Never seen bank lobby or vaults at #CLE's old Huntington Bldg? Let PD photographer Lisa DeJong take you for a tour: http://t.co/2gLpF1vT0Q

That would make one heck of a retail spot for a large store.  I really hope it's not a hotel lobby. 

That would make one heck of a retail spot for a large store.  I really hope it's not a hotel lobby. 

 

Or even a winter garden/summer heat respite for numerous retailers, cafes, etc. with some year-round after-work concerts/socials like what was offered in the Party In The Park or the National City Bank after-work happy hour in the plaza off Short Vincent. There are numerous potential leasable spaces surrounding that bank lobby and especially in the lower retail area. I think it would be a shame if one retailer took that over -- and it would be a pretty larger retailer. Each floor in 925 Euclid measures about 60,000 square feet.

That would make one heck of a retail spot for a large store.  I really hope it's not a hotel lobby. 

 

If the lobby had public access (bars, restaurants, entertainment) I think it would be much more accessible than a retailer, who given the downtown location, may have limited store hours.

Never seen bank lobby or vaults at #CLE's old Huntington Bldg? Let PD photographer Lisa DeJong take you for a tour: http://t.co/2gLpF1vT0Q

 

Huntington had a retail branch there in the 90s, which I went out of my way to patronize.  The lobby was so amazing that I felt embarrassed about the insignificance of my transactions.  One day, I thought, I will stroll in here and deposit ten grand.

Never seen bank lobby or vaults at #CLE's old Huntington Bldg? Let PD photographer Lisa DeJong take you for a tour: http://t.co/2gLpF1vT0Q

 

Huntington had a retail branch there in the 90s, which I went out of my way to patronize.  The lobby was so amazing that I felt embarrassed about the insignificance of my transactions.  One day, I thought, I will stroll in here and deposit ten grand.

$9,900. You don't want to have to deal with the forms lol.

^^I think that branch was active until the Huntington move to 200 PS just a few years ago, right?  I remember going there in 2009 for sure.

^^I think that branch was active until the Huntington move to 200 PS just a few years ago, right?  I remember going there in 2009 for sure.

 

I took pictures in the bank lobby on Oct. 17, 2011, one the last days the retail branch was open to the public. Notice the moving boxes in the center of the floor in the second pic below...

 

 

 

FYI: all bidders for 925 Euclid were from outside Greater Cleveland.

 

New owner of former Huntington Building calls structure 'irreplaceable'

June 10, 2015

By STAN BULLARD   

 

Delray Beach, Fla.-based Hudson Holdings has staked its claim in Cleveland with the purchase of the massive office building at 925 Euclid Ave. best known as the former Huntington Building.

 

The rising tide of economic recovery and interest in adapting old office buildings to new uses has allowed Miami-based Optima International to extricate itself from the building without a loss, even though the structure has lost hundreds of office workers to other buildings during the nearly five years it owned the structure.

 

...Hudson promises to be a different, more public owner than Optima from the inception. Michael said the firm plans to hold a press event on Tuesday, June 16, to show off the building and discuss plans for it. He declined to discuss them immediately other than saying Hudson plans to use the building's historic elements and structure for an adaptive reuse project.

 

MORE:

http://www.crainscleveland.com/article/20150610/NEWS/150619981/new-owner-of-former-huntington-building-calls-structure

So we should be getting some detailed info on their plans today.  Supposed to be a press conference today.

^Huntington (originally the Union Trust building) is an amazingly huge and majestic building.  Glad it's got a new owner who sounds like he's going to give it some TLC.

Anyone have any ideas for the bank lobby? It would be cool to get some kind of business there that is open to the public, but obviously it couldn't be a grocery store.

So we should be getting some detailed info on their plans today.  Supposed to be a press conference today.

 

I've been excited for this since last week!  :whip: :whip: When is the press conference?

New owner of Huntington Building plans to spend $280 million to convert it to apartments, restaurants, clubs and more

 

The new owner of the former Huntington Building in downtown Cleveland plans to spend $280 million to convert it a vibrant mix of apartments, office space, hotel rooms, restaurants, stores and banquet and conference space.

http://www.cleveland.com/business/index.ssf/2015/06/new_owner_of_huntington_buildi.html#incart_m-rpt-1

With that aggressive timeline, it doesn't sound like they're looking for historic tax credits or other subsidies before getting started.

^ I was wondering that myself. Are they gunning for the next catalytic project tax credit if the state moves up the next round of awards? Is the first phase contingent on it? Maybe we will see a more comprehensive article from Michelle.

Wow that is an aggressive timeline for the size of the building.  550 apartments will certainly help Heinens.

I hope Hudson can put its money where its mouth is. The project portfolio on the website is not that impressive. It doesn't look like any real work has begun on any of their projects.

Turns out they are going to seek historic tax credits:

 

Former Huntington Building to undergo $280 million transformation into mixed-use property

June 16, 2015

By STAN BULLARD

 

The new owner of the 925 Euclid Ave. building, best known as the former Huntington Building, plans to transform it into a mixed-use property with a high-end hotel, 550 apartments and a whopping 400,000 square feet of office space.

 

Andrew “Avi” Greenbaum, a principal of Delray Beach, Fla.-based Hudson Holdings, discussed the $280 million renovation plan at a media tour on Tuesday, June 16, that celebrated the mammoth former bank headquarters and office building as well as serving as a news conference. Through an affiliate, Hudson Holdings bought the two-building complex June 12 for a stated price of $22 million.

 

Greenbaum said Hudson Holdings is pursuing a major flag for the property but declined to say which one. He noted the rental apartments also will offer hotel-style services for tenants. One thing Hudson will not do is change the ornate, column-rich exterior of the building, which dates from 1924.

 

“No, we don’t plan exterior changes,” Greenbaum said. “We’ll work with what’s there and upgrade the mechanicals to install hotel rooms and apartments and serve contemporary office tenants.”

 

Hudson wants to have the building ready for occupancy in 36 months, perhaps as early as two years, Greenbaum said. That will be a stretch, as Greenbaum said the company needs to cobble together financing and plans to seek Ohio State Historic Preservation Tax Credits, which has delayed more than one project due to constraints on state allocations of the credits.

 

MORE:

http://www.crainscleveland.com/article/20150616/NEWS/150619843/former-huntington-building-to-undergo-280-million-transformation

Great news if it all comes through! $280M is a massive investment, and all the better being outside money. I really wonder about the hotel aspect though, with all the new ones that have and will be coming online here, plus the hotel in Nucleus, and the troubles with Le Meridien...

My how times have changed. If this were announced a few years ago, we'd have 5 pages full of posts in reaction to this news by now. 550 apartments, Ho-hum.

^Probably a lot of skepticism so why go crazy. 

I think it's important that Stark acts quickly on NuCLEus with the announcement of this project.  That's a heck of a lot of apartments, and I assume the retail they're going after is similar to the "Laneways " retail.

My how times have changed. If this were announced a few years ago, we'd have 5 pages full of posts in reaction to this news by now. 550 apartments, Ho-hum.

I can't speak for everybody, but Hudson's lack of experience in a project this size and the comments about their ability to get things done have tempered my enthusiasm.

 

On the bright side, they ponied up a ton of cash to buy the property. Can't service the debt if it's sitting empty. This project needs to get going quickly. Unless of course they plan to be another out-of-state deadbeat landlord that ties up property in years of foreclosure suits.

Have to say I'm a bit skeptical anyone is going to be financing any new hotels downtown until we see what the market looks like with the 900 new rooms scheduled to come on line in the next couple years.

With a building this size, would they be able to do it bit by bit?  Fill up the top 5 floors or so with apartments, floors 2-5 with some Class B office space, and then start working on the middle?

My how times have changed. If this were announced a few years ago, we'd have 5 pages full of posts in reaction to this news by now. 550 apartments, Ho-hum.

 

Amen

@FreshWaterCLE: http://t.co/2nHgIlhi1n  925 set to send East 9th and Euclid into the stratosphere

@FreshWaterCLE: http://t.co/2nHgIlhi1n  925 set to send East 9th and Euclid into the stratosphere

 

Sounds like Shelly from the comments section does not approve....  :wtf:

Let's keep it on topic; the comments on FreshWater can be debated on their site, not here.

Have to say I'm a bit skeptical anyone is going to be financing any new hotels downtown until we see what the market looks like with the 900 new rooms scheduled to come on line in the next couple years.

 

To me the hotel thing is just a winner in Cleveland. You have a city that has substantively turned its biggest problem (image) around, granted most of the other problems persist. The biggest distinction is that conventions and meetings really weren't a factor in Cleveland before. It was just a city that didn't compete for convention business. That alone will fundamentally change the hotel landscape in Cleveland, and then you add the special events that we are now getting with some regularity (and definitely include the NBA Finals in between the Gay Games and RNC).

 

The apartments are also a critical mass thing, and I also see some legitimate reasons why apartment simply works better than condo in Cleveland (the schools will always be bad until poverty is solved). When Cleveland hits 25,000 downtown residents (probably soon), downtown will legitimately be one of the largest neighborhoods. That's a neighborhood for which there is definitely a market, and the more of that that can comprise the whole of Cleveland, the more of an impact downtown will make toward stemming the tide of population loss. That's a virtuous cycle.

 

I do agree though that this particular developer justifies a "wait and see" kind of approach. I've seen a lot of these shady (mainly if developer capacity looks like an issue) out-of-state deals not pan out EVEN after paying exorbitant amounts. I would maybe even say more so in those instances. Out-of-state developers are often one of the biggest contributors of land speculation, no matter where you go.

Have to say I'm a bit skeptical anyone is going to be financing any new hotels downtown until we see what the market looks like with the 900 new rooms scheduled to come on line in the next couple years.

 

To me the hotel thing is just a winner in Cleveland. You have a city that has substantively turned its biggest problem (image) around, granted most of the other problems persist. The biggest distinction is that conventions and meetings really weren't a factor in Cleveland before. It was just a city that didn't compete for convention business. That alone will fundamentally change the hotel landscape in Cleveland, and then you add the special events that we are now getting with some regularity (and definitely include the NBA Finals in between the Gay Games and RNC).

 

The apartments are also a critical mass thing, and I also see some legitimate reasons why apartment simply works better than condo in Cleveland (the schools will always be bad until poverty is solved). When Cleveland hits 25,000 downtown residents (probably soon), downtown will legitimately be one of the largest neighborhoods. That's a neighborhood for which there is definitely a market, and the more of that that can comprise the whole of Cleveland, the more of an impact downtown will make toward stemming the tide of population loss. That's a virtuous cycle.

 

I do agree though that this particular developer justifies a "wait and see" kind of approach. I've seen a lot of these shady (mainly if developer capacity looks like an issue) out-of-state deals not pan out EVEN after paying exorbitant amounts. I would maybe even say more so in those instances. Out-of-state developers are often one of the biggest contributors of land speculation, no matter where you go.

 

I don't agree with this.  I'm not attacking anyone, however, once again, we question the validity, instead of stating the positive of adding more hotel rooms.

 

We have a NEW convention center, a NEW medical mart. There is talk of increased flights as business and leisure travel to our area is at an all time high.  Hotel room revenue and occupancy are up.

 

I would like to say the leisure travel is up as we have MORE OPTIONS for people to choose from and use their points/miles.  In the past we only had the Marriott, Renaissance, Wyndham, Hyatt and Ritz to choose.  The addition of the Westin and the Autograph Collection, people are happy as those two properties are the two best properties in Cleveland.  Marriott has a strangle hold on Cleveland, but now Westin open and the impending opening of the Kimpton (IHG) we'll have more upscale properties to chose.  Starwood has made it clear they want a piece of the Cleveland market, and when the Le Meridien, they will have three hotels in downtown proper.  In addition, they have discussed a Sheraton, St. Regis and long discussed W.

 

Whats happening in Cleveland is very similar to what happened in both Boston and Philadelphia after they renovated their convention spaces.

 

The more properties we have the better we'll be able to attract conventions and meetings as well as leisure travelers.  The city will  be able to attract those living within 2½ to 3 hours of downtown Cleveland for "stay-cations". 

 

In the past our city was dominated by 2 star properties, ie.  Hampton Inn, Hitlon Garden Inn, Holiday Inn, Residence Inn, Radison & Comfort inn type properties.  Nobody wants to spend their points in a city at one of those properties.  Not to mention we don't have a full compliment of hotels from Hotel Marketing Programs.  Marriott has Cleveland on Lock-down, yet the other biggies, Hilton, Starwood, & Hyatt have a very small foot print.  We're just now getting a Hilton, yet we don't have a Conrad or Waldorf.  We now have a Westin, and soon a Le Meridien, but we do not have a W, St. Regis, Sheraton, or Historic Luxury Collection property.  Hyatt is lacking a Park Hyatt, Andaz (I've heard rumblings about one for downtown) or Grand Hyatt.

 

In addition, we're missing mid to upper scale properties like Sofitel, Loews, multiple Kimpton/Crowne Plaza (or IHG based on what they do with the brand, now that they own it) or omni .  We also need to better work with developers and brands to bring smaller brands like St. James and Thompson hotels.  These are very nice properties and are aimed at the W, Andaz, Autograph/Edition crowd.

 

I would love to see a Four Season, Swissotel, Fairmount, Penisula and Mandarin Oriental, but we need to make sure loyalty programs are properly covered first.

South Beach flair? Can't we create our own flair? And how can the bank lobby be the focal point of Cleveland if it's only open to parties? I don't think this Florida developer understands Cleveland...

 

Florida developer banking on Huntington Building rebirth

Posted: Friday, July 31, 2015 11:00 am | Updated: 11:07 am, Fri Jul 31, 2015.

CARLO WOLFF | STAFF REPORTER

[email protected]

 

A Jewish developer from southern Florida aims to make the architectural icon known as the Huntington Building the focus of downtown Cleveland. It’s a very big project in a very big building.

 

At 1.4 million square feet, the former Huntington at 925 Euclid Ave., which is slowly coming back to life, is larger than Beachwood Place, a suburban complex of 950,000 square feet.

 

The property, rebranded as the 925 Building, is the largest multitenant office structure in Cleveland.

 

It’s only 8 percent occupied now, but when fully redeveloped in 36 months, the longtime bank building should make downtown Cleveland even more bustling, said developer Andrew “Avi” Greenbaum, who bought it in June for $22 million.

 

MORE:

http://www.clevelandjewishnews.com/features/real_estate/florida-developer-banking-on-huntington-building-rebirth/article_86301fce-353a-11e5-8d1b-b36f690296a3.html

Surrre, this building would fit perfectly with a pastel colored low to midrise art deco neighborhood  :roll:

Interesting that they aren't planning on any offices at all - just apartments, hotel, and retail. Not that that's a bad thing, I suppose.

 

I'm still skeptical about "South Beach flair." What does that mean, exactly?

Interesting that they aren't planning on any offices at all - just apartments, hotel, and retail. Not that that's a bad thing, I suppose.

 

I'm still skeptical about "South Beach flair." What does that mean, exactly?

 

It's a very tacky thing to say. Get the yellow caution flag ready.

If it comes out cool, I'm down with the "south beach flair". We need more flash

If it comes out cool, I'm down with the "south beach flair". We need more flash

 

I agree.

Afterall, it was basically all Clevelanders that built up Miami Beach

If it comes out cool, I'm down with the "south beach flair". We need more flash

 

If you're looking for flash, stand on that corner and look east

 

 

 

<rant on> I think this is flair on its own merits. This is a Gilded Age America monument to the captains of industry in all its magnificent scale and opulence, and a reminder of all the nameless laborers who sacrificed to create this wealth. That's all it all is. And that's plenty. It's a huge and a compelling story all by itself. It doesn't need to pretend to be something else, like some pastel-painted, plastic-surgery Miami Beach reminder that you'd rather be there on the sand getting skin cancer. This is Cleveland in all its gilded flash and gilded decadence. And if you don't know the history, use this building to help tell it. Don't jump to a silly, superficial corner of the world you happen to know for fashion tips on how to slather this muscular monolith of the ages in the flavor of the month.... <rant off>

 

I've have seen plenty of grand old buildings highlighted to bring out more of it's flair.... I do not think Cleveland has to mean beige and dull...

 

 

 

<rant on> I think this is flair on its own merits. This is a Gilded Age America monument to the captains of industry in all its magnificent scale and opulence, and a reminder of all the nameless laborers who sacrificed to create this wealth. That's all it all is. And that's plenty. It's a huge and a compelling story all by itself. It doesn't need to pretend to be something else, like some pastel-painted, plastic-surgery Miami Beach reminder that you'd rather be there on the sand getting skin cancer. This is Cleveland in all its gilded flash and gilded decadence. And if you don't know the history, use this building to help tell it. Don't jump to a silly, superficial corner of the world you happen to know for fashion tips on how to slather this muscular monolith of the ages in the flavor of the month.... <rant off>

 

Translation: Get off My Lawn lol

^ LOL

 

We know that isn't what KJP, one of our more progressive posters, means, but yes, that is what it sounds like.

 

After spending the past week driving down the PCH from SFO to LAX and seeing how full of life these tiny towns of only 20-50K residents are, so long as he gets full occupancy on what appears will be a mid-high to upscale development he can call it South Beach Cool, Seattle Grunge, Cali Relax or Vegas Flasy even The Cleveland Steamer for all I care.

Didn't mean to sound like a grump. But I was on a roll... :)

South Beach flair?  Ugh.  Because when people think classy, they think Florida. 

South Beach flair?  Ugh.  Because when people think classy, they think Florida. 

 

 

South Beach flair?  Ugh.  Because when people think classy, they think Florida. 

 

 

10 points to House Greenbaum if he shows up to the ribbon cutting dressed like that. 

Project made the "South Florida Real Estate News:"

 

http://therealdeal.com/miami/blog/2015/08/09/2nd-south-florida-buyer-bets-on-cleveland-landmark/