RE Developer In Training

Oh, it's all glass?? Didn't know what the façade consists of, just was saying the overlay on top of the panels is how it's usually done. Thanks for the teaching moment MayDay

I'm guessing there will be a brick façade overlay. That's typically how it's done.

More out of state developers/investors looking at Cleveland. https://rebusinessonline.com/city-club-apartments-sells-401-unit-asset-in-st-louis-plans-development-in-cleveland/ “We have a responsibility to our investors, lenders and partners to perform at the highest level and we are reallocating our financial and human capital to several accelerating markets, including Cleveland,” says Jonathan Holtzman, CEO of City Club Apartments.

Is the post office just going to close or will it be relocated? Just curious, how old is this master plan?

So this moves out the CPD, what about the County portion of the current Jail/Court/Police Station?

I would echo what tj111 just said. I bought in the neighborhood two years ago and am up over 50%. There are still deals to be had, especially if you're willing to put in the improvement work like I have. Rocky River and Lakewood may have more amenities, but their housing stock is much less affordable. And if you're like me, working downtown, you can avoid paying double city taxes in RR or Lakewood. The proximity to the metro parks, the airport, 90/480/71, and the surrounding communities makes West Park an awesome location.

The city of Lakewood is a partner in the project, no? Therefore, they're not selling the land, they're merely contributing property to the partnership.

Lakewood mixed-use plan gets down to details The $72 million project to redevelop the former Lakewood Hospital site at Detroit Avenue and Belle Avenue has reached a crucial stage. Proposed terms for Westlake-based Carnegie Management & Development Corp. will be submitted to Lakewood City Council at its meeting Monday, April 16, along with legislation that would, if adopted, allow Mayor Mike Summers to sign contracts with the developer to transfer the site and govern size and look of the proposed mixed-use project. ([http://www.onelakewood.com/wp-content/uploads/2017/02/One-Lakewood-Place-full-council-packet-04112018.pdf] to read the recommended project term sheet.) A proposed "mid-rise" concept for the project is favored by the city, but the terms describe it only as a "multi-story" project, an apparent effort to give the developer some flexibility in planning the complex. http://www.crainscleveland.com/article/20180416/news/158411/lakewood-mixed-use-plan-gets-down-details?#utm_medium=email&utm_source=ccl-morningroundup&utm_campaign=ccl-morningroundup-20180417&cci_test=morning

^^^ 14.75% mortgage rate considered the best! What a different era we are in now where 4% or less has been the norm for over a decade.

So from that view, will it cover up a majority of the Fifth Third tower?

Reading about this and thinking about the potential of what could be makes me think of the Pearl Brewery neighborhood in San Antonio. It's a neighborhood built around the brewery, right on the river as well, although not as great of a location as the Scranton site. I think this could be huge. Check it out: http://atpearl.com/about/maps/food

NRP is managing the property. Was not part of development or construction.

Looking at a mid-March move-in to one of the office floors. Cannot wait!

^ It's been vacant for as long as I can remember.

^^Absolutely would love to see redevelopment on that site. I agree that it's probably among the most valuable real estate in the state. However, it may become difficult to replace those units due to the proposed tax plans and elimination of tax-free bonds. Without these bonds and with a lower corporate tax rate, low income tax credits become very less effective and enticing for developers and investors. According to Novogradac, if both happen, it could reduce the future supply of affordable rental housing by close to 1 million units over the next 10 years.

I drove by the old American Greetings HQ a few weeks ago and saw HKM signs. They must be leasing part of that complex. The space must have been divided, as Medical Mutual is planning to move people there also.

Developer Fred Geis buys long-troubled Western Reserve Building in Cleveland's Warehouse District http://realestate.cleveland.com/realestate-news/2017/11/developer_fred_geis_buys_long-.html#incart_river_home Great to see Geis take on more projects - everything he touches turns to gold it seems.

I'm just stating that there is a need for for-sale housing. The reason I tagged millennials is because I am one, and I have many peers that are willing to spend half their incomes on rent. I realize it's not just millennials renting downtown, and that there is a huge market still for these $2-3k/ month apartments - I should know as I work for a company that owns over 5,000 market rate units nationwide. I'm just saying that in Cleveland's market, where the population and job numbers are stagnant - there will come a time where the high-end rental market has become oversaturated. That is all.

Millennials aren't the only group renting downtown. I understand that, but they're likely the ones that are renting way above their means and joining the rat race.

Eventually they'll have to start converting some of these buildings into condos. I hope it doesn't take mass vacancy for owners to consider doing so. On a related note, I looked at the Garfield's website - looks like a ton of vacancies. Not sure how long they've been available, but there will come a time when millennials realize renting for $2k a month is just plain stupid.

So long TJ DOW! ;D Any thoughts on how the election results will affect real estate development moving forward? I would think Jackson winning gives NUCLEUS a better chance of happening.

Any updates here?

New $60M Ohio City apartment/retail project is reaching halfway point Nice little write up on "The Quarter". http://www.cleveland19.com/story/36393954/60-million-ohio-city-apartment-complex-is-taking-shape

Cleveland is going after the Amazon headquarters bid "We were an underdog during that process, yet we won," said the statement from Budish and Jackson. "We are confident that working together we can highlight what sets us apart from the competition. This opportunity will have tremendous near and long-term impact on the City and the region." Might as well, right?

Someone needs to write an editorial explaining this.. since the media in this town doesn't quite get it. I guess all that matters is if the respective boards understand this. Yes, you, Jeff Johnson.