Now it's the Huntington Building's turn to be converted to apartments.  Prime location right across the street.

 

How many total apartment/condo units do we have downtown? How many are actively in the works right now? I know the population of the core downtown is roughly estimated to be 12,000 but I know there aren't 12,000 units downtown due to multiple people living in one unit. It would be nice to have an updated tally.  :-o

 

You can see the complete breakdown of the housing situation on page 9 of the Downtown Cleveland Alliance Quarterly Report:

http://www.downtowncleveland.com/media/88457/Q2_2013_FINAL.pdf

Now it's the Huntington Building's turn to be converted to apartments.  Prime location right across the street.

 

How many total apartment/condo units do we have downtown? How many are actively in the works right now? I know the population of the core downtown is roughly estimated to be 12,000 but I know there aren't 12,000 units downtown due to multiple people living in one unit. It would be nice to have an updated tally.  :-o

 

 

You can see the complete breakdown of the housing situation on page 9 of the Downtown Cleveland Alliance Quarterly Report:

http://www.downtowncleveland.com/media/88457/Q2_2013_FINAL.pdf

 

Pretty awesome report! About 5,700 units downtown with another 974 scheduled to open in the next 18 months.  Impressive trend! Thanks for sharing! Excited to see the Q3 report when that gets released in the next month or so.

This reinvestment in the urban core is happening in most U.S. cities, and in some that aren't much bigger than Cleveland, it's happening with greater vigor......

 

Yonah Freemark ‏@yfreemark 20m

$1.8 billion in construction happening right now in Downtown Denver http://www.denverpost.com/breakingnews/ci_24068997/report-downtown-denver-is-vibrant-investment … 26 projects; 7000 apts in construction or planned

 

Read more: http://www.urbanohio.com/forum2/index.php/topic,20128.1330.html#ixzz2euQgwpad

This reinvestment in the urban core is happening in most U.S. cities, and in some that aren't much bigger than Cleveland, it's happening with greater vigor......

 

Yonah Freemark ‏@yfreemark 20m

$1.8 billion in construction happening right now in Downtown Denver http://www.denverpost.com/breakingnews/ci_24068997/report-downtown-denver-is-vibrant-investment … 26 projects; 7000 apts in construction or planned

 

Read more: http://www.urbanohio.com/forum2/index.php/topic,20128.1330.html#ixzz2euQgwpad

 

I agree that 7000 number is impressive...but does also include "planned and nearby neighborhoods"

I vote the last few posts be moved to "Cleveland: Downtown & Vicinity Residences Discussion."  A very interesting topic indeed...but the convo needs to be centralized.

 

http://www.urbanohio.com/forum2/index.php/topic,24830.msg673564.html#msg673564

I vote the last few posts be moved to "Cleveland: Downtown & Vicinity Residences Discussion."  A very interesting topic indeed...but the convo needs to be centralized.

 

http://www.urbanohio.com/forum2/index.php/topic,24830.msg673564.html#msg673564

 

Done.

I agree that 7000 number is impressive...but does also include "planned and nearby neighborhoods"

 

And much thanks goes to our very own ForestCityEnterprises with www.stapletondenver.com and their tireless effort in the Denver area....oh by the way they want nothing to do with us.

^ or another way to look at it is the former stapleton airport and all the other combined fcr projects in the denver area about equal it's single atlantic yards development project in brooklyn (14 residential towers and 6,000 units + the arena + the mall next door).....that are not doing even a fraction of on all their properties back home!

 

but rather than crabbing about fcr, i think the point here is that there is a major hometown developer that is more than capable of doing something much more transformative downtown than even the flats east bank project, should they choose to. kind of nice for cle to to have that wildcard in the deck, so to speak. it just seems to me that if and when fcr decides to jump in on all this fun, they will do it in a big way (scranton?). who knows? we'll see.

 

New construction doesn't work financially in Cleveland unless it's heavily subsidized, and it takes a lot of subsidies from a lot of sources that are difficult to amass. For conversions of aging office buildings, developers can get most of their subsidies from one place -- historic tax credits. Until rents rise or subsidies are simplified for new-build projects, most of the projects will be conversions of existing buildings.

 

That said -- hometown developers not named Forest City are going after these projects as I believe most of these companies are privately held. Wall Street is so greedy anymore that a reasonable rate of return earned by publicly held companies like FCE just isn't enough for them. So FCE won't even consider cities like Cleveland. I hope hometown investors with a conscious remember that.

Now it's the Huntington Building's turn to be converted to apartments.  Prime location right across the street.

 

How many total apartment/condo units do we have downtown? How many are actively in the works right now? I know the population of the core downtown is roughly estimated to be 12,000 but I know there aren't 12,000 units downtown due to multiple people living in one unit. It would be nice to have an updated tally.  :-o

 

You can see the complete breakdown of the housing situation on page 9 of the Downtown Cleveland Alliance Quarterly Report:

http://www.downtowncleveland.com/media/88457/Q2_2013_FINAL.pdf

 

So, did anyone else notice on Page 8 of ther report that CLE's downtown daytime population is now over 120,000!  this is a nice increase from the approx 100,000 figure 10 years ago.

I missed that!

Didn't downtown have close to 150,000 ten years ago?  I think I remember reading that somewhere, and that downtown was in the top 10 nationwide regarding downtown's workday population.  Nevertheless, I'm sure 120,000 now is the beginning of a turnaround for downtown!

It's been down then up again.  I remember the number 146,000 from the late 90's, then it dropped significantly, and has since recovered to about 120,000 in the last few years.  Still a lot of room for more recovery, though.

From's Michelle's article: "The first apartments at Upper Chester will range from a handful of 512-square-foot efficiencies to two-bedroom units spanning 1,120 square feet. Projected rents are $1,000 to $2,200 a month."

 

Am I reading that as the 512-square-foot efficiencies will go for $1,000/month?  $1.95 per square foot?!  And the math holds true with 1,120 square foot two bedrooms for $2,200/month.  (a penny more)  More than Uptown, I believe.

 

Is there now a competition between developers for who can have the most expensive residential square footage in the city?

From's Michelle's article: "The first apartments at Upper Chester will range from a handful of 512-square-foot efficiencies to two-bedroom units spanning 1,120 square feet. Projected rents are $1,000 to $2,200 a month."

 

Am I reading that as the 512-square-foot efficiencies will go for $1,000/month?  $1.95 per square foot?!  And the math holds true with 1,120 square foot two bedrooms for $2,200/month.  (a penny more)  More than Uptown, I believe.

 

Is there now a competition between developers for who can have the most expensive residential square footage in the city?

 

At those rents ($2/SF), subsidies are no longer needed for new construction -- based on what I remember real estate experts saying in recent years.

With Uptown and Upper Chester charging $2/sf which justifies new construction but downtown struggling to get to that number is living in UC really that much more valuable,  or appealing than Downtown?

With Uptown and Upper Chester charging $2/sf which justifies new construction but downtown struggling to get to that number is living in UC really that much more valuable,  or appealing than Downtown?

There hasn't been any new construction downtown to get to that number, it's only conversions. We will see what happens with the FEB apartments.

With Uptown and Upper Chester charging $2/sf which justifies new construction but downtown struggling to get to that number is living in UC really that much more valuable,  or appealing than Downtown?

There hasn't been any new construction downtown to get to that number, it's only conversions. We will see what happens with the FEB apartments.

So are you saying it won't be the right move to charge $2/sf for the converted apartments downtown?

With Uptown and Upper Chester charging $2/sf which justifies new construction but downtown struggling to get to that number is living in UC really that much more valuable,  or appealing than Downtown?

There hasn't been any new construction downtown to get to that number, it's only conversions. We will see what happens with the FEB apartments.

So are you saying it won't be the right move to charge $2/sf for the converted apartments downtown?

Topic for another thread, but I'd say there's a ways to go. Prices continue to creep up with each new renovation.

Moved a bunch of posts here from the Upper Chester thread. So now it is a topic for this thread. Chat away!

 

I do think that as more amenities are added downtown (Heinen's grocery store, more retail, transportation, etc) that rents will grow even higher. This is like watching a skyscraper go up. The vertical beams are the residential population and the horizontal beams are the services/amenities. Each new level of vertical beams justifies adding the horizontal beams.

 

 

Redevelopment to bring 39 apartments to Superior Ave., in 150-bed project aimed at students (gallery)

 

 

http://www.cleveland.com/business/index.ssf/2013/10/redevelopment_to_bring_39_apar.html#incart_river_default

 

CLEVELAND, Ohio -- A local developer trio is converting a onetime textile building on Superior Avenue into housing, with an eye on capturing student renters as Cleveland State University stretches north.

 

As a construction project, this was posted in the Projects & Construction section in this thread: http://www.urbanohio.com/forum2/index.php/topic,14163.msg220770.html#msg220770

 

Please keep this thread for general discussions on living in downtown and immediately surrounding neighborhoods (ie: market trends, speculation about future development, personal experiences with various buildings and landlords, etc). Thanks!

As a construction project, this was posted in the Projects & Construction section in this thread: http://www.urbanohio.com/forum2/index.php/topic,14163.msg220770.html#msg220770

 

Please keep this thread for general discussions on living in downtown and immediately surrounding neighborhoods (ie: market trends, speculation about future development, personal experiences with various buildings and landlords, etc). Thanks!

 

What about endless discussions of whether a building will have 100 or 120 units?  Where should those go?

Cleveland Plus ‏@BeThePlus 9m

Want to know what it's like to live in the Downtowns of the Northeast Ohio region? Adam Rosen shares his experiences in tmr's #BeThePlusBlog

Unfortunately, due to significant job losses here, the apartment market stinks in Cleveland compared to other metros. If it wasn't for the back-to-the-city movement, we wouldn't have any activity at all....

 

3rd Quarter Cleveland Performance Highlights

 

A quarter ago, Cleveland’s quarterly demand performance was the nation’s third worst. In 3rd quarter 2013, Cleveland still ranked among the nation’s worst – but this time, for annual demand. The metro saw its occupied unit count drop 1,832 units in the past year. That was the second-worst annual demand tally nationally ahead of only Pittsburgh. In Cleveland, the demand problem was widespread, as all but two submarkets recorded negative demand in the past year. Driving demand into negative territory was net job loss over the past year. According to the Bureau of Labor Statistics, employers in Cleveland shed 7,900 jobs in the year-ending August, resulting in a 0.8% contraction of the employment base. Competition from the single-family home market likely played a secondary role in weakened apartment market fundamentals. Despite the demand challenges, though, occupancy remained essentially full in 3rd quarter 2013 at 95.3%. Still, that rate was down 0.3 points quarter-over-quarter and 1.5 points year-over-year. Despite negative demand and waning occupancy, operators continued to push rents moderately in the year-ending 3rd quarter 2013. Same-store rental rates rose 0.6% in 3rd quarter and 2.5% year-over-year. That annual increase was in line with the metro’s two-year average.

 

Source: MPF Research, www.mpfresearch.com

http://www.realpage.com/apartment-market-research/cleveland-apartment-trends/

Unfortunately, due to significant job losses here, the apartment market stinks in Cleveland compared to other metros. If it wasn't for the back-to-the-city movement, we wouldn't have any activity at all....

 

3rd Quarter Cleveland Performance Highlights

 

A quarter ago, Cleveland’s quarterly demand performance was the nation’s third worst. In 3rd quarter 2013, Cleveland still ranked among the nation’s worst – but this time, for annual demand. The metro saw its occupied unit count drop 1,832 units in the past year. That was the second-worst annual demand tally nationally ahead of only Pittsburgh. In Cleveland, the demand problem was widespread, as all but two submarkets recorded negative demand in the past year. Driving demand into negative territory was net job loss over the past year. According to the Bureau of Labor Statistics, employers in Cleveland shed 7,900 jobs in the year-ending August, resulting in a 0.8% contraction of the employment base. Competition from the single-family home market likely played a secondary role in weakened apartment market fundamentals. Despite the demand challenges, though, occupancy remained essentially full in 3rd quarter 2013 at 95.3%. Still, that rate was down 0.3 points quarter-over-quarter and 1.5 points year-over-year. Despite negative demand and waning occupancy, operators continued to push rents moderately in the year-ending 3rd quarter 2013. Same-store rental rates rose 0.6% in 3rd quarter and 2.5% year-over-year. That annual increase was in line with the metro’s two-year average.

 

Source: MPF Research, www.mpfresearch.com

http://www.realpage.com/apartment-market-research/cleveland-apartment-trends/

 

This is very concerning, and somewhat depressing. As a region, we have to get this train back on track..

Not sure how to feel about the job loss news. On the one hand you hear about jobs being lost in the area. On the other you hearabout companies not being able to fInd enough skilled labor. Clearly the missing link is education, not K-12 but vocational training. We're creating high tech manufacturing jobsnot service oriented positions. The workforce needs to be trained aappropriately.

Residential market conditions in Q3 2013 are discussed here:

http://www.downtowncleveland.com/media/91671/Q3_2013.pdf

The city has a lot of good going on right now.  Job creation would be the tipping point for Cleveland.  Also, I'd have to say I'm a bit surprise that more companies have not moved downtown given the momentum.  Even with Detroits problems, several major companies are moving back downtown.  Cleveland seems to get a few companies of the 20 - 50 employee renge where Detroit has major companies of 500 - 1,000 moving downtown.  The exit of Eaton Corp has downtown playing catch up.  What are your thoughst?

3rd DCA report in. Downtown occupancy now down to 94%  http://www.downtowncleveland.com/media/91671/Q3_2013.pdf

The city has a lot of good going on right now.  Job creation would be the tipping point for Cleveland.  Also, I'd have to say I'm a bit surprise that more companies have not moved downtown given the momentum.  Even with Detroits problems, several major companies are moving back downtown.  Cleveland seems to get a few companies of the 20 - 50 employee renge where Detroit has major companies of 500 - 1,000 moving downtown.  The exit of Eaton Corp has downtown playing catch up.  What are your thoughst?

 

yeah downtown is definately over the hump and very attractive for residential and small businesses, but there seems to be a lag in the bigger businesses moving in from the burbs or moving back in. leftover bias i would imagine. no worries, just stay the course and keep growing, eventually the big boys will want to jump in the downtown game. job creation is quite a bit trickier, i think midtown is and can be much more of a hub for that. the most exciting part of town to me is between csu and uc, its so full of possibilities.

 

 

 

 

3rd DCA report in. Downtown occupancy now down to 94%  http://www.downtowncleveland.com/media/91671/Q3_2013.pdf

 

Look up the thread, two posts earlier.

This is a pretty nice endorsement of downtown living:

 

Tribe Manager Terry Francona runs down his favorite downtown dude food: Five for Friday

 

"I love living downtown. It's awesome! I like the activity, like the buzz, the noise doesn't bother me," Francona told Cleveland.com yesterday, during a break from off-season organizational meetings.

 

"And I like that I can walk downtown and not have it be overwhelming. [East 4th Street is] a nice little area, and there are a lot of great places — it all works out great."

 

http://www.cleveland.com/dining/index.ssf/2013/11/tribe_skipper_terry_francona_r.html#incart_river_default#incart_m-rpt-2

Interesting comment here, from the Retail thread.....

 

Unfortunately, it sounds like Cork and Beans in the Huntington Building's lower level will be closing by year's end. I spoke with the owner who said moving would be a necessity as the building is eventually going to be repurposed but they couldn't find another location that made good business sense. As unfortunate as it is, they had a good long run - hoping for the best for them.

 

It's interesting because if the old Huntington Building is repurposed for housing, it will probably delay any new construction such as an apartment tower atop 515 Euclid.....

 

^economics of new construction don't work out right now, but they are getting better

 

The inventory of Class C buildings ripe for conversion is getting pretty low, with planning coming together for the largest remaining structures.

 

Are you hinting at something that hasn't yet been announced??

 

Nah. I'm referring to the Worthington Building, Cleveland Athletic Club and May Company building. I think those are the largest, vacant (or almost entirely vacant) structures both of which have plans for their conversion to housing/hotel. The old Huntington Building is probably considered a Class B office building and despite recent tenant losses is still half-full. I doubt there are any Class C office buildings left downtown that are larger than 100,000 square feet and more than 75 percent vacant. I'm pretty sure the Rockefeller Building, 75 Public Square, Standard Building, Leader Building, Ohio Bell Building, Rose Building, Halle Building, Hanna Building, Keith Building, Superior Building and City Club Building are at least 50 percent full too. Perhaps one or two of those may convert and consolidate office tenants into remaining Class C buildings. But if that's all it is, then it appears the supply of potential conversions is running low.

 

there's also 1.3 million square feet of open space in the Huntington bank building that could be converted to apartments, hotels, and office space.

 

The building isn't empty. There's about 700,000 square feet of open space in the old Huntington Building. Worse, it's spread throughout the building which makes it difficult to convert a portion of the building to other uses. Unless Optima's management firm can get tenants to relocate to concentrate them on certain floors, a conversion of this building won't happen anytime soon.

 

So, to bring this back on topic, that's why new construction downtown -- such as 515 Euclid -- isn't likely to happen for a few more years. But at least the idea is getting warmer.

Downtown Cleveland is "walker's paradise," researchers say

 

 

Alison Grant, The Plain Dealer 

Email the author | Follow on Twitter

on November 14, 2013 at 8:00 AM

 

 

CLEVELAND, Ohio -- Downtown Cleveland is a "walker's paradise," with some of the city's other neigbhorhoods also ranking as among the most walkable urban locales in the country.

 

That's according to a new report from Walk Score, a popular Internet site for determining the most pedestrian-friendly cities and neighborhoods.

 

Overall, Cleveland ranks as the 16th most walkable large city in the country, with a "walk score" of 57 out of a possible 100, according to a rating of 2,500 U.S. cities on their walkability, biking-friendliness and access to transit.

 

Among Cleveland neighborhoods, downtown rates the highest, with a score of 87, meaning daily errands don't require a car. Other places conducive to walking, according to the survey, are Ohio City (78), Detroit Shoreway (72), University Circle (71) and Buckeye-Shaker (71).

 

http://www.cleveland.com/metro/index.ssf/2013/11/downtown_cleveland_is_walkers.html

New-construction apartments being considered for downtown as supply of older buildings for conversion is running low

 

http://www.crainscleveland.com/article/20131201/SUB1/312019996

New-construction apartments being considered for downtown as supply of older buildings for conversion is running low

 

http://www.crainscleveland.com/article/20131201/SUB1/312019996

 

No surprises there, and nothing we haven't talked about. The largest concentration of unused or underutilized buildings is along Euclid near Playhouse Square. And some of the pie-in-the-sky plans for those buildings have actually started construction (or soon will). Doesn't leave much for redevelopment. What's next except for the dozens of surface lots downtown?

 

Nice article and good summary of the major projects that died over the years, like the Ameritrust tower or countless townhouse projects.

Hmmm....all it is is a long winded article doing what we do on this board on a daily basis....speculate about where something should be built and offer our opinions why...nothing concrete at all.

To get new construction the demand for apartment s must remain high and we have to run out of buildings that can be converted to residential. The old Huntington building, the superior building May co. Building and maybe the City Club Building are the biggest in my mind. I hope demand stays in the 90s even after all these projects get completed.

Hmmm....all it is is a long winded article doing what we do on this board on a daily basis....speculate about where something should be built and offer our opinions why...nothing concrete at all.

 

Exactly. And it comes to the same conclusion I did in these posts almost a month ago....

 

http://www.urbanohio.com/forum2/index.php/topic,3198.msg681132.html#msg681132

http://www.urbanohio.com/forum2/index.php/topic,3198.msg681179.html#msg681179

A nice piece on who lives downtown, where and why......

 

http://clevelandmagazine.com/ME2/dirmod.asp?sid=E73ABD6180B44874871A91F6BA5C249C&nm=Article+Archives&type=Publishing&mod=Publications::Article&mid=1578600D80804596A222593669321019&tier=4&id=30872DA851B8452C80722350397A206E

Does this look about right everyone?

 

19 new Residential projects (2169 total new units):

1) Avenue District -- 56 units (completed 2012)

2) Lofts at Rosetta -- 97 units (completed 2013)

3) Reserve Square -- 218 units (completed 2013)

4) The Langston -- 318 units (completed 2013)

5) Residences at the Hanna -- 201 102 units (completed 2013) CORRECTED

6) The Seasons at Perk Park -- 33 units (completed 2013)

7) Schofield -- 55 units (under construction for fall 2014)

8 ) The 9 -- 104 units (under construction for fall 2014)

9) Swetland Building -- 80 units (under construction for fall 2014)

10) Truman Building -- 26 units (under construction for fall 2014)

11) Residences at 1717 -- 223 units (under construction for fall 2014)

12) Flats East Bank Phase II -- 245 units (planned for summer 2015)

13) 1224 Huron -- 9 units (planned for spring 2015)

14) MT Silver -- 39 units (planned for spring 2015)

15) Park-Southworth Buildings -- 34 units (planned for winter 2015)

16) May Company Building -- 350 units (planned for 2016)

17) Worthington Co. Warehouse -- 83 units (planned for 2016)

18) Lincoln Building -- 17 units (planned for 2016)

19) 1220 Huron -- 80 units (planned for 2016)

I only have 102 units for Residences at the Hanna.

I only have 102 units for Residences at the Hanna.

 

Thanks ...I think that was some dyslexia on my part

Are you missing the new private apartment project near CSU on Euclid?

MT Silver is well underway and should be done this year.

Are you missing the new private apartment project near CSU on Euclid?

 

I suppose I am missing a big one.  For some reason, I had this project in my head as dorm rooms.  Adding the 217 units and bumping up MT Silver to Fall 2014.

 

20 new Residential projects (2386 total new units):

1) Avenue District -- 56 units (completed 2012)

2) Lofts at Rosetta -- 97 units (completed 2013)

3) Reserve Square -- 218 units (completed 2013)

4) The Langston -- 318 units (completed 2013)

5) Residences at the Hanna -- 102 units (completed 2013)

6) The Seasons at Perk Park -- 33 units (completed 2013)

7) Schofield -- 55 units (under construction for fall 2014)

8 ) The 9 -- 104 units (under construction for fall 2014)

9) Swetland Building -- 80 units (under construction for fall 2014)

10) Truman Building -- 26 units (under construction for fall 2014)

11) Residences at 1717 -- 223 units (under construction for fall 2014)

12) MT Silver -- 39 units (under construction for fall 2014)

13) 1224 Huron -- 9 units (planned for spring 2015)

14) Flats East Bank Phase II -- 245 units (planned for summer 2015)

15) 1750 Euclid Ave -- 217 units (planned for fall 2015)

16) Park-Southworth Buildings -- 34 units (planned for 2016)

17) May Company Building -- 350 units (planned for 2016)

18) Worthington Co. Warehouse -- 83 units (planned for 2016)

19) Lincoln Building -- 17 units (planned for 2016)

20) 1220 Huron -- 80 units (planned for 2016)

Thanks for putting the list together MH! It's pretty impressive.

I suspect this is in response to the growing core-city market for rentals, considering the size of the apartment buildings Colliers will market.....

 

Northeast Ohio apartment veteran joins Colliers in Cleveland

Gary Cooper

By STAN BULLARD

4:30 am, January 27, 2014

 

Colliers International's Cleveland office has added well-known apartment broker Gary Cooper to its office in a strategic move to enter the investment sales market.

 

Brian Hurtuk, manager and founding principal of the Colliers office in Cleveland, said the apartment venture expands Colliers' offerings in Ohio. The firm already has specialists selling office and industrial space for investments in its Cincinnati office.

 

Cooper's first day at Colliers, which he joins as a senior vice president and principal of its Cleveland office, is Monday, Jan. 27.

 

READ MORE AT:

http://www.crainscleveland.com/article/20140127/FREE/140129814

Thanks for putting the list together MH! It's pretty impressive.

 

Hey happy to do this math!

 

btw Since this thread is "& vicinity"... can you guys help with an outline of all the new residential projects from let's say E. 55 and W. 70...basically the city/metro core?  I've lost track of the all the new residential going into Tremont, Ohio City, Duck Island, and Gordon Square...etc. 

 

I, too, am curious if this spike in new unit creation in the city core will finally help pave the way for population stability.