My money is on The Centennial. Too transformative to not win.

28 minutes ago, GREGinPARMA said:

Will there be any way to watch this live?

 

No. I checked with their communications director. It's an in-person meeting. I've asked for a list of the staff recommendations as soon as they could release it. ODOD has been pretty good at getting back to me. But nothing received here yet.

I am obviously happy for 925 and can't wait for it to get started. With the TMUD and historic tax credits this project has no excuse but to start immediately. But I am disappointed that we only got 2 projects which is what I feared as 925 was looking at 40m. I wish they would have gave them  less and some to Erieview and Bridgeworks. Reactivating a 40 story building and a empty shopping center is definitely transformative to me. I'm hoping the W people are still on board. That brand in itself is transformative for the city.

22 hours ago, freethink said:

^Wonder what Alexander Mann is up to?

 

Alexander Mann Solutions, a staffing and recruiting company in Cleveland, plans to add 153 full-time employees to expand its services.

 

9 hours ago, freethink said:

My thinking on this is Sinato can do a Garfield sized project without the TMUD, remember he already has the Historic Tax credit. Also Bridgeworks is new construction and will activate the lower part of the bridge.  Erieview which is so prominent  on the skyline as a dark building with be much more visible  in the skyline. And both of these properties  will bring much needed new hotel space. We need to upgrade  our hotel stock immediately. 925 is about 5 years away for full capacity, 2 years construction and 2-3 years to fill 800 doors.

2 down votes lol...my first.

Some of you guys takes things to personally. 

https://www.cleveland.com/business/2022/03/kroger-eyes-return-to-greater-cleveland-with-fulfillment-center-in-cuyahoga-county.html

 

I hope Bibb will be more aggressive with taking these projects from the burbs. This is perfect for the OC. He needs to be relentless. 

 

Local megaprojects win, lose TMUD awards
By Ken Prendergast / March 2, 2022

 

Today, the five-member Ohio Tax Credit Authority board awarded $100 million in tax credits to Transformational Mixed Use Developments (TMUD) to 13 applicant projects throughout Ohio. Of the 42 projects statewide and nine from Greater Cleveland that were submitted for credits, four received a total of $53 million in funding.

 

MORE

https://neo-trans.blog/2022/03/02/local-megaprojects-win-lose-tmud-awards/

 

Wow! What a week for Sinito.. This truly meets the criteria for this tax credit.  Cannot wait to see it unfold and bring so much life to the heart of downtown.

Very happy to see the Centennial won the tax credits. Without that help l doubt anything gets done with the building, at least for the foreseeable future. But, as the headline indicated a number of other local projects lost out. Hopefully they get picked up in coming years. At any rate, let's get the party started on the Centennial.

Maybe this is a dumb question, but why can’t all projects get this credit from the state? Clearly many of the projects will not happen if they don’t get the credit. So wouldn’t that mean the state doesn’t get tax income from the project anyway?

Edited March 3, 20223 yr by w28th

2 hours ago, w28th said:

Maybe this is a dumb question, but why can’t all projects get this credit from the state? Clearly many of the projects will not happen if they don’t get the credit. So wouldn’t that mean the state doesn’t get tax income from the project anyway?

It's not a tax credit in the sense that it abates property tax or some kind of income tax involved in a project. It's a credit for insurance premium taxes. Some insurance company will buy Millennia's $40 million tax credit for slightly less than $40 million, thus giving them cash to put towards their project.

People wanted Erieview to win instead of The Centennial but this is the thing, the owner of Erieview has a reputation of not delivering on promises so who is to say he would have started anytime soon. Secondly The Centennial delivers everything that the Erieview project does but on a larger scale, it offers more apartments, a 5 diamond boutique hotel, museum, retail, restaurants and office space. It truly is the true definition of transformative. Plus Millennia has a reputation of getting projects started and completed in a timely manner. 

12 hours ago, w28th said:

Maybe this is a dumb question, but why can’t all projects get this credit from the state? Clearly many of the projects will not happen if they don’t get the credit. So wouldn’t that mean the state doesn’t get tax income from the project anyway?

 

I've asked the Department of Development's communications director about this and some other things that didn't add up. We'll see what they say.

 

13 hours ago, w28th said:

Maybe this is a dumb question, but why can’t all projects get this credit from the state? Clearly many of the projects will not happen if they don’t get the credit. So wouldn’t that mean the state doesn’t get tax income from the project anyway?

 

This is a common argument that has been made for removing the cap on the state historic tax credit as well.

 

Caps are popular from a legislative standpoint because the state's total exposure is known and limited. Some people argue that competition is good as well, because it means only the strongest projects meeting the characteristics prioritized in the scoring are funded. Having a competitive application process also makes some developers move forward without an incentive, as well.

 

Personally, I see value in caps in theory, if they are high enough to fund the majority of worthy projects. 

 

4 minutes ago, ink said:

 

This is a common argument that has been made for removing the cap on the state historic tax credit as well.

 

Caps are popular from a legislative standpoint because the state's total exposure is known and limited. Some people argue that competition is good as well, because it means only the strongest projects meeting the characteristics prioritized in the scoring are funded. Having a competitive application process also makes some developers move forward without an incentive, as well.

 

Personally, I see value in caps in theory, if they are high enough to fund the majority of worthy projects. 

 

Now analyzing what has occurred in the first round, especially the large number of applications, I believe an $80 million limit for large cities is too low, especially if a single applicant can request up to $40 mil.  It could be more like $125 mil and still give you that competitive application process.

53 minutes ago, Htsguy said:

Now analyzing what has occurred in the first round, especially the large number of applications, I believe an $80 million limit for large cities is too low, especially if a single applicant can request up to $40 mil.  It could be more like $125 mil and still give you that competitive application process.

 

What's the point in having caps if you're going to over them? At the end of my article, I noted that $76,693,955 was awarded to major city projects and $23,306,045 to general projects. So they went $3.3 million over the cap for projects outside of the major cities. And why did they have to award all-or-nothing amounts to applicants? I'll bet more of those projects could have gone forward if they received partial amounts.

[NVM, this was posted above already]

Edited March 3, 20223 yr by LlamaLawyer

16 minutes ago, KJP said:

 

What's the point in having caps if you're going to over them? At the end of my article, I noted that $76,693,955 was awarded to major city projects and $23,306,045 to general projects. So they went $3.3 million over the cap for projects outside of the major cities. And why did they have to award all-or-nothing amounts to applicants? I'll bet more of those projects could have gone forward if they received partial amounts.

By doing this aren't they violating the law?

11 minutes ago, Htsguy said:

By doing this aren't they violating the law?

Based on a quick skim of the code, I'm pretty sure the cap only applies to urban projects. There's $100 million per year total, of which no more than $80 million may be within ten miles of a major city. The $20 million only comes into play inasmuch as if there is less than $20 million in credits applied for for rural projects, then they get approved without going through the ranking process. If there is more than $20 million requested, they get ranked. But it doesn't say there can't be more than $20 million awarded in rural projects.

 

RC 122.09 is the relevant code

1 hour ago, LlamaLawyer said:

Based on a quick skim of the code, I'm pretty sure the cap only applies to urban projects. There's $100 million per year total, of which no more than $80 million may be within ten miles of a major city. The $20 million only comes into play inasmuch as if there is less than $20 million in credits applied for for rural projects, then they get approved without going through the ranking process. If there is more than $20 million requested, they get ranked. But it doesn't say there can't be more than $20 million awarded in rural projects.

 

RC 122.09 is the relevant code

 

I smell rural Ohio politicians in that....

20 minutes ago, KJP said:

 

I smell rural Ohio politicians in that....

 

I'm sure this was created to appease rural members, but the outcome is a fair compromise. The big cities are still going to end up with 70-80% of the overall funding. And the "rural" projects are usually going to end up in places that all urban advocates should want--places like Newark, Elyria, Hamilton, etc.--all of which were funded this round.

9 minutes ago, ink said:

 

I'm sure this was created to appease rural members, but the outcome is a fair compromise. The big cities are still going to end up with 70-80% of the overall funding. And the "rural" projects are usually going to end up in places that all urban advocates should want--places like Newark, Elyria, Hamilton, etc.--all of which were funded this round.

I agree completely. It's a lot harder to create a project that qualifies for the "rural" part of this. There was waaaay more money sought for urban projects than rural ones, and I expect that trend to continue.

 

 

First let me say, I'm glad Ohio has and is using this new TMUD opportunity, I think it's huge for our state!

 

I do have mixed feelings with the selections though, I'm glad The Centennial got it's request but I wish Bridgeworks did as well, those were the two I wanted to win! The thing that gets me the most and I don't understand is why Cross Country Mortgage(CCM) got $8,562,068 when from my understanding they were moving here and doing their redevelopment either way... but Bridgeworks got nothing. Yes, this obviously helps CCM, but they were doing the project either way.. I believe they've already started construction. However Bridgeworks on the other hand hasn't started or to my knowledge even secured it's funding yet, and they asked for less than CCM in $7,944,817.92 to close their deal. 

 

Why not let CCM, that's a sure deal, slowly progress(if it would even slow them down, sounds like they are rolling quickly) and not give them 8.5mil, and instead give the 8mil requested by the new/skyline transforming 16 Story Bridgeworks project the approval instead?

 

Then CLE would have The Centennial, CCM and Bridgeworks all happening this summer, instead of potentially just Centennial and CCM(if Bridgeworks can secure the cash). Maybe I'm wrong and CCM wouldn't happen without this money, but I don't think so, I feel like the above would have been the better route to take.

 

However, I'm glad to see major development taking place and projects moving along in Cleveland. This is huge and its only the beginning, the best is yet to come!

 

2 hours ago, NR said:

First let me say, I'm glad Ohio has and is using this new TMUD opportunity, I think it's huge for our state!

 

I do have mixed feelings with the selections though, I'm glad The Centennial got it's request but I wish Bridgeworks did as well, those were the two I wanted to win! The thing that gets me the most and I don't understand is why Cross Country Mortgage(CCM) got $8,562,068 when from my understanding they were moving here and doing their redevelopment either way... but Bridgeworks got nothing. Yes, this obviously helps CCM, but they were doing the project either way.. I believe they've already started construction. However Bridgeworks on the other hand hasn't started or to my knowledge even secured it's funding yet, and they asked for less than CCM in $7,944,817.92 to close their deal. 

 

Why not let CCM, that's a sure deal, slowly progress(if it would even slow them down, sounds like they are rolling quickly) and not give them 8.5mil, and instead give the 8mil requested by the new/skyline transforming 16 Story Bridgeworks project the approval instead?

 

Then CLE would have The Centennial, CCM and Bridgeworks all happening this summer, instead of potentially just Centennial and CCM(if Bridgeworks can secure the cash). Maybe I'm wrong and CCM wouldn't happen without this money, but I don't think so, I feel like the above would have been the better route to take.

 

However, I'm glad to see major development taking place and projects moving along in Cleveland. This is huge and its only the beginning, the best is yet to come!

 

 

The Superior Arts development isn't just CCM. It's six total buildings with apartments, retail, and other uses that have nothing to do directly with CCM. CCM was originally proposing a 160,000 sq. ft. redevelopment that they would anchor (https://neo-trans.blogspot.com/2020/01/up-to-1000-hq-jobs-coming-to-downtown.html) What we are getting is 400,000+ sq. ft. project.

 

EDIT: and for comparison, Bridgeworks was only 230,000 sq. ft. So even if you subtract out the 160,000 sq. ft. of development CCM was going to spearhead anyway, this would still beat out Bridgeworks in raw square footage terms.

Edited March 3, 20223 yr by LlamaLawyer

One other piece I have to throw out on the Bridgeworks vs. Superior Arts development issue.

 

This is the Transformational Multi-use Development Credit. Bridgeworks is in an area that is absolutely booming. @KJPfilled us in on two new apartment developments in the west flats within the past week. And on the other side you have Hingetown, which requires no explanation.

 

What's happening in the Superior Arts district? I can't think of anything off the top of my head.

 

Seems to me like the Superior Arts project has a better chance of being "transformational." Not that Bridgeworks wouldn't be great (and I expect some sort of project still comes to fruition), but Bridgeworks is piling on in a booming area, not kick-starting a depressed area.

One other piece I have to throw out on the Bridgeworks vs. Superior Arts development issue.
 
This is the Transformational Multi-use Development Credit. Bridgeworks is in an area that is absolutely booming. [mention=65]KJP[/mention]filled us in on two new apartment developments in the west flats within the past week. And on the other side you have Hingetown, which requires no explanation.
 
What's happening in the Superior Arts district? I can't think of anything off the top of my head.
 
Seems to me like the Superior Arts project has a better chance of being "transformational." Not that Bridgeworks wouldn't be great (and I expect some sort of project still comes to fruition), but Bridgeworks is piling on in a booming area, not kick-starting a depressed area.

This came to mind for me as well, the bridgeworks lot is depressed but the area surrounding is not


Sent from my iPhone using Tapatalk

6 hours ago, KJP said:

 

What's the point in having caps if you're going to over them? At the end of my article, I noted that $76,693,955 was awarded to major city projects and $23,306,045 to general projects. So they went $3.3 million over the cap for projects outside of the major cities. And why did they have to award all-or-nothing amounts to applicants? I'll bet more of those projects could have gone forward if they received partial amounts.

Exactly my point with 925. No one project should be awarded 40m. I hope they take another look at this and realize more projects would move forward if the money is better distributed. Sinito has already amassed Historic tax credits, Federal credits, Brownfield funds, loans from both the city and state. He bought this building almost 5 years ago and has teased construction starts every year. 20m to them and 10m to each Bridgeworks and Erieview woud have been the ultimate win. 4 project instead of 2. And btw Sinito has his critics.

https://www.cleveland.com/realestate-news/2021/03/federally-subsidized-properties-owned-by-millennia-of-cleveland-plagued-with-problems-report-says.html

2 hours ago, freethink said:

Exactly my point with 925. No one project should be awarded 40m. I hope they take another look at this and realize more projects would move forward if the money is better distributed. Sinito has already amassed Historic tax credits, Federal credits, Brownfield funds, loans from both the city and state. He bought this building almost 5 years ago and has teased construction starts every year. 20m to them and 10m to each Bridgeworks and Erieview woud have been the ultimate win. 4 project instead of 2. And btw Sinito has his critics.

https://www.cleveland.com/realestate-news/2021/03/federally-subsidized-properties-owned-by-millennia-of-cleveland-plagued-with-problems-report-says.html

A lot of properties he absorbed were apart of a GMF (Global Ministries Foundation) portfolio he took over that HUD essentially forced them to get rid of due to negligence. They are getting rehabbed for example the Kansas City property mentioned in the article, the property in Riviera Beach FL is completing a rehab etc. 

i posted the video in this piece from Litt about 3 years ago maybe not everyone has seen it. Now is the time to revisit this proposal as the area along Ontario and next to our two biggest civic buildings, Progressive and Rocket Mortgage are embarrassing. This is the way most people enter our city just to be greeted by busted up sidewalks, weeds, rusted chain link fence and a 100+ year old building that needs serious repair. It amazes me how city leaders can pass this by everyday and be ok with it.  Metroparks, Noaca, Gateway, the County and the lump of Federal funds we received need to be reminded of rhis proposal again and again. The  CLEVELAND LEADERSHIP CENTER was once a proponent of it. I mean I am all about removing the barriers from PS but its not even in the top ten eyesores in this city, attention needs to be brought to this also.

 

Grassroots plan for running, biking loop over downtown bridges deserves support

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

 

 

 

Edited March 6, 20223 yr by freethink

Agreed. The area around the stadiums are lackluster to say the least. That is why I'm really hoping this ballpark village vision takes off and is well executed. It could be a major draw in the future to get more people from the suburbs downtown more often as well as attract young professionals to the city as well. 

I saw this recently listed on Crexi, a real estate site(https://www.crexi.com/properties/650861/ohio-ontario-street-carnegie-avenue), they're asking $3.9mil.

 

I'd love to see this kind of thing built on this site and still have the bridge/property to the north developed as shown in the video above with the expanded bridge communal area, and walking/biking lanes. If there is a garage built as shown below, it would be cool if they could connect the bridge to the garage and make a roof deck park type of deal. Time will tell, just thought I'd share... 

 

 

 

 

 

 

 

The first aerial in that marketing document is likely from 1994...

12 minutes ago, w28th said:

The first aerial in that marketing document is likely from 1994...

 

It's during the Inner Belt bridge construction from about 4-5 years ago.

1 hour ago, KJP said:

 

It's during the Inner Belt bridge construction from about 4-5 years ago.

Apologies, second image.

New CBIZ headquarters construction is in progress near Top Golf, they even have some let’s call it continental class signage 

There was also some geo tech drilling occurring on the old Patriots Village site off Lombardo north of Rockside in independence. Not sure why. 

FYI. See article at:

 

Just now, KJP said:

 

IMG Center hits the market
By Ken Prendergast / March 23, 2022
 

An aging but mostly full office building in downtown Cleveland has hit the market at the request of its court-appointed receiver. The 57-year-old IMG Building, 1360 E. 9th St., may be approaching the end of its nearly three-year-long foreclosure case in Cuyahoga County Common Pleas Court.

 

MORE

https://neo-trans.blog/2022/03/23/img-center-hits-the-market/

I've always disliked that incongruously designed IMG sign on the rooftop with no artful connection to the building beneath it. 

It calls to mind an ill-formed coffee pot, about to topple onto St Clair Avenue below.

Edited March 30, 20223 yr by ExPatClevGuy

Noticed 3 pretty large cranes down at the steel mill. Anyone know what they’re up to?

2 hours ago, marty15 said:

Noticed 3 pretty large cranes down at the steel mill. Anyone know what they’re up to?

 

What's the nearest street? I can dig for some permits. BTW I just saw one for Cliff's new water treatment facility.

Wow, I feel a little sorry for the folks down at City Hall, especially the staff at Building & Housing and at Planning. They are getting new projects dumped on them left and right, east and west, and of course in UC and downtown that I'll mention in another thread. I hope they're hiring more staff at City Hall soon to help them dig out of this avalanche of projects.

What an OUTSTANDING problem to have!!

 

I may have to do my own hiring -- more freelance writers to help the blog cover all of these projects! I'm going to have to include several similar projects into the same article because I'm getting behind.

I’d love a  podcast with all the latest developments and hot rumors! 

Edited April 8, 20223 yr by CleveFan

 

Downtown sites to add retail sports betting
By Ken Prendergast / April 13, 2022

 

After Ohio legalized sports betting last December, several locations in downtown Cleveland are getting ready to compete in offering sportsbook retail venues where customers can place bets on a wide variety of sporting events. And they’re doing it before the Ohio Casino Control Commission has established the ground rules for making applications for up to 40 sportsbook licenses statewide.

 

MORE:

https://neo-trans.blog/2022/04/13/downtown-sites-to-add-retail-sports-betting/

Couldn't find a logical place for this ... 

 

There's a good article in today's WSJ on the use of mass timber in construction.  No mention of INTRO or the Cleve Foundation's new place, but Milwaukee's Ascent got a couple of pix.  It discusses the pros (mostly) and cons (a few) and noted at 12/31/21 there were 1300 mass timber buildings u/c in the US.

 

https://www.wsj.com/articles/wooden-skyscrapers-are-on-the-rise-11649693924?mod=Searchresults_pos2&page=1

Due to lack of quorum, the City Planning Commission will not be meeting next Friday, April 22nd. Their next scheduled meeting is May 6th.

 

How many projects will be delayed because of this??

That’s disheartening. I thought new leadership would change this. 

Really should have moved up the meeting or have it early next week, we got a city to build over here

8 minutes ago, KJP said:

Due to lack of quorum, the City Planning Commission will not be meeting next Friday, April 22nd. Their next scheduled meeting is May 6th.

 

How many projects will be delayed because of this??

🤬 Due to recurring issues like this at Cleveland City Hall, I never have to ask why C-Town is not to be found on consequentials lists of Business-Employer-Development Friendly cities.