Larry1962

Good research TYKAPS! It makes sense of the large increase in new/rehab housing units in 44113 since it covers parts of Ohio City, Tremont, and Downtown too!

^^It seems like they still are having MAJOR PROBLEMS trying to clean the western most facade of THIS NEW GEM of a building!!

YES they are different tax credits. Thats what I meant, the rural districts are VERY UNLIKELY to get a 10% TMUD TAX CREDIT project thats qualified. AND so the sponsors of the TMUD BILL are trading tax credits via UPPING THE HISTORICAL TAX CREDIT FROM 25% to 35% for the rural historical rehabs to encourage those rural members to vote for the TMUD....

^^I know that several years ago Google Health was considering a location in Uptown section of University Circle that never happened per a KJP posting on November 13 in this thread. The more recent Google project? marty15 posted on November 12 in the FirstEnergy Stadium renovations thread: "I’ll say this if I haven’t before, Alphabet/Google was/is working directly with Vocon. My source said it was their largest project undertaking in company history. All related to CityBlock. I know this is the wrong thread, but just continuing the euphoric speculation here. I haven’t been allowed to know anymore since that convo."

I agreed because it seems like both of the OHIO chambers is controlled by rural politics. They know that it's HIGHLY UNLIKELY that a major mix use project would be built in their districts and so they DON'T CARE about potential new laws like the proposed Transformational Mixed-Use Development (TMUD) tax credit. Their only hope would be a warehouse or manufacturing project thats built on farm land that some how qualify for the TMUD. Thats why its smart they charged the bill to increase the historical tax credit for RURAL AREAS from 25% to 35% since there districts are more likely to qualify for this type of tax credit. And they added more controls and restrictions to show the budget hawks that tax credit won't run out of control.

I was concerned after reading the article link that Dougal posted earlier today. Because it said: "His company (CITY CLUB APTS) has new communities under development in Detroit, Minneapolis, Cincinnati, Kansas City, Pittsburgh and Chicago." And IF the CLEVELAND PROJECT is still alive working behind the scenes then I CONSIDER THAT A PROJECT UNDER DEVELOPMENT... https://www.rejournals.com/commercial-real-estate-hall-of-fame-city-club-apartments-holtzman-20191210

Kenny is THE MAN WITH THE INFO!! I have some contacts in the business, BUT you always same to have the BEST INSIDE INFO!!

Plus they will have retailers inside along one hallway that connects EUCLID AND PROSPECT.

Great find Frmr CLEder! From the report: Notable Changes This Past Year Upward Cities with the largest year over year growth rates: –Cleveland, OH had the fastest growing rent since this time last year, up 16%. This growth rate moved the city up from #74 in our December 2018 Rent Report to #57 in this December 2019 Rent Report, catapulting up 17 spots.

Another great article! How long do you think it will take before this becomes law? Do you think it will really help both nuCLEus and Centennial projects be completed? And what is the timeline of when these projects could be approved for the tax credit IF it becomes law?

A sizable part of whats now Tower City will continue to be PUBLIC. Actually its just like at Key Tower IF you dont work in the tower then you dont get access to the upper floors. The public is restricted to the first floor only.

It will be a combination of blockchain tech, general tech, all types of startups, and hopefully anchor tenants made up of large corporations. And it will include nonprofits and public agencies that will support the new startups. And along Prospect Avenue there is planned key retailers and I believe also some retail will be inside the New CITYBLOCK/TOWER CITY. And it will provide startups with subsidized rents that is affordable.

Actually transit riders will be restricted to the public areas unless they are a member of CITYBLOCK. If you look at the renderings of CITYBLOCK that was released a while back there is separate public and member only areas. A sizable part of whats now Tower City will continue to be PUBLIC. Actually its just like at Key Tower IF you dont work in the tower then you dont get access to the upper floors. The public is restricted to the first floor only in Key Tower.

City sets in motion tax-increment financing packages for 3 Cleveland apartment projects. Last week the city planning commission approved legislation that would allow the city to enter into the chain of title for properties at the corner of Larchmere Boulevard and East 121st Street; the corner of West 25th Street and Lorain Avenue; and at 2048 Fulton Road. Developers of all three projects sought 30-year, non-school TIFs... The largest of the projects is Market Square, a mixed-use project by Chicago-area developer Harbor Bay Real Estate Advisors. The project, at the corner of West 25th Street and Lorain Avenue... https://www.cleveland.com/business/2019/12/city-sets-in-motion-tax-increment-financing-packages-for-3-cleveland-apartment-projects.html It will include nearly 300 apartment units, about 40,000 square feet of retail and event space, underground parking and an acre of green space

The nice thing is that on the PROSPECT side of the building there is a massive amount of retail space that will be available on the first floor between EUCLID and PROSPECT! There will be some space required on the first floor for the garage ramps to the upper floors interior parking areas and also some utilities space too. And also there is a planned rooftop restaurant overlooking PROSPECT AVENUE too!

And there is ALSO the massive amount of retail space inside the first floor between EUCLID and PROSPECT that will also be available too! There will be some space required for the garage ramps to the upper floors interior parking areas and also some utilities space too.

Hawken School is based on the East Side, with campuses in Gates Mills, Lyndhurst and University Circle. It has since established a West Side presence by merging with Birchwood School, an independent school in Cleveland’s West Park neighborhood. https://www.cleveland.com/business/2019/06/hawken-school-scraps-plans-for-west-side-early-childhood-center-sells-gordon-square-property.html They are opening in JULY 2020 and they are also the owners of the GreenRoom, a coworking space at 5900 Detroit. The GreenRoom is a collaborative co-op space and private event venue. https://www.gordongreenevents.com https://www.cleveland.com/news/g66l-2019/06/bc3a7c1a521576/first-look-gordon-squares-new-coworking-space-event-venue-opening-on-detroit-avenue-.html

Great article KEN! Do you still think that the timeline for a formal announcement about the HQ & R/D Project will be this month or January?

They have several large office buildings across the country including one in Indianapolis.

Hopefully Brickhaus will build the twice 15-20 story multiuse Towers he originally proposed several years ago...

The parking lot next to the Greyhound Station at East 13 & Chester Avenue is REQUIRED BY THE CITY to be developed by the Shaia family's Victory Properties, Inc. They leased the parking lot from the CITY back in 2016. They agreed to upgrade the lot by repaving, restripe, new lights, and new landscaping too. And they also will be required to build a NEW residential building there in 2020-21 because of the five year time limit the City gave them to develop the former CITY parking lot. They also own several more parcels of property next to that lot and so that it maybe a sizable project. http://www.cleveland.com/business/index.ssf/2016/04/parking-lot_deal_near_playhous.html

The Grosvenor Place Apartment Building is under construction at West 7 & Jefferson. I drove by it today but didn't get a chance to take a pic. It's five story with 21 units. http://planning.city.cleveland.oh.us/designreview/drcagenda/2018/06152018/index.php

From everything that I've read about this project since Bedrock bought the property I do remember the previous owner wanting to retain ownership of the first two floors. BUT since then it appears that BEDROCK is going to be leasing the whole first floor for retail, so I assume they own those floors or maybe there is a leaseback of those floors with the previous owner.

BUT don't a lot developers/investors buy CLASS B builders that usually also have a lot of vacancies to invest in all manner of upgrades to help to attact more and better tenents and also to increase the value of property over a certain amount of time? And then IF they see that a market will be profitable to them then they sometimes do new construction developments. Which of course is much more expensive than a rehab/upgrade, but that rehab gets their foot in the door, so to speak.

It's interesting that Vocon has recently hired architect Tom Vecchione as a principal and he was a major person with architect firm Gensler that like you said worked on the Goodyear HQ project and he is currently working on the CITYBLOCK Project. I have to give credit to marty15 who posted the link below in the Tower City topic and that I learned about this interesting architect. https://commercialobserver.com/2019/11/tom-vecchione-architect-gensler-vocon/