April 16, 20196 yr Perhaps an exercise in doubt and worry, but their website shows evidence of their superior use of design, space, color and texture. This is a historically protected property, so those historic and decorative elements at the Centennial are not likely to be damaged or marred. I fully expect they will be featured. McCartan's luxe portfolio indicates they understand how to work with grand spaces and elegant features to good advantage. I couldn't guess which design group is particularly experienced with updating obsolete monumental rooms for contemporary public use, and re-imagining them in order to create profitable spaces for business. It will require talent and imagination: Talent and imagination I think they've got. Edited April 16, 20196 yr by ExPatClevGuy Typos / word-choice / grammar
June 4, 20196 yr Sinito makes it sound like inaction on SB39 would be a deal-killer for The Centennial. I hope it's just political posturing..... At a finance committee session on May 21, Frank Sinito, principal and CEO of The Millennia Group of Cos. in Cleveland, argued that SB 39 was "an essential element" for his plan to redevelop the former Union Trust Co. bank building at East Ninth Street and Euclid Avenue, which he plans to call The Centennial. The $420 million project would include retail and office space as well as 300 housing units. Sinito told the committee that while construction costs in Cleveland are as high as those in cities such as New York or Chicago, Cleveland can't command the higher level of rents charged in those cities. "Enactment of the TMUD credit would help us to close a critical gap in our capital stack and would enable our project — and potentially other transformational mixed-use development and redevelopment projects like The Centennial — to actually move forward and to become reality," he said. "Without the TMUD, these extremely complex mixed-use megaprojects are virtually impossible to adequately finance and thus simply will not get done." MORE: https://www.crainscleveland.com/government/tax-credit-bills-are-facing-uncertain-future-statehouse "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 4, 20196 yr ^Is that true, that construction costs in CLE are as high as those in NY or chicago?
June 4, 20196 yr 27 minutes ago, Pugu said: ^Is that true, that construction costs in CLE are as high as those in NY or chicago? That’s absolutely the most ridiculous comment of the article.
June 4, 20196 yr I imagine labor costs are higher in NY and Chicago but material costs should be similar. However the higher rents in larger cities will far outpace any difference in construction costs.
June 4, 20196 yr 1 minute ago, bumsquare said: I imagine labor costs are higher in NY and Chicago but material costs should be similar. However the higher rents in larger cities will far outpace any difference in construction costs. There's also the difference in land acquisition costs.
June 4, 20196 yr 6 minutes ago, bumsquare said: I imagine labor costs are higher in NY and Chicago but material costs should be similar. However the higher rents in larger cities will far outpace any difference in construction costs. Labor costs are significantly higher, land acquisition is significantly higher, and rents are significantly higher. He also got a $25 million dollar tax credit to go with 925. He paid roughly $30/sf for a building in great condition in a prime location. The tax credit alone covers almost $20/sf. Dude needs to stfu.
June 4, 20196 yr Was SB39 even a proposal when he bought the building? How could it possibly be an essential part of the plan then ?
June 4, 20196 yr 1 hour ago, Enginerd said: Was SB39 even a proposal when he bought the building? How could it possibly be an essential part of the plan then ? My thought exactly. And pardon my lack of knowledge/awareness, but didn't this building win a $25 million credit a few years ago under whatever historical tax credit program was in place at the time? Did that expire?
June 4, 20196 yr 8 minutes ago, cle25 said: My thought exactly. And pardon my lack of knowledge/awareness, but didn't this building win a $25 million credit a few years ago under whatever historical tax credit program was in place at the time? Did that expire? The deadline to start construction is September 1st for the tax credit. Edited June 4, 20196 yr by marty15
June 7, 20196 yr Relevant to both this building and Nucleus, SB39 was voted out of committee yesterday and should now be considered by the full senate. Good to see that it is still moving ahead.
June 7, 20196 yr If it passes, might see more projects moving beyond the idea stage, like Brickhaus Towers, Flats West Bank or Scranton Peninsula finding a new gear. But there's still more work to be done. The General Assembly has to identify every two years how many credits will be authorized in each biennial budget... For each business incentive tax credit, the main operating appropriations act shall contain a detailed estimate of the total amount of credits that may be authorized in each year, an estimate of the amount of credits expected to be claimed in each year, and an estimate of the amount of credits expected to remain outstanding at the end of the biennium. The governor shall include such estimates in the state budget submitted to the general assembly pursuant to section 107.03 of the Revised Code. ...I wonder if they will authorize the number of credits with this current general revenue fund budget? My first reaction is no, because the Office of Management & Budget will have to assess how many credits may be submitted at the outset and assess the fiscal impact of those credits. I would be very surprised if OMB would bother doing that until after it knows whether this law will be on the books. So it could be another two years before any credits are awarded. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 7, 20196 yr That's a good point. Projects may have to wait, or get started not knowing for certain how many credits will be up for grabs.
June 7, 20196 yr The OMB could assess by the end of this year how many tax credits could be added and then the legislature could pass something by the end of the year. More likely, the General Assembly won't be able to do anything until a budget corrections bill is considered next year. And that's assuming the OMB does its assessment in a timely manner. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 7, 20196 yr 1 hour ago, gg707 said: That's a good point. Projects may have to wait, or get started not knowing for certain how many credits will be up for grabs. Will they allow for the credit to be awarded once work on a project has begun? I can’t see Sinito allowing to pass 925’s awarded historical credit.
June 11, 20196 yr Noticed a large load of scaffolding being unloaded today on the Chester side. Could possibly be for JHB that’s behind it though.
August 8, 20195 yr Don't mean to bump this thread with non-news but I was just snooping around trying to find SOMETHING on this project and came across this rendering on Loopnet that I don't believe I have ever seen before... Man this would be nice to see!
August 8, 20195 yr This project is the final missing puzzle piece on Euclid. This would easily be my favorite intersection in the city in my opinion if it's completed.
August 8, 20195 yr 2 hours ago, mrclifton88 said: Don't mean to bump this thread with non-news but I was just snooping around trying to find SOMETHING on this project and came across this rendering on Loopnet that I don't believe I have ever seen before... Man this would be nice to see! Glad to see that they scrubbed the filthy exterior walls, especially on 9th st. I'm disappointed how long its taking just to get started. It should have been done by now.
August 8, 20195 yr 3 hours ago, CLE_Millennial said: This project is the final missing puzzle piece on Euclid. This would easily be my favorite intersection in the city in my opinion if it's completed. Plus the 22-story City Club Tower going up on the Hippodrome lot just a couple hundred feet from E9th on Euclid! "We each pay a fabulous price for our visions of paradise." - ????, ???????
August 8, 20195 yr 2 minutes ago, Boxtruffles said: Plus the 22-story City Club Tower going up on the Hippodrome lot just a couple hundred feet from E9th on Euclid! And the John Hartness Brown project next door is huge.
August 9, 20195 yr 1 hour ago, Boxtruffles said: Plus the 22-story City Club Tower going up on the Hippodrome lot just a couple hundred feet from E9th on Euclid! Tremendous foot traffic when this behemoth gets done.
August 9, 20195 yr Sexy.... Between this and if The Beacon get's that amazing signage shown in the renderings, Euclid Ave is gonna be on a whole new level in 5 years.
August 9, 20195 yr 5 hours ago, Boxtruffles said: Plus the 22-story City Club Tower going up on the Hippodrome lot just a couple hundred feet from E9th on Euclid! "22-story City Club Tower going up on the Hippodrome lot" -- is that an official/announced height or just your wish?
August 9, 20195 yr @Pugu See City Club thread "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 9, 20195 yr 21 hours ago, freefourur said: This is another one that is close. @freefourur How close is close . . . ? In all seriousness this is such an important project- I don't think people often realize how massive this EMPTY building is. This will do wonders for pedestrian activity at a key intersection as well as down E. 9th and Euclid separately.
September 2, 20195 yr Isn't construction supposed to start around 9/1 or the 25 million catastrophic tax credit would be in jeopardy?
September 2, 20195 yr 4 minutes ago, simplythis said: ... catastrophic tax credit ... Thats my new favorite tax policy When is the last time I-71 turned a profit?
September 13, 20195 yr On 8/8/2019 at 6:55 PM, Boxtruffles said: Plus the 22-story City Club Tower going up on the Hippodrome lot just a couple hundred feet from E9th on Euclid! How definite is this????
September 13, 20195 yr 5 minutes ago, lafont said: How definite is this???? Pretty close. Hopefully a early 2020 groundbreaking.
September 13, 20195 yr On 8/8/2019 at 5:13 PM, shack said: Glad to see that they scrubbed the filthy exterior walls, especially on 9th st. I'm disappointed how long its taking just to get started. It should have been done by now. I'm standing on E.Ninth St right now looking at 925. You mean the part towards Euclid - right? Part towards Chestwr is plenty dirty.
September 16, 20195 yr On 9/13/2019 at 3:36 PM, lafont said: I'm standing on E.Ninth St right now looking at 925. You mean the part towards Euclid - right? Part towards Chestwr is plenty dirty. I was referring to the rendering. The side along 9th needs a good scrubbing!
September 17, 20195 yr 12 hours ago, Mov2Ohio said: Looks Great from here! Once finished, Euclid is going to be a pedestrian party.
September 17, 20195 yr I might have missed this info, but do we know when they plan start construction and open?
September 17, 20195 yr 5 minutes ago, NR said: I might have missed this info, but do we know when they plan start construction and open? No firm dates yet. Hopefully with Millennia wrapping up their other downtown projects now, this will be the main focus.
September 17, 20195 yr I find no current building permits for 925 Euclid. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 17, 20195 yr 11 minutes ago, freefourur said: They are still completing their capital stack. Good to know. I trust Millennia to get this done.
September 17, 20195 yr 1 hour ago, WindyBuckeye said: No firm dates yet. Hopefully with Millennia wrapping up their other downtown projects now, this will be the main focus. What other downtown projects is Frank Sinito wrapping up? Key Bank ? If I recall Frank Sinito was was testifying as a proponent on behalf of SB39 TMUD tax credit. If he indeed is waiting for TMUD to pass we do not know if that will pass this year or not. Even if it passes we do not know how the tax credits and how many will be awarded. WE could be in a situation of Nucleus vs 925 for awarding the credit. Also, I recall reading somewhere earlier that construction was to start by 9/1/19 or the 25m catostrophic tax credit was in jeopardy.https://www.legislature.ohio.gov/legislation/legislation-committee-documents?id=GA133-SB-39
September 17, 20195 yr They have been renovating the Statler Arms. Most of the outside work seems to have wrapped up- not sure about the inside. It was a pretty major reno. Don't they also own 75 Public Square?
September 17, 20195 yr 30 minutes ago, simplythis said: What other downtown projects is Frank Sinito wrapping up? Key Bank ? If I recall Frank Sinito was was testifying as a proponent on behalf of SB39 TMUD tax credit. If he indeed is waiting for TMUD to pass we do not know if that will pass this year or not. Even if it passes we do not know how the tax credits and how many will be awarded. WE could be in a situation of Nucleus vs 925 for awarding the credit. Also, I recall reading somewhere earlier that construction was to start by 9/1/19 or the 25m catostrophic tax credit was in jeopardy.https://www.legislature.ohio.gov/legislation/legislation-committee-documents?id=GA133-SB-39 They're currently working on Statler, 75 Public square, and the Key bank Marriott is being completely renovated.
September 17, 20195 yr Statler is 99% completed. Talks of the Marriott getting a full reno soon. 1st phase just included 1st floor lobby/restaurant/etc. The rooms and meeting space/banquet rooms weren’t included. Edited September 17, 20195 yr by marty15
September 18, 20195 yr 19 hours ago, mack34 said: That building is massive!!! YES it is massive! 1.3 million sq. ft. which is the same sq. ft. as KEY TOWER depending on which source you believe....(another source says KEY TOWER is 1.5 M sq. ft.)
September 18, 20195 yr Does anyone know the deadline to start construction before they could lose the $25 Million historical tax credit?? Or have they already done enough construction prep work that they already made the deadline?? I'm sure that they'll make sure NOT TO LOSE that large amount of MONEY!! Edited September 18, 20195 yr by Larry1962
September 18, 20195 yr 19 minutes ago, Terdolph said: What "prep work"? As far as I know nothing has been done. I know a listing agent has been picked and some site prep was started but maybe waiting on their other projects to wrap up first.
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