Awesome, the Truman Building!

We could be looking at a time soon where there will be no dead spots from public square to the highway

Agreed...these are just baby steps, but filling these quickly will make an easier sell for the larger properties. I'll take every additional resident downtown to get more of the day to day "conveniences". I would love another Constantino's style grocer on the eastern side of downtown also. The grocer in Reserve Square is alright...but not great.

You also have the one by Cleveland State. And the same can be said for it, "alright...but not great."

 

And I have had a few weird experiences there.

I have not seen this anywhere up thread, from Michelle Jarboe's twitter:

 

CRM Real Estate says they'll turn Chester Commons Bldg, at 1120 Chester, into 36 apartments over retail.

https://mobile.twitter.com/mjarboe/status/217743624333561858

^I believe it was mentioned in Michelle's PD article that was posted in a couple of threads.

 

Probably a very good building for a conversion.  It was last renovated (complete gut job ) in the early 80's or so (my dad had an office in the building...they did a good job at that time) so it is not like they are dealing with very old building with very old issues.  Plus it is right on the Park and grouped with lots of other residential (Statler, Reserve Square, Chesterfield) so it is not like it will be isolated.

I really like this building and have been thinking for a couple years that it would be great for a conversion.

I really like this building and have been thinking for a couple years that it would be great for a conversion.

 

Agreed, adding a penthouse up top would be killer!

^ Only 36 units? those are going to be giant apartments.

^ Only 36 units? those are going to be giant apartments.

 

Not really. The building cant be bigger than 40,000 Square feet, right? Divide that by 4 floors and you get about 10,000 sq ft per floor. First floor is retail so you take that out and you are left with 30,000 sq ft, probably less because of the skylight. Divide that by 36 apartments and you get 833.33 sq ft per apartment, which really isnt that high.

^ Only 36 units? those are going to be giant apartments.

 

Not really. The building cant be bigger than 40,000 Square feet, right? Divide that by 4 floors and you get about 10,000 sq ft per floor. First floor is retail so you take that out and you are left with 30,000 sq ft, probably less because of the skylight. Divide that by 36 apartments and you get 833.33 sq ft per apartment, which really isnt that high.

 

Keep in mind you haven't included common space, Utilities and storage.....In Cleveland I think 800 sq.ft downtown Cleveland is small.  Are we at a point where the city/Realtors/rental managers are now selling a "downtown lifestyle", ie smaller units as a trade off for being in the heart of it all?

My building is all 7-900 square feet except the 2 penthouse units which are 1200.  Depending on how high the ceilings are, it may be the same case as mine where it feels a lot larger than it actually is.

^ & ^^ Okay, makes sense--thanks.

In Crains:

 

Halle Building could enter downtown apartment mix

Office space on upper floors would be replaced by up to 200 rental units under nascent plan

By STAN BULLARD

4:30 am, July 16, 2012

 

The Halle Building in downtown Cleveland, well-known thanks to “The Drew Carey Show” and a celebrated role as the former home of Mr. Jingeling, may become apartments under a plan Forest City Enterprises Inc. is considering.

 

....Forest City is weighing converting part or most of the structure in the PlayhouseSquare neighborhood to more than 200 apartments and retaining its first floor as retail space, according to a source who declined to be identified because he is not authorized to discuss the plan.

http://www.crainscleveland.com/article/20120716/SUB1/307169992

It is about time FC gets involved in Cleveland more.

An interesting read on Cleveland's and the metro area's apartment market.......

 

http://mimginvestment.com/library/Cleveland_2Q12Apt.pdf

As mentioned before for Downtown:

 

- Avenue District http://www.zaremba.net//community/floor_plans.php?cid=2667

 

- Langston Apartments http://www.forrent.com/apartment-community-profile/1000067584.php

^Good stuff. Thanks for posting.

An interesting read on Cleveland's and the metro area's apartment market.......

 

http://mimginvestment.com/library/Cleveland_2Q12Apt.pdf

So this is saying Downtown has a vacancy rate of 5.8% so is the actually occupancy rate 94.2% instead of 97%?

Redirected from the lakefront development thread.......

 

I really believe the city of Cleveland should provide perks with these tools, like free landing fees to business who relocate to downtown with 50+ people.  For the CEO aviation buff sect, this could be a great enticement.

 

I like that idea! I also welcome expanding tax credit incentives to companies where their employees both live and work in the city. I also think a big problem is we don't have many corporate executives living in the city. We need more. Could there be tax abatements for developers who build offices and housing in the city at the same time, though not necessarily in the same development.

Some heavy activity along the back of the Old National City Bank Building today. Lots of dumpsters along Vincent with workers in and out hauling out debris and bringing in supplies etc. tons of bags of concrete stacked along the sidewalk too. Is this due to conversion of the upper floors to apartments?? If not, I apologize for posting in the wrong thread!!

That would be my guess as well! They were supposed to be starting them this summer.

Young Professionals Take Up Residence in Region's Urban Centers

Posted by ThePlus - 08.03.2012

 

There must be something in the air. It could be the site of cranes and new developments taking root; or perhaps it’s the buzz of new entertainment venues like the Horseshoe Casino Cleveland; or maybe it has something to do with the city’s growing culinary scene – food trucks and all. Whatever the reason, or reasons as it may be, downtown Cleveland is booming. To illustrate this point, just take a look at the growing demand for downtown living – apartment occupancy was at 96.2 percent during the first quarter of 2012! Perhaps even more important is who is snatching up downtown rentals – young professionals.

 

From East 4th Street to The Residences at 668 Euclid Avenue, young professionals are flocking to downtown Cleveland’s urban locales, representing a positive trend for the city. In fact, according to a study conducted by Case Western Reserve University, the inner city is growing faster than the outer city thanks to a steady migration of those in their 20s and 30s. As detailed in the study, downtown Cleveland’s population has grown by 96 percent throughout the last two decades, increasing from 4,651 to 9,098. Community leaders are deeply encouraged by this trend as the young professional demographic represents the so-called “knowledge economy,” an integral component to the region’s ongoing growth.

 

READ MORE AT:

http://www.theplus.us/Know/2012/August/Young-Professionals-Take-Up-Residence-in-Downtown-Cleveland.aspx

Does this look correct to everyone?

 

 

DOWNTOWN CLEVELAND NEW RESIDENTIAL

 

New apartment units 2012:

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

The Langston Apartments -- Building 1 (48 apartments) http://www.19actionnews.com/category/240218/video-landing-page?clipId=7650974&autostart=true

 

Under Construction:

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:

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:

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 http://blog.cleveland.com/business/2008/11/huntington_moving_to_200_publi.html

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

^ A few updates:

 

1) 48 completed units (100 people btw) for Langston -- COMPLETE!

2) 12 units for 1224 Huron Rd added to planning stages

Did you upgrade the Hanna Annex Apartments listing as a result of today's news? If not, see:

http://www.urbanohio.com/forum2/index.php/topic,14187.msg640389.html#msg640389

Thanks KJP.  I'll bump it up to "under construction" once it commences in a few weeks.

Second quarter 2012 downtown market update (includes residential, office, other).....

http://www.downtowncleveland.com/media/71567/downtownmarketupdate_q2-2012.pdf

The construction barriers are going up at 14th and Prospect, and I saw a Cleveland Construction sign on the fence.  Sure enough:

 

http://www.clevelandconstruction.com/InteriorDetail.aspx?ProjectID=114

Saw that as well...anyone else see a new fence at the possible Chester Commons conversion along the E12th side?

Saw that as well...anyone else see a new fence at the possible Chester Commons conversion along the E12th side?

 

I saw the fence but just thought it was for the sidewalk reconstruction there. I could be wrong, but they started at the Euclid end of E12 and just completed the sidewalk and could just be moving south in the reconstruction process.

I was in the Rosetta/Old NCB Building today...according to the newsletter in the elevator the 9th floor apartments will be the first to be done in April 2013.

Did you upgrade the Hanna Annex Apartments listing as a result of today's news? If not, see:

http://www.urbanohio.com/forum2/index.php/topic,14187.msg640389.html#msg640389

 

Fiiiiiiiiine...updated my list to officially "under construction"

I believe it was KJP that asked me to ask FCE about building residential downtown. All they would tell me is that since the recession they are focused only on their core markets which are specifically LA, Bay area, Boston, NYC and DC where they can charge ridiculously (compared to the midwest) high office and residential rents. Basically the lower risk markets. So for now they aren't looking to do much in Cleveland. That doesn't mean there isn't opportunity here, but they can't charge the high rents that are part of their model now.

I believe it was KJP that asked me to ask FCE about building residential downtown. All they would tell me is that since the recession they are focused only on their core markets which are specifically LA, Bay area, Boston, NYC and DC where they can charge ridiculously (compared to the midwest) high office and residential rents. Basically the lower risk markets. So for now they aren't looking to do much in Cleveland. That doesn't mean there isn't opportunity here, but they can't charge the high rents that are part of their model now.

 

So are you impying the Halle Building residential conversion is not even up for consideration? 

They didn't mention Halle at all. What they did mention is that they will take calculated risks where it makes sense. In regards to projects here I think they are taking a wait-and-see approach. Meaning they will wait and see how successful these other residential developments pan out before they go all in.

Thanks for asking them, Mov2Ohio. Disappointing, but good to know who is truly interested in the city's future and who is interested in how their Form 10-K reads on Wall Street.

 

On another matter, this is a redirect of the conversation from the East 4th thread regarding what impacts downtown businesses more -- residential or office populations. I don't which produces more spinoff benefits (1 resident vs. 1 office worker) but I can guess what is likely to grow faster downtown....

 

Consider this: if there's a 10 percent increase in the number of residents living downtown, that's only 1,000 to 2,000 more people downtown.

 

But if there's a 10 percent increase in the number of office workers downtown, that's an increase of 10,900 people!

 

And I understand that the residential population seems to be growing faster than the office population. But is that really true? Consider that adding Britton Gallagher's 60 workers downtown equals small apartment building. Ditto for LeanDog. Or Quicken Loans' expansion. BrandMuscle's 150 workers equals a mid-sized apartment building. Alexander Mann Solutions' HQ and its "hundreds" of workers downtown equals the population of one large downtown apartment building. And AmTrust Financial Services' 1,000 workers equals FOUR Crittenden Court apartment buildings.

Offices are inert the majority of the time.  Residential is 24/7. 

^I don't know about you, but I'm at the office half the day and at home the other half...

Look beyond yourself.  At what point in the day is an apartment building locked up and dark?  Never.  But most offices go through entire days like this, two in a row, each and every week.

Look beyond yourself.  At what point in the day is an apartment building locked up and dark?  Never.  But most offices go through entire days like this, two in a row, each and every week.

 

Agree and this is why I think mixed use can do a ton of good.

 

Say the County moves into Huntington and the whole building remains office space. That's great 9-5, but nights and weekends it's still a huge dead space. Now somehow add residential (or hotel space) into the mix on select floors and the place is buzzing with activity 24-7.

I guess it doesn't really matter when there is enough vacancy downtown for office and residential populations to both grow by ten percent.

 

It is probably not a one:one ratio, but there are ten time the amount of office workers downtown; and i would bet that most people who live downtown also work downtown.

There isn't room enough for offices and residential Downtown?

Look beyond yourself.  At what point in the day is an apartment building locked up and dark?  Never.  But most offices go through entire days like this, two in a row, each and every week.

 

Agree and this is why I think mixed use can do a ton of good.

 

Say the County moves into Huntington and the whole building remains office space. That's great 9-5, but nights and weekends it's still a huge dead space. Now somehow add residential (or hotel space) into the mix on select floors and the place is buzzing with activity 24-7.

 

It doesn't necessarily need residential to pull that off either.  As long as the building is not solely office space along its street edge and instead has a retail component that will ensure some life outside of the 9-5 crowd. 

Another update from last night, K&D will be submitting their app for historic tax credits next week. If approved construction should begin next Summer at the East Ohio Gas Building.

Look beyond yourself.  At what point in the day is an apartment building locked up and dark?  Never.  But most offices go through entire days like this, two in a row, each and every week.

 

Agree and this is why I think mixed use can do a ton of good.

 

Say the County moves into Huntington and the whole building remains office space. That's great 9-5, but nights and weekends it's still a huge dead space. Now somehow add residential (or hotel space) into the mix on select floors and the place is buzzing with activity 24-7.

 

It doesn't necessarily need residential to pull that off either.  As long as the building is not solely office space along its street edge and instead has a retail component that will ensure some life outside of the 9-5 crowd. 

 

Then I would actually argue for increased retail, making full use of the ground floor bank atrium. There is already retail in Huntington but it's limited to 9-5 and doesn't draw from outside the building. I don't see how simply adding the County improves this condition, unless there are alterations made to the outside of the building which will never happen.

 

I imagine the County would want to utilize the bank atrium, but that space could get a lot more usage as a restaurant/retail space. And having a residential component to huntington would provide support.

Another update from last night, K&D will be submitting their app for historic tax credits next week. If approved construction should begin next Summer at the East Ohio Gas Building.

 

Really?? That's great news!

 

How old does a building have to be in order to be eligible for historic tax credits? Is it 50 years or something?

I don't know the exact age requirements I Just know it has to do with age/history/architectural significance or the building must be located in a historic district where all buildings qualify for credits automatically.

K&D Group will close Embassy Suites hotel in downtown Cleveland, convert it to apartments

Published: Wednesday, October 10, 2012, 5:00 PM    Updated: Wednesday, October 10, 2012, 5:03 PM

By Michelle Jarboe McFee, The Plain Dealer

 

CLEVELAND, Ohio -- The K&D Group Inc. will close downtown Cleveland's Embassy Suites hotel in December and return the building to its original use -- apartments. The transformation also will cost 100 people their jobs.

 

Tucked into K&D's massive Reserve Square apartment complex on East 12th Street, the Embassy Suites is one of downtown's better-performing hotels, experts say. Yet the 252-suite property slid into foreclosure in November, thanks to a heavy debt load, high operating costs and a recession that hurt hospitality operators across the country.

 

Now K&D, based in Willoughby, has found a solution. On Friday, the company bought out its delinquent mortgage on the hotel and secured financing for a $3 million apartment makeover. That transformation will add 232 apartments to a downtown hungry for rental housing. And for K&D, the largest private owner of apartments in Northeast Ohio, it's a logical transition.

 

...

 

http://www.cleveland.com/business/index.ssf/2012/10/kd_group_will_close_embassy_su.html

K&D Group will close Embassy Suites hotel in downtown Cleveland, convert it to apartments

Published: Wednesday, October 10, 2012, 5:00 PM    Updated: Wednesday, October 10, 2012, 5:03 PM

By Michelle Jarboe McFee, The Plain Dealer

 

CLEVELAND, Ohio -- The K&D Group Inc. will close downtown Cleveland's Embassy Suites hotel in December and return the building to its original use -- apartments. The transformation also will cost 100 people their jobs.

 

Tucked into K&D's massive Reserve Square apartment complex on East 12th Street, the Embassy Suites is one of downtown's better-performing hotels, experts say. Yet the 252-suite property slid into foreclosure in November, thanks to a heavy debt load, high operating costs and a recession that hurt hospitality operators across the country.

 

Now K&D, based in Willoughby, has found a solution. On Friday, the company bought out its delinquent mortgage on the hotel and secured financing for a $3 million apartment makeover. That transformation will add 232 apartments to a downtown hungry for rental housing. And for K&D, the largest private owner of apartments in Northeast Ohio, it's a logical transition.

 

...

 

http://www.cleveland.com/business/index.ssf/2012/10/kd_group_will_close_embassy_su.html

 

Like we aren't already short on hotel rooms downtown...