October 29, 20222 yr 5 hours ago, KJP said: @KFM44107 I'm still hearing a lot of stuff that's percolating but not yet ready for prime-time. It may have slowed down a little, but there's still a lot of interest in investing in Cleveland, including by out-of-town interests. There are many projects that I haven't yet reported on and I keep hearing new ones all of the time. C’mon @KJPgive us a little something! We don’t mind if you have to be a little vague here and there!
October 29, 20222 yr On 10/25/2022 at 4:27 PM, bwheats said: Spoke with a neighbor who confirmed their headquarters is Mentor now. Not sure if much corporate staff moved because of this but it will add another Fortune 500 company to the list for Greater Cleveland. Lots of companies bailing out of California. They already had a major presence in Mentor so it made sense.
October 29, 20222 yr 2 hours ago, E Rocc said: Lots of companies bailing out of California. They already had a major presence in Mentor so it made sense. So many companies are bailing out of California that it’s about to pass Germany and become the world’s fourth largest economy (if it was a country). And California only has half the population of Germany. https://www.nbcbayarea.com/news/california/california-largest-economy/3039496/ California to Become the Fourth Largest Economy in the World: Report (The report is from Bloomberg) When is the last time I-71 turned a profit?
October 29, 20222 yr 3 minutes ago, Boomerang_Brian said: So many companies are bailing out of California that it’s about to pass Germany and become the world’s fourth largest economy (if it was a country). And California only has half the population of Germany. https://www.nbcbayarea.com/news/california/california-largest-economy/3039496/ California to Become the Fourth Largest Economy in the World: Report (The report is from Bloomberg) True. The ones that are leaving are often not really leaving. They are moving their "headquarters" for a tax dodge.
October 29, 20222 yr Author Back to Cleveland. Need financing for your real estate development? Contact these folks....... $80 million OK’d for Greater Cleveland development By Ken Prendergast / October 29, 2022 Yesterday in Baltimore, Treasurer of the United States Chief Lynn Malerba awarded $5 billion worth of New Market Tax Credits (NMTC) nationwide, with $80 million of that to support real estate development projects Greater Cleveland. The projects are intended to be transformative by attracting private investment to create jobs in underserved communities. MORE: https://neo-trans.blog/2022/10/29/80-million-okd-for-greater-cleveland-development/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 29, 20222 yr I'm hoping once they announce TMUD winners for round 2 we see/hear some more activity. I seem to recall a few downtown projects on the list. I'm most excited for Intro Phase 2 though which isn't on the TMUD list but was already awarded some money from the US Forestry Service.
October 29, 20222 yr 9 minutes ago, dwolfi01 said: I'm hoping once they announce TMUD winners for round 2 we see/hear some more activity. I seem to recall a few downtown projects on the list. I'm most excited for Intro Phase 2 though which isn't on the TMUD list but was already awarded some money from the US Forestry Service. Speaking of TMUD winners - Does anyone have any inside info on last year's round 1 big winner - 925 Centennial - Weren't they supposed to start work in August 2022 and it is almost November and all is quiet. For whatever reason i got some eerie feeling about this one
October 30, 20222 yr Author 7 hours ago, dwolfi01 said: I'm hoping once they announce TMUD winners for round 2 we see/hear some more activity. I seem to recall a few downtown projects on the list. I'm most excited for Intro Phase 2 though which isn't on the TMUD list but was already awarded some money from the US Forestry Service. The New Markets credits have a bigger impact than TMUD. The answer to @simplythisquestion is in the Centennial thread. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 31, 20222 yr https://web.cvent.com/event/0f0a8025-5ced-4b2f-ab64-a31e9549e0f6/summary?utm_medium=email&utm_source=MKT_sailthru&utm_campaign=promoemail1&utm_term=creativeA&utm_content=both
November 1, 20222 yr "The U.S. Treasury department awarded $35 million in sought-after New Markets Tax Credits to an affiliate of Cleveland Development Advisors and $45 million to the Northeast Ohio Development Fund. The awards were part of roughly $5 billion in tax-credit allocations that Treasury officials announced Friday, Oct. 28, in Baltimore....Nearly 200 such community development entities applied for a combined $14.7 billion in tax-credit allocation in the recent round, according to the Treasury department...." So CLE got $80M---That's only 0.54% of the total. Far less than it should have gotten. https://www.crainscleveland.com/real-estate/cleveland-based-groups-win-80-million-federal-new-markets-tax-credits-aid-projects EDIT: Just saw KJP's post on the announcement above--didn't see it before. But the tiny proportion we got, still stands---0.54%! Edited November 1, 20222 yr by jcw92
November 1, 20222 yr Author 15 minutes ago, jcw92 said: "The U.S. Treasury department awarded $35 million in sought-after New Markets Tax Credits to an affiliate of Cleveland Development Advisors and $45 million to the Northeast Ohio Development Fund. The awards were part of roughly $5 billion in tax-credit allocations that Treasury officials announced Friday, Oct. 28, in Baltimore....Nearly 200 such community development entities applied for a combined $14.7 billion in tax-credit allocation in the recent round, according to the Treasury department...." So CLE got $80M---That's only 0.54% of the total. Far less than it should have gotten. https://www.crainscleveland.com/real-estate/cleveland-based-groups-win-80-million-federal-new-markets-tax-credits-aid-projects EDIT: Just saw KJP's post on the announcement above--didn't see it before. But the tiny proportion we got, still stands---0.54%! Greater Cleveland got more than it's per-capita share. How much do you think it should've gotten? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 2, 20222 yr 6 hours ago, KJP said: Greater Cleveland got more than it's per-capita share. How much do you think it should've gotten? Oooops. Looks like I did the math wrong. $80M/$5B = 1.6%. Not sure where I got 0.54%. And CLE is about 1% of the US population (0.84%), so I guess its okay--just seemed like a small amount at first.
November 7, 20222 yr This is fun to play with, especially for folks with a long family history in the area: county property records going as far back as 1810. https://cuyahoga.oh.publicsearch.us Remember: It's the Year of the Snake
November 7, 20222 yr Author 3 hours ago, Dougal said: This is fun to play with, especially for folks with a long family history in the area: county property records going as far back as 1810. https://cuyahoga.oh.publicsearch.us I use it often. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 7, 20222 yr Medical Mutual will leave downtown Cleveland headquarters in favor of former American Greetings site in Brooklyn
November 7, 20222 yr 2 minutes ago, sky said: Medical Mutual will leave downtown Cleveland headquarters in favor of former American Greetings site in Brooklyn We've known this for a few years now, rather disappointing, but I wonder how well their transition is going. At least they're still local.
November 7, 20222 yr 3 minutes ago, sky said: Medical Mutual will leave downtown Cleveland headquarters in favor of former American Greetings site in Brooklyn This has been discussed extensively all day long in the Office Development thread. Obviously it is best to keep the discussion going in one thread rather than all over the forum. This is the third thread this has been brought up. Do you guys look over the forum before you post.
November 14, 20222 yr France is going to require parking lot owners to cover the area with solar panels. https://jalopnik.com/france-requiring-solar-panels-to-cover-parking-lots-by-1849762488 Maybe not the best way to generate energy, but it would provide some public benefit with increased electricity generation; and it would increase the carrying cost to parking lot owners who don't feel any urge to develop.
November 14, 20222 yr 4 hours ago, Foraker said: France is going to require parking lot owners to cover the area with solar panels. https://jalopnik.com/france-requiring-solar-panels-to-cover-parking-lots-by-1849762488 Maybe not the best way to generate energy, but it would provide some public benefit with increased electricity generation; and it would increase the carrying cost to parking lot owners who don't feel any urge to develop. Interesting idea. On the other hand though, once the owners of the parking lot have sunk the cost to build these solar panels, and they then have two sources of passive income from the lot, it might become even harder to develop parking lots. Hard to predict consequences, incentives can be a tricky thing. Good for global warming though! Edited November 15, 20222 yr by Ethan
November 15, 20222 yr 17 hours ago, Ethan said: Interesting idea. On the other hand though, once the owners of the parking lot have sunk the cost to build these solar panels, and they then have two sources of passive income from the lot, it might become even harder to develop parking lots. Hard to predict consequences, incentives can be a tricky thing. Good for global warming though! Aside from the pesky downtown lots, which seem resistant to development anyway, this would also seem to apply to suburban office parks and shopping malls as well. That might discourage developers from over-building parking lots everywhere. Also a good thing for the environment.
November 15, 20222 yr If you want to start discouraging seas of asphalt parking lots, start with convincing City Zoning ordinances to change parking minimums. Way to may cities require 40+ parking stalls for a fast food restaurant. At least more places are becoming open to allowing variances from these requirements.
November 18, 20222 yr Cleveland City planning threw an absolute fit today and denied housing being built because they didn't like that the roof was flat and that they weren't told a good enough "story." I find this completely unreasonable. The architect showed exactly what the building would look like and what its foot print would be. Am I missing something? They delayed a housing project by weeks because they just didn't like the presentation. This "character" thing is out of hand when we're in a housing shortage. Can someone tell me why I'm wrong about this? https://youtu.be/9KYO0Zpcnhc?t=4663 Edited November 18, 20222 yr by TotalTransit
November 18, 20222 yr 21 minutes ago, TotalTransit said: Cleveland City planning threw an absolute fit today and denied housing being built because they didn't like that the roof was flat and that they weren't told a good enough "story." I find this completely unreasonable. The architect showed exactly what the building would look like and what its foot print would be. Am I missing something? They delayed a housing project by weeks because they just didn't like the presentation. This "character" thing is out of hand when we're in a housing shortage. Can someone tell me why I'm wrong about this? https://youtu.be/9KYO0Zpcnhc?t=4663 Planning Commission likes to beat its chest when it is a little guy developer to make up for the those times when it is emasculated and its opinions are simply ignored with a smirk and a smile. Can you say Sherwin Williams?
December 1, 20222 yr Author Next round of TMUDs to be announced at the next Ohio Tax Credit Authority meeting, 10 a.m. Dec. 7. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 7, 20222 yr Economic Development Project awards. https://www.wkyc.com/article/news/local/ohio/ohio-projects-jobs-investments-governor-mike-dewine/95-0b3f474e-d710-465a-9b93-a11010a0d2fd
December 7, 20222 yr Okay I have been holding off posting this for more than an hour but how is it that the Columbus Business Journal is announcing TMUD awarded for two Columbus projects but nothing else has been announced. To quote the article "the awards were announced at Wednesday's Ohio Tax Credit Authority meeting". Could it be they had a reporter in the room at the meeting but the formal announcement has not been made by the Authority yet?
December 7, 20222 yr By the way, the two Columbus projects gobbled up almost 40 mil so only 50% of the big city credits left.
December 7, 20222 yr Author Possibly. Nothing has been announced. I've bugged their PR people, checked their media releases and the governor's too, and googled to see what other media are reporting. Other than the CBJ article and mine on Bridgeworks, there's been nothing! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 7, 20222 yr Author Four NE Ohio projects win TMUDs and only two in Cuyahoga County: Circle Square Erieview Tower Painesville downtown Canton Hall of Fame Village "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 7, 20222 yr I would have taken Bridgeworks over Erieview any day. Still don't trust the Kassoufs to follow through.
December 7, 20222 yr 40 minutes ago, Htsguy said: I would have taken Bridgeworks over Erieview any day. Still don't trust the Kassoufs to follow through. Agreed. It's more likely they bundle the credits into a property sale. We already have one TMUD winner not doing anything with it.
December 7, 20222 yr So the guy who had a Trump flag hanging off the Galleria roof for months got TMUD credits......Shocked. And he will do nothing with the building. See his West 6 project
December 7, 20222 yr Probably should have posted this in Lake Co. developments, but just for now (since there's a discussion here) here are some details of the Painesville project Downtown Painesville to Grand River Corridor Total Development Cost: $54,815,763 Total Tax Credit: $5,449,076.30 The Downtown Painesville to Grand River Corridor project includes the construction of a new, five-story, mixed-use 147,784 square foot building overlooking the Grand River and renovation of two existing buildings including the historic Victoria Place. Upon completion, the project will house approximately 88,000 square feet of residential apartments, 11,600 square feet of retail space, 5,400 square feet of restaurant space, parking, and recreational areas including a pool, fitness center and outdoor patio seating. The project is expected to create more than 1,200 full-time jobs and 85 construction jobs. http://www.mainstreetpainesville.org/
December 7, 20222 yr 1 hour ago, eastvillagedon said: Probably should have posted this in Lake Co. developments, but just for now (since there's a discussion here) here are some details of the Painesville project Downtown Painesville to Grand River Corridor Total Development Cost: $54,815,763 Total Tax Credit: $5,449,076.30 The Downtown Painesville to Grand River Corridor project includes the construction of a new, five-story, mixed-use 147,784 square foot building overlooking the Grand River and renovation of two existing buildings including the historic Victoria Place. Upon completion, the project will house approximately 88,000 square feet of residential apartments, 11,600 square feet of retail space, 5,400 square feet of restaurant space, parking, and recreational areas including a pool, fitness center and outdoor patio seating. The project is expected to create more than 1,200 full-time jobs and 85 construction jobs. You have a link to anything about it? Former east sider, still upset about what urban renewal did to downtown Painesville.
December 7, 20222 yr Channel 3 Story. https://www.wkyc.com/article/money/economy/ohio-gov-mike-dewine-millions-tax-credits-capital-projects-4-cleveland-canton-areas/95-d48e30b5-4ec8-446b-9315-2e233170efb0
December 7, 20222 yr 1 hour ago, mack34 said: So the guy who had a Trump flag hanging off the Galleria roof for months got TMUD credits......Shocked. And he will do nothing with the building. See his West 6 project Pardoned! but that's for another thread lol
December 7, 20222 yr On 7/28/2022 at 8:46 PM, HGRHS said: I feel like this tax credit is the lifeline, and maybe only option, for financing the Hall of Fame Village in Canton. So I am expecting that to get the credits it seeks. Otherwise, a little extra hope from me (other than just being a suburban project) that Valor Acres doesn't get it after pulling the SHW R&D away from Cleveland. Again, not surprised the Hall of Fame village project won credits, but certainly not excited about it (but still happy Valor Acres missed out!)
December 11, 20222 yr This probably does not mean anything, but I have noticed that the Sunoco Gas station chain has taken over what was as of a few months ago, one of thos off-brand gas stations at East 79th and Chester. They also did a rebrand and renovation to the Gas station they own in East Cleveland, just past Little Italy and Lakeview Cemetary. Not a big deal, but just wondering if there is anything to one of the big chains reinvesting in these neighborhoods they've been leaving over the last 25 years?
December 11, 20222 yr 1 hour ago, Mov2Ohio said: This probably does not mean anything, but I have noticed that the Sunoco Gas station chain has taken over what was as of a few months ago, one of thos off-brand gas stations at East 79th and Chester. They also did a rebrand and renovation to the Gas station they own in East Cleveland, just past Little Italy and Lakeview Cemetary. Not a big deal, but just wondering if there is anything to one of the big chains reinvesting in these neighborhoods they've been leaving over the last 25 years? I believe they are franchised
December 11, 20222 yr 2 hours ago, Mov2Ohio said: Not a big deal, but just wondering if there is anything to one of the big chains reinvesting in these neighborhoods they've been leaving over the last 25 years? For what it’s worth, one of these Race Gas stations took the place of a Shell in Rocky River as well.
December 16, 20222 yr Northeast Ohio projects win state brownfield grants, as part of $88 million final round Michelle Jarboe | December 16th 2022 5:16 PM "An apartment project on Cleveland’s Scranton Peninsula, the residential conversion of a downtown office building and Cleveland State University’s plan to redevelop Rhodes Tower will get a boost from state grants for property clean-up and remediation. Gov. Mike DeWine’s administration announced $88 million grants Friday, Dec. 16, in the third round of awards from Ohio’s brownfield remediation program. More than a quarter of the money — just over $24.8 million — will flow to 14 projects scattered across Northeast Ohio." https://www.crainscleveland.com/real-estate/fourteen-northeast-ohio-projects-win-state-brownfield-grants
December 17, 20222 yr Author Just in case you missed it over in the transportation section... 2 hours ago, KJP said: Amtrak Ohio expansion may bypass state government By Ken Prendergast / December 16, 2022 Several initiatives that are in their early stages may instigate passenger rail expansion to Cleveland before the state of Ohio decides to get on board. That could be welcome timing considering the Federal Railroad Administration will solicit applications next week for funding to begin the process for developing new and expanded passenger rail services. Read More: https://neo-trans.blog/2022/12/16/amtrak-expansion-may-bypass-state-of-ohio/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 17, 20222 yr Author Brownfield grants reveal progress on many projects By Ken Prendergast / December 17, 2022 Ohio Gov. Mike DeWine announced $88 million in state support for 123 brownfield remediation projects that will help clean up hazardous and underutilized sites throughout the state. The Ohio Department of Development is funding the awards through the Ohio Brownfield Remediation Program, which is designed to clean up and prepare hazardous brownfield sites for redevelopment. The projects announced today will impact communities in 35 counties across the state. MORE: https://neo-trans.blog/2022/12/17/brownfield-grants-reveal-progress-on-many-projects/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 17, 20222 yr Thanks, Ken, for the article. These are all going to be great. While I like the flashy ones around downtown, that will bring more residents and visitors. The two more impactful projects to me are the Cleveland Print Room building, which is an example of an artist studio in the Superior Arts district moving to Hough. This represents a bit of the exodus of artists from one neighborhood to another, which is a necessary evil and will really help transform Hough now. The other is the WXZ redevelopment in UC. I was in this building 20 years ago and was surprised then that people were allowed to rent from it. This will help continue the push of Euclid Ave further east.
December 21, 20222 yr This is pretty expensive so could probably go a couple places, but article focuses on projects in the Cleveland area so figured this would be the best place for it. Massive year-end spending bill includes new Great Lakes Authority and other Ohio priorities -$3 million - DigitalC, Broadband Services for Underserved Communities of Cleveland -$2 million - Northeast Ohio Regional Sewer District (NEORSD), Combined Sewer Overflow (CSO) Elimination Project in Garfield Heights -$1.6 million - City of Shaker Heights, Lomond/Lynnfield Sewer Remodel -$1.28 million - Educational Service Center of Northeast Ohio, on behalf of PRE4CLE, Cleveland Early Learning Spaces -$1.22 million - Cuyahoga Community College District, Smart Manufacturing Workforce -$1.14 million - University Hospitals Birth Safety Simulation Center -$1 million - Cuyahoga County, MLK Boulevard Sewer Project -$432,000 - City of Cleveland, Memorial Bridges Loop Trail -$1,190,000 - City of Cleveland, Department of Port Control - Cleveland Airport System Taxiway Victor Project I think that's all the Cleveland projects, more details on the article. https://www.cleveland.com/news/2022/12/massive-year-end-spending-bill-includes-new-great-lakes-authority-and-other-ohio-priorities.html Edited December 21, 20222 yr by Luke_S
December 21, 20222 yr 3 hours ago, Luke_S said: This is pretty expensive so could probably go a couple places, but article focuses on projects in the Cleveland area so figured this would be the best place for it. Massive year-end spending bill includes new Great Lakes Authority and other Ohio priorities -$3 million - DigitalC, Broadband Services for Underserved Communities of Cleveland -$2 million - Northeast Ohio Regional Sewer District (NEORSD), Combined Sewer Overflow (CSO) Elimination Project in Garfield Heights -$1.6 million - City of Shaker Heights, Lomond/Lynnfield Sewer Remodel -$1.28 million - Educational Service Center of Northeast Ohio, on behalf of PRE4CLE, Cleveland Early Learning Spaces -$1.22 million - Cuyahoga Community College District, Smart Manufacturing Workforce -$1.14 million - University Hospitals Birth Safety Simulation Center -$1 million - Cuyahoga County, MLK Boulevard Sewer Project -$432,000 - City of Cleveland, Memorial Bridges Loop Trail -$1,190,000 - City of Cleveland, Department of Port Control - Cleveland Airport System Taxiway Victor Project I think that's all the Cleveland projects, more details on the article. https://www.cleveland.com/news/2022/12/massive-year-end-spending-bill-includes-new-great-lakes-authority-and-other-ohio-priorities.html I'm surprised and excited to see that this is happening: Quote $432,000 - City of Cleveland, Memorial Bridges Loop Trail The Memorial Bridges Loop will provide a low-stress, safe connection for bicyclists and pedestrians between the Downtown and Ohio City neighborhoods by linking the Irishtown Bend Park along W. 25th Street, the protected bicycle lane and promenade on the Detroit-Superior Bridge, and the existing separated multi-use path from Eagle Avenue across the Lorain-Carnegie Bridge. The Huron-Ontario connection will be achieved through a “road diet” that removes a vehicular travel lane from W Huron Road and Ontario Street between Superior Avenue and Eagle Avenue to create a physically separated, multi-use path along the southern curb of the street segment. That section of Huron and Ontario is terrible visually and terrible for pedestrians and cyclists, and this is an easy and obvious step to help with that. It'll hopefully move us a little closer to this vision: https://www.cleveland.com/life-and-culture/g66l-2019/03/ad2d745c99592/grassroots-plan-for-running-biking-loop-over-downtown-bridges-deserves-support-steven-litt.html
December 21, 20222 yr Author Boost in historic tax credits benefits Ohio projects By Ken Prendergast / December 21, 2022 Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects. MORE https://neo-trans.blog/2022/12/21/boost-in-historic-tax-credits-benefits-ohio-projects/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 22, 20222 yr Reading all the numerous articles reporting on the recent granting of Ohio historic tax credits, I’m slightly amazed, as well as slightly dismayed, by a number of quotes by developers and project owners. Despite winning these awards, many of the projects seem still in limbo as these awards are only a small part of their capital stack. Still looking in many instances for more sources of financing, often seeking more public assistance. If these developers are eventually successful, some of these capital stacks belong in the Cleveland Museum of Art as they are as creative as anything hanging on the walls of that institution.
December 30, 20222 yr On 12/22/2022 at 1:20 PM, Htsguy said: Reading all the numerous articles reporting on the recent granting of Ohio historic tax credits, I’m slightly amazed, as well as slightly dismayed, by a number of quotes by developers and project owners. Despite winning these awards, many of the projects seem still in limbo as these awards are only a small part of their capital stack. Still looking in many instances for more sources of financing, often seeking more public assistance. If these developers are eventually successful, some of these capital stacks belong in the Cleveland Museum of Art as they are as creative as anything hanging on the walls of that institution. There should be some qualification in the process that the historic tax credits represent a final or near-final piece of funding; otherwise, actual funding may never be used by these projects and instead other projects that may have actually used the funding could get built but instead were passed over by projects that will never get built. Maybe Ohio knows this and therefore wins the PR side of giving money to Cleveland but not really having to do so if they know the rest of the capital stack won't ever happen.
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