Larry1962

^^Yes???

You are right that it could be some company we’ve never thought of looking for a lower cost alternative to their existing locations. Many large east coast corporations are looking for low cost back office locations! And also many east coast CRE agents and developers are also looking and buying in CLEVELAND such as the former AECOM Centre building, 1111 SUPERIOR AVENUE building (former EATON CENTER), former OHIO MEANS JOBS building, and other locations downtown that are idea for renovation and upgrades that they are pitching to their current customers in NYC, BOSTON, DC, ect... For example: https://www.cleveland.com/realestate-news/2018/06/aecom_centre_in_downtown_cleve.html&ved=2ahUKEwivp8GW_c_lAhXpYd8KHcyuDbAQFjAAegQIBhAB&usg=AOvVaw2uKojCnhRZcYnqVbKJTswG https://www.cleveland.com/realestate-news/2018/10/1111_superior_office_tower_in.html&ved=0ahUKEwjc95n1_8_lAhVpx1kKHbvYDHAQxfQBCNMBMCM&usg=AOvVaw1InwxvWwLsut1OcYQKb5JQ https://www.crainscleveland.com/real-estate/new-york-firm-hatches-downtown-office-play And I'm sure that they are also looking for what to them is relatively low cost land like JACOBS and WESTON LOTS to build new towers since they are fewer "fixer upper" CLASS B+ C BUILDINGS left in the CBD!

At least CLEVELAND is in the process of updating its Zoning Codes with Urban Form Overlay ect. I believe they are starting with a trial in Detroit Shoreway. neighborhood and eventually the rest of the city.

It seems like SHW could easily BUILD their NEW HQ + RD buildings on PS + the SOUTHERN HALF of WESTON LOTS. With an first option to buy the northern WESTON LOT in the future in case of extra growth over and above their existing projections. That way they will save a good amount of money in purchasing the required property. And be able to build a dense urban campus and an appropriate Skyscraper on JACOBS LOT next to PS! And with that location next to PUBLIC SQUARE it will provide their employees, trainees, and customers with wonderful access to a world class public space, not to metion being surrounded by great restaurants, entertainment, ect. thats RIGHT IN THE CENTER OF OUR DOWNTOWN!

Another GREAT ARTICLE KEN!! And considering the hard research work you do for your blog articles, hopefully YOU ARE GETTING SOME EXTRA INCOME FROM THE ADVERTISING on your website!

Any details you can share with us now ???

Remember that the first leg of the Bike Midway would extend 2.5 miles along the middle of Superior Avenue from Public Square to East 55th Street. It’s also is set for construction starting next year and is a collaboration between Cleveland and the NOACA, according to our report from 2017. From Cleveland.com: https://www.cleveland.com/metro/2019/04/cuyahoga-greenways-imagines-network-of-bike-paths-trails-bike-friendly-streets-across-the-county.html

You right that IDEALLY PARKING GARAGES should be built UNDERGROUND as much as possible! BUT it's alot more expensive to build UNDERGROUND then above ground and with so tight of a building budget ALREADY there is no extra money to do so. Now in case of where they have to build piles like The Lumen Tower because of the height/weight of the building and you have to first dig out for one or more basements before the piles then it makes sense to use some of that extra space for underground parking.

As a reminder here some older cleveland.com articles about 45-55-65-75 Erieview Plaza Buildings: Alto Partners buys 55 Erieview, strikes deal for 65-75 Erieview in downtown Cleveland: https://www.cleveland.com/realestate-news/2017/01/alto_partners_buys_55_erieview.html&ved=2ahUKEwjGnYCsyLPlAhVQrp4KHYvhDkcQFjAAegQIARAC&usg=AOvVaw3D3J3rpRxM5BxTD9Hrf2Cv 45 Erieview office tower in downtown Cleveland, half empty, sells in off-market deal: https://www.cleveland.com/realestate-news/2016/12/45_erieview_office_tower_in_do.html

The interesting thing about the Renaissance Hotel is that at one point it was a 1,000 room Hotel! Over the years it has been renovated several times and it has been downsized to 800 then later 600 and finally 450 rooms, because there was NOT ENOUGH DEMAND at the time.

I think the common denominator for Little Italy, University Circle, Tremont, parts of Ohio City, Detroit Shoreway, and places like Lakewood is that they all have a problem with not enough parking for a HOT and GROWING NEIGHBORHOOD that is growing with new redsidents, retail, and restaurants! So the "old timers" worry about the few parking lots being redeveloped. Of course thats why it seems most sites are building extra parking over and above what existed before.

^And they sometimes also have a $ 5 sale too...

A small diner thats serves "home made" food with reasonable prices so that if you live or work in the area you could afford to eat there regularly. Like the small diner that WAS on Canal Road and near whats now the East 9 St extension today. It was a nice family run place where a lot of the local and construction workers would eat breakfast and lunch there regularly... Good memories.

Actually SHW had its name on the mural hanging on the Landmark Building several years ago. Saying something about their LOVE for their Hometown CLEVELAND... Another reason I think they will STAY IN CLEVELAND!! Unless of course they get just a great over the top INCENTIVES DEAL from another city/state that they would be breaking their duties to their shareholders.

THANK YOU to the PLAYHOUSE SQUARE FOUNDATION and all of the Donors and Theater Goers and CONSTRUCTION WORKERS who have made The LUMEN TOWER possible!!! I'm sure in time it will help to encourage other groundbreaking projects!

Ken and anyone else in the know: Can you give us any more details or the BIG PICTURE on the unannounced various development projects brewing in MIDTOWN area?? OR maybe KEN can do his thing and give us ANOTHER SCOOP on his NEOtrans Blog site??

IF the 925 building is mostly apartments it will be like trying to lease the entire KEY TOWER as a APARTMENT TOWER and so YES I'll take a good amount of time to fully lease that large amount of sq ft! Now IF they include a sizable amount of Office, Hotel, and Retail space....then of course I'll take less time. And I'm sure I'll be a mix use project. Just think of having hundreds of built in CUSTOMERS if say you a restaurant or a drug store or a convenience store located in the building that provides FREE DELIVERIES TO RESIDENTS, especially on those -10 below weekends with a foot of snow and you off for the weekend!!

If NRP can make it work financially, it would be nice IF the parking deck is built with a foundation like 515 EUCLID GARAGE! It would allow for a 5-15 story apartment complex built on top when the whole SP is developed in the future and hopefully there is more demand for upscale housing!! And I did notice there is a few retail locations included in the current renderings, which they hopefully be able to use for other porpoises until they are leased for retail. And it will require a long term view, realizing that it will take some good amount of time to fully develop such a unique asset!! Plus there is another 50+ acres that is owned by another company/trust that encompasses the rest of the SP to be DEVELOPED SOME DAY!

Good location BUT it maybe a bit too far from most of the law firms that use the Justice Center daily.

Besides the 69 apartments in the main building, they will also be building six TOWNHOUSES on the Vega Avenue side of the project too!! This will really improve that part of Vega Avenue, which is next to the I-90 on ramp. And the one bedroom rentals start at only $745 a month plus utilities. Doubles from $1,150 a month plus utilities. Triples from $2,175 a month plus utilities. Parking is extra. Some of the amenities listed on their website: Gigabit Wi-Fi Internet Service Controlled Access Entry Two Elevators & Wheelchair Lift Fitness Center Community Room Bicycle Storage Room Pet Wash Package Service Extensive Native-Plant Landscaping 100% On-Site Stormwater Management (No Rainwater To Public Sewer) Plus the new Tappen Apartment Building which will include a Bakery is just down the street at Barber & Scranton Avenues too.

^It will take a while to fill 925 building since it's about the same sq. ft. as KEY TOWER.

Since it will take a couple years for Millennia to do a total rehab of the 925 building, can't they still reserve certain floors for office space in the hope that they will be willing tenants by that time frame?

Talking about Somera Road Inc. here's a interesting short article about the company's game plan in general and about Michael Fralin their General Counsel. https://www.vanguardlawmag.com/case-studies/michael-fralin-somera-road-inc/

Probably because IF these buildings was built partly to house some of the old style really heavy CENTRAL OFFICE BELL SYSTEM EQUIPMENT then they had to be designed for really heavy loads and could be used for any type of offices, data center, retail, pretty much anything.

Another great article!! Do you know which of these projects maybe started first? And in what type of timeline?