LlamaLawyer

Very good thread, and I agree. Also though, I think it will be interesting to see how the city changes going forward. The midcentury American conception of the city, for many at least, seems to be a giant central office park that people commute to from the suburbs. THAT conception of a city is certainly not 5,000 years old. And I'm not sure how resilient it is. I feel pretty good about the future of Cleveland, because we're pretty far along in transforming downtown offices into residential, and the demand for that residential is hot. I'm not really sure what fate awaits the cities that can't manage that transition well.

I think what this computer is good for is training the skillset and knowledge base that will allow researchers to more fruitfully use future quantum computers. This isn’t probably a useful device in and of itself, but the way quantum computers work is so different that it will (hopefully) pay off well if researchers have a few years to develop an intuition about what quantum computing can and cannot help with.

If you can deal with a 10-minute walk up the big hill, there are some good deals in Cleveland Heights.

Just noticed that an ARPA-H director attended the Clinic’s Quantum Computer ribbon-cutting. Fingers crossed that bodes well for our chance of getting one of those ARPA-H satellite locations. https://newsroom.clevelandclinic.org/2023/03/20/cleveland-clinic-and-ibm-unveil-first-quantum-computer-dedicated-to-healthcare-research/amp/

Yes. Multiple things. First, there was a vocal minority of residents that had multiple petitions and ended up getting a measure on the ballot to oppose the development. The mayor was helpful in coordinating the opposition to the ballot measure and (presumably, although this would have been behind closed doors) in reassuring the developer. The fight with that group was years long. Then there was a major kerfuffle with how the TIF was impacting school funding, which threatened to blow the project up. And then finally, the project costs increased by 20%(!!!), but the city somehow found the money to get it across the finish line anyway. All of the above needed the mayor's help. The Top of the Hill development had similar obstacles and the city managed to push it across the finish line before there was an elected mayor (but while Kahlil Seren was in an assistant mayoral/council position). So, just to be clear, I'm not saying that Kahlil Seren is a wunderkind and nobody else could have done this. But there were lots of points where incompetent leadership could have screwed the whole thing up, and that didn't happen. I think he and the rest of city government deserve credit for that.

I’ve been looking through 10-Ks, and there are some spectacularly precarious balance sheets out there. Huntington and Fifth Third look pretty good relatively, with Key somewhat worse. So I absolutely agree that if Fifth Third fails it means we’re in big doo doo, because there’s a lot of banks lower down on the totem pole. That being said, what’s going on in the bond market the last few days is pretty spectacular (in a bad way). There are big losses out there that are coming.

I’m a little baffled by how they’re puling it off. Thrilled, but baffled. I will say Kahlil Seren is a very capable mayor and pushed the Meadowbrook-Lee project through some obstacles that it wouldn’t have survived without his help.

I had the same thought. I'm assuming this is just new construction. Since we led major metros in office-to-residential conversions, it's sort of a yin-yang thing that we would trail in new builds.

How concerned should we be about KeyCorp here? From their most recent balance sheets it looks like they don't have a lot of hold-to-maturity unrealized losses, and they've got a lot of investment in hedging vehicles like interest-rate swaps. But they're very leveraged.

Unemployment also ticked up while average earnings missed. This strongly suggests more people are getting pulled into the labor market. That's probably a good outcome given our dwindling participation rate, but it may also signal worsening financial conditions for families that are pulling stay-at-home partners back into the workforce.

I do hope when getting tenants for this location that the developer and city work somewhat with the local Orthodox community. Some on the forum may not know this, but the Taylor area is home to one of the original Orthodox communities in Cleveland, and they have a very visible presence. It's also a demographic that has absolutely explosive growth. Something like +100% over the last 15 years.

Hope to show up to one of these, but I’m not available tomorrow. Everybody have fun!

https://www.crainscleveland.com/real-estate/cleveland-area-projects-win-unexpected-state-historic-tax-credits I can't read the article, but Taylor Tudor getting off the ground would be very significant for Cleveland Heights.

https://newsroom.clevelandclinic.org/2023/03/08/transformational-gift-to-cleveland-clinic-honors-uaes-h-h-sheikha-fatima-bint-mubarak/ UAE sheikha makes "transformational" gift to the Cleveland Clinic for the Global Pathogen Center. Anybody got a clue how much this is? It's funny to me that they don't say the number. I'm wondering if it's so low that the UAE is embarrassed by the number or so high that the Cleveland Clinic is embarrassed by it...

One of the most striking things to me about Artisan (and which you can't really see from pictures) is that from a lot of angles (in the right lighting) it looks like two separate buildings. It's made me do a doubletake multiple times.

If they can’t figure out how to keep dangerous viruses and bacteria in the specific parts of the building they’re supposed to be, that seems like it a pretty big problem whether or not there’s a public interface.

https://www.brookings.edu/research/metro-monitor-2023-examining-pandemic-era-patterns-of-inclusive-growth-across-the-u-s/ Brookings considers Cleveland an "emergent" metro post-pandemic, meaning it had an "inclusive growth score" prepandemic that was lackluster, but which has improved significantly post-pandemic. You can see the more specific scores here: https://www.brookings.edu/interactives/metro-monitor-2023/ Basically, we're ranked badly in overall growth (due to the fact that we have no population growth), but we're ranked middling to good on measures for inclusivity and prosperity.

Every time I see this demo I'm reminded of the They Might be Giants lyric: Throw the crib door wide Let the people crawl inside Someone in this town Is trying to burn the playhouse down

Dang, that is MUCH nicer than I expected. Maybe it's the photos, but these look like NYC quality finishes.

It's the chamber of commerce's report.

Not sure what you mean by modest. It's going to be the tallest new build in the area side since the 1970s. At 15 stories, it's taller than both Church+State and Intro. I'm not sure of the exact height of the Riverview Towers and the West Side Market clock tower, but at 162 feet Bridgeworks may be the tallest building on W. 25.

Given we're talking about a variety of stadium locations which may or may not be on the lakefront (or even downtown!) can we get a "New Browns Stadium" thread?

Yes. They're very significant, but smaller than income tax revenues in every year. in 2022, they were about 200M. 2016 doesn't include the increase, it went into effect in 2017. BUT, this is a really good point. See the below income tax numbers. 2010: 263,356,000 2016: 314,801,172 (abt. a 19% increase in 6 years) 2017: 389,045,794 (abt. a 23% increase in 1 year, due to tax increase) 2022: 463,416,303 (abt. a 19% increase in 5 years; 47% increase in 6 years) So the income tax revenue increase per year is accelerating measurably, independent of the tax increase (we had a 19% increase in 5 years from 2017-2022 contrasted with a 19% increase in 6 years from 2010 to 2016). But clearly the tax increase is the biggest new revenue driver.

Interesting thing I picked up here. From 2010 to 2016, Cleveland revenue went from 500M to 526M, an increase of about 5%. From 2016 to 2022 (unaudited), Cleveland revenue went from 526M to 912M, an increase of 73%. Pretty astounding. Sources: https://www.clevelandohio.gov/sites/default/files/forms_publications/2023MayorsEstimate.pdf https://www.clevelandohio.gov/sites/default/files/forms_publications/2018BudgetBook.pdf https://www.clevelandohio.gov/sites/default/files/forms_publications/2012MayorsEstimate2.pdf