March 27, 20187 yr I believe it is largely self-financed - they are treating is an investment and took out financing against their endowment (with the intent of this being as taple of their endowment funds long term). The numbers aren't sufficient to return as good of a profit margin as are needed by private developers, but PHS is playing the long game and controlling their neighborhood and growing their real-estate portfolio are a big part of that.
March 28, 20187 yr With this new tower they think that it will over time help to increase property values of their other buildings and also with the increase of high end residents, it will help to get more retail and restaurants to PHS!
March 28, 20187 yr I'm sure it will. So will an apartment tower built atop the Cowell & Hubbard building. :) "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 28, 20187 yr Getting set up, earlier today... Layering, looking west down Euclid... There's those darn out-of-staters again. Georgia and, of course, New York... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 28, 20187 yr They had a shipment of jersey barriers arrive too, to help cordon off the site. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 28, 20187 yr This development will go from announcement to groundbreaking in less than a year. I could get used to that.
March 30, 20187 yr @lorenanthes Die surface parking, die! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 30, 20187 yr Like when Richard M. Daley bulldozed giant X's on the runways at Meigs field, just to be sure to kill it.
March 30, 20187 yr ... and this whole part of the City was a week from being all surface parking... I hope Albert Porter is turning in his grave. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 30, 20187 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. Shovels are in the ground. Where's my smoochy, Htsguy[/member]? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 30, 20187 yr So three brand new towers in a row along Euclid (PHS, Beacon and UCircle) begs the question--what does the Healthline have to do with this? Is it to take it to the next level?
March 30, 20187 yr If only there was the money to convert it to light rail. But I do know it can be converted. Wisn there would be some help from the Fed, but not under this administration. It would be a great infrastructure improvement.
March 31, 20187 yr KJP thanks for the photo updates. You're like our construction cam for this project.
March 31, 20187 yr KJP thanks for the photo updates. You're like our construction cam for this project. Someone else is going to have to attend the groundbreaking ceremony next week. I'm on the East Coast starting Monday. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 31, 20187 yr Ken I have been practicing in the mirror all week so get ready. And you should see what I will do to you if Jacobs ever builds on its PS lot. :D
March 31, 20187 yr Ken I have been practicing in the mirror all week so get ready. And you should see what I will do to you if Jacobs ever builds on its PS lot. :D Hmm, sounds a bit scary. Maybe I should chain myself to a lightpole on the Jacobs lot! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 31, 20187 yr Ken I have been practicing in the mirror all week so get ready. And you should see what I will do to you if Jacobs ever builds on its PS lot. :D Hmm, sounds a bit scary. Maybe I should chain myself to a lightpole on the Jacobs lot! You can--for $25/day with no in/out privileges!
March 31, 20187 yr I hope Albert Porter is turning in his grave. ... and this whole part of the City was a week from being all surface parking... I'm always disgusted we still have a big surface lot right on the edge of Public Square. An embarrassment!
April 3, 20187 yr There were questions a while ago about whether the city passed TIF legislation yet for the tower. Well, here you go: http://planning.city.cleveland.oh.us/designreview/drcagenda/2018/04062018/index.php Ordinance No. 355-18(Ward 3/Councilmember McCormack): Authorizing the Commissioner of Purchases and Supplies to acquire and re-convey properties presently owned by Playhouse Square Foundation, or its designee, located at East 17th Street and Euclid Avenue for the purpose of entering into the chain-of-title prior to the adoption of tax increment financing legislation authorized under Section 5709.41 of the Revised Code.
April 3, 20187 yr There were questions a while ago about whether the city passed TIF legislation yet for the tower. Well, here you go: http://planning.city.cleveland.oh.us/designreview/drcagenda/2018/04062018/index.php Ordinance No. 355-18(Ward 3/Councilmember McCormack): Authorizing the Commissioner of Purchases and Supplies to acquire and re-convey properties presently owned by Playhouse Square Foundation, or its designee, located at East 17th Street and Euclid Avenue for the purpose of entering into the chain-of-title prior to the adoption of tax increment financing legislation authorized under Section 5709.41 of the Revised Code. That was me. ;D I'm glad to see this because the title transfer needs to happen prior to any construction in order to get the maximum TIF value.
April 4, 20187 yr Interesting web site with pics and info for PHS Tower by Gilbane Building Company the contractor: Apartment tower’s positive impact on the cleveland theater district Situated on a one-acre site at the corner of Euclid Avenue and East 17th Street, replacing the parking lot across from the Connor Palace, the tower will also have 528 parking spaces and 22,000 SF for resident amenities. The 597,000 SF project is largely composed of floor-to-ceiling glass, painted aluminum panels and exposed cast-in-place concrete, making a dynamic contribution to the Cleveland skyline. The actual design will include elements that match surrounding theaters. There will be overlapping planes forming a symbolic marquee, and a stage curtain design will be incorporated on the garage façade. https://www.gilbaneco.com/project/playhouse-square-apartments/
April 4, 20187 yr I can’t believe we still don’t have a name for the tower. Almost makes me think the name is up for bid, no?
April 4, 20187 yr Before we go off on a "name that tower" tangent - naming rights aren't very common for residential structures and even then the name of building is usually more of a marketing ploy than anything else. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 4, 20187 yr We didn’t get the name for The Quarter until construction was halfway complete True, good point. Though I'd argue this project is significantly more consequential to the area and Cleveland as a whole.
April 4, 20187 yr I hope Albert Porter is turning in his grave. ... and this whole part of the City was a week from being all surface parking... I'm always disgusted we still have a big surface lot right on the edge of Public Square. An embarrassment! well, the gateway at landmark proposal for sherwin williams was cool, but the tepid 2008 mini tower for the prime jacobs lot that was put forth was crap. hopefully something much more grand goes up there some day.
April 4, 20187 yr Before we go off on a "name that tower" tangent - naming rights aren't very common for residential structures and even then the name of building is usually more of a marketing ploy than anything else. I could see this being different since it is Playhouse Square and not just some residential developer. They have deep connections with corporate Cleveland and a strong marketing team. The location may be enough to put corporate branding on the site.
April 5, 20187 yr Groundbreaking set for new high-rise apartment building in Playhouse Square TODAY http://m.cleveland19.com/story/37884686/groundbreaking-set-for-new-high-rise-apartment-building-in-playhouse-square "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 5, 20187 yr Keep in mind there will be a lengthy time of site prep - from what I understand they'll be using caissons for support, like the Hilton. Groundbreaking for that was I believe January/February and the tower crane didn't appear until the end of July. Not that I'm any less excited but the tower crane won't be appearing next week ;) clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 5, 20187 yr Groundbreaking set for new high-rise apartment building in Playhouse Square TODAY http://m.cleveland19.com/story/37884686/groundbreaking-set-for-new-high-rise-apartment-building-in-playhouse-square The project has a price tag of $135 million. According to the Foundation, financing details will come later. When asked if it will include any public funding from taxpayers, Cleveland 19 was told that "financing is still coming together." My God. I wonder how big their gap is.
April 5, 20187 yr Before we go off on a "name that tower" tangent - naming rights aren't very common for residential structures and even then the name of building is usually more of a marketing ploy than anything else. I could see this being different since it is Playhouse Square and not just some residential developer. They have deep connections with corporate Cleveland and a strong marketing team. The location may be enough to put corporate branding on the site. The naming will probably be something theater related, but still in line with typical real estate industry residential complex naming: "The haven at Playhouse Square", "Climax", "The Residency at the Playhouse", or maybe just "The Playhouse." lol.
April 5, 20187 yr Oh god, I can already picture a huge "CLIMAX" marquee flashing brightly over downtown Cleveland. “To an Ohio resident - wherever he lives - some other part of his state seems unreal.”
April 5, 20187 yr Oh god, I can already picture a huge "CLIMAX" marquee flashing brightly over downtown Cleveland. That would be even more interesting than the Beacon Journal sign in Akron.
April 5, 20187 yr Oh god, I can already picture a huge "CLIMAX" marquee flashing brightly over downtown Cleveland. There will be no Climax until NuCLEus breaks ground
April 5, 20187 yr Oh god, I can already picture a huge "CLIMAX" marquee flashing brightly over downtown Cleveland. There will be no Climax until NuCLEus breaks ground Or at least no climax until proper length, I mean height, has been achieved.
April 5, 20187 yr Regarding the naming rights, instead of the building itself I think the video wall along the parking garage is more likely to garner a sponsorship. Like some other video boards around that might find more interest.
April 5, 20187 yr Do you know how blinding that would be? The one for the Jack is wayyyyy too bright as is it. Although I wouldn't mind having a place downtown for major adverts like Picadilly Circus in London and Times Square in NY, a singular sign isn't good on its own. Like the ones on the side of the road at Walgreens stores and flashy car wash signs, they are just a nuisance to passing drivers.
April 5, 20187 yr Quite the turnout for the groundbreaking; I’d say a few hundred people. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 5, 20187 yr To be named Illumen- not sure on spelling. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 5, 20187 yr To be named Illumen- not sure on spelling. Sounds like illuminati. It must be part of the deep state.
April 5, 20187 yr Watch live: http://www.wkyc.com/video/news/watch-live-playhouse-square-to-break-ground-on-apartment-complex/95-1586946
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