September 26, 20186 yr Author Report shows demand for 6,800 more homes in downtown Cleveland by 2030 By Michelle Jarboe, The Plain Dealer on September 26, 2018 at 10:36 AM, updated September 26, 2018 at 11:18 AM CLEVELAND, Ohio - Developers could build - and expect to fill - 6,800 more residences in downtown Cleveland by 2030 without oversaturating the market, a new study asserts. Research by Urban Partners, a Philadelphia-based consulting firm, lays to rest concerns about a potential overabundance of housing in and near the central business district. There's ample demand, the consultants say. But Cleveland must find ways to add more for-sale homes to the rental-heavy market and to turn more downtown workers into residents. The study, funded by civic and nonprofit groups and released Wednesday, evaluates the opportunities for housing in downtown Cleveland and portions of six nearby neighborhoods. By plumbing Census data, evaluating growth trends and comparing Cleveland to more developed cities, Urban Partners concluded that downtown could approach - or possibly surpass - 30,000 residents by 2030, up from an estimated 17,500 renters, owners and students today. MORE: http://realestate.cleveland.com/realestate-news/2018/09/report_shows_demand_for_6800_m.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 26, 20186 yr ^ The consultants defined downtown as four Census tracts between the Innerbelt and Lake Erie, including portions of the west bank of the Flats and all of Burke Lakefront Airport. Hmm, think of all the suburban cul-de-sac's we could fit at Burke lol. Good news. Here's hoping financing gets a bit easier to come by.
September 26, 20186 yr Author ^ The consultants defined downtown as four Census tracts between the Innerbelt and Lake Erie, including portions of the west bank of the Flats and all of Burke Lakefront Airport. Hmm, think of all the suburban cul-de-sac's we could fit at Burke lol. Good news. Here's hoping financing gets a bit easier to come by. While rising interest rates don't help, the federal Opportunity Zones tax program (https://www.brookings.edu/blog/the-avenue/2018/09/19/opportunity-zones-and-shared-prosperity-emerging-principles-from-cleveland/) and the legislative progress on the Transformational Tax Credit offer promise. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 26, 20186 yr Downtown Cleveland is on the rise, and on the mind From the Desk of the COO Cleveland is in my blood, and as an executive, so is business. When my father opened the doors to Stark Enterprises he saw the great business potential of downtown Cleveland, which is why we established our corporate office in the heart of the city. While we were a bit ahead of the curve, Cleveland’s recent downtown development boom has resulted in a similar resurgence, with businesses and business professionals flocking to the city core. http://www.starkenterprises.com/downtown-cleveland-is-on-the-rise-and-on-the-mind/
September 26, 20186 yr "Our current project, The Beacon, and future project, nuCLEus, will connect the central business district in a way that has never been done before" future project. I had sort of given up on this whole thing, but we might be getting something... eventually.
October 1, 20186 yr "Our current project, The Beacon, and future project, nuCLEus, will connect the central business district in a way that has never been done before" future project. I had sort of given up on this whole thing, but we might be getting something... eventually. I don’t think it will be built without the tax credit being passed and/or it being scaled down. I’m still hopeful. The one that I’ve lost the most hope on is the Weston parking lot project.
October 1, 20186 yr Author If the local economy keeps picking up, both will get built. Might happen in a year or it might happen in 30. My bet is that it will happen much sooner than 30. EDIT: the article I posted in this other thread suggests why.... https://www.urbanohio.com/forum/index.php/topic,15104.msg941079.html#msg941079 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 23, 20186 yr I was checking out the Halle Building website and was surprised and pleased to see that, even though all construction will not be completed until early next year, only 16 out of 122 apartments are still available for lease.
November 24, 20186 yr That's pretty impressive. The demand is definitely there for Playhouse Square. That area has needed more residential for a while.
November 24, 20186 yr Author Might need another tower, like on top of the Cowell & Hubbard building. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 25, 20186 yr 12 hours ago, KJP said: Might need another tower, like on top of the Cowell & Hubbard building. Hmmmm.
November 25, 20186 yr I remember speaking to a downtown agent who said the Halle Building was renting for significantly less than other places downtown (not sure why). A quick look at one apartment at Halle showed a price of $1.45 per square foot while the Standard building showed $1.88 per square foot. Might be helping with the renting.
November 25, 20186 yr The cheapest rents for the smallest one bedroom units (about 900 sf) at the Halle are $1298. The Standard for one, I know starts at more than that for a much smaller unit.
November 25, 20186 yr This is true, I'm looking for an apartment right now and the Halle rents are some of the cheapest out there for new apartments. Plus the parking rate is lower than everyone else.
November 29, 20186 yr A link to Downtown Cleveland Alliance's Q3 2018 report: https://www.downtowncleveland.com/DCA/media/DCA_Media/2018-Q3-REPORT.pdf Residential occupancy at 91%, Class A above 88%. Both good numbers. The residential vacancy declining to 91% might point to a maturing housing market downtown. Edited November 29, 20186 yr by Oldmanladyluck
December 3, 20186 yr https://www.crainscleveland.com/stan-bullard-blog/centric-adds-university-circle-residential-options Per this article, Centric is about 30% leased. I am actually surprised it is so low, because there really is not a lot of options in Little Italy or nearby? Hopefully things will pick up in Spring.
December 4, 20186 yr I think it's typical. Usually when a place is brand new you see higher numbers in leasing, but understanding as it's trying to appeal more as a student housing project, its better to have a leasing percentage low for upcoming semesters. Granted it is open for public leasing outside schooling reasons for locations like Little Italy, but I can see why. There's plenty of units to come by in Centric. Although that looks like a small number, it's a biiiiiig building. Edited December 4, 20186 yr by tastybunns
December 4, 20186 yr On 11/24/2018 at 9:52 PM, CbusTransit said: I remember speaking to a downtown agent who said the Halle Building was renting for significantly less than other places downtown (not sure why). A quick look at one apartment at Halle showed a price of $1.45 per square foot while the Standard building showed $1.88 per square foot. Might be helping with the renting. Different owners have different philosophies. Some would rather wait and get high rents while others just want to fill up their building ASAP and increase from there.
December 4, 20186 yr Author 14 hours ago, mrclifton88 said: https://www.crainscleveland.com/stan-bullard-blog/centric-adds-university-circle-residential-options Per this article, Centric is about 30% leased. I am actually surprised it is so low, because there really is not a lot of options in Little Italy or nearby? Hopefully things will pick up in Spring. It's an expensive building and portions of it were still under construction when CWRU's fall semester was starting. So they missed their window. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 16, 20196 yr Key downtown Cleveland for-sale site changes hands A site for a long-planned for-sale housing development in downtown Cleveland has changed hands as Zaremba Homes has sold remaining acreage at the townhouse phase of Avenue District to another builder in a $1.88 million transaction. The new owner of the parcels is B.R. Knez Homes, a Concord Township-based homebuilder, which is ready to roll on 12 townhouses on part of the site. https://www.crainscleveland.com/real-estate/key-downtown-cleveland-sale-site-changes-hands
January 17, 20196 yr 10 hours ago, Clefan98 said: Key downtown Cleveland for-sale site changes hands A site for a long-planned for-sale housing development in downtown Cleveland has changed hands as Zaremba Homes has sold remaining acreage at the townhouse phase of Avenue District to another builder in a $1.88 million transaction. The new owner of the parcels is B.R. Knez Homes, a Concord Township-based homebuilder, which is ready to roll on 12 townhouses on part of the site. https://www.crainscleveland.com/real-estate/key-downtown-cleveland-sale-site-changes-hands Zaremba's 'new vision' makes me think their other Superior Avenue property is also for sale. Remember: It's the Year of the Snake
February 11, 20196 yr Author Also includes some suburban data. ... Cleveland apartment vacancy stands out, but market for new spaces remains 'very strong' https://www.crainscleveland.com/real-estate/cleveland-apartment-vacancy-stands-out-market-new-spaces-remains-very-strong "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 18, 20196 yr Looking at a few websites and it looks like Residences at the Halle only has one suite available, The Garfield is practically leased up with only two suites available (after floating at 80% for a long time), and The Standard now is 2/3 leased (it's slowly getting there). All good signs with the new inventory that's about to come to the market. Edited February 18, 20196 yr by cle_guy90
March 4, 20196 yr Not sure if this is the right place for this but found it interesting there's a bridge going between the Creswell Apartments and the Halle parking deck/annex going over Brownell Ct., looks like it was put in between 2017 and 2018 (can't find it on aerial imagery previous to this time period but I could be wrong), either way, connected parking, woo! Lol ? also fun fact, the parcel that the Creswell is on has a 'Subsidized Housing' land use code with the county. Edited February 21, 20205 yr by GISguy
March 7, 20196 yr Also not sure where to put this, but interesting pod cast this week from "The Downtowner" from WPCN at Playhouse Square: The Downtowner - Episode 12: Americans Against the City https://www.ideastream.org/news/the-downtowner-episode-12-americans-against-the-city
March 7, 20196 yr Author Suburban sprawl discussion? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 31, 20196 yr Author Let's make downtown Cleveland more family-friendly! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 31, 20196 yr Cleveland, where the public finances the hotels and private citizens have to finance the playgrounds. What a wonderfully functional place.
May 31, 20196 yr 1 hour ago, StapHanger said: Cleveland, where the public finances the hotels and private citizens have to finance the playgrounds. What a wonderfully functional place. I’m both employed and reside in the City of Cleveland. I have no complaints about paying into projects that benefit our economy and quality of life.
June 1, 20196 yr On 5/31/2019 at 10:35 AM, StapHanger said: Cleveland, where the public finances the hotels and private citizens have to finance the playgrounds. What a wonderfully functional place. I disagree. This is a prime example of someone making a statement with no actual proof or merit. There are plenty of neighborhoods across NE Ohio, Ohio, and the Country where residents of said community raise money for a project, that benefits them directly. Look a public elementary schools, many have playground in or adjoining/adjacent to their property, which are paid for by tax dollars. I even use the playgrounds in Central Park. Most are paid for by private partnerships led by community associations. This is exactly what is happening with the Downtown Cleveland Alliance. They are the sponsor for the project. How is this a bad thing or something to complain about or placed into a narrative that Cleveland cannot afford to finance playground construction?
June 12, 20196 yr Since there has been talk in the past about the Standard not performing well, it is worth pointing out that it is now over 90% leased (254/281). Even though Downtown Cleveland Alliance still hasn't put out there first quarter report for some reason, I have to believe that occupancy rates downtown are overall going up and that the market is ready for the next wave of apartments that are to come online.
June 13, 20196 yr This is good news! The Standard is a great building- it was a bit out of my price range but certainly nice and to me not a bad location. Once those surface lots go away it will be back in the center of everything ? Now if they could just fill that retail... though that seems to be an issue with all of these new buildings that have retail spots.
June 13, 20196 yr On 6/1/2019 at 1:36 PM, MyTwoSense said: I disagree. This is a prime example of someone making a statement with no actual proof or merit. There are plenty of neighborhoods across NE Ohio, Ohio, and the Country where residents of said community raise money for a project, that benefits them directly. Look a public elementary schools, many have playground in or adjoining/adjacent to their property, which are paid for by tax dollars. I even use the playgrounds in Central Park. Most are paid for by private partnerships led by community associations. This is exactly what is happening with the Downtown Cleveland Alliance. They are the sponsor for the project. How is this a bad thing or something to complain about or placed into a narrative that Cleveland cannot afford to finance playground construction? People have been privately financing major "public" projects since the age of the Roman Republic (frankly before that even). Cities are at their best when private works together with public to improve infrastructure for all.
June 13, 20196 yr I would love to see an Ace Hardware open a retail location downtown. With as many residents living here I always see the need for the bare necessities that their stores provide
June 20, 20195 yr Author Colliers' Cooper: It might not be booming, but Cleveland apartment market strong June 13, 2019 | Dan Rafter Three years ago, apartment renters would flock to any new apartment building rising in Cleveland, filling the units as soon as the multifamily development opened its doors. Today? It might take more time for these buildings to fill. But Gary Cooper, senior vice president and principal with the Cleveland office of Colliers International, said that this doesn’t mean that the city’s apartment market is in decline. It just means it’s stabilizing. Cooper is one of the speakers at REjournals’ and Midwest Real Estate News’ Fifth Annual Cleveland Commercial Real Estate Summit to be held June 27 at at Windows on the River. The event will feature the biggest names in Cleveland’s commercial real estate industry discussing everything from the city’s apartment market to its industrial, office and retail sectors. Midwest Real Estate News spoke with Cooper in advance of this event about the state of Cleveland’s multifamily market, why it’s been so strong for so long and what the future holds. Here is some of what he had to say. In general, how strong is the Cleveland apartment market today? MORE: https://www.rejournals.com/colliers-cooper-it-might-not-be-booming,-but-cleveland-apartment-market-strong-20190613 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 16, 20195 yr I hope they do something to the exterior... it really needs a refresh. And they need help filling up the ground floor retail. With all the new people living in Halle, Athlon, JHB (eventually), 925 (eventually) plus those living in Statler, Reserve Square, etc. there is no shortage of residents. Edited July 16, 20195 yr by mrclifton88
July 16, 20195 yr ^^Yes. And also of the Central National Bank Building - what is now Amtrust Financial Center at Superior and 9th. He was a prolific postwar corporate architect, with some very well known commissions (e.g., Prudential Tower in Boston). And had quite a career as a corporate executive, too, amazingly, as president of Pepsodent toothpaste and Lever Bros: https://en.wikipedia.org/wiki/Charles_Luckman Edited July 16, 20195 yr by StapHanger
July 16, 20195 yr 24 minutes ago, mrclifton88 said: I hope they do something to the exterior... it really needs a refresh. And they need help filling up the ground floor retail. With all the new people living in Halle, Athlon, JHB (eventually), 925 (eventually) plus those living in Statler, Reserve Square, etc. there is no shortage of residents. No shortage of residents, but also no shortage of new ground floor retail spots coming on line either! Edited July 16, 20195 yr by mack34
July 21, 20195 yr Long time lurker, first time poster! As someone who is about to move back to Cleveland from Austin, I can safely say that while the downtown rental market is “stabilizing” it is still blood sport. I lived in the Bridgeview in 2008 and paid 1,200 a month for a 2 bed 2 bath with views of the river, and now that amount of money will *maybe* get you a studio somewhere in the vicinity of the general downtown area. Finding apartments in Austin is MUCH easier (although the property values down here are much higher), and finding a place to rent in or around downtown was actually the most stressful part of our upcoming move. My wife was actually able to find a one-bedroom in the Terminal Tower in our price range, but we literally had no time to even go into further discussion about which unit to choose as while we were signing the lease 6 other apartments around us were rented out. Felt like we were back to hunting for apartments in NYC for a second. Obviously it is not all sunshine and rainbows, but compared to where it was a decade ago it is amazing to see the growth.
July 21, 20195 yr I'd believe it. Most cities built more than we have over the last 5 years or so. Makes it easy to find a place when demand flattens. Cleveland is catching up though. There's about as many units under construction downtown as the last 3 years combined. Oh, and welcome back!
July 21, 20195 yr Author Welcome @Boaty McBoatface! Love to hear more about your experiences, good and bad, as you make the move back. It's hard for us to see what we're doing right and wrong when we're immersed in it everyday. Edited July 23, 20195 yr by KJP "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 21, 20195 yr Thanks for the warm welcome back! We couldn’t be more excited to move back to the CLE after spending the last 10 years in NYC and Austin. As an outsider, former, and now soon to be current resident of the city it really has been incredible to see the strides Cleveland has made since moving away in 2009. Don’t really have much more to say at this point but I will absolutely give as many updates and real-time information regarding the move-in process as well as getting back to living downtown! Let’s just say that downtown Austin has a long way to go before it is as much of a complete “neighborhood” as downtown Cleveland at this point when it comes to basic live ability (we live in downtown Austin at the moment) and I can not wait to escape the scooters. Damn those scooters.
August 8, 20195 yr Does anyone know why the downtown Cleveland alliance stopped putting out quarterly reports? I always found them to being extremely informative especially in terms of apartment and retail vacancies.
August 8, 20195 yr 27 minutes ago, cle_guy90 said: Does anyone know why the downtown Cleveland alliance stopped putting out quarterly reports? I always found them to being extremely informative especially in terms of apartment and retail vacancies. they still do
August 8, 20195 yr 27 minutes ago, Clefan98 said: they still do Can you send me a link because it’s no longer where it used to be on their site? I haven’t found any for 2019 (q1 or q2).
August 8, 20195 yr Ah, I found out they're only doing it yearly now. 2019 should be out Feb/Mar 2020.
August 8, 20195 yr On 7/16/2019 at 3:40 PM, roman totale XVII said: The Sphere is now The Luckman? And this was the Chesterfield just like 4 years ago
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