February 25, 201510 yr Actually I found it very heartening that so many entities are still interested in the building...bigger problem is that over the years so many owners eyes were bigger than their pocketbooks.
March 9, 201510 yr Cleveland Athletic Club Building fetches $3.3 million bid from lender at foreclosure auction CLEVELAND, Ohio - Two of downtown's busiest developers showed up Monday to vie for the empty Cleveland Athletic Club Building at a public foreclosure auction. But, after hours of waiting and a short spate of bidding, a lender proffered the winning amount - $3.3 million. Now Waring Investments, Inc., a New Jersey mortgage-holder on the property, has 30 days to close the deal. The question is whether Waring actually will take title to the Euclid Avenue landmark, which has languished since the Cleveland Athletic Club closed in late 2007. It's possible, instead, that Waring would strike a deal to turn the troubled property over to one of the developers waiting in the wings. http://www.cleveland.com/business/index.ssf/2015/03/cleveland_athletic_club_buildi_3.html#incart_river
March 9, 201510 yr To me, this outcome still leaves the building's future uncertain. I'm not happy that Waring played a game to keep it and further complicate its redevelopment. This building can't catch a break. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 9, 201510 yr I would have probably just taken Fred Geis's 3.2 million. Using the occupied and cash flowing (the CAC is neither) Leader, Standard, and Halle as comp sales, I'm not sure its worth much over what Geis was going to pay. Keep in mind that that this building has been vacant, has had its tax credits burned off and from what I hear - suffers from a great deal of deferred maintenance. Waring is going to have to eat a serious loss on this property, now it depends on how much. I have a bet with my friend that they pulled todays stunt so they could offer the eventual purchaser a seller financing package with a possible equity stake as a hail mary play to recoup some of the costs.
March 9, 201510 yr Good thought here from Sixth City and I'm sure that's what Waring is hoping but they're stuck between a rock and a hard place. They almost have to sell to one of the developers or some other third party because they're not set up to redevelop. I suppose Waring could always threaten to close on the auction price, get the historic tax credits and then market it to potential buyers with tax credits in hand. But this is a last resort option if they can't get either developer to come up on pricing and/or offer a hope note.
March 9, 201510 yr ^Also think Sixth City's scenario is a good bet. From the little I know about the tax credit program, I doubt they would be awarded to Waring (especially under that scenario) since they are not a developer.
March 10, 201510 yr Vacant Since 2007, Cleveland Athletic Club Building Could Have New Life Soon via @SceneSallard http://t.co/VgEOzXzayF "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 10, 201510 yr Vacant Since 2007, Cleveland Athletic Club Building Could Have New Life Soon via @SceneSallard http://t.co/VgEOzXzayF We will see how it could "have new life soon" when a NJ lender outbids the local developers for the building.
March 10, 201510 yr We will see how it could "have new life soon" when a NJ lender outbids the local developers for the building. A lender that doesn't issue loans with interest but a vig? :shoot: "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 6, 201510 yr I wonder if we'll hear something about this building soon. The auction took place on March 9th and they had 30 days to close the sale.
April 25, 201510 yr I wonder if we'll hear something about this building soon. The auction took place on March 9th and they had 30 days to close the sale. Would be nice, IMO, PHS/Downtown Cleveland could use another hotel option.
June 27, 20159 yr So it's on the market now, in case anyone want to make an offer.... But 100% occupied? http://www.loopnet.com/Listing/19279593/1148-Euclid-Ave-Cleveland-OH/ Cleveland Athletic Club (CAC) 1148 Euclid Ave, Cleveland, OH 44115 Multifamily Property For Sale Price:Price Not Disclosed Building Size:80,000 SF Property Type:Multifamily Property Sub-type:Mid/High-Rise Additional Sub-types:Office Building Property Use Type:Investment Occupancy:100% Building Class:C Year Built:1910 Lot Size:0.40 AC Listing ID19279593 Last Updated7 days ago Find Out More... Description Great redevelopment opportunity on Euclid Avenue Euclid Avenue Between Playhouse Square and East 9th. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 27, 20159 yr So it's on the market now, in case anyone want to make an offer.... But 100% occupied? http://www.loopnet.com/Listing/19279593/1148-Euclid-Ave-Cleveland-OH/ Cleveland Athletic Club (CAC) 1148 Euclid Ave, Cleveland, OH 44115 Multifamily Property For Sale Price:Price Not Disclosed Building Size:80,000 SF Property Type:Multifamily Property Sub-type:Mid/High-Rise Additional Sub-types:Office Building Property Use Type:Investment Occupancy:100% Building Class:C Year Built:1910 Lot Size:0.40 AC Listing ID19279593 Last Updated7 days ago Find Out More... Description Great redevelopment opportunity on Euclid Avenue Euclid Avenue Between Playhouse Square and East 9th. ^must have some resilient occupants.
July 28, 20159 yr What a shame to see it that way. Too many fun days spent bowling, swimming and celebrating St. Patrick's day in that building.
December 16, 20159 yr Bump. Per Michelle (http://www.cleveland.com/business/index.ssf/2015/12/former_huntington_building_win.html), the CAC won preservation credits in the round being announced today. No details though. UPDATE: some more details in another Michelle piece that just went up: The Cleveland Athletic Club, which previously won and lost state credits for a hotel project that never materialized. After a foreclosure, a sheriff's sale and restructuring of the development team, the dilapidated building is slated for a $52 million revamp as 177 apartments, with a restored swimming pool, event facilities and a ground-floor restaurant. The new proposal won $5 million in credits. More info at: http://www.cleveland.com/business/index.ssf/2015/12/six_cleveland_projects_includi.html
December 16, 20159 yr I was at least as interested to learn which of the non-catalytic projects won tax credits. Glad to hear this was one of them. It's tough to have a viable Euclid Avenue with this behemoth left vacant and unkempt in the middle of everything else. EDIT: We could probably delete the "Crowne Plaza Hotel" reference in the subject of this thread since no hotel at all is proposed in the new plan for this building.... The Cleveland Athletic Club, which previously won and lost state credits for a hotel project that never materialized. After a foreclosure, a sheriff's sale and restructuring of the development team, the dilapidated building is slated for a $52 million revamp as 177 apartments, with a restored swimming pool, event facilities and a ground-floor restaurant. The new proposal won $5 million in credits. Michael Zukerman of Whitestone Realty Capital, a New York company, and a throng of local investors and contractors expect to step into the property's ownership within 30 days, through a deal with Waring Investments, the New Jersey lender who acquired the property earlier this year. The developers aim to start construction next year and to open the apartments in mid-2017. http://www.cleveland.com/business/index.ssf/2015/12/six_cleveland_projects_includi.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 17, 20159 yr More detail on the CAC, in case it's of interest: http://www.cleveland.com/business/index.ssf/2015/12/cleveland_athletic_club_buildi_4.html#incart_2box_realestatenews /m
December 17, 20159 yr Really sad to see the condition that the CAC has been allowed to deteriorate to. It looks like the lousy owner has not ran any type of HVAC for 8 years to the degree that the interior is in shambles. Having been in this building a few times before it closed - it is a shock that someone would be so negligent allow this to happen. I had viewed the CAC to be civic treasure and this investor allowed the place to rot.
December 19, 20159 yr Really sad to see the condition that the CAC has been allowed to deteriorate to. It looks like the lousy owner has not ran any type of HVAC for 8 years to the degree that the interior is in shambles. Having been in this building a few times before it closed - it is a shock that someone would be so negligent allow this to happen. I had viewed the CAC to be civic treasure and this investor allowed the place to rot. Completely agree. When you see the condition of the basketball court, which was a beauty in its heyday, it makes you wonder what they didn't do to maintain it. The bowling alley upstairs, which was a gem in its own right, must be even more dilapidated.
September 8, 20168 yr Finally! Some downtown development news..... On-again, off-again Cleveland Athletic Club project is on again, but with redevelopment financing in place September 08, 2016 UPDATED AN HOUR AGO By STAN BULLARD The $60 million remaking of the Cleveland Athletic Club as apartments and an events center is poised to begin. A reconstituted ownership group that includes new investors such as the Bobeck family-led GL Housing Group of Cleveland and DiGeronimo family-led Precision Environmental Group of Independence has closed on the purchase of the building, 1118 Euclid Ave., and financing for the makeover. If construction goes as planned, the long-languishing redo will make the 15-story building dating from 1911 ready for its first residents in 2018. MORE: http://www.crainscleveland.com/article/20160908/NEWS/160909868/on-again-off-again-cleveland-athletic-club-project-is-on-again-but "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 8, 20168 yr Great news. Such an eye sore. Finally the last pieces in completing Euclid from PHS to Public Square seem to have come together. Hope this means work can start soon. Sent from my iPhone using Tapatalk
September 9, 20168 yr So awesome. After announcement after announcement and then this long drought it's great to finally see something moving forward.
September 9, 20168 yr Great news. Such an eye sore. Finally the last pieces in completing Euclid from PHS to Public Square seem to have come together. Hope this means work can start soon. Almost. Still have the JHB buildings across Euclid. And the renovation of 925 Euclid will pump more street life into that stretch of Euclid than anything else. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 27, 20168 yr I *think* this is apart of the same building, but the section that has been plastered with Cleveland facts since the RNC has some work going on inside. The past two mornings Prescision Environmental has been working inside the door located near the E12th alley.
November 23, 20168 yr ^ it appears so. At least demolition and abatement is ongoing. Precision Environmental has an office on the first floor, Euclid side. When you look through the windows you can see the debris has been cleared and certain walls are marked for demo.
December 5, 20168 yr No pics I'm afraid, but construction fencing up and sidewalk all ripped out. At least people won't have to slip and slide past there this winter. (But they will have to cross the road) My hovercraft is full of eels
December 5, 20168 yr ^The sidewalk has literally been ripped out? Fingers crossed the reconstruction does without that idiotic trip hazard ramp design (visible in the last photo).
December 5, 20168 yr Found it upthread. Although the tab is now higher — $60 million instead of $53 million when the Weingart and Whitestone-led group won state historic preservation tax credits last December — the project still incorporates 171 luxury apartments, 15,000 square feet of first-floor commercial space, and a fitness center. The former banquet room will become part of an events center. When completed, the block-long building will remove a big part of the “dead zone” of undeveloped properties between East 12th and East Ninth streets. The quest to redevelop the property began in 2007, when a realty development group led by Eli Mann bought the building and failed to assemble redevelopment financing. Bobeck said Sandvick Architects of Cleveland is designing the redo, and Welty Construction Co. of Akron will serve as the general contractor. Richard Sheehan, a Newmark Grubb Knight Frank broker, handled the sale of the building.
December 5, 20168 yr I remember hearing there is a full size swimming pool somewhere on the middle floors.
December 6, 20168 yr I remember seeing some pictures of the athletic facilities such as the basketball court and neglect of the building basically destroyed everything. The court was a mess from all the moisture which got in the building. The pool, racquetball court and bowling alley were on higher floors so I would imagine they are in rough shape too.
December 6, 20168 yr If I remember correctly, the bowling alley (6 lanes?) was on the top floor, the pool (25 meters, about 6 lanes) and basketball court were a floor bellow which was really two floors to accommodate for height of the court elements...a "middle" floor/mezzanine was used for cardio excercise equipment. The men's bathrooms/lockers was old, poorly lit and lacked A/C (nasty hot and muggy in the summer), but had an excellent Turkish bath and a barbershop (I think) and a cafeteria counter. The restaurant/ballroom was classy and offered an excellent menu that was decently priced. All in all, the Athletic Club was awesome, the only serious drawback was the lack of parking. Hopefully, they can restore/preserve a few of the elements during the conversion, if not, so be it, as the 171 new apartment units are more than welcome.
December 6, 20168 yr All in all, the Athletic Club was awesome, the only serious drawback was the lack of parking. IIRC, the CAC had parking rights at the Allerton garage, formerly on E12th. While you were at the Club, the lot would wash and detail your car. Remember: It's the Year of the Snake
December 6, 20168 yr All in all, the Athletic Club was awesome, the only serious drawback was the lack of parking. IIRC, the CAC had parking rights at the Allerton garage, formerly on E12th. While you were at the Club, the lot would wash and detail your car. I heard that a couple floors would be offered as condominiums, with the rest being for-rent apartments. Has anyone else heard anything of the sort?? P.s. A worker at the site told me this today as I walked down Euclid
December 6, 20168 yr All in all, the Athletic Club was awesome, the only serious drawback was the lack of parking. IIRC, the CAC had parking rights at the Allerton garage, formerly on E12th. While you were at the Club, the lot would wash and detail your car. When I was a member we had access to the Statler Arms deck, but it wasn't free. Looking back, they probably should've offered a valet service option as part of the monthly fee.
December 7, 20168 yr All in all, the Athletic Club was awesome, the only serious drawback was the lack of parking. IIRC, the CAC had parking rights at the Allerton garage, formerly on E12th. While you were at the Club, the lot would wash and detail your car. When I was a member we had access to the Statler Arms deck, but it wasn't free. Looking back, they probably should've offered a valet service option as part of the monthly fee. I always wished they'd had squash courts. The parking never really bugged me because I would walk a block from work.
December 13, 20168 yr Picture from this morning: The front of the building has been torn out for construction work.
December 19, 20168 yr I took these today. MAJOR construction going on inside. Welders everywhere. Somehow - you did not attach pictures
Create an account or sign in to comment