Larry1962

Just wanted to let you know that the link is NOT working...

Why could the Wolstein family/company fill in the last minute $ 50 Million Dollar funding gap when starting the first phase of the East Bank Flats Project with their own personal guarantees to make sure their $ 250 Million Dollar project go forward. AND Bob Stark/company/partners can't or won't fill a $ 12 Million Dollar gap in his $ 250 Million Dollar project to make sure their project is completed? And by the way the Wolstein was able to refinance the project after completing the majority of the EY Building and there by remove the need for the personal guarantees...

Here's some interesting articles about using poultice to clean historical stone facades: https://www.buildingconservation.com/articles/poultices/poultice.htm https://www.buildingconservation.com/articles/masonry-cleaning/masonry_cleaning.htm

What about locating the NEW COUNTY JAIL near the New Cleveland Police Department HQ near the OPPORTUNITY CORRIDOR? Which MAYBE with the critical mass of new employees to the area will help to jumpstart the renewal of the so called "forgotten triangle" ? With both the CPD HQ and the County Jail located there it should at the very least attract some new restaurants and other retail nearby considering the large number of employees working there 24 hours a day and night. And by the time they are open in a couple of years the CORONAVIRUS VIRUS should be under control and retail, restaurants, apartments, and other type of businesses should be eager to open and hopefully expand.

Another GREAT ARTICLE Ken! My question is can the developers get permission to demolish both the Marion and Bertsch buildings, considering they are both part of the Historic Warehouse District?

IF you are interested here's a link to the GCP hour long webainar: https://register.gotowebinar.com/register/3135070899736242448

THANKS StormyPeanut for the updated information! The NYC based developer of this project also owns the former ATT- OHIO BELL building on East 9 Street which is one of the Erieview buildings. And they tried to auction it off recently, because they have NOT been able to attract a office tenant. BUT the buyer backed off after due diligent. Hopefully the developers will continue to try to attract some of the office tenants which KJP tells us ARE LOOKING for nice up to date offices and which so happened to both be former telephone C.O. buildings.

Maybe it's time for a database of projects?

The saving grace with the HKM site is that it's a great location next to the EDISON apartment complex with great views of the lake and a great up and coming neighborhood! With all that going for it, then IF Carnegie can't develop the site then another developer WILL! And it will require a short delay but MAYBE IF that happens a much bigger and better financed developer will take over BOTH that site AND the WESTINGHOUSE COMPLEX next door. And then we can really have a great mix use development of new and renovated buildings and plus provide a parking garage for the Edison too.

Thats interesting because SHW said that they would spend at least $600 million combined for both the new HQ and the new R&D center. And with the proposed one million sq. ft. for the HQ and 500,000 sq. ft. for the R&D center that implies roughly $ 400 million for HQ and $ 200 million for the R&D center. Of course in some ways it's cheaper to build in the suburbs than Downtown and so the original numbers could be more like $ 500 million for HQ and $ 100 million for the R&D. VERY INTERESTING to see want it's going to REALLY COST...

THANKS KJP for another great article! And here's a nice example of a 60 story building SHW lead architect designed in Chicago:

Correct.

BUT the current plans also include a large 6 - 8 story base with retail, parking, and hopefully the planned CLEVELAND LIVE entertainment complex that would occupy a large part of the first floor that will be across from the RMFH. That WILL help connect the EAST 4 STREET and the RMFH and provide post virus another place for small concerts and other events year round! And that base will also provide a place for ANOTHER TOWER, be that apartments, condos, or mix use.

Completely independent. But I'm sure knowing that you will be having 3,500+ SHW employees next door in a few years really helps... And I'm still hearing that a couple of developers are really interested in developing both the Stark parking lot on West 9th & St. Clair Avenue and also the Weston lot on the north side of St. Clair Avenue & West 3rd Street as either apartments and or offices. Especially since by the time they are built the virus should be under control and the SHW Towers should be open!

Very good points! But assuming that with in a year or so we have a vaccine for the virus we are now fighting. And that a large portion of office workers then return to tradition offices at least three days a week. Then by the time a second nuCLEus Tower MAYBE built in four or five years that there will be a LARGE PENT UP DEMAND for Class A - Trophy Office Towers downtown! Especially since Class A space in the CBD is already down to 12-13% vacancy. And KJP has already reported that there are at least two out of market companies and one local company that has been considering building new office towers in the CBD! Those plans are now on hold and or maybe cancelled until they can reassess their future office space requirements considering the virus causing a lot of remote working today. And with a NEW SHW TOWER being built downtown within a few years, I believe that will encourage some of their main partners and suppliers to perhaps built a 20-30 story office tower to allow their local employees to improve their integration into SHW to allow better SHW customer service and respond times. BUILD BABY BUILD!!

The really SAD thing is that it seems like BOB STARK perhaps had the financing in place a couple times over the last six years and he could had built one of the versions of nuCLEus. BUT he got too wrapped into the Perfect Project over a Doable Project syndrome. BUT I do give him a lot of CREDIT for NOT giving up and as Walt Disney said: KEEP MOVING FORWARD!!!

You have some very good ideas about reconfiguring NUCLEUS to enable Stark to ACTUALLY START BUILDING! But the only problem is that IF you start building above approximately 25 floors you will have to spend A LOT MORE MONEY for a foundation to bedrock. Thats one reason Stark shorten the buildings to 24-25 stories to save a lot of money on the foundation. I think a good solution is to do the parking & retail base and then Stark builds the first tower with total of 24 floors total with approximately 6-8 floors base, 8 floors Office, and 8 floors of Apartments. And then a couple years later build a similar # 2 tower on the existing parking - retail base. And at that point depending on market conditions Stark could build a combination office & residential tower. Or he could build a 100% office tower or a 100% apartment tower depending on what makes sense at that point in time. And IF nuCLEus is built I do hope that the CLEVELAND LIVE component is build as part of the base! And it would add so much to the EAST 4 STREET and RMFH Entertainment District! And then change the name to: LARRY'S nuCLEus TOWER LOL

THANKS KJP for another great article! My question is what's the status on the complete renovation of the former Ohio Means Jobs building next door on Bolivar? And did they get the high value tenant they was after?

Thanks for the update KJP. I read more recently I believe in a Crains article that his Chicago business partner in that project has until this October to decide whether to go ahead with the 3B phase of the East Bank of the Flats project. And that's why he wants to get an extension on the TIF's. So that he can refinance the bonds and have enough money to catch up the payments he owns on the project. And so that in October IF this project moves ahead he can more easily seek more subsidies from the city, county, and state to make the numbers work on this phase of the project.

The Cleveland - Cuyahoga County Port Authority provided approximately $ 110 Million Dollars of financing for the $ 250 Million Dollar first phase of the Flats East Bank development. And so they own that property as collateral until the lease bonds are paid off.

What about the status of thr 3B phase of the Eastbank of the flats project?

Thanks KJP for the update! Which development projects have been canceled?

The amazing thing about the Renaissance Hotel is that at one point many years ago it had about a 1,000 ROOMS, but over the decades through several renovations, it's been reduced to only about 300 - 400 rooms today. Just think how useful that many rooms would be in a few years post pandemic in providing a convenient hotel to the thousands of trainees, executives, and partners that will visit the new SHW HQ every year? Not to mention helping to attract larger multiple day conventions to Cleveland.

^^ I assume the site where they was digging?

^^Also per the above Crain's Cleveland article: Freddy Collier, the city's planning director, said during Friday's meeting. "I was very pleased with the fact that this was a mid-rise structure rather than a tower, that was originally proposed for this particular site." My question is why does both OCI and the some members of city staff DON'T want a RESIDENTIAL TOWER? Original it was to be a 500 unit Tower with ground floor retail. Of course this project is BETTER than a EMPTY LOT... BUT is it the HIGHEST and BEST USE for a prime location with great views? IMHO I think not. SAD when the local CDC and the City stand in the way of what could have been a REALLY GREAT PROJECT instead of just a good project. We deserve better. Cleveland deserve better.