September 16, 20159 yr 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/ Interesting...they do an awful lot of work in Moscow. A lot of office and residential construction it seems.
September 16, 20159 yr This is perplexing to me; They seem hyper focused on construction rather than property management. The Turks - they build like ants, just incredibly so, but how will this fit with what's needed at T.C.? I'm looking forward to more info soon.
September 16, 20159 yr Author ^Is there a link to a story, or are you breaking it now with more details to come? No article. Leasing office is updating tenants' paperwork as needed. When asked why, the leasing office said Tower City is being sold. When one tenant inquired further, the leasing office said the buyer's name was "Rasen Investment & Parking." When I heard it, I thought the person said "Raisin" but nothing showed up on a Google search. Rasen appears to be the most likely spelling of all the options I tried. I am surprised the PD hasn't heard about since they are a tenant -- but either their paperwork didn't need updating/refining or they are actually a tenant of the Skylight Office Tower which Hertz is seeking to buy. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 17, 20159 yr ^Is there a link to a story, or are you breaking it now with more details to come? No article. Leasing office is updating tenants' paperwork as needed. When asked why, the leasing office said Tower City is being sold. When one tenant inquired further, the leasing office said the buyer's name was "Rasen Investment & Parking." When I heard it, I thought the person said "Raisin" but nothing showed up on a Google search. Rasen appears to be the most likely spelling of all the options I tried. I am surprised the PD hasn't heard about since they are a tenant -- but either their paperwork didn't need updating/refining or they are actually a tenant of the Skylight Office Tower which Hertz is seeking to buy. Yes, Plain Dealer's office spaces are in the Skylight Tower, which is being sold to a different buyer.
September 17, 20159 yr If Rasen truly is more of a construction-type outfit, what would they really be "allowed" to do with Tower City? What type of restrictions are currently in place given its historic nature and use as a terminal facility?
September 17, 20159 yr oh good - tower city can get a mavi jeans shop: http://us.mavi.com/ and a simit sarayi: http://www.simitsarayi.com/en_US/her-yerdeyiz/yurt-disi and a simit & smith: http://www.simitandsmith.com/
September 17, 20159 yr If Rasen truly is more of a construction-type outfit, what would they really be "allowed" to do with Tower City? What type of restrictions are currently in place given its historic nature and use as a terminal facility? That's my question as well. From KJP's description, it doesn't sound to me like they're going to keep things as-is and just put in new/different stores.
September 17, 20159 yr Re: the comments above ... The Plain Dealer is a tenant in Skylight Office Tower, not the mall at Tower City. They are separate parcels. I've been keeping an eye on this situation but won't/can't report anything until I have solid information. So far, it's mostly rumors - about a range of potential buyers. Michelle
September 17, 20159 yr Author Latest word from leasing office is that prospect buyer Rasen (still not sure if I got their spelling correct) has requested leasing information regarding all tenants at Tower City Center including Tower City Avenue LLC. Buyer has 90 days to conduct its due diligence and make decision but could make it much sooner. Then if sale proceeds, the transaction would take about 60 days thereafter. So no sale has occurred. But if this is Rasen, the firm's primary focus on construction vs investment has folks intrigued. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 17, 20159 yr That makes a lot more sense. Had Tower City already been in contract, pretty sure securities regs would require FC to publicly disclose it.
September 17, 20159 yr Since you asked ... http://www.cleveland.com/business/index.ssf/2015/09/buyer_emerges_for_avenue_mall.html
September 17, 20159 yr Author Good article, mjarboe[/member]. Glad you found the correct spelling of Raisin and the full corporate names. Interesting that Marc Feldman is the attorney for the potential buyer. He's also the attorney for several of the companies under Midwest Development Partners seeking to develop UC3. Wonder if this is part of a larger move on real estate acquisitions/development in Cleveland? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 18, 20159 yr KJP[/member] I'm just trying to keep up with you guys! :wink: Nice sleuthing on your end, as always. /m
September 18, 20159 yr Author Thanks mjarboe[/member]. We learn alot from each other! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 18, 20159 yr Author OK, that seemed like a fast transaction.... Forest City sells Skylight Office Tower at Tower City for $35.4 million http://www.urbanohio.com/forum2/index.php/topic,4266.msg772514.html#msg772514 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 28, 20159 yr For whatever it's worth McDonalds is closing on Thursday. While talking to the manager apparently a Wendy's is taking its place. Small news but news regardless.
December 28, 20159 yr Author That McDonalds is always very busy. It's usually the busiest vendor in the food court. Wonder why they're being replaced? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 28, 20159 yr For whatever it's worth McDonalds is closing on Thursday. While talking to the manager apparently a Wendy's is taking its place. Small news but news regardless. That would be an upgrade.
December 29, 20159 yr That McDonalds is always very busy. It's usually the busiest vendor in the food court. Wonder why they're being replaced? Rents were getting raised. The owner told the workers that Tower City wanted them down there still but the new rent cost weren't acceptable with how much revenue they bring in.
December 29, 20159 yr Was this the only McDonalds downtown? Yep, next closest is at 30th and Carnegie. I'd love a Wendy's though, if that's true.
December 29, 20159 yr McDonald's is a suffering franchise if the franchisees are to be believed. Franchisees are shuttering many locations they view as not worth their time. But also apparently not being forced to give up the rights to those locations as far as I can discern.
December 29, 20159 yr Yes, McDonald's has been seeing plenty of red ink lately and it seems there's been some movement toward, at least, a partial re-imaging -- it has been leaving other downtown areas in recent years, including thriving ones, like Philly's Center City, where there is 1, maybe 2 left... while Mickey-D's has exited similarly seemingly thriving locations in Center City, like 30th Street Station, Suburban Station and the Gallery Mall (which is being remade, anyway).
December 29, 20159 yr Another interesting thing to keep an eye on is that the manager I spoke to said when the owner talked to them about what's happening they mentioned new mall ownership. He mentioned that they are the ones raising rents. I don't know how true that is but since we've heard rumors about Tower City being for sale it's something to keep an eye on.
February 21, 20169 yr I see the Cleveland sourvenir shop is now gone, too. There's still the one at Euclid and Fourth, besides a few away from downtown.
February 21, 20169 yr One more recent closing: Go! Games, Toys, Books, & Calendars is now gone. It was the store between Champs & Dunkin Donuts
February 21, 20169 yr Could these closings be signs of something coming or just reflective of a still non-competitive retail space?
February 21, 20169 yr I know from my experiences in other malls that the Go! Calendar stores are usually seasonal, so I wouldn't read too much into that one closing.
February 21, 20169 yr I know from my experiences in other malls that the Go! Calendar stores are usually seasonal, so I wouldn't read too much into that one closing. This one had been there for quite some time though
February 21, 20169 yr Could these closings be signs of something coming or just reflective of a still non-competitive retail space? That could be a reason, I find it slightly odd that these stores are closing one behind the other. I feel like they may be freeing up retail space.
March 4, 20169 yr Author Someone just bought the Ritz Carlton Hotel and the offices directly below it.... 8 parcels at 0 West 3rd, 1515 West 3rd, 0 Prospect and 0 Tower City Center transferred on Feb. 29 with this sale: Sales Date 2/29/2016 Amount $12,100,000 Buyer RHA 250, LLC Seller ROCK OHIO CAESARS HOTEL, LLC Property Regional shopping center RHA 250, LLC was incorporated on June 22, 2015 by an attorney at Calfee, Halter and Griswold named Mara Cushwa. Six days earlier she created a company "RITZ HOTEL ACQUISITIONS LLC" which is already a dead corporation. Also on June 16, 2015 she incorporated "SKYLINE PROPERTY PARTNERS, LLC." And.... 3 more parcels at 0 Prospect, 0 Huron and 250 Huron-Tower City transferred on Feb. 29 with this sale: Sales Date 2/29/2016 Amount $4,100,000 Buyer SKYLINE PROPERTY PARTNERS, LLC Seller ROCK OHIO CAESARS HOTEL LLC Property Regional shopping center A couple of articles about 250 Huron.... http://www.cleveland.com/business/index.ssf/2011/12/rock_ohio_caesars_to_buy_cleve.html33 http://www.crainscleveland.com/article/20120806/FREE/120809901/bizdom-opens-cleveland-headquarters-at-250-w-huron-road "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 4, 20169 yr So correct me if I'm wrong but this means the casino no longer owns the Ritz? So no more room comps? I have a contact at the Ritz and they've been planning a very extensive remodel/renovation project for the interior and exterior of the hotel. It keeps getting delayed, and perhaps this is why.
March 4, 20169 yr So correct me if I'm wrong but this means the casino no longer owns the Ritz? So no more room comps? I have a contact at the Ritz and they've been planning a very extensive remodel/renovation project for the interior and exterior of the hotel. It keeps getting delayed, and perhaps this is why. Well I guess I have my answer haha: http://www.cleveland.com/business/index.ssf/2016/03/clevelands_ritz-carlton_hotel.html#incart_river_home "Ritz-Carlton Cleveland, offices set for "significant renovations" as ownership entity shifts"
March 16, 20169 yr According to a source, the Tower City mall management transition is happening tomorrow, yes March 17, St Patricks Day, the day the mall is overrun with drunk high school kids, and it closes at 2pm. There will be a 30 day transition where Forest City will be involved in training the new ownership, and there will be no little fanfare or announcements.
March 17, 20169 yr Author When did the mall sell? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 17, 20169 yr There has to be SOMETHING announced...? Someone knows something. This is a big change if it's really happening
March 17, 20169 yr I have heard from a good source that the buyer is exactly who we all think it is...they just had to work out contract issues between the many different ownership entities of the various sections of tower city
March 17, 20169 yr Remember this? 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
March 17, 20169 yr I just want to know if they plan to DO anything. Renovations? Restructuring of stores? This will be interesting. New management could turn TC around... Unless they come in and run things exactly as they were before
March 17, 20169 yr Author No, I don't remember that. But more importantly, has an actual sale taken place? I could form a company called Tower City Shops. Doesn’t mean I could afford to buy The Avenue. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 17, 20169 yr Author Nice. Such creativity here! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 23, 20169 yr As has been discussed many times.... it is now official: Dan Gilbert buys the Avenue shopping mall at Tower City in downtown Cleveland Twenty-six years after Forest City Enterprises turned a transit hub into a high-end shopping mall, the company has sold the ailing Avenue at Tower City Center to a relatively new mega-player in downtown Cleveland real estate. Companies tied to Michigan billionaire Dan Gilbert, the founder of Quicken Loans and majority owner of the Cleveland Cavaliers, bought the mall at Tower City and the parking underneath it Tuesday. The purchase price was not immediately disclosed. The sale could bring some clarity about the future of the 367,000-square-foot shopping center, originally lined with lofty tenants and now home to a motley mix of local shops, blank storefronts and the rare national retailer. And the transaction marks the end of a long dance between Cleveland-based Forest City, now called Forest City Realty Trust, and Gilbert's Bedrock Real Estate Services. The parties came close to concluding their deal a handful of times over the last six months but, for one reason or another, stalled out just short of the finish line. http://www.cleveland.com/business/index.ssf/2016/03/dan_gilbert_buys_the_avenue_sh.html
March 23, 20169 yr There are some cool construction photos in the slideshow that I have never seen before
March 23, 20169 yr Not without worry, I'm pretty eager to hear what Gilbert's team comes up with as a plan. I hope it includes some physical changes that blast away the failed mall taint.
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