Even though a lot of people can't stand the guy, I'd rather FCE sell to Gilbert which is what many expected in the first place.  I think there are advantages to him being a stakeholder here so that he can more feel the joys and pains of the immediate downtown RE market... Hopefully he'd be more aggressive in developing the property than FCE ... and Gilbert's (semi) local, anyway.

I have to wonder if Tower City's infrastructure problems caused negotiations to fall through? You may recall all of the rail service shutdowns last winter due to water line breaks in Tower City which flooded the GCRTA station and frozen waterfalls blocked tracks. There was a classic photo by cleveland.com posted at their site of a train blocked by a frozen waterfall. I know of several tenants in different parts of the complex which suffered water damage from frozen water lines. All tenants were advised to keep a trickle of water running in their sinks to guard against frozen lines.

 

Down below, GCRTA is amending its five-year capital budget to include funds for $15 million worth of major repairs to retaining walls along tracks 7, 8 and 13 which were built at the same time as the rest of the complex's underlying infrastructure even though some of the buildings above were built later. http://www.riderta.com/sites/default/files/pdf/presentations/2014-8-5_CIP.pdf

 

Oh, and the kicker is that Tower City apparently has a bit of a pest problem. Not sure what kind of pests, but given the types of pest control companies they've contacted for bids, it's probably insects.

Is it possible with all the new development and "shine" the city has received, retailers are again looking at TC?

 

The Rats may not want to give up the property if retailers have a renewed interest in being downtown.

 

A towering real estate move might be in the offing

 

“Tower City Shops LLC” is the head-turning name of a foreign corporation registered Jan. 9 with the Ohio Secretary of State’s office.

 

The moniker immediately brings to mind The Avenue at Tower City Center, the downtown shopping center that Cleveland-based Forest City Enterprises Inc. came close to selling last summer.

 

Adding to the intrigue: The filing was by lawyer Howard N. Luckoff of Detroit, whose name also appears on legal documents associated with property deals that Cleveland Cavaliers owner Dan Gilbert’s Rock Gaming has executed for Horseshoe Cleveland Casino.

 

http://www.crainscleveland.com/article/20150131/FREE/150139976/a-towering-real-estate-move-might-be-in-the-offing

A towering real estate move might be in the offing

 

“Tower City Shops LLC” is the head-turning name of a foreign corporation registered Jan. 9 with the Ohio Secretary of State’s office.

 

The moniker immediately brings to mind The Avenue at Tower City Center, the downtown shopping center that Cleveland-based Forest City Enterprises Inc. came close to selling last summer.

 

Adding to the intrigue: The filing was by lawyer Howard N. Luckoff of Detroit, whose name also appears on legal documents associated with property deals that Cleveland Cavaliers owner Dan Gilbert’s Rock Gaming has executed for Horseshoe Cleveland Casino.

 

http://www.crainscleveland.com/article/20150131/FREE/150139976/a-towering-real-estate-move-might-be-in-the-offing

 

OK, now that this is being reported, I can tell you there were rumors swirling during the reported Hertz negotiations that Dan Gilbert actually wanted Tower City Center instead. And even the reports that Hertz was the potential buyer wasn't confirmed. But the fact the source swore me to secrecy and the Hertz reports seemed to belie them anyway, so I'm very intrigued with this becoming public. I have every reason to believe now that this is Dan Gilbert and not something else.

Yep somethings up with this. Luckoff is definitely a Gilbert guy, longtime friends and Michigan State alum. as described in one article. He has also formed similar llc's including 'The Shoppes at Campus Meritus' in Detroit. His bio in part says this:

Mr. Luckoff’s clients include owners and developers of shopping centers, hotels, office buildings, and casino gaming properties. He advises real estate owners and developers on incentives and historic tax credits for redevelopment of urban areas.

Meanwhile at a recent ICSC meeting (int'l council of shopping ctr's) Luckoff paneled a discussion group along with Forest City and James Larue with session titled: Rolling the Dice on a Downtown Casino:  Is Retail a Sure Bet? and A Downtown Casino – More than Just a Game of Chance.

So are we in store for another big announcement. Will Gilbert/Stark/FEB all be fighting for the same tenants? Does Phase 2 come into play? It's going to be interesting for sure.

 

And just a guess but look for something patterned after the recently opened and upscale 'Fashion Outlets of Chicago'.

http://www.fashionoutletsofchicago.com/

 

 

So I posted this in here because Jones New York, Victoria's Secret, and Brooks Brothers remain as TC last few legitimate national name clothing retailers and accordingly have the best retail spaces. (could be missing some but I don't think so).  Footlocker and Champs are also national names but cater to the athletic market.  This is a blow to TC, hope they can fill that very visible spot with something worthwhile.

 

Jones New York plans to shutter all 127 of its outlet stores - including two in Northeast Ohio

 

CLEVELAND, Ohio -- Jones New York, the women's sportswear and career wear retailer, has announced that it is pursuing unspecified "strategic alternatives" for the brand and plans to shutter all 127 of its outlet stores -- including locations at Tower City Center in downtown Cleveland and at Aurora Premium Outlets.

 

http://www.cleveland.com/business/index.ssf/2015/02/jones_new_york_plans_to_shutte.html#incart_river

Not a big development at all, but it will probably be the subject of much attention!

 

One magnificent bench to unite Clevelanders east and west on April 4th

ERIN O'BRIEN | MONDAY, MARCH 16, 2015

 

So, what are you? East sider or West sider?

 

Clevelanders have fielded the glib question since, well, anyone can remember. The classic geographical divide in the 216 dates back to the 1830's and a dubious brawl on the first Columbus Road Bridge. Yet even today, the side of the river from which one hails still seems to matter in this town.

 

"You're asked to self identify," says Michele Kilroy, a native Clevelander who's decided to take on the the embedded split. "I understand that everyone has pride in their respective neighborhoods, but we're all Cleveland."

 

While she admits the classic Cleveland question isn't going away any time soon, about a year ago, an idea bloomed that would meld our industrial history, art and technology all while aiming to close west/east divide. The concept is about to come to fruition in a way that will make any Clevelander's face split into a toothy grin.

 

Cleveland Bench is 12-feet long, two-and-a-half-feet high and nearly as deep. It's constructed of 1,000 pounds of reclaimed Rust Belt steel and, perhaps best of all, its permanent home will be smack dab in the middle of the Terminal Tower's main entrance.

 

MORE:

http://www.freshwatercleveland.com/devnews/clevelandbench031615.aspx

Not a big development at all, but it will probably be the subject of much attention!

 

One magnificent bench to unite Clevelanders east and west on April 4th

ERIN O'BRIEN | MONDAY, MARCH 16, 2015

 

So, what are you? East sider or West sider?

 

Clevelanders have fielded the glib question since, well, anyone can remember. The classic geographical divide in the 216 dates back to the 1830's and a dubious brawl on the first Columbus Road Bridge. Yet even today, the side of the river from which one hails still seems to matter in this town.

 

"You're asked to self identify," says Michele Kilroy, a native Clevelander who's decided to take on the the embedded split. "I understand that everyone has pride in their respective neighborhoods, but we're all Cleveland."

 

While she admits the classic Cleveland question isn't going away any time soon, about a year ago, an idea bloomed that would meld our industrial history, art and technology all while aiming to close west/east divide. The concept is about to come to fruition in a way that will make any Clevelander's face split into a toothy grin.

 

Cleveland Bench is 12-feet long, two-and-a-half-feet high and nearly as deep. It's constructed of 1,000 pounds of reclaimed Rust Belt steel and, perhaps best of all, its permanent home will be smack dab in the middle of the Terminal Tower's main entrance.

 

MORE:

http://www.freshwatercleveland.com/devnews/clevelandbench031615.aspx

I actually think this is a pretty cool idea, unique public art is always welcome!

^ It would be a bit more fun if it were to be placed right in the center of the southern part of Public Square, so that it literally divides east and west where Ontario St used to run.

^ It would be a bit more fun if it were to be placed right in the center of the southern part of Public Square, so that it literally divides east and west where Ontario St used to run.

They might of placed it here because it can get used year round when placed in TC without the hassle of moving it constantly due to rain and/or snow. That idea you pitched is smart though.

^ It would be a bit more fun if it were to be placed right in the center of the southern part of Public Square, so that it literally divides east and west where Ontario St used to run.

They might of placed it here because it can get used year round when placed in TC without the hassle of moving it constantly due to rain and/or snow. That idea you pitched is smart though.

 

It is actually going to be outside, in front of the TC entrance

^ It would be a bit more fun if it were to be placed right in the center of the southern part of Public Square, so that it literally divides east and west where Ontario St used to run.

They might of placed it here because it can get used year round when placed in TC without the hassle of moving it constantly due to rain and/or snow. That idea you pitched is smart though.

 

It is actually going to be outside, in front of the TC entrance

Ohhh i thought it would be inside in the main entrance. My mistake.

Not a big development at all, but it will probably be the subject of much attention!

 

One magnificent bench to unite Clevelanders east and west on April 4th

ERIN O'BRIEN | MONDAY, MARCH 16, 2015

 

So, what are you? East sider or West sider?

 

Clevelanders have fielded the glib question since, well, anyone can remember. The classic geographical divide in the 216 dates back to the 1830's and a dubious brawl on the first Columbus Road Bridge. Yet even today, the side of the river from which one hails still seems to matter in this town.

 

"You're asked to self identify," says Michele Kilroy, a native Clevelander who's decided to take on the the embedded split. "I understand that everyone has pride in their respective neighborhoods, but we're all Cleveland."

 

While she admits the classic Cleveland question isn't going away any time soon, about a year ago, an idea bloomed that would meld our industrial history, art and technology all while aiming to close west/east divide. The concept is about to come to fruition in a way that will make any Clevelander's face split into a toothy grin.

 

Cleveland Bench is 12-feet long, two-and-a-half-feet high and nearly as deep. It's constructed of 1,000 pounds of reclaimed Rust Belt steel and, perhaps best of all, its permanent home will be smack dab in the middle of the Terminal Tower's main entrance.

 

MORE:

http://www.freshwatercleveland.com/devnews/clevelandbench031615.aspx

 

I think the East-West thing is a funny tongue in cheek conversation.  I have lived on both sides and currently reside on the West side.  I think people will be passionate about their area and want to see their neighborhood prosper perhaps more than another, but I don't think its as big as its made out to be.  Overall, you will find Cleveland a pretty united, passionate place, we all stand together for the most part.

Look what I found! I have to wonder if this still an active plan or on hold with the pending sale of Tower City?

 

http://www.passovgroup.com/listings/cleveland-tower-city-center/

 

 

Wow I want to know more about that!! Or anything regarding the TC sale really... I guess nothing new regarding the possibly Dan Gilbert related purchase Crains mentioned a while back?

^^Well that's pretty damn interesting. I wonder if FC is trying to attract a few more tenants to make the possible sale more attractive.

btw you hit the jackpot tonight with the passovgroup...

^^Well that's pretty damn interesting. I wonder if FC is trying to attract a few more tenants to make the possible sale more attractive.

btw you hit the jackpot tonight with the passovgroup...

 

I never heard of Passov until this morning's walk when I saw the sign at Clifton Shoppes. There's always lots of plans and renderings out there being used to generate tenant/investor interest in projects, and many of them are posted on the web. Until you look for them, stumble upon them or get tipped off to them, you'll never see them. So I'm always looking through sites for real estate listings, architectural firms, and other resources to see if anything new has popped up.

 

But you're right, I hit the motherlode today. :)

^I pass buy a Passov sign every morning on my way to work in the wonderfully renamed Sphere (please read sarcastically). I had no idea how much they had on the market here. To bring this convo back to TC, a coworker heard from a little birdie that a Starbucks will be moving into the former Peet's location sometime around July. Not sure of the level of credibility here, though.

 

If it's true, I think it has to be a good sign for the Public Square lot. That can't go undeveloped too much longer if only 3/4 corners of PS have a Starbucks; someone would have to build something there to complete the Starbucks monopoly!  :-D

If it's true, I think it has to be a good sign for the Public Square lot. That can't go undeveloped too much longer if only 3/4 corners of PS have a Starbucks; someone would have to build something there to complete the Starbucks monopoly!  :-D

 

That's just freakin' awesome.... But the easy out for the Jacobs Group is to put a Small Box with a Starbucks in it! :-P

 

Anyway, but to topic....

^I pass buy a Passov sign every morning on my way to work in the wonderfully renamed Sphere (please read sarcastically). I had no idea how much they had on the market here. To bring this convo back to TC, a coworker heard from a little birdie that a Starbucks will be moving into the former Peet's location sometime around July. Not sure of the level of credibility here, though.

 

If it's true, I think it has to be a good sign for the Public Square lot. That can't go undeveloped too much longer if only 3/4 corners of PS have a Starbucks; someone would have to build something there to complete the Starbucks monopoly!  :-D

That would be just like subway opening a store across from tc

Look what I found! I have to wonder if this still an active plan or on hold with the pending sale of Tower City?

 

http://www.passovgroup.com/listings/cleveland-tower-city-center/

 

 

 

It's meant to be occupied by ghosts from the 70s? 

 

(Note the dressed up women and casually dressed guys lol)

To bring this convo back to TC, a coworker heard from a little birdie that a Starbucks will be moving into the former Peet's location sometime around July. Not sure of the level of credibility here, though.

 

 

 

As a current tenant associated with TC , I can say that I've heard the same thing from mall management. Looking forward to their coffee!

Saw the Starbucks "coming soon" sign today, so I guess we can call this confirmed.

^That same coworker called me today (I'm out of town) just to tell me the signs are up and it's confirmed. Big news for us coffee hungry Terminal Tower residents  :-D

So where's the "Sphere" sign?

Today's Cleveland.com "Mall Mondays" article is about Tower City. This is a pretty bad article, and includes a number of factual errors, but I thought I'd post it anyways.

 

By Brenda Cain, Northeast Ohio Media Group

Email the author | Follow on Twitter

on July 13, 2015 at 8:00 AM, updated July 13, 2015 at 8:22 AM

 

CLEVELAND, Ohio – When it opened in 1990, The Avenue at Tower City Center was home to high-end retailers such as Barney's of New York, Fendi, Gucci, and Versace. The mall had a letter of intent from Neiman Marcus to build a 120,000-square-foot anchor store.

 

It was a destination – stunning architecture, a dancing fountain and three stories of marquis stores impossible to find in suburban malls.

 

Now, 25 years later, storefronts are vacant, or filled with local retailers and a dollar store, aside from a few better-known holdouts like Brooks Brothers.

 

http://www.cleveland.com/metro/index.ssf/2015/07/tower_city_the_avenue_-_mall_m.html

Horrible article. And a few racist commenters who are allowed by cleveland.com to spread their hate.

Are there actually any vacancies in Tower City? They might not all be filled with "name brand" chain stores, but I can't recall seeing empty spaces.

There's vacancies. But their windows are covered with decorative posters, etc.

This thread reminded me that Jones New York (women's clothing retailer) posted store closing signs a week or 2 ago. They're still open as of now, selling everything.

Earlier this year Jones New York had announced all stores were closing, with things winding down in the summer. If that's still the case, you got me.

I'm pretty bummed that the Casino had little effect in reviving the mall.

There was a published article on Crains not that long ago that speculated entities related to Dan Gilbert were purchasing the mall yet nothing ever came of it.

I'm pretty bummed that the Casino had little effect in reviving the mall.

Yeah, but I'm not to sure on how much the mall has been marketed toward retailers. 

Forest City Enterprises terminates sale agreement for three Tower City Center properties

 

Forest City Enterprises Inc. (NYSE: FCEA and FCEB) announced it has “amicably agreed to terminate the purchase and sale agreement” for three Tower City Center properties in downtown Cleveland.

 

“In the course of finalizing the negotiations, the company and the prospective buyer were unable to reach mutually agreeable terms,” Cleveland-based Forest City said in a news release. The properties in play are the Skylight Office Tower, Post Office Plaza and a portion of The Avenue shopping center.

 

 

http://www.crainscleveland.com/article/20140919/FREE/140919750

 

Turns out Hertz isn't out of the picture after all....

 

Skylight Office Tower looms as big Hertz buy

California investor emerges as favorite for 12-story complex

August 30, 2015

By STAN BULLARD

 

Hertz Investment Group, the California investor with an appetite for office buildings across the country, looks to be closing in on buying the 12-story Skylight Office Tower in Forest City Enterprises Inc.'s Tower City Center complex in Cleveland.

 

Los Angeles-based Hertz earlier this year bought 27-story Fifth Third Center in downtown Cleveland for almost $54 million. It was rumored to be the bidder that Forest City described in 2014 as the prospective buyer of most of Tower City, although Forest City announced in September of that year that it had broken off negotiations.

 

However, Forest City has continued to offer the downtown shopping and office complex for sale as part of its drive to shed older properties in non-core markets.

 

The properties are being marketed as part of Forest City's effort to continue cleaning up its balance sheet to aid its shift from a real estate operating company to the tax-protected status of a real estate investment trust. The transition is being pursued as part of a quest for higher stock market values more reflective of the value of its portfolio, the company has said. Forest City recently scheduled a shareholder meeting for Oct. 15 to decide on pursuing REIT status.

 

Hertz's renewed interest in at least a part of Tower City surfaced Aug. 13, when it formed an Ohio limited liability corporation called Skylight Office Tower Mezzanine LLC, according to online records from the Ohio Secretary of State's office.

 

MORE:

http://www.crainscleveland.com/article/20150830/NEWS/308309987/skylight-office-tower-looms-as-big-hertz-buy

Forest City Enterprises terminates sale agreement for three Tower City Center properties

 

Forest City Enterprises Inc. (NYSE: FCEA and FCEB) announced it has “amicably agreed to terminate the purchase and sale agreement” for three Tower City Center properties in downtown Cleveland.

 

“In the course of finalizing the negotiations, the company and the prospective buyer were unable to reach mutually agreeable terms,” Cleveland-based Forest City said in a news release. The properties in play are the Skylight Office Tower, Post Office Plaza and a portion of The Avenue shopping center.

 

 

http://www.crainscleveland.com/article/20140919/FREE/140919750

 

Turns out Hertz isn't out of the picture after all....

 

Skylight Office Tower looms as big Hertz buy

California investor emerges as favorite for 12-story complex

August 30, 2015

By STAN BULLARD

 

Hertz Investment Group, the California investor with an appetite for office buildings across the country, looks to be closing in on buying the 12-story Skylight Office Tower in Forest City Enterprises Inc.'s Tower City Center complex in Cleveland.

 

Los Angeles-based Hertz earlier this year bought 27-story Fifth Third Center in downtown Cleveland for almost $54 million. It was rumored to be the bidder that Forest City described in 2014 as the prospective buyer of most of Tower City, although Forest City announced in September of that year that it had broken off negotiations.

 

However, Forest City has continued to offer the downtown shopping and office complex for sale as part of its drive to shed older properties in non-core markets.

 

The properties are being marketed as part of Forest City's effort to continue cleaning up its balance sheet to aid its shift from a real estate operating company to the tax-protected status of a real estate investment trust. The transition is being pursued as part of a quest for higher stock market values more reflective of the value of its portfolio, the company has said. Forest City recently scheduled a shareholder meeting for Oct. 15 to decide on pursuing REIT status.

 

Hertz's renewed interest in at least a part of Tower City surfaced Aug. 13, when it formed an Ohio limited liability corporation called Skylight Office Tower Mezzanine LLC, according to online records from the Ohio Secretary of State's office.

 

MORE:

http://www.crainscleveland.com/article/20150830/NEWS/308309987/skylight-office-tower-looms-as-big-hertz-buy

I was hoping that The Avenue was apart of the deal so it can get an owner that will put a better selection of stores in there.

Starbucks in the Avenue is officially opened for business today.  As mentioned up-thread, 3/4 corners of Public Square now have one. 

Starbucks in the Avenue is officially opened for business today.  As mentioned up-thread, 3/4 corners of Public Square now have one. 

 

I'm shocked that they're still using the "Avenue" moniker. Because i haven't heard it in twenty years.

Starbucks in the Avenue is officially opened for business today.  As mentioned up-thread, 3/4 corners of Public Square now have one. 

 

I'm shocked that they're still using the "Avenue" moniker. Because i haven't heard it in twenty years.

 

I thought they officially dropped that years ago. You don't see it listed as "The Avenue" anywhere, with the exception of Forest City's property listing web page.

I'm pretty bummed that the Casino had little effect in reviving the mall.

 

Attached residential would have a much better impact on retail than a casino.

I'm pretty bummed that the Casino had little effect in reviving the mall.

 

Attached residential would have a much better impact on retail than a casino.

 

The casino has provided good business for the Renaissance and the Ritz, which often comps players.  From my talking to people and reading travel sites, like TripAdvisor, apparently the word-of-mouth bad reputation of TC keeps gamblers and other hotel visitors away.  I tend to believe the negative image of TC crime is way overblown, but it is what it is and FCE, or whoever eventually buys the mall, is going to have to work overtime to correct this... As the famed psychologist once noted: perception is reality.

I tend to think the challenges facing Tower City's retail go a lot deeper than FC's management, but two very minor signs they are just going through the motions at this point: look at the utterly joyless photo they chose for the top of this official web site: http://www.towercitycenter.com/info/publicsquare/  And then scroll down and click on the "Lots to see and do at Coastal Grand" link at the bottom left.

I tend to think the challenges facing Tower City's retail go a lot deeper than FC's management, but two very minor signs they are just going through the motions at this point: look at the utterly joyless photo they chose for the top of this official web site: http://www.towercitycenter.com/info/publicsquare/  And then scroll down and click on the "Lots to see and do at Coastal Grand" link at the bottom left.

 

LOL--love the picture where the security comes close to outnumbering the patrons.  Well conceived!

I don't know -- I just learned a tenant signed a lease this past week with FCE for a space at Tower City -- and they had been there since last year! The FCE manager had no idea they were there until recently. Even more bizarre, FCE mailed the lease to the tenant's OLD address! The current address at Tower City was on the lease! The FCE manager asked where they were in relation to other stores. When the tenant starting listing the stores he was near, the FCE manager did not recognize them until a more prominent, longstanding name was mentioned. Then the lightbulb went off... I just don't think FCE gives a rat's tail about Tower City.

I don't know -- I just learned a tenant signed a lease this past week with FCE for a space at Tower City -- and they had been there since last year! The FCE manager had no idea they were there until recently. Even more bizarre, FCE mailed the lease to the tenant's OLD address! The current address at Tower City was on the lease! The FCE manager asked where they were in relation to other stores. When the tenant starting listing the stores he was near, the FCE manager did not recognize them until a more prominent, longstanding name was mentioned. Then the lightbulb went off... I just don't think FCE gives a rat's tail about Tower City.

What was the name of the store?

What was the name of the store?

 

Shall remain nameless. I don't want to jeopardize their relationship with Tower City.

 

What was the name of the store?

 

Shall remain nameless. I don't want to jeopardize their relationship with Tower City.

Fair enough, so the store has been there for a year already correct?

Here we go.... Forest City has a buyer for Tower City Center including the Avenue (retail area): a Turkish construction and investment company named Rasen.  http://rasen.com/

^Is there a link to a story, or are you breaking it now with more details to come?