Wow i love what looks to be an HDR shot  of the view over the Rose and the schofield (on the prior page)

So what is / are "Residential Incubator(s)"? I was thinking "micro" apts., but those are listed on the level with the blue rooms.

 

The renovated 925 Building will include 580 full-sized apartments plus 93 micro-apartments – small living spaces available to companies and workers participating in a business incubator planned for the building's sixth floor.

 

http://www.cleveland.com/business/index.ssf/2015/12/former_huntington_building_win.html

They've got scaffolding up on the Northeast section of the building, the section along Chester. Looks like they're knocking out some windows.

 

Then again, it could be some kind of prop for Fast and Furious lol. They are filming in Perk Park which is right across the street.

One annoying thing about movies being filmed downtown is that you never know if something is being done for redevelopment or for the movie! Noticed lots of scaffolding up on the old Huntington building Annex. Is that for the movie?

 

 

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Been wondering the same thing. Cool scenes being shot right outside of it this morning.

Well... I got home and my roommate said he was watching them blow up the scaffolding all day--so movie. Sadly, he didn't take any photos or videos. I'll train him yet.

Apartments, clubs, a hotel, and more: take a look inside 925 Euclid before construction begins (video)

http://www.cleveland.com/metro/index.ssf/2016/07/apartments_clubs_hotel_and_mor.html

In this article written May 2016 it said that construction would start on the 925 at the end of the 2nd Qtr 2016. Well it is the 1st Qtr 2017 and I believe that construction  has yet to start. Actually the author missed on construction start times on all the projects that he wrote about.  http://rebusinessonline.com/why-clevelands-thriving-downtown-apartment-market-is-on-solid-footing/

Article authors don't generate construction start dates. Developers do. And developers are always optimistic about their projects.

Florida developer's plan for updating Cleveland landmark lands city aid

Conversion of the 22-story Union Trust Building, 925 Euclid Ave., from offices to mixed-use with apartments, a hotel and updated offices, just took another step toward becoming a reality. Better known as the former Huntington Building, it currently consists of 1 million square feet of office space, and it's mostly empty. Cleveland City Council adopted legislation at its Monday, Jan. 23, meeting authorizing a tax-increment financing plan for the proposed $300 million project.The measure allows the increase in property taxes that would be triggered from improvements that an affiliate of Delray Beach, Fla.-based Hudson Holdings plans to make to restore the property to full and active use.

 

http://www.crainscleveland.com/article/20170124/NEWS/170129903/florida-developers-plan-for-updating-cleveland-landmark-lands-city

 

 

^ wow great news -- thx for the update --

http://www.newsnet5.com/news/local-news/oh-cuyahoga/downtown-cleveland-high-rise-redevelopment-clears-hurdle

 

According to this piece, construction could start in May

The building is gorgeous, but definitely needs work. The office tenants are moving out for construction, which will likely take two years. They might have to scale back the original plans though, depending on if a big tenant moves in. Dependent on a couple factors with the buildings next door as well, some things might be slated for change, unfortunately.

Absolutely beautiful building. Desperately needs an exterior power wash, though.

925 switches lenders. Union Trust Building remake swaps lenders

^Here is the story from Crains.

 

http://www.crainscleveland.com/article/20170310/NEWS/170319977/union-trust-building-remake-swaps-lenders?X-IgnoreUserAgent=1

Is this good news or bad?

 

^Seems to be good as a lender believes that the developer will be able to close within the near future on the $300 million.

 

Is the 1.3 million square feet of office still "on the books" as far as available downtown office space?  As this will be a mixed-use project which will when redeveloped only contain 600,000 square feet of office space, that's a sizable reduction to the overall downtown office market.

^Actually it is even less than 600,000 square feet of office space. The article indicates that that figure includes office, retail, banquet, ballroom, common area and amenity space.

^Actually it is even less than 600,000 square feet of office space. The article indicates that that figure includes office, retail, banquet, ballroom, common area and amenity space.

 

Past articles have said the office space will be between 200,000 - 300,000.

^Anyone know if it's considered Class B or C office space?  1,000,000 off the books for downtown vacancies pushes rents up for everybody, I would imagine. 

^Anyone know if it's considered Class B or C office space?  1,000,000 off the books for downtown vacancies pushes rents up for everybody, I would imagine.

 

An Ad on LoopNet says class B. The Ad also shows only 155,000 available sq ft.

 

http://www.loopnet.com/Listing/19568047/925-Euclid-Ave-Cleveland-OH/

^Anyone know if it's considered Class B or C office space?  1,000,000 off the books for downtown vacancies pushes rents up for everybody, I would imagine.

 

An Ad on LoopNet says class B. The Ad also shows only 155,000 available sq ft.

 

http://www.loopnet.com/Listing/19568047/925-Euclid-Ave-Cleveland-OH/

 

I also remember that about 90,000 square feet of office space was still being used a few years ago after everyone else had left. Don't know if that's still true. If it is, then that doesn't leave much space for the landlord to fill.

Hudson Holdings scores $34M loan for Cleveland office tower

BY REW •  MARCH 31, 2017

 

MLK Real Estate Capital (MLK) arranged $34.025 million in bridge financing on behalf of its client, Hudson Holdings, for the adaptive redevelopment of The Huntington Building, a 22-story, 1.3 million square foot, historic office building in downtown Cleveland, Ohio.

 

The bridge financing was secured from Gamma Real Estate, a New York City-based real estate firm with a nearly 100-year history of commercial real estate ownership, operating, and lending.

 

MLK Real Estate Capital represented Hudson Holdings on the bridge financing, noting Hudson’s impressive track record in the historic adaptive reuse space as well as the prime location of the sproperty and strong underlying deal fundamentals.

 

MORE

http://rew-online.com/2017/03/31/hudson-holdings-scores-34m-loan-for-cleveland-office-tower/

Is Hudson Holdings looking for a sale or for additional investors? http://www.crainscleveland.com/article/20170820/NEWS/170829989/frank-sinito-has-sky-high-hopes-for-real-estate-portfolio

^That was a very interesting bit of info in that article. Seems like it would be very good news if Sinito get's involved.

Yep, this is good news.  Especially if it gets the project moving forward!!!  :clap: :clap:

^That was a very interesting bit of info in that article. Seems like it would be very good news if Sinito get's involved.

Yep, this is good news.  Especially if it get the project moving forward!!!  :clap: :clap:

 

I actually don't see this as good news at all.  To date, all the news regarding this project is that it is a go.  Indeed, an earlier article proclaimed all financing was secured and the renovation plans were completed.  Apparently even some minor prep work had begun.  Remember this was a project which won the 25 mil catalytic tax credit which basically ended up dooming the May Co. renovation (in fact some might say they stole it from that project since is was actually devised by Carney and Raines and they promoted the credit with the state and got it passed).

 

Now for the first time we hear that they are shopping the project around even though, apparently, for months principals of Hudson Holding have denied they were doing so.  So, is the Huntington project in trouble?  If yes, I guess it is good news that Sinito has an interest and has made a bid.  Again, the question in my mind is where the hell did all this come from all of a sudden (and why aren't all the Stark critics up in arms?)

If I were Carney, I'd be pissed.  May Co probably could have been close to completion by now. 

...Now for the first time we hear that they are shopping the project around even though, apparently, for months principals of Hudson Holding have denied they were doing so. 

 

Greenbaum lied. Shocking. Oh, wait; all real estate people lie, except they call it optimism.  8-)

Is Hudson Holdings biting off more than they can chew? Then again, these redevelopments could all be moot if Congress ends or sharply curtails federal historic tax credits. This is from St. Louis...

 

Railway Exchange Redevelopment Close to Reality

November 21, 2017 Greg Johnson

 

At its November 21 meeting, the city’s Industrial Development Authority will consider issuing $160 million in Housing Revenue Bonds to help finance redevelopment of the vacant Railway Exchange Building downtown. Total renovation costs are expected to top $250 million. Hudson Holdings purchased the property early this year for $20.5 million. Plans for the building include a large residential component with The addition of retail and office space. Early projections put the number of apartments at 600. Founded in 2006, Hudson Holdings has taken on several large projects, including redevelopment of Cincinnati’s Textile Building, Cleveland’s Union Trust (Huntington) Building, Louisville’s Starks Building and Kansas City’s Mark Twain Building.

 

The Railway Exchange Building was built in 1914 to a design by architects Mauran, Russell & Crowell. The Chicago School tower was the city’s largest and tallest when completed and today remains the second largest building downtown at 1.2 million square feet. The Railway Exchange was the long-time headquarters of May Department Stores Company before May was bought out by Federated Department Stores in 2005 and subsumed into Macy’s the following year. The building is best known as home to the flagship location of department store Famous-Barr. Converted to a Macy’s in 2006, the chain closed the downtown store in 2013.

 

MORE:

https://nextstl.com/2017/11/railway-exchange-redevelopment-close-reality/

Is there any insight on what we are waiting for to see action at 925?  I realize it is a massive project but...

Is there any insight on what we are waiting for to see action at 925?  I realize it is a massive project but...

 

Hudson Holdings has been shopping the building to other developers. Millennia put in a bid in August -- that's that last public news.

 

http://www.crainscleveland.com/article/20170820/realestate/170829989/frank-sinito-has-sky-high-hopes-real-estate-portfolio

 

Asked what's next for him and Millennia in the wake of an epic transaction, Sinito said he's hoping to launch the multimillion-dollar conversion of the massive former Huntington Building — now called Union Trust, in honor of its original name — on the northeast corner of Euclid Avenue and East Ninth Street.

 

"I have a bid in," Sinito said. "I hope I get it. It will be a real roll-up-your sleeves opportunity."

 

If a Sinito affiliate lands the 1-million-square-foot property or a stake in the project, it would be a big change and the biggest development for the massive Huntington Building since late 2015, when Hudson Holdings of Delray Beach, Fla., won an allocation for as much as $25 million in Ohio State Historic Preservation Tax Credits. Hudson Holdings has planned a $300 million adaptive reuse as apartments, hotel and contemporary office space, though construction is not yet underway.

 

Sinito said he would undertake adding 400 apartments to part of the landmark building if he gets involved in the project. Other parts of the building? He'll figure those out later.

 

Although he would not say how much he offered to pay for Union Trust, Sinito's disclosure of his interest in it also confirms that Hudson has been shopping the project or seeking additional investors."

Is Hudson Holdings biting off more than they can chew? Then again, these redevelopments could all be moot if Congress ends or sharply curtails federal historic tax credits. This is from St. Louis...

 

Sure seems that way. That article reads just like those about Hudson earlier this year. Even mentions a bridge loan for "pre-construction activity", just like they got last Spring for 925 Euclid. I'm not convinced he's further along in either project. Hudson might have been gambling on short term spike in building value using tax credits and "shovel ready" plans. If the tax credits are canned the value of these buildings goes into the toilet and Hudson is left holding the bag.

The old Huntington Bank looks great for #CrainsCSuite gala tonight. Proud to support our leader @CEO_CleMetParks as CEO of the Year @clevemetroparks https://t.co/sytz0BuILU

 

 

Just spoke to a contractor who's very busy these days with construction work around Cleveland. One of the bids he's won is for supplies and installation (can't say for what or it will reveal him) at the May Company renovation and for the Huntington Building conversion. He described both as a "go." FWIW.

Fiance and I were en route to a meeting about having this place  as our wedding venue when we got a "we're not doing events anymore" call

I briefly saw some floor plans for the building renovation, and I don't have much more info, but can confirm the project is "moving forward."

BTW, see the item I posted at https://www.urbanohio.com/forum/index.php/topic,5019.msg904017.html#msg904017 regarding this development and Bon Jovi. ;)

Crews are digging into the street around the west and south sides of 925 Euclid. Is this a sewer project or something sub-street that's unrelated to the renovation of 925 Euclid? I just found it interesting the location of this sub-street work.

Crews are digging into the street around the west and south sides of 925 Euclid. Is this a sewer project or something sub-street that's unrelated to the renovation of 925 Euclid? I just found it interesting the location of this sub-street work.

 

They were working on 9th on the west side of The9 over the last few weeks. I think it is something related to the steam infrastructure under 9th.

I wonder when the $25 million state tax credit award expires. Something needs to happen or day are in danger of losing it.

I wonder when the $25 million state tax credit award expires. Something needs to happen or day are in danger of losing it.

 

They got  extension from the state last year and the deadline is June or July 2018 to start construction.

Lots of updates in here both on 925 and Statler Arms... sounds like Frank Sinito will be purchasing 925 and undergoing significant renovations to Statler.  Also makes the Hudson Holdings people sound very shady...

"Sinito continues hunt for a 925 Euclid deal"

 

"Real estate developer Frank Sinito is close to snagging another big downtown deal, taking on the stalled $270 million renovation of the Union Trust Co. building at 925 Euclid Ave.

 

If Sinito, CEO and owner of Cleveland-based Millennia Cos., closes on buying the building or taking a majority stake in the project with current owner Hudson Holdings of Delray Beach, Fla., it would be his fourth blockbuster deal downtown in two years."

 

http://www.crainscleveland.com/article/20180415/news/158241/sinito-continues-hunt-925-euclid-deal

Lots of updates in here both on 925 and Statler Arms... sounds like Frank Sinito will be purchasing 925 and undergoing significant renovations to Statler.  Also makes the Hudson Holdings people sound very shady...

 

That stood out to me too. I'm always wary when out-of-state investors buy buildings for redevelopment. I wonder if Hudson underestimated the local environment and difficulty to secure financing. Or if the goal all along was to flip the building with tax credits in place.

 

Next up is Alto Partners with the John Hartness Brown complex. They have until July 31 to start construction or get an extension or risk losing their $11 million tax credit. We'll see if they join the list of shysters.

I feel bad for you all that Hudson Holdings stalled so long on the Huntington Building. They purchased properties all over the place and then did nothing with any of them. Big plans for hotels, executive apartments etc. They own one building in Cincinnati, the mercantile building. I know of two in Louisville, St.Louis, and a couple other midwestern cities.

Happy weekend all, Millennia Cos officially buys 925 building: http://realestate.cleveland.com/realestate-news/2018/05/millennia_buys_downtown_clevel.html

That stood out to me too. I'm always wary when out-of-state investors buy buildings for redevelopment. I wonder if Hudson underestimated the local environment and difficulty to secure financing. Or if the goal all along was to flip the building with tax credits in place.

 

*cough*

 

The Ohio Development Services Agency, which oversees the historic tax-credit program, had warned Hudson that the state might rescind the award if the company didn't show that the 925 revamp had some momentum. A department spokeswoman said officials recently met with the project team and extended the deadline to start construction to Sept. 1, 2019.

 

The value of that credit goes a long way toward explaining why Millennia agreed to pay $40 million for the 925 Building, which Hudson purchased for $22 million in June of 2015.

I like the new plan.  A shotgun approach to mitigate the sheer bigness of it.

Fingers crossed for Millennia's success and wishing them good luck; they are juggling a lot of expensive balls at once (but I am happy someone that cares is willing to take on that scale of risk).