Some more good news.  I believe that they bought all the buildings between the Huntington and Statler buildings. I hope that they come forward with their plans soon.

 

 

3 Euclid Ave. office buildings sold

February 3, 2006

Christopher Montgomery

Plain Dealer Reporter

 

New York real estate investment company 3M Realty LLC has partnered with Cleveland Heights investor Eli Mann to buy three near-empty office buildings on Euclid Avenue in downtown Cleveland.

 

The purchase price wasn't disclosed, but Cuyahoga County property records show the buildings, which total about 200,000 square feet, sold for $2.2 million...

 

more at: http://www.cleveland.com

 

Helloooo, I totally scooped the PD! 

 

http://www.urbanohio.com/forum2/index.php?topic=3594.150

How about this for a thread title for all economic development projects and job creation efforts along Euclid Avenue? I think the RTA Euclid Corridor project should remain in its own thread, since there's enough discussion topics there to keep it busy all its own. Here's my kick-off news piece (nothing spectacular, but still good news)....

 

http://www.wtam.com/cc-common/mainheadlines2.html?feed=122520&article=407267

 

More Technical Jobs Coming Downtown

 

PerceptIS is looking to bring an IT call center downtown to Cleveland’s Euclid Avenue. Company leaders say close to 40 new jobs will be created, as well as an opportunity for businesses and universities to take advantage of the growing industry of call centers. Cleveland City Council has approved $250,000 in loans from federal and other programs. Average salaries would be between $35,000 and $70,000 with a total payroll of up to $1.51 million. PerceptIS is part of a growing trend of companies popping up on Euclid Avenue. Councilman Joe Cimperman says the company hopes to grow here in Cleveland. This center will be located in the Halle Building.

hey good idea and that kind of news is my idea of a good start.

 

but should the other euc news be merged? or just go forward from here?

What ever happened to the sale of the May Co. building? The article was in crains last fall, but no news since?

Well, off the top of my head...

 

-1001-1021 Euclid between the Huntington and Statler buildings...potentially condos and retail

 

-There's the County headquarters at 9th & Euclid

 

-E. 4th Street and what's developing directly east and west of it (including the uber-bowling venue)

 

-515 Euclid garage and potential condo tower

 

-Idea Center, recently opened and well-leased at Playhouse Square

 

-New tenants in the Halle Building

 

-Heartland's two office projects (one rehab, one new construction) at 44th & Euclid.

 

-Midtown Technology center/campus, just east of 55th & Euclid

 

-New housing at E. 107th & Euclid?

 

-Everything on the CSU, Cle. Clinic, CWRU, Univ. Hospitals, CIA campuses...

 

-Keep an ear out for news on an "industrial design" cluster/district to develop along lower Euclid...

 

-And don't forget Exhibit Cleveland with it's storefront art project along Euclid from PHSq to Public Sq!

 

(I'm sure I missed plenty!)

This string might be a better place for smaller projects and/or where follow-up discussion might be limited. Some of the other projects are big enough and are of a long enough term that they should retain their own strings.

Care to elaborate on the "industrial design" concept? sounds interesting and like something C-town could excel at.

^Economic development gurus in the city think that we could carve a nice niche in the industrial design industry.  We have a school with a great ID department (CIA) and a handful of very strong companies.  San Fran and NY are the locations where ID is consolidated at the moment.  With our wealth of cheap loft spaces and the fact that NY and SF are increasingly making it difficult for artists to find affordable space, Cleveland could be an emerging player in the ID sector. 

I should have more info on the idea, as it pertains to Euclid Avenue, after Monday...

Materials trade group preps downtown office

 

Crain's Cleveland Business

 

By BRANDON GLENN

 

Materials trade group ASM International is firming up plans to open an office in downtown Cleveland’s Idea Center on Euclid Avenue.

 

Article Removed

I keep hearing a lot more about nanotechnology growth here. It came up in several interviews I did today on regional economic development. Looks like there's more than just passing interest in making it one of our new economic cornerstones.

sorry about the miscue from above...I didn't make it to monday's meeting.  There will be another, bigger one in the near future, so I'll keep you all posted!

Here's a good reason to revive this thread. From Crain's.

Anyone have a photo?

 

Midtown site spot for emerging firms, investors say

 

By JAY MILLER

 

6:00 am, September 18, 2006

 

A group of investors is betting $5 million that it can attract young, tech-oriented companies to a building in Cleveland’s Midtown neighborhood that served as an electric car showroom early last century.

 

Article Removed

Is this it? From clevelandmemory.org

 

-1001-1021 Euclid between the Huntington and Statler buildings...potentially condos and retail

-Heartland's two office projects (one rehab, one new construction) at 44th & Euclid.

 

Since the thread has been revived, anyone have updates on these two projects?

We haven't heard much. Heartland's site has not seen any work. The Euclid Block has also been silent.

^ euclid buildings are looking for financing / waiting for progress on euclid.  no timetable, as there isn't any development money yet.  it's one thing to buy a building, it's an entirely different thing to get it renovated.  there was some initial work inside, but i think it was more of an inventory of existing structure and problem areas.

Wow, great news! 

 

I've heard quite a few people saying that there is a lot of demand for this kind of space.  The location may seem a little odd at present, but in a couple years, it'll be right in the heart of things.  Great move and perfect for a revival of this thread! 

 

I'd chalk the Park Building news as "Euclid Avenue" oriented as well...

 

Heartland's rehab project at 44th & Euclid continues to move along, but as was indicated earlier, no progress on the pit where the new construction will take place.

This project is moving forward. Mann has acquired 1102 Euclid, meaning he owns everything between Huntington and Statler. The plan is for rental apartments, neighborhood retail on the bottom, parking in the basement and in the rear of the first floor. Sandvick is the architect.

NICE!!

 

I work in the Halle Building, and that area is looking sore. Is the shoe store sticking around?

 

Also, they're doing work in one of the vacant retail spaces in the Halle building. Unclear what it is they are doing, though.

Any pics of these buildings in their current condition?

Is there a timeline yet?  I know I'm antsy to see something happen on that block.

^I've heard that they'd like to have it ready by the end of 08 (end of ECTP construction).

The plan is for rental apartments, neighborhood retail on the bottom, parking in the basement and in the rear of the first floor. Sandvick is the architect.

 

RENTAL??  UGH!

Given the proximity to Cleveland State, I think rental might actually be a good option - and besides, it's not like they couldn't convert to condo later on. I don't think Euclid Avenue is at the point where we can poo-poo someone converting a currently-derelict building into residential.

I think the bottom line for most of these developers is the tax credits.  They probably wouldn't be looking into converting old office buildings into apartments if they didn't have historic tax credits on the table.  With this funding comes restrictions, though, one of them being that they must be rental apartments for a number of years.  Not exactly sure what the rationale behind this is, but I can't say I've really looked too far into it. 

 

In regard to this and a couple other projects I'm familiar with, I know the developer would prefer to go directly for-sale.  He sees this as the market niche right now.  He also saw demand being generated by the CSU crowd, but I think he was over-estimating the ability of students to BUY apartments. 

 

My only concern here is that we do already have a glut of rental units in the immediate neighborhood.  Statler is finally getting close to capacity, but from what I understand, is still somewhere around 80% full.  Not sure if that makes the building profitable or not, but it's clear that they're doing better now than they were a couple years ago.  I've also heard rumors that there are big things in store for their vacant retail/restaurant spaces.  I couldn't get anything more than that out of the guy, though.

 

That said, if we're looking at a 2-year timetable, with the ECTP done and retail finally filling in, I can't think of a better place to have a glut of rental (and for sale) housing than this part of town.  Let's just hope that what the County decides to do doesn't screw up all the other investments around here!

1001 Euclid is listed for sale on Loopnet. Is that building still a part of the project?

Looks like Loopnet is a bit outdated.

Looks like Loopnet is a bit outdated.

 

Elli Mann is listed as the seller and the info was last verfied 2 weeks ago. Hopefully he isn't going to scale back the project. 

 

Also, maybe this will encourage someone to redevelop the Dollar Bank Building on Euclid.

With this funding comes restrictions, though, one of them being that they must be rental apartments for a number of years.  Not exactly sure what the rationale behind this is, but I can't say I've really looked too far into it.

 

I thought I read somewhere else on here that Statler was mandated rental only for 15 years to encourage mixed-income usage. I'm assuming it would be the same rationale here, but I know next to nothing about this stuff.

 

Interesting to hear Statler's only 80%.. I knew there were a lot of empty units here, but wow. The leasing agent was just let go last week to everyone's surprise. She was fantastic and I really don't think the low numbers were any fault of hers but instead the "hottness" of the WHD. Again.. just my guess.

 

Anyway, I'm practically giddy over the news about this block.

 

 

I'm not sure how many units that Statler has, but there should be close to 400-500 units of housing on this section of Euclid. With that sort of density, you should be able to find some nice neighborhood retail for the storefronts. 

^^No, don't worry, Mann still owns everything and all the buildings are included in his plans.

I wonder if Mann has considered developing the Truman Building (I think that's the name) across the street. Having a huge eyesore in the area certainly doesn't help his project. I always thought that would make for a nice condo conversion.

So would 1010 Euclid, but that's not going to happen.

Statler has just under 300 units and I understand that they're leasing is up since Coral took over.  I would also like to suggest that the WHD and E. 12th Street aren't really competing as much as some may think.  The products offered in the two neighborhoods are considerably different and likely appeal to two different types of apartment hunters.

Hey KJP is there any more information on these three buidlings next to huntington building.

Nope.

They were doing some cleanup a few months ago, but it stopped suddenly and I haven't seen anyone working on them since. I'd venture a GUESS that they're waiting at least for ECP to wrap up along this stretch of Euclid before doing any significant work. I'm sure there are other factors as well.

They were doing some cleanup a few months ago, but it stopped suddenly and I haven't seen anyone working on them since.

 

 

Sounds like a scary book opening line.

"The Story of Euclid Ave."  That is scary.

:shoot: :mrgreen:  :evil:

 

The plan is for rental apartments, neighborhood retail on the bottom, parking in the basement and in the rear of the first floor. Sandvick is the architect.

 

RENTAL??  UGH!

 

yea really....we dont want those damn renters. those poor renters are all horrible people and cause nothing but trouble. the neighborhood will go to hell!

 

we should only cater to 30-somethin young professionals who can afford yuppy high priced condos. afterall, thats the true model of urbanity.

 

 

 

anyways......kudos to 3M and eli mann. its good to see local investors investing in cleveland and helping the city. bruce ratner could learn a few things from that.

Actually, I think the majority of Eli's money is coming from NYC investors.

 

Also, I'm sure that Eli is going with rentals because of the historic tax credits. Once the 4 or 5 yrs have passed, he'll probably start converting them to condos.

Without rentals that area will be nothing but a failure.. I know I want to raise my kids in a condo on Euclid.. on wait.. I don't..

Without rentals that area will be nothing but a failure.. I know I want to raise my kids in a condo on Euclid.. on wait.. I don't..

 

The demographic that would buy condos here are probably younger than family age (YPs, or have had a family and want to downsize or for what ever reason just don't have a fam. I'm sure condos along here given the completion of the ECP and more retail with expanded hours would do good.

yea really....we dont want those damn renters. those poor renters are all horrible people and cause nothing but trouble. the neighborhood will go to hell!

 

we should only cater to 30-somethin young professionals who can afford yuppy high priced condos. afterall, thats the true model of urbanity.

 

anyways......kudos to 3M and eli mann. its good to see local investors investing in cleveland and helping the city. bruce ratner could learn a few things from that.

 

As per the usual, you've taken my comment out of context.

 

I have nothing against renters at all.  NOTHING!  I think people should rent to get to know the lay of the land or if they really like a certain area BEOFORE making a huge financial investment.  Personally, if such a large investment is going to be made, I would prefer to see a for purchase building.  I believe the owners in building downtown (I'll use Ms. Peabody as a prime example) they will be more interested in protecting, nuturing and lead downtown and the rest of the city to the next level.  Many renters are invested and work to make sure their neighborhood or building is kept up (i'll us X or JAX as prime examples), but because they don't physically own, their voices aren't as loud as a home owners, since if they do not like how things are manage they can up and leave.

 

Not all 30 somethings are owners.  I bought my apartment in my early 20s, I know lots of 20 something in the are who are looking to own.

 

Without rentals that area will be nothing but a failure.. I know I want to raise my kids in a condo on Euclid.. on wait.. I don't..

 

Failure?  What is your source?

Anyone ever check out the Tech Czar's blog?

 

Wednesday | May 09, 2007

The Euclid Turn

 

We have to make Euclid Avenue the prestigious address it once was. I believe this. It is mission critical in making Cleveland a successful venue for business and for living. This past Monday I had a great meeting with a life sciences company that has made the choice of moving into Cleveland. While not at liberty this precise moment to disclose the company I met, I can say that during the meeting the representatives of the Company mentioned that they are negotiating a lease at the Baker Buidling (located on E. 71st and Euclid). I have been aware of this key development for quite some time. The venue is being developed by Dick Pace, one of the nicest and most honorable chaps in the real estate biz. After the meeting (and when I can announce it I suspect it will get significant attention) I decided to drive from University Circle down Euclid back into downtown. 

 

http://techczar.blog.com/tag/midtown/

^Cool!  If the biotech/medical device field ever does really take off in the area, all that fallow land along Euclid between 55th and the Clinic is such a perfect location for all those businesses.

^Cool!  If the biotech/medical device field ever does really take off in the area, all that fallow land along Euclid between 55th and the Clinic is such a perfect location for all those businesses.

 

..........and plenty of homes nearby (for rehab) and space for new hoome development for their workers!