I don't really know where to post a pic like this. My phones camera is trash, but they were pouring concrete for the CCF Cole Eye expansion, and you can see the tower cranes for the CCF Neurologic Hospital and SW way in the background. 

 

Quick Cleveland Hopkins rebuild updates for those not in an aviation thread.

https://www.cleveland.com/travel/2023/09/better-days-are-coming-new-cleveland-hopkins-chief-offers-update-on-plans-for-new-terminal-parking-crunch-burke-and-more.html

Nothing really novel here, but still some important timeline notes:

 

Late 2023

Smart parking garage fully reopens

Restroom reno

Early 2024

Terminal design firm hire

Sheraton demolition

Burke studies completion

2025

Phase 1 terminal construction begins

 

Edited September 22, 20231 yr by Geowizical

Let's hope we are not in a recession in 2025 and they decide to put everything on hold.  

 

And why is the new director being paid so much?

37 minutes ago, LibertyBlvd said:

Let's hope we are not in a recession in 2025 and they decide to put everything on hold.  

 

And why is the new director being paid so much?

 

I thought it was because it's comparable to other salaries in the industry. Not sure where I read that but I remember that being a topic. If that is the case then I get it; if you want to attract solid talent you need to be competitive in salary even if it is locally overpaid. But you would expect to see big performance returns though from his oversight.

I think Kennedy was slightly above $200K. Francis was previously in California, so he was probably making big bucks there due to the higher cost of living.  I still don't understand why CLE always need to bring in someone from out of the region instead of hiring from within.  Couldn't Kennedy have groomed a replacement since he knew he would eventually be retiring?

I think Kennedy was slightly above $200K. Francis was previously in California, so he was probably making big bucks there due to the higher cost of living.  I still don't understand why CLE always need to bring in someone from out of the region instead of hiring from within.  Couldn't Kennedy have groomed a replacement since he knew he would eventually be retiring?

If there is a person outside the region that's best then you go with what's best. I'd never want to hire someone from within that may not be as qualified just to say "I kept it local".

Sent from my Pixel 7 using Tapatalk

7 hours ago, MyPhoneDead said:

If there is a person outside the region that's best then you go with what's best. I'd never want to hire someone from within that may not be as qualified just to say "I kept it local".

Sent from my Pixel 7 using Tapatalk
 

Yeah, that one’s tough because it’s not like there is a large pool of local talent. Hopkins is it. I think you’d also run into accusations of hand-pick successors which is never a good look.

So I wish I could write the next four articles right away. All four are scoops -- bombs if not borderline bombs. I heard about three of them in the last two days, and the fourth is a distant-future development I'm pretty sure nobody will have for a while. So I'm holding that one until last. And that one may be the best.

 

Look for the first of four articles by about mid-day today.

10 hours ago, MyPhoneDead said:

If there is a person outside the region that's best then you go with what's best. I'd never want to hire someone from within that may not be as qualified just to say "I kept it local".

Well, that may or may not be true. They brought in Ricky Smith from outside the region. How did he do? Not too good IMO.  I find it hard to believe there was nobody from within that was qualified. And as I said, Kennedy knew he would be retiring, so he had ample time to select a qualified individual and get them ready to take over once he departed.

 

Edited September 23, 20231 yr by LibertyBlvd

4 hours ago, KJP said:

So I wish I could write the next four articles right away. All four are scoops -- bombs if not borderline bombs. I heard about three of them in the last two days, and the fourth is a distant-future development I'm pretty sure nobody will have for a while. So I'm holding that one until last. And that one may be the best.

 

Look for the first of four articles by about mid-day today.

 

One down. Three to go.

Two down, two to go....

 

 

Latest TMUD wish list is NEO-light
By Ken Prendergast / September 23, 2023

 

One of the favorite past-times among some Northeast Ohioans is to complain that too much of their state tax dollars are going to the rest of the state and not enough to Northeast Ohio. But if you don't ask for anything, you don't get it. That's the case when it comes to the latest round of Transformational Mixed Use Development (TMUD) tax credits. Northeast Ohio TMUD applications represent only 10.8 percent of the total dollar amount requested statewide for Ohio's fiscal year 2024 round and only one downtown Cleveland project was submitted. Ironically, the TMUD program was the brainchild of a Cleveland developer to encourage more downtown Cleveland projects.

 

MORE:

https://neo-trans.blog/2023/09/23/latest-tmud-wish-list-is-neo-light/

^Great article. There's only ONE project in Downtown Cleveland and its only asking for $2M? 

 

("Playhouse Square; Cleveland; Playhouse Square Foundation; 1307-1317 Euclid Avenue, 1365-1375 Euclid Avenue, 1407-1501 Euclid Avenue; $1,950,000.")

 

And suburban thing in CLE Hts is asking for $15M?

 

Where's Bridgeworks, Lumen 2, 2nd Circle Square tower, or ANYTHING big in Downtown/University Circle?  That list is very disappointing. Cleveland pays so much into that fund and the money is all going to go to Columbus/Cinci???? I'm pretty angry.

 

 

 https://www.cleveland.com/news/2023/09/lakefront-planners-brainstorm-ways-to-protect-lakewoods-gold-coast-from-lake-eries-fury.html

 

includes start dates for other projects that start as early as next year 

1 hour ago, BoomerangCleRes said:

 https://www.cleveland.com/news/2023/09/lakefront-planners-brainstorm-ways-to-protect-lakewoods-gold-coast-from-lake-eries-fury.html

There is so much wrong with this article I don’t even know where to start. But this treatment of erosion like it’s some kind of war to defeat the lake is outdated, drastically expensive and in the end is just going to create more problems. 

Three bombs down, one to go....

 

The latest is posted in the Gateway Megaproject thread.

 

Saving the best for last?

18 minutes ago, LibertyBlvd said:

Saving the best for last?

 

Maybe. More of a speculative piece, however. 

3 hours ago, DinaB said:

^Great article. There's only ONE project in Downtown Cleveland and its only asking for $2M? 

 

("Playhouse Square; Cleveland; Playhouse Square Foundation; 1307-1317 Euclid Avenue, 1365-1375 Euclid Avenue, 1407-1501 Euclid Avenue; $1,950,000.")

 

And suburban thing in CLE Hts is asking for $15M?

 

Where's Bridgeworks, Lumen 2, 2nd Circle Square tower, or ANYTHING big in Downtown/University Circle?  That list is very disappointing. Cleveland pays so much into that fund and the money is all going to go to Columbus/Cinci???? I'm pretty angry.

 

 

I’m with Dina on this one - any thoughts why some of the bigger Cleveland projects didn’t pursue TMUD?
 

Are they well financed enough already? Would love to hear from those projects on their absence. Especially the Westinghouse, I really thought that would have made more progress by now. 

The experience of Harbor Bay may offer some insight 

 

1 hour ago, KJP said:

The experience of Harbor Bay may offer some insight 

 

 

Is this the tweet you meant to post 🧐

More local Whiskey:

 

"Celebrity chef Michael Symon has announced the formation of River Roots Barrel Company, a Cleveland-based venture geared to whiskey enthusiasts like himself. Along with partners Michael Boland and Ryan Lintz, Symon will extend the rare privilege of tasting and selecting single-barrel whiskies to casual consumers....

 

...First up for the company will be a 140-proof, 13-year-old Kentucky straight bourbon that was aged for six years in port wine barrels and a cask strength 5-year-old Kentucky straight bourbon..."

 

https://www.clevescene.com/food-drink/michael-symon-and-partners-launch-river-roots-barrel-co-42787559

5 hours ago, KJP said:

The experience of Harbor Bay may offer some insight 

 

 

 

That's not a real incident is it? If so, wouldn't the front of the train instantly start heading downward to the ground after there was no more track beneath it instead of magically continuing on top of air and straight forward?

 

(And, like @Enginerd, I also don't get the reference to Harbor Bay.)

 

Edited September 25, 20231 yr by DinaB

The article’s paragraph following the mention of Westinghouse, Bridgeworks, Bedrock is about Harbor Bay - emphasis mine:

 

”Some developers have put projects on hold, including Harbor Bay which won’t seek phase two of Intro in Ohio City until interest rates fall and lenders open up again. A TMUD wouldn’t improve the fiscal calculus enough for them to proceed, said Harbor Bay Hospitality President Dan Whalen.”

 

I think the whale tail is a metaphor for the TMUD or something but I’ve watched too much football today to interpret it. 
 

What I don’t understand is why these interest rates can produce development in Columbus and Cincinnati but not here at home. What are the local factors that are creating a challenge? Is it more expensive to build here? Lower rents? Just wondering if anyone has a better sense of the general calculus. 
 

From what the fed has said, waiting for interest rates to come down could be a matter of years, so it’s discouraging to see projects taking a pause for that reason. 
 

And finally, if the implication is that Bedrock is holding up their part of the riverfront development due to interest rates, how realistic is this Cavs/Clinic practice stadium?

^Good points/questions!

6 hours ago, Enginerd said:

Is this the tweet you meant to post 🧐

 

Yes and no. The text was. The tweet wasn't. The lesson is: don't tweet during a Browns game! 

4 hours ago, Henke said:

The article’s paragraph following the mention of Westinghouse, Bridgeworks, Bedrock is about Harbor Bay - emphasis mine:

 

”Some developers have put projects on hold, including Harbor Bay which won’t seek phase two of Intro in Ohio City until interest rates fall and lenders open up again. A TMUD wouldn’t improve the fiscal calculus enough for them to proceed, said Harbor Bay Hospitality President Dan Whalen.”

 

I think the whale tail is a metaphor for the TMUD or something but I’ve watched too much football today to interpret it. 
 

What I don’t understand is why these interest rates can produce development in Columbus and Cincinnati but not here at home. What are the local factors that are creating a challenge? Is it more expensive to build here? Lower rents? Just wondering if anyone has a better sense of the general calculus. 
 

From what the fed has said, waiting for interest rates to come down could be a matter of years, so it’s discouraging to see projects taking a pause for that reason. 
 

And finally, if the implication is that Bedrock is holding up their part of the riverfront development due to interest rates, how realistic is this Cavs/Clinic practice stadium?

I can say that I know of one potential development that has hit the breaks because of interest rates BUT the expectation is that rates will come down next year. Why? The presidential election; rates will come down, and historically have.  And if one developer is thinking along those lines, you can bet there are others who are doing the same as well.

 

All is not lost- things will pick back up.

Interest rates are predicted to START to decline in the 2nd or 3rd quarter of 2024. It is unlikely we will see near-zero rates anytime in the next few years (or ever is my hope); hence, builders had better learn to make money at a 3 to 4.5% fed funds rate. An alternative is to put more equity into their projects.

Article 4 of 4 posted in the Business section....  But now I've got another potentially big story,

 

 

 

17 minutes ago, KJP said:

Article 4 of 4 posted in the Business section....  But now I've got another potentially big story,

 

 

 

 

Well here's hoping they don't end up deciding on a suburban campus.

6 minutes ago, gpodawund said:

 

Well here's hoping they don't end up deciding on a suburban campus.

Nah.  They would want a 900' tower. 

8 minutes ago, LibertyBlvd said:

Nah.  They would want a 900' tower. 

I wonder if owning all that steel production makes skyscrapers more appealing 🤔

Sure, they would get a discount on all those steel beams.

2 hours ago, LibertyBlvd said:

Nah.  They would want a 900' tower. 

So places that’s possible? 
 • bedrock’s riverfront - is that area able to support something that size physically?

• former nuCLEus - the most obvious? 
• the soon to be former courthouse/jail

• lakefront - maybe over the tracks next to the land bridge/or where progressive thought about putting theirs?

• the other parking crater w9th and st Clair 

 

Edited September 26, 20231 yr by BoomerangCleRes

I think the most likely spot is 800 Superior Garage on East 9th and Vincent 

10 minutes ago, zbaris87 said:

I think the most likely spot is 800 Superior Garage on East 9th and Vincent 

Surely you jest.

whenever I walk by the sterling building (13th and euclid) I wish someone would tear it down and build a 20 storey thing there

Edited September 26, 20231 yr by Whipjacka

2 hours ago, BoomerangCleRes said:

So places that’s possible? 
 • bedrock’s riverfront - is that area able to support something that size physically?

• former nuCLEus - the most obvious? 
• the soon to be former courthouse/jail

• lakefront - maybe over the tracks next to the land bridge/or where progressive thought about putting theirs?

• the other parking crater w9th and st Clair 

 

 

My vote would be on the big W.9th and St.Clair lot. It would fill one of the last major parking craters in that area and make for a lot of continues buildings in that part of the CBD. I think the other areas listed have a lot going for them on there own as far as location and are more likely to be built on in the near future, plus that side of downtown needs more buildings to balance out the skyline. I'll take a nice 1200ft Cliffs building there, or two 600'ers... I'm not to picky 😆

21 hours ago, zbaris87 said:

I think the most likely spot is 800 Superior Garage on East 9th and Vincent 

What makes you say that?

My top pick for a new Cle Cliffs HQ would be the justice center site.  Another good option would be for them to buy and overhaul the 200 PS building.  It's not as exciting as a shiny new tower, but it would be nice to avoid having a huge vacancy right on Public Square in one of the City's iconic skyscrapers.

Just from what i'm hearing in the real estate world. Some of those people think the most viable location is the 800 Superior garage 

2 minutes ago, zbaris87 said:

Just from what i'm hearing in the real estate world. Some of those people think the most viable location is the 800 Superior garage 

I really hope not given all the surface parking which still needs to be replaced.  I know this is going to sound crazy, but this is probable one of most attractive parking garages downtown, although admittedly not a high bar to leap.  It did a half way decent job incorporating retail into the space when it was constructed years ago, although its retail hey day is clearly long passed.  If we are going to tear down a parking garage let's start with that piece of doggie dung which is the St. Johns garage-I have always hated it, especially the way it addresses the cathedral.  Or even better those two garages on Superior between East Ohio and the former Diamond Shamrock Building (cannot recall its name now) which create such a dead zone on Superior.

15 minutes ago, zbaris87 said:

Just from what i'm hearing in the real estate world. Some of those people think the most viable location is the 800 Superior garage 

So the garage would be torn down for a new tower? It can’t be the foundation for one? I would think similar to Beacon that an existing garage supporting a new tower would be the only financial savvy way to justify not utilizing a surface lot.

FWIW that garage’s entrance/ exit on Vincent has had a ‘garage closed’ sign for quite a while now. I’m not sure if it has any other entrances, so it could maybe be just that one. 

3 minutes ago, roman totale XVII said:

FWIW that garage’s entrance/ exit on Vincent has had a ‘garage closed’ sign for quite a while now. I’m not sure if it has any other entrances, so it could maybe be just that one. 

They have been doing a ton of work on that garage the past few years.

4 minutes ago, roman totale XVII said:

FWIW that garage’s entrance/ exit on Vincent has had a ‘garage closed’ sign for quite a while now. I’m not sure if it has any other entrances, so it could maybe be just that one. 

There might be an entrance on E 6th, although I am not sure.  Maybe it is experiencing structural issues and this is the reason for the speculation.

15 minutes ago, Htsguy said:

There might be an entrance on E 6th, although I am not sure.  Maybe it is experiencing structural issues and this is the reason for the speculation.

No E 6th entrance. You'd have to drive through Mike and Dees, which would piss a lot of people off lol.

My buddy last week told me Allstate had bought 800 Superior, not sure if that's accurate or if that included the garage (which is in bad shape). 

2 minutes ago, viscomi said:

My buddy last week told me Allstate had bought 800 Superior, not sure if that's accurate or if that included the garage (which is in bad shape). 

OK.  I will kindly let Cliffs build on the parking garage site but the tower has to be at least 5 stories taller than the PNC building.

The speculation does bring up an interesting point. A lot of parking garages downtown were built in the 60's and 70's that will need substantial renovation. Some may become tear down candidates for new construction. I bet most of us would prefer the surface lots get filled first though. 

I couldn’t grab a pic in time on the Shoreway anyone get a shot of them taking down the EY signage on the tower?