May 9, 201411 yr I've heard two rumors from local developers about 925. One that they are slowly kicking tenants out to mothball it. The other was on this chart that showed the largest projects in Cleveland for the next five years. On the chart there was a $130 million price tag for some sort of renovation it wasn't detailed. I assume though it would be for a hotel or apartments or both. Anything else on that chart that we don't know about?
May 10, 201411 yr I used to work in the 925 Euclid building. It is a beautiful building with the ornate lobbies as most of you know. And the walls in the upper floors have marble panels that go about halfway up the walls. They don't make buildings like this anymore. The problem that I see is that there are two light wells in the inside of the building that had offices around them. I suppose that apartments could be built into these, but I would not want to live in them. It is really dark in the winter when it is cloudy most of the time and the angle of the sun is low. I think these would be pretty depressing.
May 10, 201411 yr What is the status of the Halle Building? I think it's about 70% full last I've heard. I know IBM Urbancode still has a presence in the building after moving in in 2013, not sure how much total space they occupy though. They'll probably have to move some office tenants around if they plan on doing a conversion.
May 10, 201411 yr What is the status of the Halle Building? I thought the great and powerful FCE was considering a residential conversion at one point.
May 10, 201411 yr My view of the 1717 Building from the Oswald Centre. On this unusually sunny morning [May 6, 2014], I could see right into most of the floors. If you look closely, you can see the framing on each floor. They have been hauling dry wall into the building like CRAZY over the past couple weeks - now they need to get to work hanging that drywall...
June 3, 201411 yr Don't think this has been mentioned yet, from yesterday's BZA: (EDIT: I had incorrectly searched for 1280, not 1220, which is I originally thought this project wasn't discussed yet ;) 1280 Huron is being converted into 80 apartments: "Board of Zoning Appeals Page 2 9:30 Ward 3 Calendar No. 14-71: 1220 Huron Road Joe Cimperman 5 Notices Playhouse Square Plaza LLC, owner, appeals to change the use of floors 2-11 or 113,480 square feet of an 11 story building located in an E5 Local Retail Business District, from business use to 80 residential apartments contrary to the area regulations set forth in Section 355.04 (b) of the Cleveland Codified Ordinances which states that in an ‘E’ Area District the maximum gross floor area cannot exceed 1.5 times the lot area or 16,988 square feet and 113,480 square feet are proposed; and pursuant to Section 357.08 (b) (2) a rear yard equal to one-half of the height of the building, or 64 feet, is required and a rear yard of 0 to 12 feet is proposed and subject to Section 357.09 (b) (2) © an interior side yard of ¼ the height of the building or 32 feet is required and 0’ is proposed (filed May 12, 2014"
June 3, 201411 yr Michelle first reported on this Jun 2013: Next door, an obsolete office building at 1220 Huron Road also faces a residential future -- with 80 apartments planned on its upper floors. The Slyman Group, which owns the building, is planning a $16 million overhaul that won $3.5 million worth of tax credits. The apartments will be called the Residences at PlayhouseSquare, according to the state. http://www.cleveland.com/business/index.ssf/2013/06/northeast_ohio_redevelopment_p.html Also Crain's: •1220 Huron (Cleveland, Cuyahoga County) Total project cost: $16,081,818 Total tax credit: $3,545,455 Address: 1220 Huron Road, 44114 The building at 1220 Huron near Cleveland's Playhouse Square theater district was originally constructed as the 800-car Creswell Parking Garage. After the garage closed in 1924, the building was converted for office tenants. Most of the building is vacant; however, the owner is planning a full rehabilitation to convert the upper floors into 80 apartments to be known as the Residences at Playhouse Square Plaza. Construction will generate 50 jobs and the retained first floor commercial space will house at least 15 permanent jobs. The state did not identify the developers or property owners receiving each of the grants. http://www.crainscleveland.com/article/20130627/FREE/130629811/eight-ne-ohio-historic-rehabs-receive-18-million-in-state-tax-credits?template=printart
June 3, 201411 yr Author Don't think this has been mentioned yet, from yesterday's BZA: 1280 Huron is being converted into 80 apartments: "Board of Zoning Appeals Page 2 9:30 Ward 3 Calendar No. 14-71: 1220 Huron Road Joe Cimperman 5 Notices Playhouse Square Plaza LLC, owner, appeals to change the use of floors 2-11 or 113,480 square feet of an 11 story building located in an E5 Local Retail Business District, from business use to 80 residential apartments contrary to the area regulations set forth in Section 355.04 (b) of the Cleveland Codified Ordinances which states that in an ‘E’ Area District the maximum gross floor area cannot exceed 1.5 times the lot area or 16,988 square feet and 113,480 square feet are proposed; and pursuant to Section 357.08 (b) (2) a rear yard equal to one-half of the height of the building, or 64 feet, is required and a rear yard of 0 to 12 feet is proposed and subject to Section 357.09 (b) (2) © an interior side yard of ¼ the height of the building or 32 feet is required and 0’ is proposed (filed May 12, 2014" Already beat you to it, in the development/construction section at: http://www.urbanohio.com/forum2/index.php?topic=14187.msg710099#msg710099 How this project relates to overall downtown trends, markets, data, etc. is discussed here. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 12, 201411 yr Author Interesting. This 2013 apartment market analysis report for Greater Cleveland shows that the apartment submarket with the highest rents and lowest vacancy rates is "Central Cleveland." http://www.mimginvestment.com/documents/resources/Cleveland_4Q13Apt.pdf Submarket Vacancy Ranking Vacancy Y-O-Y Basis Effective Y-O-Y Rank Submarket Rate Point Change Rents % Change 1 Central Cleveland 2.5% 80 $1,058 0.8% 2 Lake County 3.0% 0 $743 6.3% 3 Westlake/North Olmsted/Lorain Cnty 3.6% 50 $833 0.7% 4 Parma/Middleburg Heights 3.9% 0 $736 2.5% 5 Strongsville/North Royalton/Medina 4.0% 240 $785 2.1% 6 West Cleveland 4.7% 270 $702 0.4% 7 East Cleveland 5.1% 90 $831 3.2% 8 Beachwood/Mayfield 5.3% 280 $926 5.9% 9 Euclid 7.0% -90 $631 12.3% 10 Southeast Cleveland 8.2% 470 $724 4.0% ### "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 12, 201411 yr Regarding the employment trends cited in the report, it seems like they were relying on the erroneous BLS data for 2013 before revisions were made. Therefore, the metro employment picture may be more positive than the report makes it seem. http://www.cleveland.com/business/index.ssf/2014/04/cleveland_area_gained_not_lost.html
June 12, 201411 yr Author That's why I made no reference to it, and only posted the data that was likely reliable -- and shows how vibrant the urban core is when it comes to apartment developments. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 25, 201410 yr May Co. apartment plans could benefit from "catalytic project" change to Ohio tax-credit program CLEVELAND, Ohio -- A change to Ohio's tax-credit program for historic properties could be a boon for downtown Cleveland's May Co. building, where a team of local developers hopes to pull off a large apartment project. On June 16, Gov. John Kasich signed off on House Bill 483, midterm budget review legislation that included tweaks to the state's preservation tax-credit language. That bill opened the door for a mega-award, of up to $25 million in credits, for a single large project in every two-year state budgeting cycle. http://www.cleveland.com/business/index.ssf/2014/06/may_co_apartment_revamp_could.html?utm_source=dlvr.it&utm_medium=twitter
June 25, 201410 yr May Co. apartment plans could benefit from "catalytic project" change to Ohio tax-credit program CLEVELAND, Ohio -- A change to Ohio's tax-credit program for historic properties could be a boon for downtown Cleveland's May Co. building, where a team of local developers hopes to pull off a large apartment project. On June 16, Gov. John Kasich signed off on House Bill 483, midterm budget review legislation that included tweaks to the state's preservation tax-credit language. That bill opened the door for a mega-award, of up to $25 million in credits, for a single large project in every two-year state budgeting cycle. http://www.cleveland.com/business/index.ssf/2014/06/may_co_apartment_revamp_could.html?utm_source=dlvr.it&utm_medium=twitter Wow, this is really great news!
June 25, 201410 yr Damn, $25,000,000 for a single project is pretty monumental. I can imagine some huge projects happening because of this. Too bad it's only once every 2 years (though I clearly understand why).
June 25, 201410 yr Damn, $25,000,000 for a single project is pretty monumental. I can imagine some huge projects happening because of this. Too bad it's only once every 2 years (though I clearly understand why). This is a sum that's no doubt going to increase competition, and it's going to be interesting seeing more potential projects coming to the surface in pursuit of funding.
June 25, 201410 yr Also too bad it's money that would be diverted from the existing program. Wish they'd just add more allocation and make this an additional, special biannual round. Would be awesome to see the MayCo building transformed so soon, but I'll be annoyed when it's Cinci's turn to land the big prize and we see fewer smaller Cleveland projects able to get credits. Also, I love this project, but the whole "catalytic" thing seems kind of overblown.
June 25, 201410 yr Damn, $25,000,000 for a single project is pretty monumental. I can imagine some huge projects happening because of this. Too bad it's only once every 2 years (though I clearly understand why). This is a sum that's no doubt going to increase competition, and it's going to be interesting seeing more potential projects coming to the surface in pursuit of funding. Maybe I'm jumping the gun, but I'm envisioning that this new allocation will save some of Ohio's most monumental and endangered buildings.
June 25, 201410 yr That's definitely what it seems like it's aiming to do. Some projects, even though they would be incredible, are just SO expensive or the building is so far gone that they won't be profitable otherwise. That could end up saving some major buildings.
June 25, 201410 yr While I am happy for the May Co. building I can't help but feel that this Bill that was passed comes across as somewhat self-serving. Although not surprising considering John Carney is involved, because no one is more politically connected than the Carney name in Cleveland. I am worried that other projects like the Drury that consider themselves worthy of this mega award may put their project on hold for two more years till they can apply for it. With that I will try not to be so cynical and hope this new provision does some good things.
June 25, 201410 yr May Co. apartment plans could benefit from "catalytic project" change to Ohio tax-credit program CLEVELAND, Ohio -- A change to Ohio's tax-credit program for historic properties could be a boon for downtown Cleveland's May Co. building, where a team of local developers hopes to pull off a large apartment project. On June 16, Gov. John Kasich signed off on House Bill 483, midterm budget review legislation that included tweaks to the state's preservation tax-credit language. That bill opened the door for a mega-award, of up to $25 million in credits, for a single large project in every two-year state budgeting cycle. http://www.cleveland.com/business/index.ssf/2014/06/may_co_apartment_revamp_could.html?utm_source=dlvr.it&utm_medium=twitter I'm gonna bet a Columbus project goes first round....
June 25, 201410 yr ^ The legislation was literally written by Cleveland developers and a Republican State Rep. from Canton. Cleveland better take the first round.
June 25, 201410 yr ^Ok since you know so much...what Columbus project? Where did I ever imply I know all the details? I'm putting a bet a Columbus project gets first dibs, that's it. You wanna look anymore into my posts while you're at it?
June 25, 201410 yr ^Ok since you know so much...what Columbus project? Where did I ever imply I know all the details? I'm putting a bet a Columbus project gets first dibs, that's it. You wanna look anymore into my posts while you're at it? I'll take your bet. It's going to the May Co building.
June 25, 201410 yr ^Ok since you know so much...what Columbus project? Where did I ever imply I know all the details? I'm putting a bet a Columbus project gets first dibs, that's it. You wanna look anymore into my posts while you're at it? I'll take your bet. It's going to the May Co building. I sure hope so.
June 25, 201410 yr Author When might this tax credit be awarded? This year or next? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 25, 201410 yr From the article: If the May Co. building snags a catalytic project award this year, then construction might start in January or February. And the apartments could open in spring 2016.
June 25, 201410 yr ^^^^Touchy...I guess it is improper to ask for facts around here. No, not touchy, just straightforward. It's not a matter of being improper asking about facts, it's your smart way of implying I knew all the details.
June 25, 201410 yr Are there many condos for sale in the downtown area? The reason I ask is with so many new apartments coming online and so many people moving downtown, where are these people going once they are ready to purchase their own place? I would imagine a good % of them would like to stay downtown once they have enough money saved up. I know financing is tough for condos but could the lack of supply cause people to move out of Cleveland (especially with attractive nearby neighborhoods getting expensive to buy in)?
June 25, 201410 yr ^ http://www.zillow.com/homes/Downtown-Cleveland-OH_rb/ At some point some of these rental projects could be condo-ized if it makes financial sense for the owners. I'm pretty sure the Grand Arcade in the WHD started as rentals. Also, if prices stay high, we'll probably see more and more infill construction of townhouses/sf houses in the fringier areas of Ohio City, Detroit Shoreway, and Tremont, which should help accomodate some downtown movers. Would be an interesting research project to figure out where departing downtown renters move.
June 25, 201410 yr One factor is the federal historic tax credit program requirements. I believe the program has some claw back provisions whereby the credits are forfeited if the building is sold off before 5 years or so. Basically, buildings have to be rentals for a certain period of time.
June 25, 201410 yr One factor is that the federal historic tax credit program requires that buildings which receive credits be rentals for 7 years. I would imagine that as this 7 year requirement begins to burn off for a lot of buildings we will start to see some condo conversions. Im not so sure about that. Although the rental market is hot, the condo market still appears to be very slow. The Grand Arcade has a lot of units for sale and most have been for sale for awhile now. Downtown for sale units seem to take a long time to sell. I don't see any conversions happening anytime soon, especially since they are so easy to fill with renters.
June 25, 201410 yr I agree that we won't see a flood of conversions any time soon. However, I think some buildings will convert to condos. Your point about the Grand Arcade is well taken but living on West 6th is not appealing to a lot of people.
June 30, 201410 yr Perfect timing for the P.S reconstruction and should definitely add some energy to the area.
June 30, 201410 yr I think it would be a good idea, as suggested in the article, to go with the plan that maintains about 4-5 floors of office space on the lower floors. As it is right across the street from the Justice Center it is a great building for small law firms and solo lawyers who share office space. Glad to see Weston starting to become active downtown but it I had a choice, I would have preferred that their first big project be something on the parking lots they own in the warehouse district. I hope this project does not distract them or take away company resources from a WD development.
June 30, 201410 yr Author Standard Building near Public Square will become apartments, after sale to Weston, Inc. (gallery) CLEVELAND, Ohio -- A downtown Cleveland building constructed by the nation's oldest labor union for country's first labor bank could become 287 apartments, under plans being considered by local developer Weston, Inc. Weston expects to buy the Standard Building, near Public Square, in a deal set to close today. The sale will be the first in the history of the 90-year old office building, which was built by the Brotherhood of Locomotive Engineers and Trainmen and has housed the union's offices since 1989. http://www.cleveland.com/business/index.ssf/2014/06/standard_building_near_public.html#incart_river_default Does this warrant a new thread? Yes. EDIT: moved here...... http://www.urbanohio.com/forum2/index.php?topic=29395.0 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 3, 201410 yr :-D :-D :-D Check out the flattering opening paragraph. Cleveland Apartment Construction Reaches Five-Year High "Cleveland—More and more people are moving to the Cleveland metro area, attracted by the steady economic growth and the new development in the city’s downtown, where developers are building everything from hotels, to retail, to housing. These projects have made the area more popular with young adults looking for the live-work-play lifestyle. According to Marcus & Millichap’s Cleveland Apartment Market Report, for the second quarter of 2014, the downtown population has increased more than 50 percent over the past 10 years and is expected to reach 15,000 by 2015." also "The growing rent and the stable economy have also attracted investors to the Cleveland area." http://www.multihousingnews.com/market-data/cleveland-apartment-construction-reaches-five-year-high/1004104636.html
July 14, 201410 yr Author Several topics discusses in this piece, but for the purposes of this thread are the parts about micro-apartments and Lebron leading a stronger boomerang movement to Cleveland and empowerment of the black athlete to cause positive economic change... http://www.crainscleveland.com/article/20140714/BLOGS03/140719923/dan-gilbert-stands-front-and-center-in-the-effort-to-revive-post?X-IgnoreUserAgent=1 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 15, 201410 yr BUMP -- Here's a happy refresh for Downtown;s new residential...not counting rumors: Can you guys audit me. Does this look correct? 21 new residential projects (2556 total new units): 824 total units completed 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) 772 units under construction: 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) Flats East Bank Phase II -- 245 units (under construction for summer 2015) 960 units proposed: 14) 1750 Euclid Ave -- 217 units (planned for fall 2015) 15) 1224 Huron -- 9 units (planned for 2016) 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) 21) Garfield Building -- 170 units (planned for 2016-2017) Southworth has reduced to 18. Also, Standard Building is placed around 287 potential units currently and the recently approved 108 units at Avenue District. You asked for others from E55 to W70...I'm working on the same myself. I will post once completed.
July 29, 201410 yr A question came to me today that makes me wonder if something will hurt the downtown apartment market (not downtown in general). Right now it is very hard to find a high quality apartment for a good price in University Circle, Little Italy, Cleveland Heights, Shaker Heights, Ohio City, Tremont, and Detroit Shoreway. Lakewood too probably, especially if one wants to be near the action. In University Circle you will find smaller units for rents much higher than downtown. You will also find older units without updated interior or in unit w/d. Little Italy is mostly outdated without w/d. Cleveland Heights you can find nicer units for a decent price, but still no in unit w/d for the most part. Same goes for Shaker and Lakewood. For the most part, other than Little Italy, those buildings have in building w/d, but not in unit which a lot of people want. Ohio City, Tremont, and Detroit Shoreway have mostly houses(or parts of them) for rent, which can range on both price and quality. Not exactly sure what they offer. Compare that to Downtown where you can get a completely renovated interior with a new modern kitchen, bathrooms, hardwood floors, nice appliances, in unit w/d, shared workout room, etc. for a really good price. Right now if you like those other neighborhoods, you almost have to be willing to pay more for less, or pay slightly less for a far inferior unit. If things change though I could see a lot of people finally having the option to move to the neighborhoods which could possibly hurt the downtown apartment market, but be great for the city overall. What do you guys think? It is hard for things to change though since most new construction will be more expensive and smaller units, like what you see in University Circle. Downtown has the advantage of old office buildings to convert as well as historic tax credits.
July 29, 201410 yr I think people are looking for problems when there are none. The way I see it, more people attract more people. Density attracts more density. Downtown AND the neighborhoods can grow and compliment each other. Not to say we shouldn't look out for the pitfalls of growth, but it almost seems like paranoia.
July 29, 201410 yr Author The size of the market is potentially immense. If national demographics apply to the Cleveland metro area, even if generally, then half of the metro population is a potential customer for a center-city housing unit. How did I come to that conclusion? Sure, half of the nation's population is either a Baby Boomer (retiring & possibly downsizing) or a Millennial (more into place & tech, less into driving). But moreso is a 2013 survey by the National Association of Realtors which showed the nation roughly evenly split between those favoring smart growth-type land uses (47%) vs. a single-family, detached home with a large yard (52%). Yet whether it's downtown, UC, Ohio City, etc. each of these neighborhoods has only 0.5% to 1% of the metro area's population. Each of these has room to grow to tap into that immediately available market which is mobile and in a transition period in their lives. It doesn't mean that one of those core city neighborhoods will win the lion's share. It means that if each neighborhood goes from being home to 0.5%-1% of the metro population to up to 1%-2% the metro population, then downtown goes from 15,000 to 30,000, Ohio City goes from 9,200 to 18,000, Tremont goes from 8,000 to 16,000, University Circle goes from 11,000 to 22,000. Yep, doubling is impressive, but not when considered in the context of the metro area. And these areas won't just draw population from the metro area, but from the nation and the world. But there will be a shift in emphasis from suburban to urban. Why? Because it's already underway and there's no sign of it stopping. So we're not even close to running out of gas when it comes to the growth of Cleveland's core-city neighborhoods. The market for continued growth is absolutely massive. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 29, 201410 yr I remember when Bob Stark was looking at redeveloping the Warehouse District lots way back in 2007 and he said something like "it's not difficult to convince 1% of any group of people to do anything" in reference to people questioning getting 30,000 people downtown. I also believe that convincing the next 2% of people is easier than convincing the first 1%, and the next 3% and so on... It's an exponentially growing momentum hopefully.
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