Posted February 21, 200619 yr From the PD: Notching victories in rust belt: Developer Ferchill Group finds fertile ground in aging big cities Tuesday, February 21, 2006 Christopher Montgomery Plain Dealer Reporter John Ferchill isn't a typical real estate developer. While most development money flows to high-growth markets, Ferchill has made his name in the rust belt, doing projects in Akron and Detroit rather than Phoenix and Fort Lauderdale.
February 21, 200619 yr I guess reports of the demise of the Atrium (668 Euclid) were in fact exaggerated. This is the second piece of news we've heard lately about its redevelopment, the other being UH's possible relocation there. Seems like this bit about Ferchill acquiring it bodes well for the UH project.
February 21, 200619 yr Hmm, Goldberg currently owns it and is on the board of UH. It may appear to be a conflict of interest if Goldberg would develop it himself. So, sell it to another (Ferchill) who can develop the site.
February 21, 200619 yr ^ I don't think there is one definition, it is a combination of factors based on age, price, amenities, location, management. generally anything older than 30 years is B space, no matter how nice. Isn't Terminal Tower Class B office space as well?
February 21, 200619 yr Class A refers to "newer office property" since 1980, and in the prime CBD areaish. Think Key or Erieview. Class B refers to space older than 1980 or offices not in the prime CBD areaish. Think terminal tower or keith building or any of the office/former offices around playhouse squareish area. Clas C refers to buildings not constructed for office purpose orginaly, really old buildings in not so good shape, or not near much of anything. Think WHD buildings converted to office space. Class D I heard is warehouse..
February 22, 200619 yr X, thanks for posting that list. And what's this one? ...East 105th Street and Euclid Avenue: National City bank branch and a 50,000-square-foot office building for $12.5 million. And I think these statements by Ferchill are some of the most important in the interview... The city doesn’t have enough economic firepower left. It’s got to be a joint venture of the city and county. I mean, if I went to the city and they gave me every resource that they have today, they don’t have very much. I’m talking about doing good-sized projects. ...I think the No. 1 thing that’s got to be done is there’s got to be complete cooperation between all of the various governments. If you think about what’s been going on here, we had a difficult mayor. We had a difficult county administration. And then [Commissioner Tim] Hagan came in and he was very helpful. And you had a state government that was in chaos. It still is. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 22, 200619 yr Is the 668 rehab dependent upon Ferchill landing UH? I read a while back that Goldberg was getting historic tax credits to make it into apartments. Given the glut of downtown office space on the market, I would prefer to see more housing. It would make more sense for UH to occupy the Higbee or May Co. Building.
February 22, 200619 yr The E.105 project may or may not happen. If it does, it will be a 4 story structure that will replace that existing dinky NCB branch. If it doesn't happen, its because there would be hope for a larger building some day at that same spot.
February 22, 200619 yr That's at the SE corner of East 107th and Euclid. Hopefully it will be a nice urban structure.
February 22, 200619 yr wait, he purchased some of scranton peninsula and plans to delvelop his part? this is tremedous news as well. wow. :clap: can someone explain his battle with mike white a bit more clearly? over a subway sub shop??? wha? thx.
February 22, 200619 yr Class A refers to "newer office property" since 1980, and in the prime CBD areaish. Think Key or Erieview. Class B refers to space older than 1980 or offices not in the prime CBD areaish. Think terminal tower or keith building or any of the office/former offices around playhouse squareish area. Clas C refers to buildings not constructed for office purpose orginaly, really old buildings in not so good shape, or not near much of anything. Think WHD buildings converted to office space. Class D I heard is warehouse.. there are a ton of factors affecting a office spaces class, just to name a few: type of heating/cooling systems, number of elevators, proximity to park/landmark/lake/river, access to parking, wi-fi, type of ethernet/cable running through the building, view, etc, etc. there's no mathematical formula for setting an office spaces class. and a further anecdote. Lets take a boring building like Peton Media and just assume its class B. Put it in chicago in the loop, it probably drops to class c. Put it on the lakefront of chicago with views, jumps to class A. Put it in fargo, its in a class of its own. furthermore, i'm fairly sure there is no class D
February 22, 200619 yr The E.105 project may or may not happen. If it does, it will be a 4 story structure that will replace that existing dinky NCB branch. If it doesn't happen, its because there would be hope for a larger building some day at that same spot. Either way, it sounds like something is going in there? I was thinking this was going to be right at the "Doans Corners" intersection of East 105th and Euclid. Too bad. Speaking of which, I've had some thoughts about how to develop that intersection, building a multi-family residential structure around the north side of the Cole Eye Institute and effectively creating a curved indoor courtyard. It's all part of my "grand plan" to someday win the grand prize loot from Peter Lewis for redesigning UC. Anybody want in?!?! :-D "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 22, 200619 yr PM me. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 23, 200619 yr Yeah, mrnyc, I didn't know about that Scranton Peninsula bit, either. I wonder what the timeline is on that. I'd like to see the Peninsula developed under a comprehensive plan. I hope Ferchill is working with Stark, Forest City and whoever else owns land down there. Though it'll probably be a cold day in hell before FC takes action.
February 23, 200619 yr ^Doesn't FCE own like 90% of Scrantion peninsula? There was an article on it in the PD a few years ago, I think as part of the convention center chatter...
February 23, 200619 yr I believe that the site is actually just south of what we normally consider Scranton Peninsula.
February 23, 200619 yr Hey folks, this Scranton Penninsula project was announced in November here is the thread: http://www.urbanohio.com/forum2/index.php?topic=6414.0
August 28, 200618 yr this is a great deal. i said earlier that this building was way to cool to be rentals. I think the units will move fast.
August 28, 200618 yr They have a number of Carnegie-level suites that will be difficult to sell, imho. They have these huge windows that look out onto Carnegie and the innerbelt. I would assume that are priced to sell.
August 28, 200618 yr Looks like an awesome bldg!! I always love those old industrial bldgs with the large windows. That view is truly priceless, that is what urban living is all about!
August 28, 200618 yr Wimwar.... I love how you think Hmm, Goldberg currently owns it and is on the board of UH. It may appear to be a conflict of interest if Goldberg would develop it himself. So, sell it to another (Ferchill) who can develop the site.
August 29, 200618 yr They have a number of Carnegie-level suites that will be difficult to sell, imho. They have these huge windows that look out onto Carnegie and the innerbelt. I would assume that are priced to sell. Is it too late to think about these lower floors as offices? It's an optimal location and the spaces are incredible... I'm also curious to see what their plans are for the street level spaces on Prospect and Euclid. Showrooms, perhaps?
Create an account or sign in to comment