging tear downs with as many empty parking lots there are.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by TheLastGentleman »

flyingember wrote: Tue Dec 29, 2020 5:41 pmThere's 12 banks within one block of the streetcar line. So clearly it's a great place to be located. There's very few banks even 2-3 blocks away.

We shouldn't be encouraging tear downs with as many empty parking lots there are.
I'm not arguing about whether it's a great place to be located; I'm arguing why it's a great place to be located. Namely, that owning real estate in the area is a great investment that will only rise in value for the foreseeable future, and could be later sold for a major profit. I don't think banks are moving in for the foot traffic, especially in the modern world of online banking.

If these buildings aren't going to be torn down, I guarantee they'll at least be modified to serve more active and profitable purposes. The Lead building's parking lot, for instance, will eventually be too valuable not to build on, especially with its frontage along Main Street.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by normalthings »

TheLastGentleman wrote: Tue Dec 29, 2020 6:27 pm
flyingember wrote: Tue Dec 29, 2020 5:41 pmThere's 12 banks within one block of the streetcar line. So clearly it's a great place to be located. There's very few banks even 2-3 blocks away.

We shouldn't be encouraging tear downs with as many empty parking lots there are.
I'm not arguing about whether it's a great place to be located; I'm arguing why it's a great place to be located. Namely, that owning real estate in the area is a great investment that will only rise in value for the foreseeable future, and could be later sold for a major profit. I don't think banks are moving in for the foot traffic, especially in the modern world of online banking.

If these buildings aren't going to be torn down, I guarantee they'll at least be modified to serve more active and profitable purposes. The Lead building's parking lot, for instance, will eventually be too valuable not to build on, especially with its frontage along Main Street.
That could explain Lead but not the countless micro bank sites. Many are small or not well positioned to be developed on. The primary purpose of these locations are to be a billboard. Secondary purpose is to be near small businesses (see Leads startup spaces) and third populace. If this was really about land investment, they would be buying contiguous parcels and not just small one offs.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by flyingember »

TheLastGentleman wrote: Tue Dec 29, 2020 6:27 pm If these buildings aren't going to be torn down, I guarantee they'll at least be modified to serve more active and profitable purposes. The Lead building's parking lot, for instance, will eventually be too valuable not to build on, especially with its frontage along Main Street.
I really doubt this. I would expect most of the banks close every other branch before they close one at a location where people go by it up to 2 million times a year. No less than 4 of the 12 are new to the corridor in the past few years. Two of them renovated an existing building.

I would expect more banks locate to the corridor instead.


Don't assume the Lead Bank parking lot is too valuable to not build on. We're talking about a company where they can do single deals that brings in millions. The taxable value of the land is a pittance compared to the potential profit they can bring in.

It's also likely contractually tied up in their tenants.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by beautyfromashes »

flyingember wrote: Wed Dec 30, 2020 9:32 am I really doubt this. I would expect most of the banks close every other branch before they close one at a location where people go by it up to 2 million times a year. No less than 4 of the 12 are new to the corridor in the past few years. Two of them renovated an existing building.

I would expect more banks locate to the corridor instead.


Don't assume the Lead Bank parking lot is too valuable to not build on. We're talking about a company where they can do single deals that brings in millions. The taxable value of the land is a pittance compared to the potential profit they can bring in.

It's also likely contractually tied up in their tenants.
What you see in larger cities is buildings like this sold but the bank negotiates prime space inside the new development. We’re not there yet, but the land will be more valuable than the building.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by benm »

Chris Stritzel wrote: Sat Dec 26, 2020 2:37 pm Of the 132 units at Reverb, the website is showing 103 available (29 leased). Leased percentage: 22%.
I'm going to guess the 2 BR+ cost for 1BR units isn't helping them. The target market seems to be priced out - at least when I was at a point in my life to pay as much as they were asking, I was no longer interested in a 1BR apartment. Who wants a 1400 apartment @ $3200 that also wants only 1 BR - pProfessional athletes, CEO's with mistresses, and kids fresh out of college that don't know any better?
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Chris Stritzel »

I took a tour of this building the other day, I'll post some photos I took and my opinions later on. For now, I took this today.

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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Chris Stritzel »

On Monday, I took a tour of this project because I am interested in it. Ms. Bri took me on the tour. I got to see a Studio unit and a One Bedroom unit. Both were model units. According to Bri, Reverb has 20 different floor plans.

Entrance/1st Floor Area
It's a minimalist lobby, which goes with the minimalist theme of the building. I do like the wood accenting in the lobby and I found the sitting area to be nice.
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Reverb Social
The 14th floor, beyond having the Mercury Room, includes the Reverb Social, which is the building's main amenity area. It includes a community kitchen, conference room, and, my personal favorite, a room that has a warm feel with wood and plants. The views from the amenity area is South and East.The space is really designed to act as an extension of the apartment units and give residents more space to work from home, or just socialize with other residents.
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Mercury Room Terrace
I find the Terrace for the Mercury Room to be nice, but it is tight. The view is great.
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Studio (A1 Layout - $1149-$1299 per month)
This unit is actually the one I would prefer to live in since it felt more cozy and not as open as the one bedroom I was shown. I do like the cabinet colors, backsplash and appliances in the kitchen. They all blend well.
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One Bedroom (B2 Layout - $2575-$2625 per month)
This unit was nice because of the view and how the bedroom was partially separate from the living area. Views faced North and West. Unlike the Studio, this one felt much more open and feels like you have to get more furniture in there to make it feel cozy. This unit has a loft style feel to it because of the ceiling heights, exposed concrete, and large windows.
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Opinions...
- I did find the hallway to be a bit different. The strip lights made it feel more modern.
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- I do feel like it would've been beneficial to move the utilities to the upper roof instead of the lower roof. The lower roof could've had more amenity space for the residents.
- The Mercury Room is a good way for members of the public, who want to have a drink, to enjoy a view. However, I feel like eventually the Mercury Room will be replaced. Not sure with what, but I could see it happening.
- I do feel that the lack of amenities is going to be a hurdle for leasing here. While Reverb shines in views, it lacks in the amenities category. Having a community kitchen, conference room, and garden style room is nice, but, and I don't mean to sound rude here, it seems very corporate. Sort of like a modern office building. It's not like what you'd expect from a new apartment building, especially one in the Crossroads.
- I found the lack of closet space a bit interesting. I could make it work, but I could see where problems would arise for people that have lots of clothes, shoes and other items. It would be nice if more closet space was included.
- Finally, I could tell that the building appeals to a certain crowd of people. Mostly, I get the feel that it appeals to empty nesters who don't want to have all the amenities of typical apartment buildings (which are more opportunities to run into neighbors). It also appeals to people who want to have the neighborhood as their amenity and aren't hesitant to spend a premium on an apartment.

Overall, I still like the Reverb, although I do admit that it is not for everyone. I look forward to seeing how leasing goes over the next several months and I do with them the best.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by hartliss »

Great recap and pics!
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by CrossroadsUrbanApts »

normalthings wrote: Tue Dec 29, 2020 6:50 pm
TheLastGentleman wrote: Tue Dec 29, 2020 6:27 pm
flyingember wrote: Tue Dec 29, 2020 5:41 pmThere's 12 banks within one block of the streetcar line. So clearly it's a great place to be located. There's very few banks even 2-3 blocks away.

We shouldn't be encouraging tear downs with as many empty parking lots there are.
I'm not arguing about whether it's a great place to be located; I'm arguing why it's a great place to be located. Namely, that owning real estate in the area is a great investment that will only rise in value for the foreseeable future, and could be later sold for a major profit. I don't think banks are moving in for the foot traffic, especially in the modern world of online banking.

If these buildings aren't going to be torn down, I guarantee they'll at least be modified to serve more active and profitable purposes. The Lead building's parking lot, for instance, will eventually be too valuable not to build on, especially with its frontage along Main Street.
That could explain Lead but not the countless micro bank sites. Many are small or not well positioned to be developed on. The primary purpose of these locations are to be a billboard. Secondary purpose is to be near small businesses (see Leads startup spaces) and third populace. If this was really about land investment, they would be buying contiguous parcels and not just small one offs.
I was going to pretty much say what normalthings said. The bank branches are as much about advertising as anything. I bank at Academy partly because I had an office in the Corrigan for a year. Proximity to business customers is critical.
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