Posted June 9, 20178 yr Finally... it's now public. Something I've known and had to be tight-lipped about for well over a year, but it's pretty awesome IMO. Enjoy: Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district. The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it. Full article at: http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html#incart_river_mobileshort_home
June 9, 20178 yr Any time you replace a surface parking lot with a beautiful building like that is tremendous....I'm starting to get uneasy about demand for rentals....hope there is a proactive plan and vision in place by like dca, etc to continue to keep the flow of people moving downtown
June 9, 20178 yr Any time you replace a surface parking lot with a beautiful building like that is tremendous....I'm starting to get uneasy about demand for rentals....hope there is a proactive plan and vision in place by like dca, etc to continue to keep the flow of people moving downtown I second!
June 9, 20178 yr Not to be A downer, because I truly am excited about this development… But does this mean if the apartment market loses demand that playhouse square will be left holding the bag?
June 9, 20178 yr This is phenomenal....and hopefully my new home!! And thank god they are bringing the garage back to the Euclid ave side of Playhouse. Theater goers need to be on Euclid and in the shops and restaurants.....not walking thru a tunnel thru the back and never stepping foot on a street. This is fantastic! Any word on street level retail??
June 9, 20178 yr And the demand for rentals in Downtown, and this whole metro area.....is JOBS.....Cbus is growing, so can we!!
June 9, 20178 yr This may not be the best place to ask this (but since it's being hinted at...), obviously the apartment market is strong, hence the continuouaddition of units to the market. But how do these developers determine demand for owned units? There are so few available it doesn't seem like the current market would be any sort of gauge at all. Everyone seems to agree that's the next step.
June 9, 20178 yr This may not be the best place to ask this (but since it's being hinted at...), obviously the apartment market is strong, hence the continuouaddition of units to the market. But how do these developers determine demand for owned units? There are so few available it doesn't seem like the current market would be any sort of gauge at all. Everyone seems to agree that's the next step. Great question, and it's really hard to ask without sounding like you're not excited. 1. I personally am so excited/proud of this rendering for our city 2. Worried that Playhouse Square could be critically implicated in a volatile market 3. Confused as to why rental is the only option
June 9, 20178 yr The article makes no mention of ground floor retail. Can anyone confirm whether or not that is planned for this?
June 9, 20178 yr Great news! I'm glad to see this finally go public. The apartment building looks nice. The garage podium along Euclid looks awful though. I would have loved to see a blended style with glass and stone to transition between the historic Hanna and modern apartment building.
June 9, 20178 yr 34 stories! I feel like this deserves its own threat, now, eh? They are saying construction could start this year and finish by 2020. Details and more images at: http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html
June 9, 20178 yr Any time you replace a surface parking lot with a beautiful building like that is tremendous....I'm starting to get uneasy about demand for rentals....hope there is a proactive plan and vision in place by like dca, etc to continue to keep the flow of people moving downtown I second! I don't think we are going to be seeing a downturn in the rental industry here anytime soon. I get the argument that we have slow job growth, but more and more, the young generation is moving to areas based on coolness and then finding a way to "make it work" once they are there. This trend has been in place for quite some time in the west and east coast and is now picking up steam here in the rust belt. Don't underestimate the power of the "coolness factor" which is what Cleveland is building quite nicely IMO.
June 9, 20178 yr Finally... it's now public. Something I've known and had to be tight-lipped about for well over a year, but it's pretty awesome IMO. Enjoy: Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district. The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it. Full article at: http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html#incart_river_mobileshort_home I love it when my NEOtrans articles scoop the PD by a month. BTW Htsguy[/member], you owe me a big wet kiss. ;) "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 9, 20178 yr Is there a reason why all the new apartment renderings never include balconies? Are they prohibited by code in Downtown? or does it add cost to construction? I've lived in apartments without balconies........its not fun.
June 9, 20178 yr Is there a reason why all the new apartment renderings never include balconies? Are they prohibited by code in Downtown? or does it add cost to construction? I've lived in apartments without balconies........its not fun. Same question and potential answers came up about Cincinnati's recent Kroger tower announcement: https://www.urbanohio.com/forum2/index.php/topic,30893.msg858094.html#msg858094
June 9, 20178 yr Good info. Never thought about the insurance aspect. Perhaps the difference with condo units is that the individual condo owner assumes the liability of the balcony.
June 9, 20178 yr Finally... it's now public. Something I've known and had to be tight-lipped about for well over a year, but it's pretty awesome IMO. Enjoy: Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district. The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it. Full article at: http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html#incart_river_mobileshort_home I love it when my NEOtrans articles scoop the PD by a month. BTW Htsguy[/member], you owe me a big wet kiss. ;) Ken the second I spotted the newly created thread I started to pucker up. However, I am going to hold off until a shovel is actually in the ground. By the way, isn't Michelle great. Her article was just loaded with facts and insight and so well written.
June 9, 20178 yr Is there a reason why all the new apartment renderings never include balconies? Are they prohibited by code in Downtown? or does it add cost to construction? I've lived in apartments without balconies........its not fun. Same question and potential answers came up about Cincinnati's recent Kroger tower announcement: https://www.urbanohio.com/forum2/index.php/topic,30893.msg858094.html#msg858094 Actually, to my untrained eye there looks like there may be a small number of "petite" balconies. Four at the top of the building on the west side and a whole row running from top to bottom on the southwest side.
June 9, 20178 yr How about some properly large images of this building.... Playhouse-Sq-apartment-tower3L by Ken Prendergast, on Flickr Playhouse-Sq-apartment-tower2L by Ken Prendergast, on Flickr Playhouse-Sq-apartment-tower1L by Ken Prendergast, on Flickr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 9, 20178 yr Wonderful. I hope at least a few floors (those with the tiny balconies) will ultimately be condo. We need owner-occupied living Downtown to ensure stability.
June 9, 20178 yr Nice work KJP[/member] and Klingaling87[/member] I wonder if there would be enough room in that podium for a 4 screen movie theater. It would be a perfect spot for it.
June 9, 20178 yr WHat is currently on that lot now? My favorite building down there is the Wyndum Hotel and how it fits into that corner space. I wish it were taller.
June 9, 20178 yr Including the Beacon, that will be an additional 506 apartment units being added on Euclid. That's approximately 1000 additional people living between E 4th and E 17th.
June 9, 20178 yr Including the Beacon, that will be an additional 506 apartment units being added on Euclid. That's approximately 1000 additional people living between E 4th and E 17th. Your numbers seem a little low...Are you including the Garfield, Hanna and CAC?
June 9, 20178 yr No, just Beacon and this project. What would the number be if all the projects on Euclid are included?
June 9, 20178 yr No, just Beacon and this project. What would the number be if all the projects on Euclid are included? Around 900, and the Leader building (not included in the 900) is right around the corner...
June 9, 20178 yr The article makes no mention of ground floor retail. Can anyone confirm whether or not that is planned for this? I worry about this as well.
June 9, 20178 yr According to reply #26, I think his question was for Euclid Ave. only. So, if only Euclid Ave from E. 4th to E. 17th were the criteria, how many apts/people would be living on Euclid Ave. Here are the properties to determine that: The Hoyt Apts The Beacon/515 Euclid The Garfield Apts 668 Euclid Ave The Kmipton Hotel/Apts (it faces Euclid Ave) ? The 9 as some of it's apts face Euclid Ave. but I think the apt portion on Euclid Ave is actually a separate building. Don't know the name. 925 Euclid Ave. (not yet under renovation) CAC Apts (currently under renovation) The Statler Arms Apts The just proposed Playhouls Sq Aprts The Edge (student housing for CSU) I would not include because his criteria was only E. 4th to E. 17th. If I missed any, please let all of us know.
June 9, 20178 yr Approaching critical mass? I remember reading within the last 12-18 months something put out by the DCA, and if I remember correctly, thry were saying the waiting list for apts downtown were aprprox. 2,000 people. Does anyone else remember reading about this, or if I'm wrong, forgive me.
June 9, 20178 yr According to reply #26, I think his question was for Euclid Ave. only. So, if only Euclid Ave from E. 4th to E. 17th were the criteria, how many apts/people would be living on Euclid Ave. Here are the properties to determine that: The Hoyt Apts The Beacon/515 Euclid The Garfield Apts 668 Euclid Ave The Kmipton Hotel/Apts (it faces Euclid Ave) ? The 9 as some of it's apts face Euclid Ave. but I think the apt portion on Euclid Ave is actually a separate building. Don't know the name. 925 Euclid Ave. (not yet under renovation) CAC Apts (currently under renovation) The Statler Arms Apts The just proposed Playhouls Sq Aprts The Edge (student housing for CSU) I would not include because his criteria was only E. 4th to E. 17th. If I missed any, please let all of us know. The Lofts @ Rosetta Center (629 Euclid Ave)
June 9, 20178 yr The Hanna building. The Hanna building apts do not face Euclid Ave., they are on E. 12th & Prospect.
June 9, 20178 yr The Hanna building. The Hanna building apts do not face Euclid Ave., they are on E. 12th & Prospect. It still opens up to Euclid. It would be crazy not to include it on the list considering the retail space does front Euclid. Oops I just realized that I'm thinking of the Halle Building.
June 9, 20178 yr How could you forget the biggest one of all -- 925 Euclid? Note that all of the new high-rise apartment buildings either under construction or due to start construction this year are on Euclid Avenue: + One University Circle - 20 stories + The Beacon - 28 stories + Playhouse Square Tower - 34 stories And I love-love-love that Playhouse Square is the one financing this. They don't have to get a private-sector return on investment to make this work. If they cover their costs, they create a net public benefit to their district in terms of more business activity, restaurants, retailers, presumably higher attendance for shows, etc. I would love to see more nonprofits do this to jump start building projects that the private sector shies away from. When I wrote the NEOtrans piece, I wondered what additional financial resource was being brought into the picture to justify an announcement only one month away. Playhouse Square needed the parking deck to be paid for (much like 515 Euclid) to be able to afford constructing the tower above it. The $1 million from the state wasn't close to sufficient (PS had sought $4 million). I was expecting something like New Markets Tax Credits to provide the gap financing for this. But I wasn't expecting a $10 million+ gift from the Richard J. Fasenmyer Foundation! That's even better. One last thing, regarding the multi-family rental market, please note the very recent news: California's Bank of the West opens commercial banking hub in Cleveland (The last commercial office it opened prior to this was in Atlanta in late 2014. And coinciding with the Cleveland location, another new office is poised to open in Dallas): http://www.crainscleveland.com/article/20170608/NEWS/170609829/californias-bank-of-the-west-opens-commercial-banking-hub-in Marcus & Millichap's Institutional Property Advisors opens Midwest multifamily division (and locates it in Cleveland): http://www.rejournals.com/2017/05/22/institutional-property-advisors-opens-midwest-multifamily-division/ They see something that the skeptics do not, and they are positioning their human resources and financial capital here to make money off of investment in commercial and/or residential development. Developer Bob Stark once said it is relatively easy to convince 1 percent of a market to do something, like move downtown (Greater Cleveland is 2.1 million people, or 3.5 million if you include Greater Akron-Canton). That's 21,000 to 35,000 people living downtown. We're getting closer, but not there yet. And yet if we want to move back into the ranks of Seattle, Atlanta, Portland, Denver, etc., we'll want to have much more than 1 percent of our metro area's population living downtown. In fact, Cleveland's Central Business District (CBD) isn't even yet at the national average share of population for the entire metro area (see below). To get merely to the average, downtown Cleveland's population would have to rise to 27,300 to 45,500. SOURCE: Demographia "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 9, 20178 yr ^ Currently surface parking It sucks when they get rid of a good parking lot for a nice apartment tower
June 9, 20178 yr ^^^ I think Bob Stark might have said that about 1% in CBD but it is also backed up by a CSU study by Dr. Bier.
June 9, 20178 yr ^^^ I think Bob Stark might have said that about 1% in CBD but it is also backed up by a CSU study by Dr. Bier. You're right. Now that you mention it, Tom Bier did do a report on that. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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