December 30, 20222 yr 42 minutes ago, ProspectAve said: 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. No, there is no PR part of this. All applicants have to demonstrate the amount of financing secured when they apply. The more secured, the higher the project scores. A project can show a bank term sheet, letters to commit developer equity, proof of other grants or tax credits awarded, etc. A savvy developer with good relationships with lenders and other funders can likely demonstrate a full capital stack, but that doesn't mean that the developer can actually close on that the next day. I can understand why it can be hard for the state to evaluate this measure, as lenders can always back out or something falls through during underwriting, etc.
December 30, 20222 yr This has been talked about for too long, we need to get it done. Cuyahoga County expects to hire Compass Energy Platform to develop microgrid utility "CLEVELAND, Ohio – Cuyahoga County has selected Compass Energy Platform to be its strategic partner in the development of the county’s proposed microgrid utility that would operate independent of FirstEnergy. Compass Energy Platform, based in Los Angeles, was chosen from four applicants, said Mike Foley, director of sustainability for the county. The next step is for the county to negotiate a contract with Compass so that it can get to work. The goal of the microgrid utility is to provide electricity to customers, so they won’t be dependent on FirstEnergy and the larger transmission grid during times of crisis and power outages." https://www.cleveland.com/news/2022/12/cuyahoga-county-expects-to-hire-compass-energy-platform-to-develop-microgrid-utility.html
December 31, 20222 yr 3 hours ago, Luke_S said: This has been talked about for too long, we need to get it done. Cuyahoga County expects to hire Compass Energy Platform to develop microgrid utility...." Is the Downtown microgrid that was mentioned years ago? The article makes no mention of where the microgrid would be. Also how will it be powered other than the Lake Erie wind turbrines cited in the article, that may never happen?
December 31, 20222 yr Author A look back at the biggest development stories of 2022 Top 10 NEOtrans news stories of 2022 By Ken Prendergast / December 31, 2022 The end of the year is a good time to look back and take stock of everything that’s happened in the past 12 months. For a local journalism outlet like NEOtrans, that means taking a measure of what articles resonated with the community the most. This year-end top-10 list of our most-read articles is how we’re measuring what resonated. MORE https://neo-trans.blog/2022/12/31/top-10-neotrans-news-stories-of-2022/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 2, 20232 yr Author What we may see in 2023 By Ken Prendergast / January 2, 2023 When it comes to business, real estate and community investment, there’s a lot to look forward to in Greater Cleveland in 2023. Look no further than the new Canon Healthcare headquarters, Bedrock real estate’s riverfront plans, Midtown Cleveland developments, booming University Circle and its spillover into long-neglected neighborhoods, the next artist district in Cleveland, who is buying Stark Enterprises ex-nuCLEus site, ballpark villages around our city’s sport venues, lakefront plans and projects, plus transit-oriented developments. MORE https://neo-trans.blog/2023/01/02/what-we-may-see-in-2023/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 4, 20232 yr 41 minutes ago, Boomerang_Brian said: And with Bibb and Ronayne, I think TOD has some supporters in office. 🙂 Remember: It's the Year of the Snake
January 6, 20232 yr Do we not have a Lincoln heights thread I feel like we’ve talked about treo else where But gies’s 3rd? Project in the area was presented again to city planning with some visual concepts and also mentioned bringing a 1acre+ park
January 6, 20232 yr Do we not have a Lincoln heights thread I feel like we’ve talked about treo else where Or is Lincoln heights a neighborhood within a neighborhood like hingetown in Ohio city
January 6, 20232 yr 1 minute ago, BoomerangCleRes said: Or is Lincoln heights a neighborhood within a neighborhood like hingetown in Ohio city I think this is considered Tremont
January 9, 20232 yr I was driving up Ridge Road today and saw that the old banquet center on the corner at Biddulph had been torn down and the land was leveled. They are definitely building something, but does anybody know what’s going on at the site? I tried to find building records or permits, but the city of Brooklyn website is very limited. I’m sure it will be a gas station of some sort 🙄
January 17, 20232 yr On 1/9/2023 at 3:14 PM, ELaunder said: I was driving up Ridge Road today and saw that the old banquet center on the corner at Biddulph had been torn down and the land was leveled. They are definitely building something, but does anybody know what’s going on at the site? I tried to find building records or permits, but the city of Brooklyn website is very limited. I’m sure it will be a gas station of some sort 🙄
January 17, 20232 yr I know I can put this in the restaurants thread but I'd say it's development related enough...AJ Rocco's progress from a quick peek. Seems like they still have a ways to go.
January 20, 20232 yr Author Since the development threads get more attention, I'm posting this quote here. But please comment there.... 7 minutes ago, KJP said: Sneak peek at GCRTA’s new trains By Ken Prendergast / January 20, 2023 When the Greater Cleveland Regional Transit Authority (GCRTA) acquired new Italian-built Breda trains for its Blue and Green light-rail lines linking Shaker Heights and downtown Cleveland, Jimmy Carter was still in the White House. It was only a few years later, in Ronald Reagan’s first term, when GCRTA received new Japanese-made Tokyu trains for its heavy-rail Red Line between Cleveland Hopkins Airport and Windermere. GCRTA is still relying on trains that predate the mullet. To say that these trains are due for a replacement is an understatement. MORE: https://neo-trans.blog/2023/01/20/sneak-peek-at-gcrtas-new-trains/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 21, 20232 yr Since the development threads get more attention, I'm posting this quote here. But please comment there.... While I'm happy about the new trains obviously, I'm torn on the design. The Canadian version is definitely the better design that San Francisco and what I hope we would choose. The interior looks uncomfortable compared to the red and blue lines, hopefully we can maintain some sort of similar seating. I will miss the subway style trains we have now but I understand why we are going this route, a unified system makes complete sense and is very welcomed. Sent from my Pixel 7 using Tapatalk
January 23, 20232 yr Author Fascinating! These tax credits may be able to help finance real estate projects near transit, as well as help fund transit projects themselves.... https://www.metro-magazine.com/10190655/how-new-clean-energy-tax-credits-can-benefit-transit-systems "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 24, 20232 yr 6 hours ago, KJP said: Fascinating! These tax credits may be able to help finance real estate projects near transit, as well as help fund transit projects themselves.... https://www.metro-magazine.com/10190655/how-new-clean-energy-tax-credits-can-benefit-transit-systems “The ITC and PTC are not the only tax credits worth exploring. The IRA creates a new credit for vehicle fleets that transition to zero-emission alternatives. Vehicle purchases can qualify for a 30% tax deduction. The so-called “45W credit” maxes out at $40,000 for most medium- and heavy-duty vehicles or $7,500 for light-duty vehicles. Fleet operators without tax liabilities can use the “direct pay” option explained earlier.” Is an LRV considered a “medium or heavy duty vehicle” for purposes of this incentive? If so, it’s another source of funding for RTA’s rail car replacement. When is the last time I-71 turned a profit?
January 26, 20232 yr ODOT is planning to rehab I-490 between the I-90/I-490/I-71 interchange and just west of E. 55th, beginning in the Spring of 2024 at an estimated cost of $42.5M. The period for public comment is now open. More details along with the ling to leave a comment below: https://www.transportation.ohio.gov/projects/projects/107408?utm_medium=email&utm_source=govdelivery
January 26, 20232 yr 4 minutes ago, Whipjacka said: be nice if they could improve access to clark field from tremont Maybe another pedestrian overpass at the end of Professor?
January 26, 20232 yr A bike path and wider sidewalk on the W. 7th bridge would help. That whole stretch down to Quigley is a mess.
February 2, 20232 yr **PLEASE, DON’T SHOOT THE MESSENGER** Final approval for demolition of the GE plant on Euclid is up on the Planning Commission Agenda for tomorrow. On the flip side, a great deal of signage for new businesses are up for approval, while new construction projects across town and Zoning changes for some small projects are expected next Monday. https://planning.clevelandohio.gov/designreview/drcagenda/2023/PDF/CPC/CPC02-03-2023.pdf
February 2, 20232 yr 59 minutes ago, ELaunder said: Final approval for demolition of the GE plant on Euclid I think this is on Commerce between 43rd and 45th. This demo would really be a shame-and I don't say that about all demos. There's a number of projects proposed or happening in the somewhat general vicinity and this neighborhood finally has a sliver of hope. The buildings don't look like they are in bad shape. This could be a great historic tax credit project like Mueller Lofts or Warner-Swasey. If you just demo'd the buildings in the middle of the block for parking (and kept the buildings along 43rd) this would be a great apartment complex.
February 2, 20232 yr Author I think GE is afraid of getting sued. They said the same thing with regards to their lighting plant demo on East 152nd. But I don't understand how this is different from Nela Park, which had similar manufacturing done as the former Brush Electric plant. And Nela has a new owner plus some new uses. https://neo-trans.blog/2022/09/13/ge-may-demolish-historic-factory-incubator-in-cleveland/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 2, 20232 yr I don't understand it either because if the buildings are too polluted to save, then I would think the soil is also contaminated and I doubt they will be doing soil remediation. It can't be more polluted than a battery plant, or auto factory, and those have been renovated successfully.
February 2, 20232 yr Author 35 minutes ago, Dino said: I don't understand it either because if the buildings are too polluted to save, then I would think the soil is also contaminated and I doubt they will be doing soil remediation. It can't be more polluted than a battery plant, or auto factory, and those have been renovated successfully. Some folks I spoke with said that mercury got into the wood floors which may have absorbed it and kept it from getting into the soil. But if that's the case, why not just replace the floors? I think it's just usual Fortune 500 slash and burn. Tear everything down, sell it and start all over. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 6, 20232 yr If this were on W 45th it would have sold for 5 million then had another 20 million into renovation, would be complete, and full of tenants paying $2000 a month.
February 8, 20232 yr I saw on Scene today that Karl's Inn at the Barristers is closing soon for good and that they are the last tenants in the building. Any insights on what's going on here? Any relation to that prior Magellan or other named project for this site?
February 10, 20232 yr what was the reason for the move across the street? sorry I'm out of the loop. It doesn't look much bigger at all from their current spot.
February 10, 20232 yr 17 minutes ago, dwolfi01 said: what was the reason for the move across the street? sorry I'm out of the loop. It doesn't look much bigger at all from their current spot. And I always felt like that Galleria outdoor patio was a pretty awesome space right in the financial district Downtown
February 10, 20232 yr 6 hours ago, dwolfi01 said: what was the reason for the move across the street? sorry I'm out of the loop. It doesn't look much bigger at all from their current spot. The old space likely needed more work than could be done while maintaining operations, and they didn't want to shut down entirely. I could ask John Lane, but having been through a bar move/renovation myself, I'm relatively certain that's the reason.
February 10, 20232 yr 3 hours ago, E Rocc said: The old space likely needed more work than could be done while maintaining operations, and they didn't want to shut down entirely. I could ask John Lane, but having been through a bar move/renovation myself, I'm relatively certain that's the reason. The owners of the Galleria chose not to renew the WL's lease because they wanted to redevelop the Galleria. Now they are trying to lease out that space to a different restaurant. Pretty much the Galleria's owners don't know what they're doing.
February 10, 20232 yr 5 minutes ago, X said: The owners of the Galleria chose not to renew the WL's lease because they wanted to redevelop the Galleria. Now they are trying to lease out that space to a different restaurant. Pretty much the Galleria's owners don't know what they're doing. This is somewhat "crazy" as past reporting has stated the Kassouff's renovation of Erieview was to begin in the first quarter of 2023 (not that I believed that at all-in fact I am a skeptic that it will ever happen given their track record). To be fair I don't believe they, as of yet, have firm plans for the Galleria portion of the project and could go forward with the office building first and then tackle the Galleria. But given the total circumstances, a restaurant would have to be crazy to lease the space unless they got a fantastic deal, with money for small improvements from the landlord and the ability to terminate the lease at any time. I doubt that is being offered.
February 10, 20232 yr Interesting article on Crain's today. Even with all the new apartments we're still seeing prices rise: Cleveland asking apartment rents keep rising as national pace slows https://www.crainscleveland.com/real-estate/cleveland-apartment-rents-keep-rising-national-pace-slows?utm_source=afternoon-report&utm_medium=email&utm_campaign=20230210&utm_content=article1-headline Headline number: Quote Tenants seeking new apartments in Cleveland experienced the second-highest median asking rent hike in the country at 17.5% in January, surpassed only by Raleigh, North Carolina, at 22.5%, according to a report from Redfin (Nasdaq: RDFN). https://www.redfin.com/news/redfin-rental-report-january-2023/
February 11, 20232 yr 17 hours ago, dwolfi01 said: Interesting article on Crain's today. Even with all the new apartments we're still seeing prices rise: Cleveland asking apartment rents keep rising as national pace slows https://www.crainscleveland.com/real-estate/cleveland-apartment-rents-keep-rising-national-pace-slows?utm_source=afternoon-report&utm_medium=email&utm_campaign=20230210&utm_content=article1-headline Headline number: Demand is being driven by these smaller households (typically 1 person), who is more educated and affluent and can afford the rents of these new units. If you think about it, there are a lot of different apartment buildings getting built around town, but even if some of the larger ones have 250 units, that's still only 250 to 300 people, which is not a lot in a metro of millions. I'm basically stating there is still a lot of demand out there for this new product.
February 11, 20232 yr Although we think of the Cleveland metro as a shrinking market - overall its actually been pretty flat for decades. What’s changing is the makeup of the economy and correspondingly the demographics. For example in the 50s and 60s the market called for bungalows in Euclid and Parma to house blue collar families employed in manufacturing. While today, a lot more of the jobs are filled by younger professionals that want apartments with modern amenities.
February 11, 20232 yr Anyone know if there is anything major going on at the corner of 101st and Woodward? Is this the apartment building going up around Newton that KJP mentioned? Also they tore down the order apartment building next to the Regency apartments on Ansel. Such a shame. Sent from my iPhone using Tapatalk
February 11, 20232 yr Author Yes "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 18, 20232 yr Author City staffing shortage threatens some Cleveland projects By Ken Prendergast / February 17, 2023 At the start of 2024, the city of Cleveland’s new tax abatement policy will go into effect. While the policy will remain basically unchanged for much of the city, it will become less supportive of developments in neighborhoods where construction has been most active — University Circle, Ohio City, Tremont and parts of downtown. So, in those areas, developers are trying to expedite the delivery of projects before the 15-year property tax abatement on new developments declines from 100 percent to 85 percent. But there’s something standing in the way of that acceleration: a lack of city staff to get projects approved in time. MORE: https://neo-trans.blog/2023/02/17/city-staffing-shortage-threatens-some-cleveland-projects/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 18, 20232 yr I’d absolutely love an interview with Justin Bibb about this stuff - keeping all these projects happening should be a very high priority for the mayor of Cleveland Seems like the city is on a bit of a roll construction-wise - what a shame it would be if basically staffing issues helped discourage the very people that want to invest in the city.
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