Bernie Moreno keeps making moves.
 

https://www.crainscleveland.com/technology/blockchain-firm-wins-funding-one-its-businesses

 

“Ownum, the Bernie Moreno-founded company that is developing several businesses using blockchain technology, has secured funding for Vital Chain, which digitizes birth and death certificates. Ownum also announced that Vital Chain has its first client: the MetroHealth System.

Medici Ventures, the blockchain venture subsidiary of internet retailer Overstock.com, will acquire an undisclosed equity stake in Vital Chain and assist Vital Chain with product development. MetroHealth, Cuyahoga County's public health system, also will assist in building the Vital Chain product.“

Bernie Moreno blockchain startup completes new investment round

 

“CHAMPtitles, the year-old startup that digitizes the vehicle titling process, announced it has raised a $5 million round of capital from several investors.

 

CHAMPtitles is one of four businesses of Ownum LLC, founded by former auto dealer Bernie Moreno and Shane Bigelow, formerly director of the Cleveland-based private wealth practice of money manager AB Bernstein.“

 

https://www.crainscleveland.com/technology/bernie-moreno-blockchain-startup-completes-new-investment-round

 

Nose to the grindstone.  Love Bernie (no I’m not him.  Not even related :D).

But if they wanted that London Stock Exchange North American HQ at Tower City (or anywhere in Cleveland), that's been put on hold. Hopefully not permanently.

33 minutes ago, KJP said:

But if they wanted that London Stock Exchange North American HQ at Tower City (or anywhere in Cleveland), that's been put on hold. Hopefully not permanently.

Bc of Covid-19?

 

I want London Stock Exchange here.. but Bernie’s tech movement will see most of it’s growth come organically.

Edited April 9, 20205 yr by Sapper Daddy

So, I hate to post anything more here without concrete sources since this hasn’t gone anywhere. And I’ll say that what I heard was second hand, yet semi credible.

 

But what I heard tonight was that CityBlock is still on, I heard $452 million price tag, and involved development of the riverfront. It’s a less than credible source from my original, but he also mentioned Google, without myself asking. I want to get to the bottom of this as much as all of you. Just passing along. 

13 minutes ago, marty15 said:

So, I hate to post anything more here without concrete sources since this hasn’t gone anywhere. And I’ll say that what I heard was second hand, yet semi credible.

 

But what I heard tonight was that CityBlock is still on, I heard $452 million price tag, and involved development of the riverfront. It’s a less than credible source from my original, but he also mentioned Google, without myself asking. I want to get to the bottom of this as much as all of you. Just passing along. 

Here's to hoping, thanks for the Intel...that's a lot of moolah! If it's accurate I can't see the state, county, or city being as generous as they once were when this was first announced...

 

Again, thanks for keeping your pulse on this!!

I dont know if this is the best place for this, but there is a great article in Properties Magazine about the complexities of converting Terminal Tower to residential use.  Its really interesting:

 

http://digital.propertiesmag.com/publication/?m=15890&i=662464&p=21&pp=1

 

Also the residences are 75% leased as of the time of this article.

Dan is All In again - hope to see something come to fruition here.  Farewell Brooks Brothers.  

 

https://www.clevescene.com/scene-and-heard/archives/2020/06/26/brooks-brothers-one-of-the-avenues-last-original-tenants-is-permanently-closing-at-tower-city?fbclid=IwAR2nVCpqySNKDZuiBXH2dhg7Wtlkwsj_unkgg65MvHfWzd01qD5Z-Ob2KE8

6 minutes ago, RE Developer In Training said:

Dan is All In again - hope to see something come to fruition here.  Farewell Brooks Brothers.  

 

https://www.clevescene.com/scene-and-heard/archives/2020/06/26/brooks-brothers-one-of-the-avenues-last-original-tenants-is-permanently-closing-at-tower-city?fbclid=IwAR2nVCpqySNKDZuiBXH2dhg7Wtlkwsj_unkgg65MvHfWzd01qD5Z-Ob2KE8

 

C'mon Mr Gilbert!   Kill that muni lot outlet mall plan and move it to Tower City.   Last chance for retail in downtown Cleveland.   

Edited June 26, 20204 yr by Cleburger
typo

 ^ Sad to see because it’s a beautiful store. Brooks Brothers though are up for sale and teetering on C11  

5 hours ago, Cleburger said:

 

C'mon Mr Gilbert!   Kill that muni lot outlet mall plan and move it to Tower City.   Last chance for retail in downtown Cleveland.   

 

 

haha i think we have talked about the idea of tc becoming an outlet mall somewhere on uo in the past.

 

i think if blockland happens that will bring a lot of new activity and maybe help guide future retail for the mall.

 

in the meantime, its probably better to wait out the corona and the retail flux these days.

Bleh, what a downer.

Well I suppose any news is good news here.  I’m still hopeful for the job creation and job relocation to this region that City Block might attract.

 

“(Bernie Moreno is) also a partner in City Block, a planned center for startup and young businesses at the Avenue at Tower City Center. Bedrock Detroit LLC , the development arm of Cleveland Cavaliers owner Dan Gilbert, will be the developer of the center. Moreno said in the phone call that Bedrock continues to work on the development.”
 

https://www.crainscleveland.com/transportation/bernie-moreno-gets-back-auto-business

Edited August 4, 20204 yr by Sapper Daddy

^ If I have the opportunity to drive up to Cleveland before the summer is over, I'll know where to take my Porsche for servicing (and the DL on Cityblock).

Newsworthy, although we knew this was likely the outcome.  

 

https://www.clevescene.com/scene-and-heard/archives/2020/08/31/tower-city-cinemas-to-close-permanently?fbclid=IwAR2mYa0qOcGOT9cejlWG07GMPxl0zTpeabkBwZji7Yf0wDt_FBnJg2ziAJ8

When are the FEB cinemas opening?

3 minutes ago, skiwest said:

When are the FEB cinemas opening?

Like never. I think they were scrapped in the most recent Phase 3B iteration.

sad, i actually liked the tc theaters. but lets be real, who would go in a movie theater for the forseeable future? no thank you.

2 hours ago, mrnyc said:

sad, i actually liked the tc theaters. but lets be real, who would go in a movie theater for the forseeable future? no thank you.

I am going this weekend..  I love going to the movies

 

I thought the closure had been announced a while back.  Isn't that why the film festival moved to PHS?

15 hours ago, skiwest said:

 

I thought the closure had been announced a while back.  Isn't that why the film festival moved to PHS?

 

 

Speaking of CIFF, they had a great post the other day. Going to be awesome at PHQ but man, going to miss pics/events like this!

Speaking of Tower City, when is Google moving in? @marty15 where are you?

Tower City is such a great space.  I hope it doesn't become a cube farm.

I still dislike this plan, I feel it isn't a good use of this space. Would be better suited in the neighborhood designated as the health/TECH corridor. 

It is not the best plan, but its not nothing. How would you like to see the space utilized @MyPhoneDead? And you can't say retail.

13 minutes ago, Ineffable_Matt said:

It is not the best plan, but its not nothing. How would you like to see the space utilized @MyPhoneDead? And you can't say retail.

 

Just curious why retail is not an option?  

1 hour ago, Cleburger said:

 

Just curious why retail is not an option?  

I don't want this thread to get locked again, but suffice it to say that it hasn't worked there yet. What is that definition of insanity?

14 minutes ago, Ineffable_Matt said:

I don't want this thread to get locked again, but suffice it to say that it hasn't worked there yet. What is that definition of insanity?

 

It hasn't worked because it didn't have the right mix of stores as the retail climate changed.   We have a pending outlet mall project on the muni lots that would be a much better fit at Tower City.   Outlet malls are a perfect fit with casinos.   They exist successfully all over the country.  

2 hours ago, Ineffable_Matt said:

I don't want this thread to get locked again, but suffice it to say that it hasn't worked there yet. What is that definition of insanity?

 

It failed because shoppers fled to the suburbs. Those that lived nearby moved further from downtown, and those that still worked downtown started shopping at the one of many new suburban malls. Both trends have been reversing the last 10 years.

2 hours ago, Ineffable_Matt said:

I don't want this thread to get locked again, but suffice it to say that it hasn't worked there yet. What is that definition of insanity?

It stopped working because the effort stopped being applied by Forest City. Retail down there when it opened was in a downtown that revolved around 9-5 office workers with very few residents (2,000 or so by the year 2000). Downtown now is a live, work, play area with virtually 20K residents, a nice tourism flow and immediate surrounding areas that are seeing massive investment (OC, Tremont etc.) on top of residential now in the tower itself. Retail can work but they have to understand the demographic it is serving. We don't necessarily need Gucci and Fendi down there again just stores that are new to market or serve the demographics needs. 

 

To answer your question, shopping retail is something the area down there needs to help complete it. It doesn't even have to be completely retail. You can combine the larger storefronts such as the Kringle space in the back, footlocker (relocate it) and the other storefronts in the far back for a fun use. Something like a Dave and Busters, Round One, Main Event type venue would be amazing to have downtown and would be a good draw for families that visit or live downtown to have something to do together. Tower City needs to be a space for everyone and not just a select few and that's what CityBlock feels like. The pieces are in place for the original vision of The Avenue to be fulfilled, the effort needs to be there. 

 

PLUS that rendering of their plans are ugly and a slap in the face to the ornate architecture of the building. 

10 minutes ago, MyPhoneDead said:

It stopped working because the effort stopped being applied by Forest City. Retail down there when it opened was in a downtown that revolved around 9-5 office workers with very few residents (2,000 or so by the year 2000). Downtown now is a live, work, play area with virtually 20K residents, a nice tourism flow and immediate surrounding areas that are seeing massive investment (OC, Tremont etc.) on top of residential now in the tower itself. Retail can work but they have to understand the demographic it is serving. We don't necessarily need Gucci and Fendi down there again just stores that are new to market or serve the demographics needs. 

 

To answer your question, shopping retail is something the area down there needs to help complete it. It doesn't even have to be completely retail. You can combine the larger storefronts such as the Kringle space in the back, footlocker (relocate it) and the other storefronts in the far back for a fun use. Something like a Dave and Busters, Round One, Main Event type venue would be amazing to have downtown and would be a good draw for families that visit or live downtown to have something to do together. Tower City needs to be a space for everyone and not just a select few and that's what CityBlock feels like. The pieces are in place for the original vision of The Avenue to be fulfilled, the effort needs to be there. 

 

PLUS that rendering of their plans are ugly and a slap in the face to the ornate architecture of the building. 

I agree that the plans are... not the best. I also agree that it would be great if every store front was filled with cool stores and arcades, etc. But arguing that retail is on the upswing in a city that is still bleeding residents, in a downtown where we celebrate BOA taking up a storefront, in a COVID-19 world, when brick and mortar has been dying a slow and painful death, and when Amazon is about to drone deliver all of our wants and needs, is like tilting at windmills. 

 

Does anyone have a non-retail suggestion?

In hindsight, Forest City probably should have developed Tower City on a smaller scale and without the high-end retailers.  Maybe Gucci, Fendi, Versace etc. are well-suited for Beachwood or Westlake, but not for downtown Cleveland.  I hope we will see some level of retail return there at some point.

OFF TOPIC: That now-defunct shopping mall opened 30 years ago in 1990.
Please stop wasting everyone's time on this, and keep the topic germane to news of projects and construction. 

Edited September 3, 20204 yr by ExPatClevGuy

27 minutes ago, Ineffable_Matt said:

I agree that the plans are... not the best. I also agree that it would be great if every store front was filled with cool stores and arcades, etc. But arguing that retail is on the upswing in a city that is still bleeding residents, in a downtown where we celebrate BOA taking up a storefront, in a COVID-19 world, when brick and mortar has been dying a slow and painful death, and when Amazon is about to drone deliver all of our wants and needs, is like tilting at windmills. 

 

Does anyone have a non-retail suggestion?

The city overall is losing populations, but not the area immediately surrounding Tower City, which has been gaining affluent shoppers with disposable income.

 

Obviously we are in a wait see hold pending whatever the World looks like post Covid, but honestly I think there will always be a need for brick and mortar stores.

 

I think when its all said and done retail in the burbs and outer neighborhoods will have your daily use retail stores like the pharmacy, pet store, grocery, barbershop, consignment shops etc, whereas downtown will be the one and only location for "Insert Mall store or Department store name here," like it used to be.

 

4 minutes ago, Mov2Ohio said:

The city overall is losing populations, but not the area immediately surrounding Tower City, which has been gaining affluent shoppers with disposable income.

 

As well as tourists and casino patrons.   IMO a healthy mix of outlet stores would be an excellent complement to the casino, residents and 9-5 workers. 

 

https://www.tangeroutlet.com/foxwoods/stores

This is about as on-topic as the rest of the retail dream discussion, so...

31 minutes ago, ExPatClevGuy said:

This is about as on-topic as the rest of the retail dream discussion, so...

I don’t know how many times I can say “something other than retail”

Well, it used to be a train station at one time.  And is still an RTA rapid station.  How about a train/trolley museum?  Maybe they can get the CVSR to extend their route to Tower City.  

 

 

Edited September 3, 20204 yr by skiwest

8 minutes ago, skiwest said:

Well, it used to be a train station at one time.  And is still an RTA rapid station.  How about a train/trolley museum?  Maybe they can get the CVSR to extend their route to Tower City.  

 

 

Isn’t there talk about CVSR extending to downtown as part of the Towpath trail or something? 

5 hours ago, Cleburger said:

 

It hasn't worked because it didn't have the right mix of stores as the retail climate changed.   We have a pending outlet mall project on the muni lots that would be a much better fit at Tower City.   Outlet malls are a perfect fit with casinos.   They exist successfully all over the country.  

TC has Insufficient parking for the outlet mall proposed on the lakefront. It WOULD NOT WORK at TC for the million reasons that have been mentioned here before. Not for the target audience for that outlet mall project.

Edited September 3, 20204 yr by inlovewithCLE

46 minutes ago, inlovewithCLE said:

TC has Insufficient parking for the outlet mall proposed on the lakefront. It WOULD NOT WORK at TC for the million reasons that have been mentioned here before. Not for the target audience for that outlet mall project.

 

If a casino phase 2 and/or mixed use development on the river front included 1500 parking spaces, would that suffice?  

36 minutes ago, Cleburger said:

 

If a casino phase 2 and/or mixed use development on the river front included 1500 parking spaces, would that suffice?  

Casino Phase II is the vaporware of downtown development (along with Nucleus). I wouldn’t hold my breath on it.

1 hour ago, Ineffable_Matt said:

Casino Phase II is the vaporware of downtown development (along with Nucleus). I wouldn’t hold my breath on it.

Oh I'm not either.  In fact I could see Bedrock pulling off a mixed use development with parking before the casino addition.  

6 hours ago, skiwest said:

In hindsight, Forest City probably should have developed Tower City on a smaller scale and without the high-end retailers.  Maybe Gucci, Fendi, Versace etc. are well-suited for Beachwood or Westlake, but not for downtown Cleveland.  I hope we will see some level of retail return there at some point.

At the time, very few people lived downtown. The chicken and egg question is in play now. With new residential properties being developed and the downtown area attracting young affluent people, there will once again be a need for high end retail. Just not in a mall like TC

 

SATURDAY, SEPTEMBER 26, 2020

CityBlock at Tower City is back on track

 

Bedrock Real Estate Services' planned remake of The Avenue shopping mall at Tower City Center into an entrepreneurship hub is showing signs of life again.

 

Chatter surrounding the proposed $110 million redevelopment of the 350,000-square-foot downtown Cleveland retail center had gone silent since last winter, and the global COVID-19 pandemic wasn't the primary reason why.

 

MORE:

https://neo-trans.blogspot.com/2020/09/cityblock-at-tower-city-is-back-on-track.html

Been a good NeoTrans ? week

23 minutes ago, Sapper Daddy said:

Been a good NeoTrans ? week

 

You're not kidding! In the last seven days, the blog had 14,800 views. Normally it gets about 10,000-12,000 views over a week. I need to find a better way to monetize that. Maybe a future CityBlock tech startup can help me with that! ? 

Well I am very glad to see this is still on track. Projects like CityBlock that are attempting to catalyze job growth in exciting sectors are badly needed in a region that has bled out jobs mostly nonstop for decades. I am personally more excited about CityBlock than about any other individual project being discussed right now. Particularly with how the pandemic is beginning to shift some parts of the national economy, I am just drooling over the potential upside CityBlock has.

 

What I think some of the negativity toward this project has honed in on is that if the project flops, then TowerCity is basically set back 15-20 years. But if this project really works, ....  

 

?

1 hour ago, LlamaLawyer said:

Well I am very glad to see this is still on track. Projects like CityBlock that are attempting to catalyze job growth in exciting sectors are badly needed in a region that has bled out jobs mostly nonstop for decades. I am personally more excited about CityBlock than about any other individual project being discussed right now. Particularly with how the pandemic is beginning to shift some parts of the national economy, I am just drooling over the potential upside CityBlock has.

 

What I think some of the negativity toward this project has honed in on is that if the project flops, then TowerCity is basically set back 15-20 years. But if this project really works, ....  

 

?

I agree very much on the potential upside. As far as the potential downside: if the project flops, TowerCity would be a dying mall with a bunch of unused space. So.... virtually the EXACT same thing it is now. I don’t see it as being set back. It’s not like it’s a thriving space right now. 
 

All that said, I hope they keep enough retail so that it really is mixed use. I hope Prospect continues to be open to traffic with a road diet rather than a road closure. I really like everything else about the project as originally proposed. 

Yes, keep Prospect open. We don't need any more road closures in that area.