June 28, 200717 yr Is this it? From clevelandmemory.org I just took some pictures of this building last week. It looks much nicer. I'll post them soon.
June 28, 200717 yr yeah, i used to go passed it every monday on the Silver Line. I was impressed at the progress they'd made while the streets were ripped up. hey, if you've got 3 tenants lined up, you get that sh*t done!
June 28, 200717 yr yeah, i used to go passed it every monday on the Silver Line. :? You've ridden the silver line already? damn you're good!
June 28, 200717 yr My source is logic.. you have a huge potential rental base in CSU students that would be wasted by not having these apartments rental units.
June 28, 200717 yr My source is logic.. you have a huge potential rental base in CSU students that would be wasted by not having these apartments rental units. and even if these do go condo, there are plenty of other rental building in the area.
June 28, 200717 yr ^Plus the old YMCA, and the re-do of those Midtown apartments on the other side of the Innerbelt announce a couple weeks back.
June 28, 200717 yr Reasonably priced? SI! Edited to add: What is your definition of "reasonable" Rent for 1 BR = Rent for 2 BR = Rent for 3 BR = Keep in mind there are variation of each type of unit.
June 28, 200717 yr Those are less expensive that Reserve Sq., for the most part. There is also University Commons on E. 30th, The Tower Press Lofts on Superior, Milton Manor next to the Y, and the Osborn and Huron Square at Huron/Prospect/E. 9th. These are some of the most affordable units downtown. There are actually several apt buildings along Prospect in the East 30s that would be aabout a five minute walk to campus as well as Sturbridge Square on Euclid.
June 28, 200717 yr Keep in mind there are variation of each type of unit. I get your point, well put. I guess my disagreement is partly due to the fact that in my mind, in college, I wouldn't want to live too far from the campus.
June 29, 200717 yr and that is the point X made, there are plenty of rental units in Downtown. The for sale units coming online will not squeeze anyone out. I think Cleveland is a good 5-7 years away from having a shortage of A and B grade rentals in downtown. In addition, with CSU's master plan (have you read that thread) will include market rate and affordable housing so CSU students wont have far to go. Might I suggest getting up to speed on many of the topics and projects by reading some of their threads? I know its alot, but you might find out some things you didn't know. :wink:
July 2, 200717 yr Awesome, thanks Musky. With those ground floor windows restored, that building is looking good!
July 3, 200717 yr i reply to certain threads, only to keep them popping up in my "new replies to your posts"
July 3, 200717 yr i reply to certain threads, only to keep them popping up in my "new replies to your posts" Very interesting.
July 3, 200717 yr i reply to certain threads, only to keep them popping up in my "new replies to your posts" What a life. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 3, 200717 yr Man, look at that construction. Takes up almost the entire right of way. Better get a helluva transitway after all this! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 3, 200717 yr Lay some grass! It'd be like the biggest subdivision EVER! i think that e. 9th should turn into a cul-de-sac south of euclid. Hell it can even be the RRHOF cul-de-sac for all i care.
July 5, 200717 yr Facelift Thursday, July 05, 2007 Susan Vinella and Henry J. Gomez Plain Dealer Reporters Cleveland plans to target five mostly vacant buildings along a downtown stretch of Euclid Avenue and invest millions of dollars to help ready them for new businesses, stores and condominiums. The investment, most likely in the form of loans, is intended to capitalize on the Euclid Avenue Corridor project, which will be completed next year and will feature bus-only lanes linking downtown with University Circle... http://www.cleveland.com/news/wide/landmarks.jpg
July 5, 200717 yr MOLLY SHINANIGANS?!?!?!?!? SWEET!!!! J/K! No, really it's good to see investment in Euclid Ave. (Is it your typical Irish-American restaurant?) Michigan Ave. has 2 Bennigans w/ in a few blocks of each other. I really wish someone would buy the Sterling Bldg. (6? story, tannish color brick bldg. across from Wyndham) and tear it down! . Union Club, empty parking lot, and demo'd Sterling Bldg. could be a hot block.
July 5, 200717 yr I hate to see 668 Euclid in the condition it is in still. Does anybody have pics of the origional facade of terra cotta?
July 5, 200717 yr How is the Cleveland Athletic Club considered vacant? The club is active and takes up floors 6 through 15? Or are they simply referring to the lower 5 floors?
July 5, 200717 yr MOLLY SHINANIGANS?!?!?!?!? SWEET!!!! J/K! lol! hey, its great to see a straight up and prominent article on this topic in the peedee for a change. i did not catch any noticeable negative wind-sucking putdown lines or aw shucks-ing for a change. that's actually a positive for the pd.
July 5, 200717 yr Weren't there talks a littl while back into closing the CAC? I don't believe so. I am pretty sure the talks were that it was going to be sold. I doubt the new owner would have another use for the part of the building with a basketball court, bowling alley, and swimming pool. I don't think it would be easy (or profitable) to rehab something like this into anything else, and they seem to have enough members to justify keeping the operation going, especially with the Avenue District project taking off.
July 5, 200717 yr Here is the article related to the sale post in a thread all about the Cleveland Athletic Club: http://www.urbanohio.com/forum2/index.php?topic=11817.msg158506#msg158506 Well, this doesn't sound good. This has relevance to multiple Downtown development projects, as well as to the Euclid Corridor... From Crain's: Property owner puts historic athletic club home up for grabs By JAY MILLER 6:00 am, January 29, 2007 As the Cleveland Athletic Club struggles to recover from a year that included a drop in membership and other hardships, the owner of the club’s historic Euclid Avenue home is looking to sell. The Munson Group, which owns the 15-story building housing the Cleveland Athletic Club and managed the club until late last year, is shopping the 96-year-old property at 1148 Euclid Ave., where the club has a long-term lease on the top 10 floors. Some of the most visible problems for the club and the building have been the result of road work on Euclid Avenue for the Greater Cleveland Regional Transit Authority’s new Silver Line bus/rapid transit, a project that is expected to continue into next year. “The problems the club and the building were trying to deal with were magnified by the construction failures,” said Robert Munson, whose family operates Munson Group. “The building lost a couple tenants and the club’s catering business was affected by the appearance at the front of the building — there were three or four generators stationed in front of the building (for months).” Power cables were cut during work under the sidewalk, leaving the building without power for several days until portable generators could be brought in. Underground work also damaged the building’s elevator mechanisms, leaving the elevators serving the five non-club floors out of service for nearly a year, said Tony Viola, president of Realty Corp. of America and the building’s leasing agent. The result for the club has been a drop in membership and in its catering business, as well as financial problems, Mr. Munson said. “Membership is declining, but we’re steady,” said club president Michael Snelling. Club membership, he said, is “hovering around 700,” which is down from 1,300 in 2002. Mr. Snelling would not go into details about the club’s finances. “We’re doing the same thing as any other club,” he said. Mr. Munson said his family is prepared to sell the building. “We currently are in negotiations with an interested party, but I don’t know where it’s going to go at this point in time,” he said. “It would be a local buyer.” The market for buildings such as the CAC Building is solid. The Playhouse Square where it sits is being reinvigorated by an influx of new tenants into the recently rehabilitated Idea Center and other buildings. “If anybody looks at Euclid Avenue, especially the block our building is on, there is reason to be optimistic,” Mr. Munson said. “But from our perspective, it’s not going to occur on our horizon. I’m 60 years old.” Not in top shape One issue a new owner would have to confront is the club’s health. In a Dec. 15 letter to the membership, Mr. Snelling said the club was projecting a negative cash flow of $250,000 for the fiscal year ending June 30. As such, a board committee estimated that members would need to be assessed a total of $1 million to $1.2 million to cover anticipated expenses in full. Those assessments would cost individual members $250 to $1,200, depending on membership class. The club decided, for the time being, to assess members for a total of $500,000 over four months. At the same time, leasing agent Mr. Viola was sending a letter to the building’s lower-floor tenants advising them that the building’s heat could be cut off because of a balance outstanding owed by the club to Cleveland Thermal LLC, which provides the building’s steam heat. The club under its lease is obligated to pay the building’s heating bill and then bill back portions to the lower-floor tenants. Mr. Munson said the financial condition of the club is a concern to any potential buyer. “All clubs in Northeast Ohio are suffering and the Cleveland Athletic Club has had not only the dynamics of downtown Cleveland to deal with, but the operations of the club and the building for nine or 10 months” because of the work on the Euclid Corridor, Mr. Munson said. -- ------------------------------------------------------------------------------ © 2007 Crain Communications Inc. --------------------------------------------------------------------------------
July 5, 200717 yr CAC is having a big meeting on July 9th to discuss the future of the club. The General Manager sent out an email saying that CAC's future is on the line. They only have about 550 members and need at least 700 to turn a profit. Also, the catering business is way down as a result of the construction. In regards to the lower floors, they just lost their biggest tennant (Charter School).
July 5, 200717 yr Is it me, or does a listing price of $1 million for the Dollar Bank building seem REALLY cheap?
July 5, 200717 yr This is one case where I think ECP is getting a bad rap.. While I'm sure it's not helping, the CAC was having serious issues before it started along this section. Most of it is rumor and hearsay, so I won't go into details, but it sounded like some seriously inept people were at the helm.
July 5, 200717 yr These buildings are barely more expensive than my apartment building in Lakewood, which sold last year! It has 50 units and sold for around $1 million. Of course, it wasn't totally jacked up, either.
July 5, 200717 yr CAC is having a big meeting on July 9th to discuss the future of the club. The General Manager sent out an email saying that CAC's future is on the line. They only have about 550 members and need at least 700 to turn a profit. Also, the catering business is way down as a result of the construction. In regards to the lower floors, they just lost their biggest tennant (Charter School). It would be quite a shame if a 100 year old club wouldn't at least wait out the construction for a year before making a rash decision. It is a beautiful place and would be terrible to lose.
July 5, 200717 yr ID is CIA bread and butter. Care to elaborate on the "industrial design" concept? sounds interesting and like something C-town could excel at.
July 5, 200717 yr Spain redid there whole transit system in the time it took RTA build th euclid corridor. Kind a pathetic. Man, look at that construction. Takes up almost the entire right of way. Better get a helluva transitway after all this!
July 5, 200717 yr ^ Well I don't think it's a question of "waiting it out" -- I think they're basically teetering on the edge of bankruptcy (if they haven't crossed that line already). I remember an article earlier this year that said the heat might be turned off for the entire building due to lack of payment.
July 5, 200717 yr Spain redid there whole transit system in the time it took RTA build th euclid corridor. Kind a pathetic. You do realize Spain is a country and not a city, correct? What city are you referring to?
July 5, 200717 yr Spain redid there whole transit system in the time it took RTA build th euclid corridor. Kind a pathetic. The country of Spain completely redid their whole transit system from the underground (sewer, utility) up? WOW! That is amazing. Can you provide some more details on this? We, as Americans, should behold such wonders and learn from these great engineers.
July 6, 200717 yr Spain redid there whole transit system in the time it took RTA build th euclid corridor. Kind a pathetic. Edsiou, is english your first language? I ask this because many of your post confuse the hell out of me and I'm thinking maybe you're in the process of learning english. As many others have noted, spain is a country and how can you compare a country to a city?
July 11, 200717 yr and that is the point X made, there are plenty of rental units in Downtown. The for sale units coming online will not squeeze anyone out. I think Cleveland is a good 5-7 years away from having a shortage of A and B grade rentals in downtown. Just to add on, but there was an article somewhere on the forum back a few months ago mentioning how approximately 5-10% of the downtown residential population is owner occupied (for sale, condo, or however you say it).
July 11, 200717 yr CAC is filing for Chapter 11 bankruptcy and unless they can negotiate a favorable lease with the new landlord they will file for Chapter 7 (liquidation) and shut down. The new landlord (whose identity I don't know) wants to substantially increase the rent and have CAC occupy much less space. Personally, I think the odds of CAC surviving are maybe 1 in 10. Even if they get through Chapter 11 and obtain a new lease, they need to boost membership substantially. The email sent to members says another assessment may be imposed. If that is the case, the club is finished. The prior two assessments resulted in about a 30 percent drop in membership. CAC is scheduled to shut down from July 30 to August 6 for repairs, but I doubt it will reopen after that.
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