How Downtown Cleveland is changing - By the numbers

http://www.cleveland.com/datacentral/index.ssf/2016/05/how_downtown_cleveland_is_chan.html#0

^ And the full article that pulls from.

http://www.cleveland.com/business/index.ssf/2016/05/downtown_cleveland_makes_progr.html#incart_m-rpt-1

 

Alot of information in here...

 

Cleveland apartments rising at 'insane' rate

 

Marcie Gilmore, the leasing consultant at Schofield Residences in downtown Cleveland, says April “was an insane month.”

 

The 52-suite project, which shares the building at 2000 E. Ninth St. with a Kimpton Hotel, has just four apartments left to rent. That is far ahead of the plan at its March opening, which called for lease-up by June.

 

“We are very pleased with the average rental rate as well, as we are making projections well over the $2 per square foot mark,” Gilmore said.

 

http://www.crainscleveland.com/article/20160515/NEWS/160519863/cleveland-apartments-rising-at-insane-rate

I'm usually pretty good at following along with all of these, but what is this? They were so detailed on the other projects, but this one is pretty vague.

 

• Centric, a project by a joint venture including Midwest Real Estate Development Partners and the Coral Co., both of Cleveland, and builder Tony Panzica of Mayfield Heights-based Panzica Cos., may start in August. Steve Rubin, managing member of Midwest, said the seven-floor unit will open in spring 2018. It will add 269 suites.

 

Edit: Nevermind, just remembered that its the new name for Intesa.

Cleveland apartments rising at 'insane' rate

 

Marcie Gilmore, the leasing consultant at Schofield Residences in downtown Cleveland, says April “was an insane month.”

 

The 52-suite project, which shares the building at 2000 E. Ninth St. with a Kimpton Hotel, has just four apartments left to rent. That is far ahead of the plan at its March opening, which called for lease-up by June.

 

“We are very pleased with the average rental rate as well, as we are making projections well over the $2 per square foot mark,” Gilmore said.

 

http://www.crainscleveland.com/article/20160515/NEWS/160519863/cleveland-apartments-rising-at-insane-rate

 

This is "insane" for Cleveland considering, as the article noted, FEB is the last ground-up, significant-scale apartment complex built in the City in the last 10 years -- I'm guessing Phase 5 (or was it 6?) of Stonebridge was the last prior to that...

 

This is quite a list and I'm surprised that both nuCLEus and Weston are as far along as they are... However, I didn't see Brickhaus (the Duck Island towers) mentioned while Bullard did mention Jeff Jacobs' Nautica, which IIRC isn't projected to break ground until 2018.

 

Truly a New Cleveland has been born.

What's insane is that people are wondering if the Cleveland market can absorb all these new units. We've set such a low bar for ourselves that we don't seem to know that we're still way behind other major cities in the number of housing units being added in their urban cores and citywide. If we can't absorb these units and then-some, then we're far from "insane" levels of development and market potential. We are, in fact, at disappointing levels.

 

EDIT: FYI see the table on Pg 34 at....

https://www.marcusmillichap.com/downloader/2014-National-Apartment-Research-Report-2120.file?ext=pdf

The Edison in Detroit Shorway is the only project under construction. These articles are better off focusing on some of the smaller, less visible projects completed over the last 6 years (which there are tons of). The abandoned project subforum is littered with massive projects killed off by the recession. I'll be happy if a fourth of them actually see shovels in the ground. Until then they are nothing but pretty renderings.

The article said nuCLEus will now be 48 stories instead of 51. Has that been previously reported?

Tonight from 5-7pm at Heinen's, DCA is hosting a "Meet Your Neighbors" event for downtown residents. New Ward 3 councilman Kerry McCormack will also be in attendance. You can sign up here:

 

http://www.downtowncleveland.com/events/meet-the-neighbors.aspx

Why Cleveland’s Thriving Downtown Apartment Market is on Solid Footing

Posted on May 12, 2016 by Christina Cannon in Market Reports, Midwest, Midwest Market Reports, Multifamily, Ohio, Uncategorized

 

It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction.

 

Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of this sector. But before we take a look forward, let’s first take a look back.

 

Downtown Cleveland has added approximately 1,700 new rental units over the past five years, with the total residential rental inventory standing at nearly 5,900 units.

 

- See more at: http://rebusinessonline.com/why-clevelands-thriving-downtown-apartment-market-is-on-solid-footing/#sthash.FzCWK408.dpuf

Very cool CO.

 

And I'll update my list as well.  From these projects, there will be 700 - 900+ new residential units Downtown by the end of 2013.

 

DOWNTOWN CLEVELAND NEW RESIDENTIAL

 

New apartment units 2012: (147 total units)

Avenue District Luxury Apartments (59 apartments) http://www.zaremba.net/community/index.php?cid=2667

The Langston Apartments -- Building 1 (48 apartments) http://campusdistrictobserver.com/read/2012/09/05/the-langston-welcomes-first-tenants-near-csu

 

Under Construction: (447 total units)

The Langston Apartments -- remaining (260 apartments) -- $45 million http://blog.cleveland.com/metro/2011/06/new_neighborhood_to_rise_on_cl.html

Rosetta Center Building (85 apartments) -- $7 million http://www.cleveland.com/business/index.ssf/2012/06/cleveland_developers_win_prese.html

Hanna Annex Apartments (102 apartments) -- $23 million http://www.cleveland.com/business/index.ssf/2011/12/playhousesquare_to_sell_downto.html

 

In the pipeline: (378 total units)

Embassy Suites hotel into residential @ Reserve Square (232 apartments) -- $3 million www.cleveland.com/business/index.ssf/2012/10/kd_group_will_close_embassy_su.html

1120 Chester Ave (36 apartments) http://planning.city.cleveland.oh.us/bza/agenda/2012/crr04-30-2012.pdf

Truman Building at 1030 Euclid (26 apartments) -- $9 million http://www.cleveland.com/business/index.ssf/2012/06/cleveland_developers_win_prese.html

The Park Building and Southworth Building apartments (34 apartments) -- $21 million http://development.ohio.gov/Urban/OHPTC/documents/Round7ApprovedApplications.pdf

Schofield Building (50 apartments) -- $40 million http://www.cleveland.com/business/index.ssf/2010/06/four_northeast_ohio_projects_i.html

 

Planning Stages: (375 total units)

Flats East Bank Phase II Residential (140 apartments  -- $120 million http://www.cleveland.com/business/index.ssf/2012/04/flats_east_bank_project_lines.html

East Ohio Building at 1717 East Ninth St (223 apartments) http://www.cleveland.com/business/index.ssf/2012/03/kd_group_plans_to_buy_redevelo.html

1224 Huron Rd (12 apartments) http://www.cleveland.com/business/index.ssf/2012/09/kd_group_closes_hanna_building.html

 

Proposed:

Warehouse District mixed-used Transit Hub  http://blog.cleveland.com/metro/2011/11/post_536.html

Halle Building at 1228 Euclid Ave (200 apartments) http://www.crainscleveland.com/article/20120716/SUB1/307169992

Arcade (100 apartments) http://crainscleveland.com/apps/pbcs.dll/section?Category=TOC

Baker Building at 1940 E 6th Street

 

When pigs fly:

515 Euclid Ave (240 units) http://www.desman.com/hotproperty/task,view/id,59/Itemid,168/

Huntington Bank Building at 917 Euclid Ave [url=http://blog.cleveland.com/business/2008/11/huntington_moving_to_200_publi.html]http://blog.cleveland.com/business/2008/11/huntington_moving_to_200_publi.html[/url]

Standard Building at 1370 Ontario St http://www.cleveland.com/business/index.ssf/2012/01/railroad_union_nhttp://www.urbanohio.com/forum2/Themes/default/images/bbc/glow.gifations_oldest.html

Lakefront Residential http://blog.cleveland.com/architecture/2011/11/new_lakefront_plan_from_clevel.html

Playhouse Square parking lot across from Palace Theater http://www.cleveland.com/business/index.ssf/2011/12/playhousesquare_to_sell_downto.html

 

Doppler 5 Radar just picked up a trace of pigs flying.

Wow....that's taking it back!!!

I agree^ my how far we have come, it's so exciting to CLE be doing so well!!! Only real complaint I'm hearing is the lack of complexes with an outdoor pool.

^ an indoor pool (other than Reserve Square) would probably be the only thing that could get me to voluntarily leave where I currently am

Cleveland can grow if it meets rising demand for housing and keeps millennials in town: CSU study

http://www.cleveland.com/architecture/index.ssf/2016/07/demand_for_new_housing_shows_c.html

Cleveland can grow if it meets rising demand for housing and keeps millennials in town: CSU study

http://www.cleveland.com/architecture/index.ssf/2016/07/demand_for_new_housing_shows_c.html

 

Most interesting comment in the article:

 

"We have to plan for a city that is probably far less dense," Piiparinen said.

^I think that is in relation to the fact that average household size has been decreasing nationwide for the past 50 years.  That's a point I have made several times that we need to be aware of.  Even if we fill every house in a Cleveland neighborhood like Woodland Hills, or Tremont for instance, the neighborhoods will still have less residents than it did in the 30's and 40's when it was getting built. 

^ That's a defeatist attitude. The better plan is to get these millenials all sexed up so they start pooping out more kids.

 

Let me get the process started with some mood music

 

^I think that is in relation to the fact that average household size has been decreasing nationwide for the past 50 years.  That's a point I have made several times that we need to be aware of.  Even if we fill every house in a Cleveland neighborhood like Woodland Hills, or Tremont for instance, the neighborhoods will still have less residents than it did in the 30's and 40's when it was getting built. 

 

This is true but it ignores the possibility of adding families per square mile.  Whatever rationale they want to give, planning for less density is a choice and it's not the only choice available.  From Hough to Duck Island to Edgewater, Cleveland's anti-density activists are emboldened and increasingly vocal.

 

Almost as interesting, the article closes with a plea to quit demolishing so much existing housing stock.  I fully agree about that.  Whenever anyone suggests rehab instead, it's always too expensive.  Since when it the cheapest plan automatically the best?  More expensive means we'd have to go slower, it doesn't mean rehab is out.

My Horrible Experience Moving Into K&D's Reserve Square in Downtown Cleveland

http://www.clevescene.com/scene-and-heard/archives/2016/08/11/my-horrible-experience-moving-into-reserve-square-in-downtown-cleveland

No surprise as my continued criticisms of anything K&D has indicated. 

 

Which is what makes it so sad that they will have the keys to the Terminal Tower.    It deserves so much better.   

Downtown gained 188 more units and PSF is at $1.49 with occupancy at 96%.

 

DCA Q2 Market Update

 

http://www.downtowncleveland.com/work/resources-reports

My Horrible Experience Moving Into K&D's Reserve Square in Downtown Cleveland

http://www.clevescene.com/scene-and-heard/archives/2016/08/11/my-horrible-experience-moving-into-reserve-square-in-downtown-cleveland

 

Exactly why I can't stand them. Very unprofessional from all of my experiences with them, and lets not even mention all of the issues they've caused at Stonebridge.

 

I really wish someone better were holding the reigns for Terminal Tower

Seems like a good place to post this...

 

We got our monthly newsletter from the condo building today (Stonebridge), and it had a little blurb updating on the renovation schedule. As part of the lawsuit settlement involving all of the cut corners when it was built, the facade is going to be completely rebuilt. However, they're apparently having trouble finding a company that will be able to start on it early next year.

 

Could this be due to all of the activity taking place around town, and some of these big projects starting up soon? I can imagine demand for builders starting to outstrip supply in a region such as ours not use to this level of activity. Anyone in the business or know have any insight?

In general, glass and curtain wall systems have had large lead times as of late. I've been told that during the recession, one of the big companies went out of business thus the overall production capacity dropped off. Not saying this is what's going on at your building, but it's definitely a real problem in the construction industry.

Understandable. Thank you, I always appreciate your insight on here!

I was hoping it's due to general contractors for major projects already having subcontractors lined up. Heck, I'm hoping for any news. Things have been so quiet with the big projects (Medical Mutual HQ, Sherwin Williams HQ, 515 Euclid, nuCLEus, Weston phase 1, etc.) that I'm thirsting for any info at this point!

^ Regarding 515 Euclid/The Beacon, there are discussions happening this week with the county about financing

Thanks. In fact I'm getting disappointed that there's no news -- not even the hints that I can usually dig up -- to suggest there's any movement on these big projects. So I appreciate these two recent nuggets (facade supplier unavailability in the near future, county financing for The Beacon). Any other leading indicators out there?

What's Next in Downtown Development?

The population of downtown Cleveland is taking off, but steps must be taken to keep the momentum going.

COMMENTARY

11:00 AM EST

September 12, 2016

Story: Sheehan Hannan

 

Teeming masses of humanity flowed up and down the street on their way to and from the arena. They walked, they talked, they tweeted, an estimated 50,000 of them skittering dutifully along the brick street. From the MSNBC set, the cameras captured the blitz.

 

Down a street lined with vendors selling Donald Trump pins and bumper stickers, the sheer facades gave way to a square, occupied by an ever-shifting political menagerie. A Second Amendment activist spoke to reporters from underneath a camouflage “Make America Great Again” baseball cap, his unloaded assault rifle slung across a shoulder. Nearby a man hawked whoopee cushions. And somewhere, a man dressed as Waldo roamed. But where, exactly, could this weirdo wanderer in a striped sweater and pompom cap be found?

 

MORE:

http://clevelandmagazine.com/in-the-cle/what's-next-in-downtown-development

Downtown Housing Boom Expected To Continue, But What About Parking?

Friday, September 16, 2016 at 11:07 am

 

The Cleveland Athletic Club has been shuttered for 10 years, but it looks like development plans for the historic downtown building have come together after several false starts.

 

The plan for the 100-year-old building includes more than 170 luxury apartments, an events space on the sixth, seventh and eighth floors, commercial space on the ground floor, and the Olympic-size swimming pool will be restored. The expected completion date is the summer of 2018.

 

Joe Bobeck Sr. of the Great Lakes Housing Group is one of the developers of the building. He said life was rough for a downtown developer like him not too long ago.

 

MORE:

http://www.ideastream.org/news/downtown-housing-boom-expected-to-continue-but-what-about-parking?utm_content=39773399&utm_medium=social&utm_source=twitter

Downtown Housing Boom Expected To Continue, But What About Parking?

Friday, September 16, 2016 at 11:07 am

 

The Cleveland Athletic Club has been shuttered for 10 years, but it looks like development plans for the historic downtown building have come together after several false starts.

 

The plan for the 100-year-old building includes more than 170 luxury apartments, an events space on the sixth, seventh and eighth floors, commercial space on the ground floor, and the Olympic-size swimming pool will be restored. The expected completion date is the summer of 2018.

 

Joe Bobeck Sr. of the Great Lakes Housing Group is one of the developers of the building. He said life was rough for a downtown developer like him not too long ago.

 

MORE:

http://www.ideastream.org/news/downtown-housing-boom-expected-to-continue-but-what-about-parking?utm_content=39773399&utm_medium=social&utm_source=twitter

I understand the complaint but if we had a more robust transit system that was supported politically and could then be expanded this parking discussion wouldnt be a major issue.

 

Sent from my SM-N920T using Tapatalk

 

 

Builders are lagging far behind home demand

September 25, 2016 UPDATED 2 DAYS AGO

By STAN BULLARD

 

The big question in the region is whether young home buyers currently renting in downtown Cleveland or close-in suburbs will buy there or head for outlying areas.

 

"Will they choose Cleveland, Lakewood or Shaker, or skip right over the inner rings and move to Avon, Avon Lake, Perry or the Olmsteds (Falls and Township), where there are both good schools and some available lots for production pricing given the still-low interest rates?" Sanderson asked. "This will indicate if the 'anecdotal shift' to city living is real or a short-lived trend related to the downturn and other factors. We think in-demand locations will remain in demand. But you always have to wonder about secondary locations (with abundant land.)"

 

Even with these concerns, these are better problems for home builders to have than they did in the long housing bust that trimmed their ranks.

 

MORE:

http://www.crainscleveland.com/article/20160925/NEWS/160929858/builders-are-lagging-far-behind-home-demand

Cleveland's 15-year tax abatement on residential construction does not require mixed use.

 

if it did, then it would seldom be used. Office use is stagnant in NE Ohio and store-based retail is dying. The only reason why residential is even in play is because of a big shift in demographics and a small shift in housing preferences.

 

Downtown real estate is incredibly expensive considering the market and labor costs are very high. Permitting/approvals are also costly and time-consuming.

Cleveland's 15-year tax abatement on residential construction does not require mixed use.

 

if it did, then it would seldom be used. Office use is stagnant in NE Ohio and store-based retail is dying. The only reason why residential is even in play is because of a big shift in demographics and a small shift in housing preferences.

 

Downtown real estate is incredibly expensive considering the market and labor costs are very high. Permitting/approvals are also costly and time-consuming.

 

Permitting and approvals are time consuming whether it's in Cleveland, Shaker, Beachwood or Hudson. In my experience Cleveland is often quickest.

 

Didn't know where to put this but I thought this was pretty ridiculous. You chose to live DOWNTOWN, noise comes with it. You live in a city not Westlake.

Cleveland City Council considering limiting street performances to 10 p.m. on weekends, 9 p.m. on week nights

 

Cleveland street performers could have to pack up their instruments and microphones two hours earlier on weekdays and an hour earlier on weekends if City Council approves legislation presented by Councilman Kerry McCormack.

 

Street performers would be allowed to perform from 9 a.m. to 9 p.m. Sunday through Thursday and 10 a.m. to 10 p.m. on Friday and Saturday, according to the ordinance. Street performances would be allowed from 9 a.m. to 11 p.m. during special events, parades and festivals. Sports games are not considered one of those events.

 

"When there was very loud, amplified music at 11 p.m. on a Monday or Tuesday, [residents] were really being sleep deprived and it affected their work because of that," McCormack said. "There are almost 15,000 folks living downtown, and they also deserve the high quality of life we seek in our other neighborhoods."

 

http://www.cleveland.com/metro/index.ssf/2016/10/cleveland_city_council_conside_2.html

Didn't know where to put this but I thought this was pretty ridiculous. You chose to live DOWNTOWN, noise comes with it. You live in a city not Westlake.

 

I agree--to a point.  People still have lives and need to get up and go to work.  When I lived downtown at the Chesterfield we were always dealing with loud stereos parking up in front of the convenience store on 12th.  It's not a problem until the loud noise is parked under your window.

Umm, is it really the street performers that are a problem?  We took more of an issue to the a-holes who would roll up and park in front of our place at 3am in the absolute loudest manner possible!

Umm, is it really the street performers that are a problem?  We took more of an issue to the a-holes who would roll up and park in front of our place at 3am in the absolute loudest manner possible!

 

 

There it is!  As Downtown become more popular, and 24/7, these "growing pains" are bound to happen.  Downtown residents should have a say in their "quality of life".

The Car Stereos at 3 am I completely understand the complaints, that is ridiculous. Shortening street performers hours when the already were to be done at 11pm at the latest is kind of silly to me especially when it's the way some people depend on to eat or obtain necessary items. I understand the point of quality of life but it's not like the performers were singing or playing instruments until 4 am. I see 10-11pm as a reasonable time. Maybe I'm an anomaly. I need noise to go to sleep. 

Maybe there could be districts where street performers are allowed after 10 pm, like in an area bounded by Bolivar, East 9th, and Ontario, plus an area bounded by Lakeside, West 3rd, and East 9th.

The Car Stereos at 3 am I completely understand the complaints, that is ridiculous. Shortening street performers hours when the already were to be done at 11pm at the latest is kind of silly to me especially when it's the way some people depend on to eat or obtain necessary items. I understand the point of quality of life but it's not like the performers were singing or playing instruments until 4 am. I see 10-11pm as a reasonable time. Maybe I'm an anomaly. I need noise to go to sleep. 

 

Not sure if you have a family, but someone living downtown thinking of starting a family or a current resident with young children may find the noise distracting.

 

As the downtown population grows and diversifies, these topics will come up.

Didn't know where to put this but I thought this was pretty ridiculous. You chose to live DOWNTOWN, noise comes with it. You live in a city not Westlake.

Cleveland City Council considering limiting street performances to 10 p.m. on weekends, 9 p.m. on week nights

http://www.cleveland.com/metro/index.ssf/2016/10/cleveland_city_council_conside_2.html

 

Hmm, are those new residents in the Theatre District going to complain about those piercing, bright lights next?

 

:-)

Didn't know where to put this but I thought this was pretty ridiculous. You chose to live DOWNTOWN, noise comes with it. You live in a city not Westlake.

Cleveland City Council considering limiting street performances to 10 p.m. on weekends, 9 p.m. on week nights

http://www.cleveland.com/metro/index.ssf/2016/10/cleveland_city_council_conside_2.html

 

Hmm, are those new residents in the Theatre District going to complain about those piercing, bright lights next?

 

:)

 

That's completely different. If you move to the Theatre district you know it's "bright lights" are an attraction unto themselves.  Moving into that area and then petitioning to change that feature of the PSH would be asinine!

Didn't know where to put this but I thought this was pretty ridiculous. You chose to live DOWNTOWN, noise comes with it. You live in a city not Westlake.

Cleveland City Council considering limiting street performances to 10 p.m. on weekends, 9 p.m. on week nights

http://www.cleveland.com/metro/index.ssf/2016/10/cleveland_city_council_conside_2.html

 

Hmm, are those new residents in the Theatre District going to complain about those piercing, bright lights next?

 

:)

 

That's completely different. If you move to the Theatre district you know it's "bright lights" are an attraction unto themselves.  Moving into that area and then petitioning to change that feature of the PSH would be asinine!

 

I don't know. People in the Warehouse District know it's full of loud music clubs and that's a constant complaint from residents.

 

Anyway, I'm in support of the street musicians. I believe in noise ordinances for the most part, but limiting the hours for street musicians just seems too overbearing. A lot of them aren't even very loud to begin with.

 

We want a lively, livable city. I think KJP's idea of a bordered area could be a good compromise.

^^Do the warehouse district residents complain about the music from the clubs, or the music of the kids who park in the street at 3 am and block traffic? 

^^Do the warehouse district residents complain about the music from the clubs, or the music of the kids who park in the street at 3 am and block traffic? 

 

I think it depends on where you live in the WHD & what direction you're facing. We're on the 11th floor facing east. We also have a 7 year old. The only thing we ever hear is the Velvet Dog rooftop in the summer and you get used to it. However, neighbors facing north and along Johnson Court complain about noise.

Ever wonder it's difficult to getting financing for residential construction (especially new construction which has fewer subsidies)? Because we only rank ahead of Wichita....

 

RENTCafe study: Apartment rents in Cleveland some of the most affordable in the country

October 12, 2016  |  Dan Rafter

 

Renters looking for an affordable apartment unit in a big city might want to try Cleveland.

 

Despite the recent increase in retailers and restaurants opening in downtown Cleveland, renting an apartment unit in the city still remains relatively affordable, according to the September apartment market report from RENTCafe.

 

The average rent of a Cleveland apartment stood at $949 in September. That is down 0.4 percent from August and up just 2.3 percent from September in 2015. That 2.3 percent figure sets Cleveland apart as one of the U.S. cities with the slowest-growing monthly apartment rents.

 

MORE:

http://www.rejournals.com/2016/10/12/rentcafe-study-apartment-rents-in-cleveland-some-of-the-most-affordable-in-the-country/

Does anyone know exactly which floors are being converted in the terminal tower conversion? I know there's 12 floors being converted, but if anyone has any indication on which floors exactly, I would appreciate it. I tried to post in the other terminal tower thread but it's locked. If you can't tell, I'm new here. :)