It looks like they do plan on investing in the mall/shopping.

 

PRESS RELEASE:

 

Toronto-based Skyline International Development Checks into U.S. Market with Acquisition of Historic Cleveland Arcade and Hyatt Regency Hotel

Skyline will reposition oldest American indoor shopping mall to capitalize on (US) $2 billion in existing Cleveland development

 

TORONTO, Dec. 21, 2011 /PRNewswire/ - The hotel, restaurants and shops of the historic Cleveland Arcade, one of the best-recognized buildings in downtown Cleveland, have been acquired by Toronto-based Skyline International Development Inc.

 

The landmark Cleveland Arcade complex, which dates back to 1890 as the first large-scale, indoor shopping mall in the United States and the ninth building to be listed on the National Register of Historic Places, also features a 10-year-old, 293-room Hyatt Regency hotel. The hotel will continue to be managed by Hyatt as a Hyatt Regency, under a long-term management agreement.

 

The property was acquired by Skyline at auction for (US) $7.7 million after previous owners invested (US) $70 million in acquiring and restoring the Arcade, including converting office towers to the hotel, and then defaulted on a mortgage.

 

Skyline CEO Michael Sneyd, who has been involved in and monitoring the American market for 15 years, views this destination community and lodging company's first U.S. acquisition as another major milestone with five key factors.

 

He said, "It's the right time for Skyline to expand beyond Ontario and Canada. The Cleveland Arcade is the kind of mixed-use, legacy property where Skyline has expertise.  It was an exceptional deal. It's a well-known hotel. And Cleveland is a relatively nearby destination for us, and a city that's definitely on the move."

 

Company Founder and President Gil Blutrich cites the combination of over (US) $2 billion in public and private investment that will see a new convention center, medical mart and the Horseshoe Casino all open in downtown Cleveland by 2013, plus discussions around improving the city's transportation infrastructure, as compelling reasons to invest there now.

 

"Cleveland is already filled with outstanding architecture, internationally famous chefs, top attractions like the Rock and Roll Hall of Fame and sporting facilities. With these new additions Cleveland is poised to become a big regional draw for both meeting and leisure travelers," Blutrich said.

 

He also sees valuable parallels with the company's ownership and asset management interest in downtown Toronto's Le Meridien King Edward Hotel, a 1903 listed build, and acquisition of Muskoka's 115-year-old Deerhurst Resort, north of Toronto, earlier this year.

 

Blutrich added, "Our Skyline International team has an affinity for assets with a real story and something vibrant to share with visitors and their community.  Our experience restoring the many unused spaces in the King Edward Hotel and integrating private residences there, as well as our current work renewing and expanding the Deerhurst Resort legacy are know-how we will build on in Cleveland."

 

Originally financed by leading 19th century businessmen, like John D. Rockefeller, and modeled on Milan's Galleria Vittorio Emanuele II, the Cleveland Arcade complex is a Victorian gem with two 10-story towers, where the hotel is located, linked by a daring, five-story, glass-roofed gallery and atrium.

The combination of the globally recognized Hyatt Regency brand and the Cleveland Arcade's rich past will be key factors in Skyline's optimization plans for its newest asset according to Kevin Toth, President and COO of Skyline Hotels & Resorts, the company's fast-growing hospitality division.

 

"Overall, historic hotels and attractions are continuing to perform very well in the current economy," Toth said.  "The advantage is that there is more awareness in the market for notable historic properties like the Arcade.  They have a name, a recognized destination, heritage and word of mouth.  For Skyline International, it's all about how we leverage each landmark's real estate, burnish their reputation and keep renewing the public's interest."

 

Skyline's goals include re-positioning the shopping mall aspect of the arcade and investing in it and the hotel to make both outlets profitable for the long-term.

 

Toth said, "Today, we're celebrating Skyline International's official arrival 'south of the border' and welcoming our new Cleveland colleagues to a larger team."

 

http://www.prnewswire.com/news-releases/toronto-based-skyline-international-development-checks-into-us-market-with-acquisition-of-historic-cleveland-arcade-and-hyatt-regency-hotel-136037953.html

^ Thanks for posting that! It will be interesting to see what they do. Anything is better than what is in there now.

I think that's the perfect place for the upscale stores we used to see at Tower City.  The oldest mall in America linked to an upper-class hotel and across the street from E. 4 seems like a quite area for Armani and his peeps.  Just make sure you keep Charley's there too!

I think that's the perfect place for the upscale stores we used to see at Tower City.  The oldest mall in America linked to an upper-class hotel and across the street from E. 4 seems like a quite area for Armani and his peeps.  Just make sure you keep Charley's there too!

 

A major challenge for all of the arcades in downtown CLE is the small size of the storefronts.  It's going to be interesting to see what kind of tenant mix Skyline International can attract to the Arcade.

I think that's the perfect place for the upscale stores we used to see at Tower City.  The oldest mall in America linked to an upper-class hotel and across the street from E. 4 seems like a quite area for Armani and his peeps.  Just make sure you keep Charley's there too!

 

A major challenge for all of the arcades in downtown CLE is the small size of the storefronts.  It's going to be interesting to see what kind of tenant mix Skyline International can attract to the Arcade.

 

I was about to say the same thing. Very small storefronts.

 

The thing I bet will see happen is storefronts will combine and we will see very long, shallow stores which have to be large draws since there we will be less total stores overall.

That might be a good strategy. I think another promising strategy would be to treat small storefronts like that as incubator space for fledgling boutique businesses. A smaller storefront, and presumably a proportionally smaller rent rate, might be the perfect space for something akin to the dozens of pop-ups we've been seeing floating around the past couple years. Perfect for a first-time entrepreneur, artist, city nerd, etc. who wants to try on a store concept for a year; if it's successful, DCA or the city or someone helps them find a larger space elsewhere downtown or in an adjacent neighborhood. Hold a contest where you give 1, 1-year, $1 lease away as a marketing gimmick. Have an organization like COSE come in and do some periodic capacity building / business training for the tenants. Provide some centralized services, like accounting, payroll, marketing and special event coordination, etc. That's what I would do :)

Are you able to just demo walls like that in a historical landmark?

Are you able to just demo walls like that in a historical landmark?

 

It's been done in the Colonial and Euclid Arcades, so it seems to be possible.  I also believe some walls were taken out to put in the post office on the ground level in the Old Arcade.

 

That might be a good strategy. I think another promising strategy would be to treat small storefronts like that as incubator space for fledgling boutique businesses. A smaller storefront, and presumably a proportionally smaller rent rate, might be the perfect space for something akin to the dozens of pop-ups we've been seeing floating around the past couple years. Perfect for a first-time entrepreneur, artist, city nerd, etc. who wants to try on a store concept for a year; if it's successful, DCA or the city or someone helps them find a larger space elsewhere downtown or in an adjacent neighborhood. Hold a contest where you give 1, 1-year, $1 lease away as a marketing gimmick. Have an organization like COSE come in and do some periodic capacity building / business training for the tenants. Provide some centralized services, like accounting, payroll, marketing and special event coordination, etc. That's what I would do :)

 

This is an idea that's been explored over the past year by several members of the DCA City Advocate program.  I don't know that they've met much success, and the problem seems to be that businesses are still leery of downtown as a retail location.  That's a conversation for a different thread, though.  Perhaps Skyline International can come up with something creative for marketing the Arcade specifically (maybe by pointing out that E. 4 is literally across the street?)

Are you able to just demo walls like that in a historical landmark?

Not just "able" you need to go thru landmarks and red tape.

And there also is that salon that takes up several storefronts, so it can be done.

i walked through today and noticed some of the storefronts are actually pretty deep

Interesting news

 

http://crainscleveland.com/apps/pbcs.dll/section?Category=TOC

 

New Arcade owner eyes apartments at Hyatt

The quest by Skyline International Development of Toronto to make a go of the landmark Old Arcade in downtown Cleveland includes a possible switch to residential use of part of the building that houses the 293-room Hyatt Regency Cleveland.

^ I want to know more!

WHOA...I can't even imagine what it would be like to live in the Arcade...these Toronto people are thinking the right thing.  :clap:

I would like to know more too.  Do they want to mix apartments with the hotel or can the Hyatt completely (would not be happy about that)? 

 

I cannot access the entire article.  Seems as though Crains has overcome the headline google trick.  The last fews weeks, when I tried to do this, I could not access the article as I could in the past.

I believe they are thinking the Euclid end tower for possible residential.  Im a bit surprised with all the new hotel interest due to the current projects, but of course there is so much demand for apartments right now, so apparently it would make fiscal sense...

The article didn't give much detail, it said the new owner is exploring converting part of the building into about 100 apartments. Apparently they have a track record of converting properties they acquire into mixed use hotel-residential properties.

Are you able to just demo walls like that in a historical landmark?

As long as it doesn't take away from the overall character and the original design is documented in detail with drawings and photographs.

I just hope that Skyline is able to breathe a little more charm and life back into the Arcade.  I know Hyatt had to polish it up a bit, but between the plastic plants and other chain hotel grade fixes, they have somewhat scrubbed some of the old character away, IMHO.

 

 

I posted this in the downtown residencies thread

 

Regarding the Arcade, this is from the press release about the purchase from Skyline

 

Blutrich added, “Our Skyline International team has an affinity for assets with a real story and something vibrant to

share with visitors and their community. Our experience restoring the many unused spaces in the King Edward

Hotel and integrating private residences there, as well as our current work renewing and expanding the Deerhurst

Resort legacy are know-how we will build on in Cleveland.”

 

Originally financed by leading 19th century businessmen, like John D. Rockefeller, and modeled on Milan’s Galleria

Vittorio Emanuele II, the Cleveland Arcade complex is a Victorian gem with two 10-story towers, where the hotel is

located, linked by a daring, five-story, glass-roofed gallery and atrium.

 

Skyline’s goals include re-positioning the shopping mall aspect of the arcade and investing in it and the hotel to

make both outlets profitable for the long-term.

 

 

http://www.skylineinvestments.com/media/documents/pdf/skyline-acquires-cleveland-arcade--hyatt-news-release-122111.pdf

 

I created this new thread from scattered posts in the Random Developments and Downtown Residences threads. Carry on.....

Just been thinking about The Arcade lately. It's been over two years since the purchase by http://www.skylineinvestments.com/

So actually I'm just throwing it out there for Michelle  https://twitter.com/mjarboe thinking if she had any thoughts of doing a follow up with them. There was a time that The Arcade was not even listed on their website, now it is prominently featured with their other Canadian properties. Wonder what they are thinking.

I walked though the Arcade today and there were a lot of construction workers going in and out of units on the south end of the third floor. There was also the sounds of table saws humming. I was in a hurry so I didn't get a chance to ask any of the construction workers.

Big hotel renovation.  Several floors of rooms being renovated/redecorated - that's why the curtains aren't all drawn, as usual, and blinds are replacing them. What will become of all the vacant storefronts - some forced out - will be the next big question....

I love that place.  My wife & I had our wedding there.  They treated us like royalty.  Since we had so many guests at the wedding from out of town staying there, we got our room free for the weekend - the place was incredible.  Huge walk-in shower, hot tub, giant bedroom, kitchen area, and large sitting area.  I wonder if that room is getting renovated.  It seemed pretty posh & modern 5 years ago...

I thought I saw somewhere that some of the storefronts were being converted into more rooms. Idk how that would work structurally there, but I guess anything is possible...

The Hyatt is in this arcade on the North End - So are they doing Hyatt renovation on the South End?

The Hyatt is in this arcade on the North End - So are they doing Hyatt renovation on the South End?

 

Walking through there that would be my guess.  Lots of drwall work on the rooms w/o blinds.  Really hope something happens with the lower level stores as it feels very ghost-town-y.

I love that place.  My wife & I had our wedding there.  They treated us like royalty.  Since we had so many guests at the wedding from out of town staying there, we got our room free for the weekend - the place was incredible.  Huge walk-in shower, hot tub, giant bedroom, kitchen area, and large sitting area.  I wonder if that room is getting renovated.  It seemed pretty posh & modern 5 years ago...

 

That's cool. I've the setup for weddings, but not the actual event. I bet it was very nice. Might have to keep that in mind for 2015 

(Ɔ ˘⌣˘)♥(˘⌣˘ C)

Fashion Week was pretty awesome there as well!

I've seen wedding parties having photos taken at The Arcade dozens of times over the years.  Recently I was there (a Saturday, I suppose) and there were two groups at once.

"The Hyatt is in this arcade on the North End - So are they doing Hyatt renovation on the South End?"

 

The Hyatt goes across most of the length of The Arcade, and might even include the tower on the Euclid Avenue side.

are they really turning the storefronts and some of the rooms into apts?? this is very...interesting. i think we need more walk thrus and question asking. seems somethings going on.

Anyone know anything about this place? Noticed it when I went to the post office the other day.

 

^I was wondering about that myself - I think there was a floral shop there at one point.

Yes, there was a florist in the n.w. corner, Superior level, for many years. This could be interesting....

The whole hotel thing is quite odd there, and I wrote an op/ed for the PD when it first opened.  I had recently come back from NYC and was all entranced with the luxury hotels there.  The kinds of shops and restaurants on the lower two levels, then and still now, are now what one would expect in a building housing a Hyatt-Regency (and all completely open in one huge atrium space)!

 

Been waiting for some news about the Arcade, Thanks MJ!

Hyatt at the old Arcade getting a $6 million Facelift

By Michelle Jarboe McFee, The Plain Dealer

 

CLEVELAND, Ohio -- Two years after buying one of downtown Cleveland's best-known buildings at a foreclosure auction, Skyline International Development Inc. is revamping hotel rooms and considering ways to revive empty storefronts at the historic Arcade.

A $6 million renovation of the 293-room Hyatt Regency hotel, on the old shopping mall's upper floors, started in December. Crews have gutted 113 of those rooms, which are set to reopen with new fixtures and furniture before May. The remaining rooms will close in spring 2015 and come back online by summer.

 

http://www.cleveland.com/business/index.ssf/2014/04/hyatt_at_the_old_arcade_gettin.html

 

 

The image I've gotten from The Arcade is that tenants have been basically booted out the past few years, or at least their leases weren't renewed, they were made to feel very uneasy about their being allowed to remain for an indefinite period of time, or their rents shot up.  Nevertheless, there are "for lease" signs around the storefronts.  So what gives?  Meanwhile, I'd like to say the quality of the displays in the windows better fits what one would expect in a Hyatt Regency than the quality of some of the shops that are now gone.

It's still gorgeous, but it's just so dead in there except around lunch hour at the little ground-level food court at the Euclid end.  I know we were at the Chocolate Martini a couple weeks ago, and at 6p, the most traffic in the Arcade was people going from the restaurant to the restroom.  Hyatt locks the doors to non-residents after 7p.

I was there Sunday late afternoon for graduation pictures. The Arcade was utterly, utterly dead (other than 1890 and Chocolate bar), and it was hard to tell if the mall had any tenants beyond the food court and post office.

 

It is completely mindboggling how underutilized the mall is.

I was told by one of the tenants that once their lease was up, they booted everyone out and then 6 months later, he got a call and was asked if he was interested in returning? Maybe a change in mind of the direction they were going to take?

There are a few tenants, besides the three-business food court plus the Greek place, and that's it.  Not sure if the coffee place is open very early but it's closed by noon.  Of course the place isn't dead because it's really a full-service Hyatt Regency, which has been undergoing renovation, but still....

From what I've seen and read, Hyatt badly needs this renovation.  A buddy/coworker of mine stayed there in 2011 and they still had tube TVs!...  Hyatt needs to get its act together because, based on what I'm seeing, including TripAdvisor posts, they're not delivering a Hyatt-like hotel for the Hyatt-like rates they're charging, despite the Arcade's amazing charm.

 

I love that the Hyatt is in Cleveland and everybody loves the architecture of this grand building, ... how can you not?  And, of course, the E. 4th Street/Tower City/Gateway Stadiums location is off the hook... I just wish the could attract some foot traffic in there, at least during the daytime -- it was amazingly busy in the 1980s and early 90s.  Today, aside from the Chocolate Bar and the 1890 restaurant, which is very nice, the place is like a dungeon, albeit a very beautiful dungeon. 

 

I truly hate to say it, because I love Cleveland and what I see happening downtown, but Cleveland's demographic trends ironically combine with downtown's residential renaissance to thwart retail.  Take a look at the population numbers: 1980 - 573,822; 1990 - 505,606; 2000 - 478,403;  2010 - 396,815.  The City has lost nearly 200,000 people since 1980, and all these class-B office conversions, which are fantastic, are symptomatic of that loss.  Spaces that used to be filled with desks are now large apartments, which are often single occupancy.  Not too long ago, the East Ohio Gas building, 660 Euclid, the old National City Bank building and the Huntington Building were full of workers.  Now they are empty or are undergoing residential conversions.  I simply can't see any retail comeback until a great number of affluent residents offset the dramatic loss of transient workers. 

 

 

 

 

 

 

 

 

 

 

 

I truly hate to say it, because I love Cleveland and what I see happening downtown, but Cleveland's demographic trends ironically combine with downtown's residential renaissance to thwart retail.  Take a look at the population numbers: 1980 - 573,822; 1990 - 505,606; 2000 - 478,403;  2010 - 396,815.  The City has lost nearly 200,000 people since 1980, and all these class-B office conversions, which are fantastic, are symptomatic of that loss.  Spaces that used to be filled with desks are now large apartments, which are often single occupancy.  Not too long ago, the East Ohio Gas building, 660 Euclid, the old National City Bank building and the Huntington Building were full of workers.  Now they are empty or are undergoing residential conversions.  I simply can't see any retail comeback until a great number of affluent residents offset the dramatic loss of transient workers. 

 

 

An excellent discussion for this thread:

http://www.urbanohio.com/forum2/index.php?topic=28887.0

Not sure how I missed this: http://www.wkyc.com/media/cinematic/video/75255848/

 

Rising Star Coffee adds store in Arcade

Thought this was pretty good news... Monica Potter Home and J3Clothing Co. (Who has a store on Chagrin Blvd and 91) are opening stores in the Arcade in time for the RNC.  Not sure the nature of the stores but sounds to be more than just pop-up shops.  Hopefully these will continue the recent openings in the Arcade. 

Cleveland Arcade adds retailers, eateries for the Republican National Convention

July 06, 2016 Updated 29 minutes ago

 

http://www.crainscleveland.com/article/20160706/NEWS/160709897/cleveland-arcade-adds-retailers-eateries-for-the-republican-national

Cleveland Arcade adds retailers, eateries for the Republican National Convention

July 06, 2016 Updated 29 minutes ago

 

http://www.crainscleveland.com/article/20160706/NEWS/160709897/cleveland-arcade-adds-retailers-eateries-for-the-republican-national

I can't read this but from the title are these just temporary?

 

Sent from my SM-N920T using Tapatalk

 

 

Thought this was pretty good news... Monica Potter Home and J3Clothing Co. (Who has a store on Chagrin Blvd and 91) are opening stores in the Arcade in time for the RNC.  Not sure the nature of the stores but sounds to be more than just pop-up shops.  Hopefully these will continue the recent openings in the Arcade. 

 

Monica Potter from Con-Air?