August 1, 20195 yr I agree with @Boomerang_Brian on this one. Downtown rents have increased a lot in the last 5+ years, and many people are faced with the decision: live downtown with roommates, or get your own apartment in Lakewood or another suburb. Having a modestly priced option for individuals downtown would certainly be a welcome option IMO.
August 1, 20195 yr Just to piggy back, before I bought my house I really wanted to live downtown but could not justify the rent as it was just out of my price range. I ended up in Tremont instead. If these were available I would have moved down there.
August 1, 20195 yr These are clearly geared towards 20-30 somethings, who have largely been under served in the rental market downtown. I bet they'd lease up quicker than phase 2.
August 1, 20195 yr 1 minute ago, RE Developer In Training said: These are clearly geared towards 20-30 somethings, who have largely been under served in the rental market downtown. I bet they'd lease up quicker than phase 2. I'd bet so too.
August 1, 20195 yr I agree with everyone. Micro units would be an amazing idea for downtown and it would bring in so many new residents. But let's forget about whether it's a good idea or not. Is this project actually gonna happen!?! It seems like we've been waiting forever for this to move along.
August 1, 20195 yr ^^^^^^ Ok, plainly I have overestimated the minimum space requirements of millennials. According to their website, the Kenect in Chicago is almost fully rented at $1795 for the cheapest studio. Reviewing Wolstein's proposal, he is planning 350 sq ft studios aimed at people "who balk at paying $1500 to $1600 a month." That size for $1400 (?) a month still seems high to me. https://www.cleveland.com/realestate-news/2018/06/plans_for_flats_east_bank_phas.html Remember: It's the Year of the Snake
August 1, 20195 yr ^ exactly these won’t be cheap even if they are small. They are still new construction and require new construction prices. Kitchens and bathrooms are the most expensive parts of a unit to build. Micro units tend to have a higher price per square foot because of this. Will these do well here? I’m not sure. The neighborhood can feel isolated and there are a lot of better deals to be had elsewhere. It will help bring slightly more affordable units to the neighborhood for those who want to live there. We’ll see how many people that really is that value the neighborhood over cheaper rent elsewhere downtown and surroundings.
August 1, 20195 yr 6 minutes ago, JSC216 said: ^ exactly these won’t be cheap even if they are small. They are still new construction and require new construction prices. Kitchens and bathrooms are the most expensive parts of a unit to build. Micro units tend to have a higher price per square foot because of this. Will these do well here? I’m not sure. The neighborhood can feel isolated and there are a lot of better deals to be had elsewhere. It will help bring slightly more affordable units to the neighborhood for those who want to live there. We’ll see how many people that really is that value the neighborhood over cheaper rent elsewhere downtown and surroundings. The ironic thing about this getting built is that I think it will alleviate that feeling of isolation. The parking lot really does make everything feel further away.
August 1, 20195 yr 15 minutes ago, KFM44107 said: The ironic thing about this getting built is that I think it will alleviate that feeling of isolation. The parking lot really does make everything feel further away. While I agree it will help, the bigger issues in my opinion are that the warehouse district buildings have zero interaction with the streets leading down to the flats. On top of that the warehouse district feels isolated from the rest of downtown due to the large parking lots. The flats are essentially isolated from a neighborhood that itself is isolated from the rest of downtown.
August 11, 20195 yr Author I added Kenect Cleveland to the list. The project is much more alive than I'd thought two weeks ago when I wrote this.... https://neo-trans.blogspot.com/2019/07/here-come-clevelands-mid-rises.html?m=1 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 11, 20195 yr 2 hours ago, KJP said: I added Kenect Cleveland to the list. The project is much more alive than I'd thought two weeks ago when I wrote this.... https://neo-trans.blogspot.com/2019/07/here-come-clevelands-mid-rises.html?m=1 Why all of a sudden the change of heart?
August 12, 20195 yr Author 4 hours ago, PoshSteve said: Are the riverfront restaurants under construction? No. May not start until the off-season. 3 hours ago, simplythis said: Why all of a sudden the change of heart? New information. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 12, 20195 yr Did I read that photo caption right? The updated phase 3 won't include a movie theater?
August 12, 20195 yr Author That's my understanding. I hope it's a misunderstanding. Edited August 12, 20195 yr by KJP "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 12, 20195 yr That's disappointing. While I don't know if a movie theater is the answer, east bank badly needs some variety down there.
August 12, 20195 yr I am NOT a huge fan of the Wolstein family. I hope phase 3 gets developed but with him every Announced phase that he makes seams to be changed 2-3 times before it MIGHT get built. He seams to get a FREE pass on this forum whereas Stark gets HAMMERED. Every since The Bart Wolstein FOLDED the the CLEVELAND FORCE in the MISL For NO REASON other than he did not get HIS way with the league, I have not been a big fan of the Wolsteins. The Force was successful and a model franchise in the league but Wolstein did not get his way. This project was announced BEFORE the market crashed AND I realize that changed everything. BUT I think he thinks Millenials are huge idiots. AS for his LiVE-WORK-PLAY environment it Offers only BARS & Restaurants and nothing else. I think Millenials are Highly Educated and good earners which need more in their neighborhoods than just places to eat and high priced hammer jobs I also think he is a master of the Subsidies & Financing because if he does not get 2.00 out of 1.00 he wont do the projects. And his projects have failed as he seams NOT to do his due Diligence in the tenants he is trying to procure. What do Toby Keith, Rascall Flatt's and IPIC all have in common - THEY ALL went Bankrupt and were the main pieces of his phases. Where was the due diligence of checking out their viability.
August 12, 20195 yr 34 minutes ago, simplythis said: I am NOT a huge fan of the Wolstein family. I hope phase 3 gets developed but with him every Announced phase that he makes seams to be changed 2-3 times before it MIGHT get built. He seams to get a FREE pass on this forum whereas Stark gets HAMMERED. Every since The Bart Wolstein FOLDED the the CLEVELAND FORCE in the MISL For NO REASON other than he did not get HIS way with the league, I have not been a big fan of the Wolsteins. The Force was successful and a model franchise in the league but Wolstein did not get his way. This project was announced BEFORE the market crashed AND I realize that changed everything. BUT I think he thinks Millenials are huge idiots. AS for his LiVE-WORK-PLAY environment it Offers only BARS & Restaurants and nothing else. I think Millenials are Highly Educated and good earners which need more in their neighborhoods than just places to eat and high priced hammer jobs I also think he is a master of the Subsidies & Financing because if he does not get 2.00 out of 1.00 he wont do the projects. And his projects have failed as he seams NOT to do his due Diligence in the tenants he is trying to procure. What do Toby Keith, Rascall Flatt's and IPIC all have in common - THEY ALL went Bankrupt and were the main pieces of his phases. Where was the due diligence of checking out their viability. FAILING Wolsteins can’t complete 3rd phase of their TERRIBLE east bank project. SAD!
October 4, 20195 yr Huh...this is going into the Aloft building, a second floor space. https://brownsfit.com/
October 4, 20195 yr 19 hours ago, freethink said: Huh...this is going into the Aloft building, a second floor space. https://brownsfit.com/ It's replacing the closed East Bank Fitness Club at the Aloft Hotel. This is Crains Cleveland Business article about this new gym: The Cleveland Browns are teaming up with a fitness industry entrepreneur to open a 20,000-square-foot fitness center in downtown Cleveland. The team on Thursday, Oct. 3, announced that it will open Browns Fit, described as a "team-themed, state-of-the-art fitness center," sometime in November. The fitness center will be at 1111 W. 10th St. in the Flats, which is in the Aloft Hotel. A Browns spokesman said the team is renovating a second-floor space there as the home of Browns Fit. https://www.crainscleveland.com/sports-business/ready-train-brown-team-will-open-browns-fit-november&ved=2ahUKEwjOoZe85IHlAhUK16wKHam0Du4QFjAHegQIEhAB&usg=AOvVaw1-WYiNdelHpUUfLTdI31C3 Edited October 4, 20195 yr by Larry1962
October 4, 20195 yr Sounds like it is replacing East Bank Fitness. I was a member for a year and it never was consistently busy. Hopefully the new place will garner more attention from the surrounding neighborhood.
October 4, 20195 yr 7 hours ago, originaljbw said: Sounds like it is replacing East Bank Fitness. I was a member for a year and it never was consistently busy. Hopefully the new place will garner more attention from the surrounding neighborhood. Yes it's replacing the closed East Bank Fitness Club at the Aloft Hotel. Edited October 4, 20195 yr by Larry1962
November 19, 20195 yr 1 minute ago, marty15 said: The new Club 27 coffee shop is being spearheaded by MGK, for what it’s worth. Who is MGK?
November 20, 20195 yr I wonder if it would have made more sense to put the casino on East Bank instead of in the Higbee building?
November 21, 20195 yr ^ Never noticed that space is kind of an eyesore. Seems a good idea to extend a patio.
November 21, 20195 yr Not to be that person who re-starts a conversation with no actual updates... but I guess I am going to be that person now ? Whatever happened to the next phase of FEB? The "fishing shacks" ??
November 21, 20195 yr 2 hours ago, mrclifton88 said: Not to be that person who re-starts a conversation with no actual updates... but I guess I am going to be that person now ? Whatever happened to the next phase of FEB? The "fishing shacks" ?? I thought I had read they were waiting till that SB 39 passes to get more funding...
December 20, 20195 yr How’s this for a nice Friday surprise?! The next phase has broken ground and is all fenced off. Edited December 20, 20195 yr by marty15
December 20, 20195 yr 1 minute ago, marty15 said: How’s this for a nice Friday surprise?! The next phase has broken ground and is all fenced off. Wow.. didn’t expect to see this today!
December 20, 20195 yr More restaurants, bars and nightclubs. https://www.cleveland.com/business/2019/05/flats-east-bank-project-moving-forward-with-design-approval-of-riverfront-restaurants-bars.html
December 20, 20195 yr The interaction these buildings will have with the boardwalk is a huge step up from that of Alley Cat.
December 23, 20195 yr Can't speak for everyone, but I can't wait to hear white guy with a guitar. Edited December 23, 20195 yr by ydard
December 24, 20195 yr are those new river front places townhouses? or apartments--and if apts--for sale or for rent?
December 24, 20195 yr On 12/20/2019 at 4:47 PM, Pugu said: what are they---townhouses? or apartments--and if apts--for sale or for rent? On 12/20/2019 at 4:55 PM, skiwest said: More restaurants, bars and nightclubs. https://www.cleveland.com/business/2019/05/flats-east-bank-project-moving-forward-with-design-approval-of-riverfront-restaurants-bars.html 15 minutes ago, Pugu said: are those new river front places townhouses? or apartments--and if apts--for sale or for rent? It’s like deja vu all over again. ? When is the last time I-71 turned a profit?
December 24, 20195 yr 5 minutes ago, inlovewithCLE said: You’re right, and people should really stop comparing FEB of today with the FEB of 70s/80s One of the biggest differences is security. I feel safe there now. In the 90’s I was assaulted at BW-3 and nearly bled to death.
December 24, 20195 yr A true neighborhood still needs services (mixed-use development), not just bars and restaurants.
December 24, 20195 yr Author FYI, if you're hoping that this is a sign that the Phase 3B (the 12-story apartment building over retail/co-working/theater) will be getting built soon, it's not. It's true that Wolstein's financial covenants require him to build these riverfront restaurants (3A) first before moving on to 3B. But unfortunately, I'm hearing Wolstein is having some cash-flow issues at his company. That may explain his cash-out of his firm's interest in the Renaissance Center in Playhouse Square earlier this year.... Berkadia closes $33 million loan for downtown Cleveland office building https://www.rejournals.com/berkadia-closes-$33-million-loan-for-downtown-cleveland-office-building-20190114 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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