This is really going to change that whole intersection.

https://www.projectscarletcle.com/

Could not read the Crain's article.  However the first sentence is visible and said they were celebrating the closing of "acquisition financing".  Does this mean they are still hunting for renovation financing or is everything set to start work?

12 hours ago, freethink said:

This is really going to change that whole intersection.

https://www.projectscarletcle.com/

 

Call me a skeptic, but on non-event days you can barely tell there's 20k residents downtown. Weekend evenings are a different story, but during the day it's crickets over this way (E9/Prospect)  and that's with a bunch of surrounding apartments. Even when MM was in there, there was very little traffic around the building, here's to be proven wrong.

Edited December 19, 2024Dec 19 by GISguy

We really need the Medical Mutual Building + 925 Euclid to renovate before we see activity on non-event days.

The hotel aspect will add a lot to street life especially if there is ground floor restaurant. The Schofield on 9th/Euclid always feels lively. Also, with the Urban Meyer bar in the old Lizard space and the expanded hours of the Whistle and AJ Rocco's the neighborhood should be more active

14 hours ago, Htsguy said:

Could not read the Crain's article.  However the first sentence is visible and said they were celebrating the closing of "acquisition financing".  Does this mean they are still hunting for renovation financing or is everything set to start work?

 

As I read it, they have closed on acquisition financing and mostly completed the planning stage.  Construction financing, design, and government approvals are ahead. No timetable was given.  I like the idea of Marriott loyalty points for apartment rent; that's a first in the area I believe.

34 minutes ago, jmc8651 said:

The hotel aspect will add a lot to street life especially if there is ground floor restaurant. The Schofield on 9th/Euclid always feels lively. Also, with the Urban Meyer bar in the old Lizard space and the expanded hours of the Whistle and AJ Rocco's the neighborhood should be more active

 

To add to this,

 

Tom’s Watch Bar Coming to Downtown Cleveland

The national sports bar chain will land in the Electric Building on Prospect

 

https://www.clevescene.com/food-drink/toms-watch-bar-coming-to-downtown-cleveland-45374009

I think the problem is we have a lot of nightlife establishments (bars, clubs, restaurants) that open at like 4PM we have a shortage of places to patronize prior to that, at least in comparison to our nightlife offerings which I think causes that desolate feel. 

3 hours ago, GISguy said:

 

Call me a skeptic, but on non-event days you can barely tell there's 20k residents downtown. Weekend evenings are a different story, but during the day it's crickets over this way (E9/Prospect)  and that's with a bunch of surrounding apartments. Even when MM was in there, there was very little traffic around the building, here's to be proven wrong.

 

It's like they're all at work or something.

12 minutes ago, X said:

 

It's like they're all at work or something.

 

Walk around the area after work and it's still dead on non-event days. Clevelander is the only place with folks, AJ's has staff sitting on the stools, Whistle has maybe 1 person in it, CityTap has 3 people. 

The loss of so many office workers hasn't helped.  Some permanent, some due to WFH. But it looks like companies are trying to get the WFHers back to the office.

 

Edited December 19, 2024Dec 19 by LibertyBlvd

1 hour ago, LibertyBlvd said:

The loss of so many office workers hasn't helped.  Some permanent, some due to WFH. But it looks like companies are trying to get the WFH workers back to the office.

 

And most restaurants just arent able to sustain lunch service anymore with so few customers.

 

Ex-Medical Mutual HQ sale amount ‘A great deal’
By Ken Prendergast / December 26, 2024

 

Although the buyer of the former Medical Mutual of Ohio headquarters in Downtown Cleveland publicized earlier this month it had closed on its purchase financing, they declined to reveal the transaction amount at that time. But that amount became public when the deed transfer was filed with the Cuyahoga County Fiscal Officer on Christmas Eve.

 

MORE:

https://neo-trans.blog/2024/12/26/ex-medical-mutual-hq-sale-amount-a-great-deal/

Quote

 sale price of just under $11 million for the 380,000-square-foot property, or under $30 per square foot, was “a great deal” for the buyer.

This is the price paid for a 10 story, 125 year old building and it's still considered a bargain. Compare that to the 44 story, 40 year old AT&T Center in St. Louis which recently sold for $3.6M and I'd say I'm more encouraged with commercial real estate in DT CLV than ST LO MO.

Edited January 7Jan 7 by Barneyboy

1 hour ago, Barneyboy said:

Compare that to the 44 story, 40 year old AT&T Center in St. Louis which recently sold for $3.6M 

 

That's stunningly bad. I've heard things are bad in downtown St. Louis but...wow.

Downtown St. Louis is an absolute mess, and their recovery from the pandemic is the worst in the country for any major city. 

The empty A&T/Southwestern Bell building (second tallest in St. Louis) and BNY Mellon Tower (in Pittsburgh) are scary outcomes for 1980s buildings. 

 

 

While other folks hope Cleveland-Cliffs will build a new tower, I'm thankful to have them as an incredibly strong anchor tenant for the Sohio tower. 

@ink I love that you called it Sohio tower.  I want to do that when referring to it, but the young'uns don't know what I'm talking about.

6 minutes ago, JohnSummit said:

@ink I love that you called it Sohio tower.  I want to do that when referring to it, but the young'uns don't know what I'm talking about.

 

Ha! In another thread I googled "what's new name of the Sears tower" before posting...I didn't want UO police to arrest me.  

I call it the BP Tower

It is sooo encouraging to see the new generation of investors stepping up in Cleveland.  We wish them success!

 

A legacy project, Patel told Scene on a recent tour, that could help re-energize, along with nearby retail, the front door of Downtown’s Gateway District.

 

A high-end restaurant concept is in the brainstorming process, Patel said, by Arrival, the marketing firm behind Red Bull’s “gives you wiiiings” slogan. And a quarter of the ground floor will be dedicated to a lengthy, horizontal bar, which will include sidewalk seating during the warm months.

“Whatever we end up putting there—it’s really gonna reactivate that whole block,” Joe Berardi, the project's head architect, said. “I remember one of our first meetings in that cafeteria. I was like, ‘Guys, this is the perfect spot for a bar or restaurant. And they’re like, ‘Yeah, that’s exactly it.’”

 

https://www.clevescene.com/news/rose-building-to-rekindle-front-door-of-cleveland-identity-with-boutique-marriott-hotel-45819511

 

 

Project Scarlet … some early renovation renderings

 

https://www.facebook.com/story.php?story_fbid=122122166588663462&id=61569903876539

 

Rose Building sign not a sign of construction yet
By Ken Prendergast / April 8, 2025

 

Cleveland Landmarks Commission is due to hear a proposal this week for the addition of a visible, unique sign atop an important building in Downtown Cleveland. But while the proposed sign on the Rose Building, 2060 E. 9th St., is touted as a “Temporary construction duration banner” — there is no sign that construction of a planned hotel-apartment conversion is imminent.

 

MORE:

https://neo-trans.blog/2025/04/08/rose-building-sign-not-a-sign-of-construction-yet/

Rose building news.  https://www.news5cleveland.com/news/local-news/other-cities-are-looking-to-cleveland-as-a-leader-on-office-conversions-heres-why

11 hours ago, simplythis said:

Rose building news.  https://www.news5cleveland.com/news/local-news/other-cities-are-looking-to-cleveland-as-a-leader-on-office-conversions-heres-why

We thought the financing was locked down?

Patel said the project will also involve federal historic preservation tax credits. And he’s talking to city and county officials about local incentives to help finance the deal.

6 hours ago, Willo said:

We thought the financing was locked down?

Patel said the project will also involve federal historic preservation tax credits. And he’s talking to city and county officials about local incentives to help finance the deal.

 

Far from it. That's why I took them to task a little bit for seeking a temporary construction sign.

4 hours ago, KJP said:

 

Far from it. That's why I took them to task a little bit for seeking a temporary construction sign.

I really hope it doesn't turn into another centennial situation because it'd make that little news5 fluff piece look silly.

These two projects are very much put your money where your mouth is if we're such a "national leader" in doing office conversions successfully.

 

I feel like the tariff debacle is going to be throwing a whole lot of cold water on cleveland development and in general this new federal administration will be putting clevelands new economic chapter to the test, and probably before its realistically ready.

 

scarlet and centennial are in my opinion the two most important conversations in play Right now. I feel like they have the most potential for impact downtown and on the street they reside on, so anything but success will feel like a complete disaster.

Edited April 12Apr 12 by FutureboyWonder

Project Scarlet awarded Brownfield grants

Several other grants were for amounts of nearly $2.5 million, including one for $2,499,999 that will go toward redeveloping Project Scarlet, the renovation of Downtown Cleveland's Rose Building into a Marriott Hotel and 154 new luxury apartments. Spark GHC is that project’s owner and developer. The grant will fund asbestos remediation and some demolition work needed to complete that project, which is expected to cost $120 million in total.  

https://www.crainscleveland.com/real-estate/cleveland-area-projects-win-18-million-brownfield-grants

What is the current funding gap?