June 4, 20241 yr On 3/23/2024 at 10:34 AM, Htsguy said: Surprised/concerned that the development group has not been back before city council to finalize the TIF they need to close financing. It was way back in mid October 2023 that they were before council and secured passage of step one of the TIF-title transfer-and they indicated at that time that the TIF was absolutely necessary to get this project moving forward (council had already awarded a tax abatement). I figured at the time they would not be back before council until the new year with the holidays coming up and everything, but we are now going into April 2024 and it has been crickets. Early in the year the Planning and Development committee had a heavy agenda with other issues, but since then there have been a couple of weekly meetings with light agendas so I am guessing that is not the problem. In October the developer group indicated that they were having issues with their Huntington loan but that they had a plan to move around that. Maybe that optimism was short sighted. Don't know, but the lack of movement on finalizing the TIF seems strange. With Rockefeller and Centennial encountering major roadblocks (or so it seems) I hope we are not going to have to add Erieview to the list. Why do the Developers with the worst track record of action get the Premier tenants to sign on. Landing the W Hotel and Apartments was such a major get, unfortunately they signed on to the wrong developer.
July 16, 2024Jul 16 There is still life. Gap financing for Erieview Tower. https://www.crainscleveland.com/real-estate/port-vote-advances-millions-gap-financing-shoreway-and-erieview-towers
July 16, 2024Jul 16 19 minutes ago, simplythis said: There is still life. Gap financing for Erieview Tower. https://www.crainscleveland.com/real-estate/port-vote-advances-millions-gap-financing-shoreway-and-erieview-towers Has the port always been this active with financing? Or am I just noticing it more now in recent years because I'm paying more attention to it?
July 16, 2024Jul 16 Erieview, Shoreway towers win financing By Ken Prendergast / July 16, 2024 Today, the Cleveland-Cuyahoga County Port Authority’s board approved $144 million worth of financing toward development projects with a combined price tag totaling $206.1 million. The projects include one new-construction residential tower near Edgewater Park, one renovated and converted Downtown Cleveland office tower, and a major expansion and renovation of middle school facilities in Shaker Heights. MORE: https://neo-trans.blog/2024/07/16/erieview-shoreway-towers-win-financing/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 16, 2024Jul 16 I hope this does not come across as a negative post, as I don't mean it to be, but sometimes it boggles the mind considering all the public subsidies a private developer has to chase in order to fulfill their development dreams. Actually, it is more fulfilling our development dreams, as it is clearly the dream of somebody like the Kassouffs to eventually make as much money as possible while mitigating their risk by drinking deeply at the public trough (all while supporting as many alleged laissez faire Republicans as possible-I know-snarky-but I could not help myself) I many be missing something but so far they have been awarded 1) public financing through the port 2) a huge TMUD 3) historic tax credits 4) a City of Cleveland tax abatement and 5) will probably be before council soon to complete the TIF process which they started last year. I guess more power to them. I'm personally glad our various public entities are so pro-active when it comes to development. Let's hope ground is actually broken by the end of the year.
July 16, 2024Jul 16 Also wondering why all this creative financing and subsidies are needed? How common is this in other markets? Would be interesting to hear the perspective of a big developer that works in Cleveland and other markets. It seems like rents in these newer apartment buildings are getting up there, albeit still cheaper $/sq-ft than other cities. Anyway, this is good news and curious to see what becomes of the Galleria.
July 16, 2024Jul 16 I remember the good ol’ days when rents had to be above $2.00 to $2.50/sqft to justify a new build, which was the reason why we saw so many office conversions. Cleveland has grown way past that point. Unfortunately, so has the cost of everything else. Edited July 16, 2024Jul 16 by Oldmanladyluck
July 17, 2024Jul 17 I don’t remember seeing the rendering of the new Shoreway residential tower before - it looks very modern and reminds me of the kind of residential building one might see along the west side highway in Manhattan. Sure hope it definitely happens. And if the Erieview Tower apartments happen- what a fantastic repurposing of that skyscraper it will be. That part of town could really use the infusion of residents and the new energy that should follow. I wonder if there’s any chance that Erieview Tower could get some new lighting at the crown. That could add a fantastic element to the night skyline and mark a new era for the Erieview district. Hopefully the new financing assures these projects move forward without delay.
July 18, 2024Jul 18 No mention of the W hotel in that article? Did they drop that part of the project?
July 18, 2024Jul 18 2 hours ago, JohnSummit said: No mention of the W hotel in that article? Did they drop that part of the project? It's part of a later phase. I added it to the article. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 15, 2024Oct 15 Apparently there is a god. The development team FINALLY was back before the Council Development and Planning committee today finalizing the second part of the TIF and also getting a second tax abatement (as I understand it they already secured a residential tax abatement and this is a rarely used commercial enterprise tax abatement). This all still has to go before the Finance Committee and the full council, which I imagine will happen next Monday. Remember they also have been awarded a TMUD tax credit and Ohio historic tax credit. My God. Apparently they are hopeful construction will start soon, with a June 2026 completion date. The W hotel will be the driving force behind what retail etc. goes into the Galleria. Those plans are still up in the air at this point. Y stays there. Again, no Kassouff family member at the table. I just really find this strange, but maybe all for the better. They were introduced in the beginning as the owner and developer, but little was said in terms of what they have actually developed. There was a slide touting their portfolio, which was a couple of small buildings in the warehouse district and the FBI building, which of course was completed more than 20 years ago. The presenter did "brag" that they own over 2,000 parking spaces in downtown Cleveland. They must be very proud. Edited October 15, 2024Oct 15 by Htsguy
October 20, 2024Oct 20 Not sure if this got posted anywhere else but if this really does happen it’s awesome news. And am I understanding correctly that there will be a bar on the roof, as in outside? I know there will be a restaurant on the top floor, but it sounds like there will be both? “Kassouf sets Erieview Tower conversion timeline, deepens development team The transformation of the high-vacancy, 40-floor Erieview Tower and failed Galleria indoor mall into a mixed-use complex may be ready to proceed following two rounds of Cleveland legislation, multiple awards of tax credits and six years in the pipeline. “This thing is going to go,” Jon Pinney, managing partner of developer TurnDev and the Kohrman Jackson Krantz law firm, said in a phone interview on Friday, Oct. 18.“ https://www.crainscleveland.com/real-estate/kassouf-sets-erieview-hotel-residential-conversion-timeline
October 21, 2024Oct 21 2 hours ago, mrclifton88 said: Not sure if this got posted anywhere else but if this really does happen it’s awesome news. And am I understanding correctly that there will be a bar on the roof, as in outside? I know there will be a restaurant on the top floor, but it sounds like there will be both? “Kassouf sets Erieview Tower conversion timeline, deepens development team The transformation of the high-vacancy, 40-floor Erieview Tower and failed Galleria indoor mall into a mixed-use complex may be ready to proceed following two rounds of Cleveland legislation, multiple awards of tax credits and six years in the pipeline. “This thing is going to go,” Jon Pinney, managing partner of developer TurnDev and the Kohrman Jackson Krantz law firm, said in a phone interview on Friday, Oct. 18.“ https://www.crainscleveland.com/real-estate/kassouf-sets-erieview-hotel-residential-conversion-timeline Get it done! Roof top bar - sounds plausible. Where else are tourists, smokers and vapers gonna go? Maybe pay homage in some way to Stouffer's Top of the Town. It should be be a hit and nostalgic for most Clevelanders.
October 21, 2024Oct 21 12 hours ago, mrclifton88 said: Not sure if this got posted anywhere else but if this really does happen it’s awesome news. And am I understanding correctly that there will be a bar on the roof, as in outside? I know there will be a restaurant on the top floor, but it sounds like there will be both? “Kassouf sets Erieview Tower conversion timeline, deepens development team The transformation of the high-vacancy, 40-floor Erieview Tower and failed Galleria indoor mall into a mixed-use complex may be ready to proceed following two rounds of Cleveland legislation, multiple awards of tax credits and six years in the pipeline. “This thing is going to go,” Jon Pinney, managing partner of developer TurnDev and the Kohrman Jackson Krantz law firm, said in a phone interview on Friday, Oct. 18.“ https://www.crainscleveland.com/real-estate/kassouf-sets-erieview-hotel-residential-conversion-timeline Yea, plans I've seen included both the restaurant at the top and an outdoor rooftop space as well.
October 21, 2024Oct 21 2 hours ago, Mov2Ohio said: Yea, plans I've seen included both the restaurant at the top and an outdoor rooftop space as well. Looks like a nice blank slate for such a space!
October 21, 2024Oct 21 TIF passed Finance Committee. Should pass full council tonight. Demo is slated to begin in November, but of course it will be hard to tell given the nature of the project. Griffin of course brought up the hotel and not wanting downtown to be over built with hotels (a continuing theme of his) and he was assured that Marriott and the lenders did detailed marketing studies and would not be going forward if the studies came up with any negative data. Edited October 21, 2024Oct 21 by Htsguy
October 21, 2024Oct 21 I am trying to look back in this thread but coming up short. Are there any renderings of this thing? I guess it would all be interior, but I'd still love to see. Such a mysterious somewhat large project
October 21, 2024Oct 21 1 hour ago, Htsguy said: TIF passed Finance Committee. Should pass full council tonight. Demo is slated to begin in November, but of course it will be hard to tell given the nature of the project. Griffin of course brought up the hotel and not wanting downtown to be over built with hotels (a continuing theme of his) and he was assured that Marriott and the lenders did detailed marketing studies and would not be going forward if the studies came up with any negative data. I work in the building so I will report back as I see anything. All they have done lately in board up all the food court spots.
October 21, 2024Oct 21 1 hour ago, Htsguy said: TIF passed Finance Committee. Should pass full council tonight. Demo is slated to begin in November, but of course it will be hard to tell given the nature of the project. Griffin of course brought up the hotel and not wanting downtown to be over built with hotels (a continuing theme of his) and he was assured that Marriott and the lenders did detailed marketing studies and would not be going forward if the studies came up with any negative data. Interesting that Erieview suddenly is back in news again so soon after the Project Scarlett (Medical Mutual) and their unique apartment/boutique hotel concept went public. Hope they both make it and the W Phase 2 is seen in our lifetimes.
October 21, 2024Oct 21 1 hour ago, YO to the CLE said: I am trying to look back in this thread but coming up short. Are there any renderings of this thing? I guess it would all be interior, but I'd still love to see. Such a mysterious somewhat large project All I can find are a few images from this older article by @KJP https://neo-trans.blog/2023/08/04/erieview-galleria-steps-forward-back/
October 21, 2024Oct 21 48 minutes ago, WindyBuckeye said: I work in the building so I will report back as I see anything. All they have done lately in board up all the food court spots. Hope all the demo banging does not drive you nuts. Edited October 21, 2024Oct 21 by Htsguy
October 21, 2024Oct 21 Stouffer's Top of the Town was on the 38th floor. I assume Mechanical & HVAC is above that. How would they provide access to the roof?
October 21, 2024Oct 21 And the stacking plan from an earlier KJP article has apartments on the 39th and 40th floors which is above the Top of the Town in the mechanical floors mentioned above. How is this going to happen?
October 21, 2024Oct 21 20 minutes ago, deanhorn said: And the stacking plan from an earlier KJP article has apartments on the 39th and 40th floors which is above the Top of the Town in the mechanical floors mentioned above. How is this going to happen?
October 21, 2024Oct 21 Man I am really stoked that this is moving forward. And if it all comes together with the Galleria and the Hotel that would be even better. I am hoping there are plans for some kind of lighting elements at the top so it will no longer be invisible at night. That would make a huge difference in the skyline.
October 21, 2024Oct 21 1 hour ago, LibertyBlvd said: Stouffer's Top of the Town was on the 38th floor. I assume Mechanical & HVAC is above that. How would they provide access to the roof? I assume access will be via stairs only.
October 21, 2024Oct 21 10 minutes ago, Ethan said: I assume access will be via stairs only. RTA may need to help by adding an Erieview line from the 38th to 40th fllor for tourists and smokers. I think maybe like the Stratosphere in Vegas?
October 21, 2024Oct 21 1 hour ago, marty15 said: Looks better. Do we know if the top treatment is still in play or was it killed by value-engineering?
October 22, 2024Oct 22 A few photos from the roof of Erieview, from 2005 but give an idea of what the rooftop bar/restaurant views could be. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
October 22, 2024Oct 22 2 hours ago, MayDay said: A few photos from the roof of Erieview, from 2005 but give an idea of what the rooftop bar/restaurant views could be. Sorry I have to go off topic quickly, this view has so many low-rise warehouse and 1 story buildings but is so underutilized. I would love to see some sort of program that turns this stretch into a walkable are that contain small businesses, restaurants and bars. Make it open to one lane with a BRT light line with protected bus only lanes with raised curbs to separate it from the street on the side. With the double tree hotel there, the new Erieview hotel/restaurant and being the immediate area that serves the convention center, it would be a tourist magnet, especially with its proximity to downtown. To bring it back on topic this renovation needs an area like this to be reinvigorated and honestly could be the Catalyst for it. With a high end hotel/brand such as the W you'd want your surrounding area to be a reflection of the brand.
October 22, 2024Oct 22 1 minute ago, MyPhoneDead said: Sorry I have to go off topic quickly, this view has so many low-rise warehouse and 1 story buildings but is so underutilized. I would love to see some sort of program that turns this stretch into a walkable are that contain small businesses, restaurants and bars. Make it open to one lane with a BRT light line with protected bus only lanes with raised curbs to separate it from the street on the side. With the double tree hotel there, the new Erieview hotel/restaurant and being the immediate area that serves the convention center, it would be a tourist magnet, especially with its proximity to downtown. To bring it back on topic this renovation needs an area like this to be reinvigorated and honestly could be the Catalyst for it. With a high end hotel/brand such as the W you'd want your surrounding area to be a reflection of the brand. If you really want to be sad, and go further off topic, google some pictures of that area 100 years ago.
October 22, 2024Oct 22 4 minutes ago, Cleburger said: If you really want to be sad, and go further off topic, google some pictures of that area 100 years ago. I really don't want to ruin my morning lol. It's a reason why I stopped looking at the Historical Cleveland Picture section of this website. Once I saw the original layout and vibrancy of Vincent vs. now I had enough lol.
October 22, 2024Oct 22 3 hours ago, MayDay said: A few photos from the roof of Erieview, from 2005 but give an idea of what the rooftop bar/restaurant views could be. That's probably the best rooftop view in the city. The problem with Terminal Tower's observation deck is similar to going up the Eiffel Tower, you don't see the Terminal Tower. You can get even higher in the Key Bank, but then you don't see the Key Bank Building. From this perspective you don't see Erieview, no great loss... Of course you don't want to look East... That view is depressing. If they're smart they put the bar and whatever else they need on that side, preserving views to the West, North, and South.
October 22, 2024Oct 22 Wow. Looking east it is like a completely different city. I assume SHW is mostly obscured by Key Tower from Erieview. Some additions to this view since 2005 include Oswald Tower (formerly Ernst & Young Tower), Hilton Hotel, Beacon, Lumen and Skyline 776 (formerly City Club Apartments). Edited October 22, 2024Oct 22 by LibertyBlvd
October 22, 2024Oct 22 Erieview Tower conversion timeline. https://www.crainscleveland.com/real-estate/kassouf-sets-erieview-hotel-residential-conversion-timeline
October 22, 2024Oct 22 4 minutes ago, simplythis said: Erieview Tower conversion timeline. https://www.crainscleveland.com/real-estate/kassouf-sets-erieview-hotel-residential-conversion-timeline Can you give us a hint of details behind the paywall?
October 22, 2024Oct 22 Andy Wollschleger, TurnDev’s chief financial officer, on Tuesday, Oct. 15, fielded questions from Cleveland City Council’s Development Planning and Sustainability Committee. The committee’s OK sets the table for council action on two pieces of legislation the developers say is essential for the $200 million project to proceed. Documents pitching for the aid indicate construction may begin Nov. 1 and be completed June 30, 2026.
October 22, 2024Oct 22 1 hour ago, simplythis said: Andy Wollschleger, TurnDev’s chief financial officer, on Tuesday, Oct. 15, fielded questions from Cleveland City Council’s Development Planning and Sustainability Committee. The committee’s OK sets the table for council action on two pieces of legislation the developers say is essential for the $200 million project to proceed. Documents pitching for the aid indicate construction may begin Nov. 1 and be completed June 30, 2026. Wait. November 1st 2024? Like, 10 days from now?!
October 22, 2024Oct 22 1 hour ago, simplythis said: Andy Wollschleger, TurnDev’s chief financial officer, on Tuesday, Oct. 15, fielded questions from Cleveland City Council’s Development Planning and Sustainability Committee. The committee’s OK sets the table for council action on two pieces of legislation the developers say is essential for the $200 million project to proceed. Documents pitching for the aid indicate construction may begin Nov. 1 and be completed June 30, 2026. Wait WTF? That's a wonderful surprise for it to be so soon.
November 1, 2024Nov 1 A small update. Some sort of ceremony was held Tuesday after work hours in the lobby to celebrate the closing of financing. So maybe this is for real now.
November 12, 2024Nov 12 I can confirm work has begun and it is very annoying. A lot of utility work it seems to be starting and HVAC.
November 12, 2024Nov 12 58 minutes ago, WindyBuckeye said: I can confirm work has begun and it is very annoying. A lot of utility work it seems to be starting and HVAC. AYEEEEEEE. This may be the most exciting renovation project in YEARS. The addition of a Marquee name like the W, and the first ever W apartments in Ohio is massive. I also am excited to see the impact it has on the Galleria.
November 12, 2024Nov 12 3 minutes ago, MyPhoneDead said: AYEEEEEEE. This may be the most exciting renovation project in YEARS. The addition of a Marquee name like the W, and the first ever W apartments in Ohio is massive. I also am excited to see the impact it has on the Galleria. Won't know what impact it will have on the Galleria until the developers figure out what they want to do with it. That is still a mystery at this point and my guess will require more public subsidies.
November 12, 2024Nov 12 Can't wait to see this dark ghost of our skyline lit up again at night with life inside!
December 5, 2024Dec 5 Cross-posted with news of a funding award "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 5, 2024Dec 5 1 hour ago, KJP said: Cross-posted with news of a funding award Hopefully Erieview will double-time their snail-like efforts to date with the $5,137,448 in Brownfield funds today - to add to all of the other awards/incentives to date - chop chop get it done.
December 5, 2024Dec 5 13 hours ago, Willo said: Hopefully Erieview will double-time their snail-like efforts to date with the $5,137,448 in Brownfield funds today - to add to all of the other awards/incentives to date - chop chop get it done. I'm sure they'll start asking for another few million before they can get started. Seems to always be the case with some other projects downtown (Centennial) and OHC (Bridgeworks)
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