Has anyone heard any rumblings about this project lately? I have a feeling that the parking garage will not be completed by the RNC like previously proposed.

But Stark never over-promises and under-delivers..

^dont be sassy ;)

 

 

 

 

I notice some more detail in his Nucleus brochure:

http://www.starkenterprises.com/wp-content/uploads/2014/09/OH_Cleveland_nuCLEus_iPad.pdf

 

However I still don't see any mention on his site to 515 Euclid, which is a bit surprising for someone allegedly trying to market it.

i wonder if he got any bites at the retail convention in las vegas for this? or a hotel commitment? it would sure help him secure financing.

I thought he wanted to have a parking garage built in time for the convention... any reports of ground being broken?  Anything?  They better hurry up!

Why yes, the former garage was demolished, the site has been fully excavated, foundations have been poured and we should be seeing structural steel going up this week #nothowitworks

I don't think we'll be seeing a new garage/retail in time for the convention. If anything we might have an expanded and freshly paved surface lot there. They would probably make more money selling parking in the old garage for it though, since we're supposed to have "no orange barrels" and what-have-you doing that time...  :roll:

Is anyone at all concerned that this great project may be dying quietly? Given the urgency Stark showed in the early stages of development, I would have expected to see more news--certainly updated designs by now to keep his marketing momentum going at full speed. Has anyone heard or seen anything?

Any thoughts?

All I can say I know is that an RFP went out early summer for a CM. They chose a CM a few weeks ago and are currently in preconstructuon. The project is still alive... I just don't think you'll see anything before the convention. 

^Thanks for the info

Thank you Klingaling87. Selelection for a CM does show positive movement. But if it were me, I would want to keep the spotlight on the project with exciting updated designs, taking advantage of the inevitable attention on the city due to the approaching RNC. This could assist in his efforts to land national retail tenants and prelease his office space--ultimately securing any financing he needs.

Is anyone at all concerned that this great project may be dying quietly? Given the urgency Stark showed in the early stages of development, I would have expected to see more news--certainly updated designs by now to keep his marketing momentum going at full speed. Has anyone heard or seen anything?

Any thoughts?

 

 

Really did anybody believe the time line that was being suggested when this project was first announced.  It really did not seem realistic...just Stark being Stark

Agreed. I didn't believe Starks construction and completion projections for a second. But I did expect that once he engaged NBBJ as his design architect he would take advantage of the visual momentum created by the design process for marketing purposes.

Agreed. I didn't believe Starks construction and completion projections for a second. But I did expect that once he engaged NBBJ as his design architect he would take advantage of the visual momentum created by the design process for marketing purposes.

 

It takes more than a few days to design a project of this magnitude.

 

Thank you Klingaling87. Selelection for a CM does show positive movement. But if it were me, I would want to keep the spotlight on the project with exciting updated designs, taking advantage of the inevitable attention on the city due to the approaching RNC. This could assist in his efforts to land national retail tenants and prelease his office space--ultimately securing any financing he needs.

 

You don't get national tenants by flashing a couple of fancy renderings on the news and in the newspaper. They are a large corporation who knows how to get national anchors. I'm sure they are in talks with a lot of potentials.

Along with being a member, I subscribe to ICSC (International Council of Shopping Centers) magazine.  I will say Stark advertises heavily in the magazine and has been doing so for the past several months. 

Also, according to a friend involved with the project, NBBJ is progressing with the project as if it is happening.  Nobody likes paying architects for a project that isn't happening.  Just because nothing is visibly happening in the public realm doesn't mean a project is dead.  Half of this page is dedicated to trying to manifest nervousness on uninformed speculation.

I'm sure Stark is just waiting until there are enough solid tenants signed on before making any more major public announcements. And if anyone has the connections to do that in downtown Cleveland, it's Stark. I am pretty confident that this project will happen. I guess it's just a matter of "when." Obviously, we'd all like to see work starting tomorrow, but that's just not how these projects work.

In the meantime he just keeps stockpiling at Crocker park. Wonder if he can guide future interest to downtown

^^There's more than just lining up the tenants. Also need to line up the massive public subsidies.

Stark once told me that retail tenants won't sign up unless a complementary tenant is there, and that complementary tenant won't sign up if their complements haven't signed yet. And those complements won't sign unless there's the right anchor or two. And one anchor won't sign unless the right mix of retailers are interested. It's like putting together a puzzle without being able to see the pieces. But if you get the right tenant interested, everything suddenly falls into place after many months of trying.

I imagine I can pretty much guess the answer to this but is the city putting any pressure on him to at least start work on those condemned Prospect buildings that really kicked this whole thing off.  Is that little parking lot still roped off or is the city now letting them use it since that evil LA group is out of the picture.

Thank you all for your feedback and insights. I asked the question because I'd heard nothing since the Benesch lease was announced. I know Mr. Stark envisions nuCLEus as catalytic and critical to the next level of downtown's emergence as a great place to live and work--and I agree. I can think of only two previous occasions that a project has had this kind of potential to so profoundly elevate downtown Cleveland, and for various reasons, neither came to fruition. Those projects were the Progressive Headquarters tower on the lakefront and the Ameritrust Center on Public Square. The nuCLEus development might convince other developers that a mixed use investment of this quality and scale can be done in Cleveland. Selfishly speaking, I also think it will shut up the naysayers. I am convinced Mr. Stark will pull this off in grand fashion.

Not sure if this will affect nucleus in any way but still interesting.

 

Stark Enterprises Announces New Capital Markets Division

 

August 04, 2015 03:42 PM Eastern Daylight Time

CLEVELAND--(BUSINESS WIRE)--Stark Enterprises, owner and operator of more than seven million square feet of Class A commercial real estate in Ohio, is announcing the addition of Stark Capital Group (SCG).

As a new division of Stark Enterprises, SCG will provide comprehensive real estate capital markets solutions with an emphasis on equity and debt placements, principal acquisitions and asset management.

“As a rapidly growing company with more than $1 billion in our development pipeline, we are confident the time is right to launch this type of endeavor,” said Ezra Stark, chief operating officer, Stark Enterprises. “SCG has the unique ability to structure complex transactions, and is consistently able to secure the most favorable terms available through a variety of institutional and private capital sources, which is crucial for Stark Enterprises as we aggressively expand our portfolio. SCG partners include private equity investors, insurance companies, pension and opportunity funds, family offices and high net worth individuals.”

 

Nico Bolzan will serve as Executive Director of SCG. With more than 20 years of senior leadership in business development, capital markets, asset management and structured finance for real property markets across a national platform, Bolzan will lead efforts to raise both equity and debt financing through a variety of private and institutional capital sources on a national level.

 

Bolzan has identified three types of opportunities in the marketplace for Stark Enterprises. These include ground-up development and redevelopment, recapitalization of existing assets and the acquisition of income- producing properties that have a value add component. In terms of its acquisition profile, Bolzan says the company is seeking Class B or higher quality income producing commercial real estate assets valued anywhere from $5-50 million. “This investing style is low-risk, value-added and will focus on income-producing assets across the Midwest and East Coast,” said Bolzan. “We want to aggressively acquire real estate assets that combine a healthy income return for our partners along with a solid appreciation that comes from Stark’s ability to operate the real estate and add value through our management and leasing expertise.”

 

 

I can think of only two previous occasions that a project has had this kind of potential to so profoundly elevate downtown Cleveland, and for various reasons, neither came to fruition. Those projects were the Progressive Headquarters tower on the lakefront and the Ameritrust Center on Public Square.

 

Ever hear of Pescht?  That was a project which had more potential for Downtown, IMO, than either of the two skyscraper projects you mention.  It was proposed by Stark and never went anywhere, partly because of the recession.  But it is the main reason so many of us are skeptical of Stark's chest-pounding.

I think the parking structure and ground level retail - extention of E.4th is a sure thing

The skyscrapers is a hopeful thing

I think the parking structure and ground level retail - extention of E.4th is a sure thing

The skyscrapers is a hopeful thing

I'm quite the opposite, I think financing looks more favorably on residential and office suites in a tower, and the market at this point demands it more so.  I think the pieces/parts of the retail component are the rubiks cube in the whole equation. 

I have always been more cautious  than many on this board ever since this project was announced, especially when it comes to the suggested time line.  Stark has an ego and likes to puff.  He has fulfilled some of his dreams, but slowly and in the wealthier suburbs where the task is a bit easier.  So at least he has some what of a track record, but again nothing big in an urban environment that I am aware of.

 

Still, the thing that gives me hope is that he spent a hell of a lot of money for two surface parking lots, a parking garage that is basically falling down and some condemned buildings on Prospect that the city is pushing for renovation.  Hard to compare this to Pesht because that was always really a fantasy from day one, recession or not.  He owned hardly any of the property (I think just that small parcel on west third) and the scope was immense.  At this point he does have a lot invested in this project...not only the property purchase but I would imagine significant arch and engineering fees to date.

 

Dont know how significant this is

these "Talmer" signs recently went up around the property. very recently.

 

Well I just spent the last 30 min trying to find a connection between Talmer and nucleus...I got nothing...

 

Well here's a better connection from above  :wink:

 

 

 

edit for the emoticon because that is how my statement shold be interpreted. Thanks for looking for a connection

 

^Oh, no worries. Besides, KJP[/member] has probably already made a dozen phone calls, went over his notes on the soil analysis, did a couple sessions on the dark web, called in some favors, made a site visit..etc.

Well I just spent the last 30 min trying to find a connection between Talmer and nucleus...I got nothing...

 

Solon?

^Oh, no worries. Besides, KJP[/member] has probably already made a dozen phone calls, went over his notes on the soil analysis, did a couple sessions on the dark web, called in some favors, made a site visit..etc.

 

Those days, sadly, are behind me. :(

Talmer is a privately held bank, out of Michigan. A couple years ago they bought the assets of First Place Bank which was in distress. They have been very aggressive in the commercial lending market, so I'm not surprised to see their signs all over. Very small branch presence, however, particularly in Cuyahoga.

Talmer is a privately held bank, out of Michigan. A couple years ago they bought the assets of First Place Bank which was in distress. They have been very aggressive in the commercial lending market, so I'm not surprised to see their signs all over. Very small branch presence, however, particularly in Cuyahoga.

 

My second mortgage is through Talmer....I'm still waiting for the day they become technologically advanced where I can make a payment online.

 

Talmer is a privately held bank, out of Michigan. A couple years ago they bought the assets of First Place Bank which was in distress. They have been very aggressive in the commercial lending market, so I'm not surprised to see their signs all over. Very small branch presence, however, particularly in Cuyahoga.

 

Thanks!

Wonder how this corporate development might relate to nuCLEus?

 

Stark Enterprises forms capital markets division

August 05, 2015 UPDATED 10 HOURS AGO

By CRAIN'S CLEVELAND BUSINESS

 

Real estate developer Stark Enterprises of Cleveland is expanding its horizons.

 

The company, which owns and operates more than 7 million square feet of Class A commercial real estate in Ohio, said it has formed a capital markets division called Stark Capital Group.

 

Stark Enterprises said in a news release that Stark Capital “will provide comprehensive real estate capital markets solutions with an emphasis on equity and debt placements, principal acquisitions and asset management.”

 

Ezra Stark, chief operating officer of Stark Enterprises, said in the release that Stark Capital “has the unique ability to structure complex transactions, and is consistently able to secure the most favorable terms available through a variety of institutional and private capital sources, which is crucial for Stark Enterprises as we aggressively expand our portfolio.”

 

MORE:

http://www.crainscleveland.com/article/20150805/NEWS/150809925/stark-enterprises-forms-capital-markets-division#utm_medium=email&utm_source=ccl-dailynews&utm_campaign=ccl-dailynews-20150805

So the Talmer signs say that Stark got financing for this project. But did he get all of the financing he needs?? If not, for what part(s) did he get financing?

There is netting on the cornice of the "Goldfish" building.  I'm really hoping that these  three buildings can be saved.  Maybe the facade on the far left building will be removed and we will see another amazing restoration like the Schofield!

 

 

there's a netting that makes sense. THat cornice is very delicate , looks just like  the one on the City Club building, and the building is uninhabited.

Letting buildings fall into dangerous disrepair hopefully is becoming a thing of the past, (inspections?  especialy after what happened at Garfield, soon Corning Pl. , and one of JHB's facades). Perpetual nets probably wont go away.

I believe  this is actually known as the Kendal Building. If accurately restored (?when accurately restored) it would look fantastic. No matter what, it is in my top ten favorite dt buildings (*low-rise Belle Epoch commercial building - a rarity in dt Cle).

For this cluster to be demolished would be a terrible thing.

 

Btw as i understand it, the far left building's c.1930s "modernization" will not be removed b/c it is historic in and of itself.

 

 

I wonder where all of this stands now (quoted from the G'Way thread):

 

Just so everyone is abreast of the latest goings on:

 

The Goldfish Supply building at 210 Prospect Ave (PPN:101-28-004) AND the building next to it (PPN: 101-28-004) are at the very tail end of a tax foreclosure case -

CV-13-805115 WOODS COVE II, LLC vs. PROSPECT AVENUE PROPERTIES, LLC

http://cpdocket.cp.cuyahogacounty.us/CV_CaseInformation_Docket.aspx?q=RY7R9ii7HV8jkGmVFcOcbg2

 

On 7/09/2014: Woods Cove II, LLC (Plaintiff) was granted summary judgment and issued a decree of foreclosure.  The case, however, appears to be dragging on because Woods Cove II, LLC is claiming they are owed attorney's fees by the Defendant.  A hearing on the issue is set for 9/10/2014.

 

Unless the owner comes up with some serious cash, these parcels will end up at sheriff's sale in the near future.  Will be interesting to see how this plays.  Remember that Weston bought the building in the middle of the block (PPN: 101-28-005) in 2012.  L&R is set to transfer the easternmost building (101-28-006) and the adjacent parking lot (101-28-007) to Bob Stark if all goes according to plan (praying it does).

 

This entire block could potentially be in the hands of entities capable and willing to actually do something with it.  Fingers crossed.

 

 

 

 

*edit

 

 

 

Crap, isn't that middle building the location of Leo Mintz's Record Rendevous?  If so, it's one of the most historically relevant locations in the city.

Separately, Stark issued a news release last Friday, Aug. 14, saying that it had retained the Cleveland unit of the Chicago-based The Walsh Group to provide preconstruction services for nuCLEus.

 

Ted Kramer, vice president of construction at Stark’s Arbor Construction unit, said in the release that Walsh’s experience in high-rise multifamily and high-rise mixed-use construction will be “invaluable” as Arbor plans for nuCLEus.

 

http://www.crainscleveland.com/article/20150817/BLOGS14/150819832

 

Here's the release:

 

http://www.starkenterprises.com/the-walsh-group-named-preconstruction-manager-for-nucleus-project/

Walsh did a lot of the work in Chicago's south loop

http://www.freshwatercleveland.com/devnews/officeboom081715.aspx

 

"The law firm Benesch opting into the ambitious and yet-to-be realized nuCLEus project in the Gateway District with a lease agreement on 66,500 square feet."

 

fyi the signage (nucleus logos on the signage, etc etc) has changed at the property. no huge deal but is different

 

fyi the signage (nucleus logos on the signage, etc etc) has changed at the property. no huge deal but is different

 

 

^thanks , and they've added the refrence to the Hotel

 

recent observation at 618 Prospect:

There's a sign in the window.... "Construction Event Storewide sale / everything half off / our loss- your gain"

there's also a (generic) illustration of a bulldozer on this sign.

So i spoke w someone assoc w Mr Albert's Mens world and asked : Will you be moving to a new location? and do you know when demoiltion of this building will take place? "I don't know" was the answer to both questions

 

i guess theres the possibility that the "Storewide sale" may just be because of Prospect's pavement re-surfacing?