June 23, 20222 yr Author 15 minutes ago, BuckeyeNative said: (Potentially) dumb question: in your opinion, how many more buildings are there downtown that could be converted to housing? Your article about the updates on the latest three conversion projects had me wondering if we’re getting to a point where new construction may be the “only” option. The only “big fish” remaining I can think of is the current Sherwin-Williams HQ in a few years. Maybe some space within the Tower City complex as well? There's always going to be a "next oldest" building that is considered obsolete, especially if its occupancy has declined to unhealthy levels. But we also want there to be affordable Class C spaces downtown. So after SHW vacates its HQ and IMG moves out of its building, there's a possibility that one of the two old office buildings owned by EV Bishoff (Citizens/City Club Building and Superior Building) could be up for a conversion. But I think their occupancies are still decent. Plus some of the old-school jewelers in the Citizen/City Club Building are in secure spaces that would be very difficult and expensive to replicate elsewhere. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 23, 20222 yr 13 minutes ago, KJP said: There's always going to be a "next oldest" building that is considered obsolete, especially if its occupancy has declined to unhealthy levels. But we also want there to be affordable Class C spaces downtown. So after SHW vacates its HQ and IMG moves out of its building, there's a possibility that one of the two old office buildings owned by EV Bishoff (Citizens/City Club Building and Superior Building) could be up for a conversion. But I think their occupancies are still decent. Plus some of the old-school jewelers in the Citizen/City Club Building are in secure spaces that would be very difficult and expensive to replicate elsewhere. Thanks for the response, this was very helpful!
June 23, 20222 yr l want to see the number of people living downtown to increase like all of you. But now, other than the old SHW hq's (which is obsolete for Class A space) l prefer the remaining older office space to remain office space. Let's build new residential going forward. Downtown needs a vibrant office climate. I don't think replacing office workers with residents is progress. We need both. Residential seems to be moving along at a good pace. At this point l would like to see a greater focus on increasing the downtown office population.
June 24, 20222 yr 11 hours ago, LibertyBlvd said: It is a bit discouraging that there is/was so much vacant commercial space downtown. But I assume that is the case in other cities also. Or is it? It was sad when the buildings are emptying (i.e. 1950-1990) but now it’s an opportunity. To bring it back to HBSE, how many cities have stadiums right smack in downtown with ample developable land nearby? It’s a major opportunity. We’re really blessed IMO.
June 24, 20222 yr 7 hours ago, cadmen said: l want to see the number of people living downtown to increase like all of you. But now, other than the old SHW hq's (which is obsolete for Class A space) l prefer the remaining older office space to remain office space. Let's build new residential going forward. Downtown needs a vibrant office climate. I don't think replacing office workers with residents is progress. We need both. Residential seems to be moving along at a good pace. At this point l would like to see a greater focus on increasing the downtown office population. Given the dwindling number of rehabs available, we really don't have a choice. And remember, a lot, if not all of these buildings were vacant before being rehabbed, so residents aren't really replacing office workers. I'd rather see new office AND residential buildings be built to accommodate future demand. True Demand Office will probably remain an unknown for the next couple of years, but I personally hope it picks up.
June 24, 20222 yr Author The trend in the local office market in recent years has been a flight to quality among prospective office tenants. In other words, they're leaving class B and class C properties and want to be in class A or even trophy class spaces. Recent Marcus & Millichap office market reports show potentially rosy fundamentals for Greater Cleveland. It shows Greater Cleveland has the 8th lowest vacancy among major metros and one of the highest cap rates. The low vacancy rate is due to strong office market demand in the suburbs and the conversion of many zombie properties downtown. But the market is restrained by below national average employment growth. I don't know if there's enough tightness/demand in the market to justify a spec office building in the riverfront development, or in the Browns' or Cavs/Guardians' ballpark villages but there might be for a specific, growing tenant or three. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 24, 20222 yr Yeah guys, I know the old Class B and Class C space was mostly empty or emptying out so converting those buildings to residential was the best option to fill them while also adding to the downtown population. That has been going on now for several decades and it has been a huge success, so much so that leaders from around the country have been coming here to learn how they can do it where they live. So kudos Cleveland. But now that success is coming to an end as the supply of potential conversions is getting slim. I'd prefer to see the remaining obsolete buildings somehow, someway be modernized to make them at least appealing enough for small or new companies who want to be downtown but can't afford Class A space. It may be a niche market but there has to be enough demand to fill what is now a relatively small number of options. Maybe I'm just thinking with my heart and not my head but in the interest of creating a more well rounded environment downtown I think a focus on promoting small business growth downtown can achieve that. If I remember correctly downtown Akron has been using some creative approaches to fill recently refurbished office space for small business. Maybe we can do something like that here.
June 25, 20222 yr 23 hours ago, cadmen said: Maybe I'm just thinking with my heart and not my head but in the interest of creating a more well rounded environment downtown I think a focus on promoting small business growth downtown can achieve that. Agree 100% -- small businesses are an economic engine that we should not overlook. Economic gardening takes more work but pays off in the long run!
June 27, 20222 yr Thought this was worth mentioning- the Guardians welcomed Blitzer “and his investment group” today. The official press release did not specifically mention HBSE by name, though. EDIT: local businessman Matt Kaulig is also part of the group. Does anyone know anything on him as it pertains to Cleveland development? Edited June 27, 20222 yr by BuckeyeNative
June 27, 20222 yr ^ I remember Matt Kaulig from playing football at Akron. No clue about his ties to any specific development beyond his own companies. https://www.kauligracing.com/leadership/matt-kaulig/
June 27, 20222 yr Below is what the team's email said. I'm a little unclear what it means. Quote The Cleveland Guardians have concluded their search for a minority investor and the Dolan family has reached an agreement with David Blitzer, who is the lead minority investor and point person of his investment group. David S. Blitzer has more than a decade of expertise owning and operating professional sports teams, including the Philadelphia 76ers (NBA), New Jersey Devils (NHL), Crystal Palace (EPL), Real Salt Lake (MLS) and numerous international soccer clubs. He is Co-Founder and Co-Managing General Partner of Harris Blitzer Sports & Entertainment (HBSE). David and his wife, Allison, are also committed to giving back to the community as they established the Blitzer Family Foundation to support organizations that positively impact community enrichment and youth development through education, athletics, health and wellness. Within Blitzer’s investment group, Matt Kaulig, of the Northeast Ohio based Kaulig Companies, will be a local investor. Kaulig companies are a corporate partner of the Guardians and are very active in giving back to many non-profit organizations locally and beyond.
June 27, 20222 yr 36 minutes ago, LlamaLawyer said: Below is what the team's email said. I'm a little unclear what it means. It sounds like Kaulig is involved with the investment group to satisfy having a local partner (since Blitzer is not) and he already has a working relationship with the Guardians organization. I’d question what his actual role will be in the group.
June 27, 20222 yr Author MORE https://www.kauligcapital.com/wp-content/uploads/2022/06/GuardiansKaulig62722.final_.pdf FOR IMMEDIATE RELEASE June 27, 2022 Contact: Curtis Danburg [email protected] CLEVELAND GUARDIANS PARTNER WITH DAVID BLITZERLED INVESTMENT GROUP A proven professional sports team owner and operator, Blitzer to partner with Chairman and CEO Paul Dolan to guide the Guardians organization Cleveland, OH –The Cleveland Guardians today announced a conclusion to their search for a minority investor. This process was initiated to successfully transition the interest that John Sherman maintained before he departed the organization. Through that process, the Dolan family reached an agreement with respected professional sports team owner David Blitzer, who is the lead minority investor and point person of his investment group. Blitzer has more than a decade of expertise owning and operating professional sports teams, including the Philadelphia 76ers (NBA), New Jersey Devils (NHL), Crystal Palace (EPL), Real Salt Lake (MLS) and numerous international soccer clubs. “I am very excited about bringing on David Blitzer and his group as our partners," said Cleveland Guardians Owner, Chairman and CEO Paul Dolan. "David brings a wealth of experience in the sports industry that we believe will be a complementary addition to our organization. I look forward to collaborating with David for years to come to achieve our goal of winning a World Series.” “I am thrilled to join the ownership group of the Cleveland Guardians, a storied Major League Baseball franchise with a loyal, engaged fanbase,” said David Blitzer. “Our goal is to support Paul and the incredibly talented Guardians leadership team in delivering to Cleveland a team that can contend for a World Series. We also look forward to assisting the Guardians in their mission of using the platform of baseball to drive positive change in the communities our team serves. I thank Paul and the Dolan family, as well as our partners in this investment, for this amazing opportunity.” ABOUT DAVID BLITZER David S. Blitzer is a respected global sports and entertainment investor, team owner and operator. He is Co-Founder and Co-Managing General Partner of Harris Blitzer Sports & Entertainment (HBSE). David and his wife, Allison, are also committed to giving back to the community as they established the Blitzer Family Foundation to support organizations that positively impact community enrichment and youth development through education, athletics, health and wellness. LOCAL INVESTOR INVOLVEMENT Matt Kaulig, of the Northeast Ohio based Kaulig Companies, will be a local investor within Blitzer’s investment group. Kaulig Companies are a corporate partner of the Guardians and are very active in giving back to many non-profit organizations locally and beyond. ---CLE--- "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 26, 20222 yr Any more news or chattering about a large scale skyscraper (similar to the Hudson's Tower in Detroit) that NEOTRANS had written about prior? Supposedly there was talk of a tower being built here in Cleveland that could eclipse the height of Key Tower ... 🙀 Edited August 26, 20222 yr by John D. Baumgardner
August 26, 20222 yr Ken Prendergast of NEOTRANS penned an article in February of this year. Supposedly, Bedrock was purchasing the former nuCLEus site opposite of Rocket Mortgage Fieldhouse and there was talk of a new skyscraper potentially rising on this site. It would be as tall or taller than the new Sherwin Williams tower.
August 26, 20222 yr I very confused. Are you talking about some rumblings offered by @KJP a while back regarding the Stark Nucleus property which Ezra Stark claimed were unfounded (that the property was not for sale or at least had not been sold)?
August 27, 20222 yr Bedrock is facing a $500 million cost overrun on the Hudson Block project and is asking Detroit for another $60 million tax break to save the project. It's not hard to see Tower City and other Cleveland plans being put on pause for a while. It's a pay site, sorry: https://www.detroitnews.com/restricted/?return=https%3A%2F%2Fwww.detroitnews.com%2Fstory%2Fbusiness%2F2022%2F06%2F09%2Fbedrock-seeks-60-million-10-year-property-tax-break-hudsons-site%2F7535955001%2F Remember: It's the Year of the Snake
August 27, 20222 yr Author 10 hours ago, Dougal said: Bedrock is facing a $500 million cost overrun on the Hudson Block project and is asking Detroit for another $60 million tax break to save the project. It's not hard to see Tower City and other Cleveland plans being put on pause for a while. It's a pay site, sorry: https://www.detroitnews.com/restricted/?return=https%3A%2F%2Fwww.detroitnews.com%2Fstory%2Fbusiness%2F2022%2F06%2F09%2Fbedrock-seeks-60-million-10-year-property-tax-break-hudsons-site%2F7535955001%2F I'm almost certain that's the reason why we're not hearing more about Bedrock's consummation of the purchase agreement for the nuCLEus site or even the riverfront development. There was a lot of chatter last fall and winter, even into the spring, about these sites -- transitioning more from nuCLEus to the riverfront over time. Now, there's nothing about either. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 27, 20222 yr 5 hours ago, KJP said: I'm almost certain that's the reason why we're not hearing more about Bedrock's consummation of the purchase agreement for the nuCLEus site or even the riverfront development. There was a lot of chatter last fall and winter, even into the spring, about these sites -- transitioning more from nuCLEus to the riverfront over time. Now, there's nothing about either. So when you say consummation - are you saying on hold or Dead
August 27, 20222 yr Author 14 minutes ago, simplythis said: So when you say consummation - are you saying on hold or Dead I haven't heard anything to suggest either is dead. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 31, 20222 yr On 8/26/2022 at 11:29 PM, Dougal said: Bedrock is facing a $500 million cost overrun on the Hudson Block project and is asking Detroit for another $60 million tax break to save the project. It's not hard to see Tower City and other Cleveland plans being put on pause for a while. It's a pay site, sorry: https://www.detroitnews.com/restricted/?return=https%3A%2F%2Fwww.detroitnews.com%2Fstory%2Fbusiness%2F2022%2F06%2F09%2Fbedrock-seeks-60-million-10-year-property-tax-break-hudsons-site%2F7535955001%2F FWIW, Bedrock got the additional $60 million from Detroit in exchange for committment to provide affordable housing as partof the Hudson Block. Remember: It's the Year of the Snake
August 31, 20222 yr Thanks for the update…not to take this thread too far off topic but does the Hudson’s Site have a webcam? I can’t find one!
December 2, 20222 yr Author Here we go again... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 2, 20222 yr To reduce my expectations as I’d be too excited for an update on nucleus situation, I’m going to assume this about the progressive field update
December 2, 20222 yr Author Sorry for the delay folks. We're back underway despite the Bedrock delay.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 2, 20222 yr Hopefully not another plan with no funding. 😀 I think there are 3 already - Bedrock riverfront, Haslam lakefront and CSU master plan. Edited December 2, 20222 yr by LibertyBlvd
December 2, 20222 yr Author Stark has new buyer for downtown site By Ken Prendergast / December 2, 2022 If it’s December, then there’s a new buyer emerging for the so-called “nuCLEus” properties owned by Cleveland-based Stark Enterprises. But there’s a few differences with the potential sale of downtown land in the Gateway District compared to last year’s deal that fell through. Perhaps the most significant difference this time is that Stark’s CEO isn’t denying it. READ MORE: https://neo-trans.blog/2022/12/02/stark-has-new-buyer-for-downtown-site/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 2, 20222 yr If l had my druthers l'd prefer new out of town money and probably David Blitzer at that. Let's get that Ballpark Village started where the Gateway garage is and then add a residential highrise on the old Stark property. That would create some nice density in the neighborhood.
January 6, 20232 yr Author It's official. Bedrock bought Stark's nuCLEus site. Article coming. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 6, 20232 yr Feels like Bedrock is going to own half of downtown at this point lol. This plus Tower City plus the riverfront. Crazy ambitious I like it. I will (im)patiently wait to see some plans released eventually!
January 6, 20232 yr 10 minutes ago, dwolfi01 said: Feels like Bedrock is going to own half of downtown at this point lol. This plus Tower City plus the riverfront. Crazy ambitious I like it. I will (im)patiently wait to see some plans released eventually! The Detroit model
January 6, 20232 yr Just speculating but with the Tower City development down to the river such a large and decade's long project l wonder if the Stark land is a buy and sit property. Meaning they will acquire the land now so they will have control but have no plans to develop it in the foreseeable future. Developers like Bedrock think longterm, which, while acquiring this land might make sense for them now, if they don't have any real plans to develop in the near term that would be harmful to downtown progress. Keeping it a parking lot does us no good.
January 6, 20232 yr ^ I hear you, but I wouldn’t be surprised if it’s the opposite. The riverfront development is long-term and I’ve a fair degree of cynicism that it’ll ever transpire anything close to the vision. The Nucleus site is much more straightforward to develop right here, right now. My hovercraft is full of eels
January 6, 20232 yr No question the Nucleus site is an easier build IF that's their focus. I just wonder WHAT their focus is? Maybe Ken will have some answers.
January 6, 20232 yr 1 minute ago, cadmen said: Just speculating but with the Tower City development down to the river such a large and decade's long project l wonder if the Stark land is a buy and sit property. Meaning they will acquire the land now so they will have control but have no plans to develop it in the foreseeable future. Developers like Bedrock think longterm, which, while acquiring this land might make sense for them now, if they don't have any real plans to develop in the near term that would be harmful to downtown progress. Keeping it a parking lot does us no good. I suspect that they acquired this site to give them something to develop along with the "ballpark village" developments that the Guardians have suggested they will pursue after the ballpark renovations. That could mean we would see some plans around 2027. On the other hand, Gilbert may want to replace that parking garage that Stark shut down, and to build a new garage before the ballpark village concept takes out part of the existing garage adjacent the ballpark/arena. It would be nice if they could build the garage and laneway, as Stark had planned (and the city already blessed), on at least a part of the site and, a la The Beacon, build the garage in such a way to enable a tower to rise above it later to a TBD height.
January 6, 20232 yr That makes some sense. Build a large garage now in preparation for the Ballpark Village then ultimately build some kind of tower later on the rest of the site. Gateway is going to need some kind of garage if the Village is built. Plus, wishful thinking, if Bedrock builds a garage now then the Village can concentrate on filling in the land with buildings and not worry about sticking a large garage in what is a smallish footprint.
January 6, 20232 yr Author Bedrock buys Gateway megaproject site By Ken Prendergast / January 6, 2023 Bedrock and Stark Enterprises today officially announced the acquisition and sale of the former nuCLEus development site, adding 3.17 acres to Bedrock’s growing downtown Cleveland development portfolio. Situated at the intersection of East 4th Street, Prospect Avenue and Huron Road, the site is comprised of a large surface parking lot, a parking garage, and a two-story retail building containing Mr. Albert’s Men’s World. MORE https://neo-trans.blog/2023/01/06/bedrock-buys-gateway-megaproject-site/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 6, 20232 yr Bedrock’s statement doesn’t give me the warm fuzzies about anything happening there anytime soon. In fact, I’d say a buyer with pockets as deep as theirs would have even less urgency to monetize. They can afford to buy and hold until conditions are perfect for them.
January 7, 20232 yr I wonder if any of Stark's LOIs from retail tenants would still be interested in Cleveland at this point?
January 7, 20232 yr I wonder if Cliffs, who already partners with the Cavs could partner up on the office component. Just so happens news of the ArcelorMittal building in Richfield being sold dropped today also. And perhaps that was the push Bedrock needed to pull the trigger. Total speculation, but dreamers can dream.
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