That would be great news...last time i saw the package was in March or April...i hope they have made some progress.

Count me as one who thought it was a bad idea to allow Wolstein to tear absolutely everything down north of the bridge.

 

I'm worried that the unique character of the place has been forever lost.

I love reminiscing about the awesome Flats scene back in the 80s and 90s, but this is a projects/construction thread about the new Flats East Bank project. Let's remember the old Flats East Bank, the West Bank and even the "south bank" which I consider to be the area around the Flat Iron Cafe at this new thread....

 

http://www.urbanohio.com/forum2/index.php/topic,23936.0.html

Still no further groundbreaking on this?

It will be reported when it happens.

Count me as one who thought it was a bad idea to allow Wolstein to tear absolutely everything down north of the bridge.

 

I'm worried that the unique character of the place has been forever lost.

 

I don't think there's any question that a particular unique character was indeed lost forever with those demos.  The FEB will likely create a new unique place (thanks to the location, not the design) which will be much more lively and useful to the city than the old, but which will interest me a whole lot less, I suspect.

looks like we are getting close...

 

Cleveland, state of Ohio close $3 million loan with Flats East Bank Neighborhood developers

By STAN BULLARD

10:03 am, August 2, 2010

 

Here's the key quote:

 

“It helps us get there,” Mr. Strnisha said, referring to the developers closing loans and grants from 30-some sources for the $275 million project. “It's looking very good. We're less in the mode of hunting for funds than putting them all together.”

 

rest of article here:  http://www.crainscleveland.com/article/20100802/SUB1/100809983

Good news! Mayor- that article requires a log-in...

^ the article itself didn't add too much, but it did say that construction is supposed to be begin this year. Obviously I wouldn't rely on that too much. Also it said something to the effect of they aren't searching for funds anymore but just putting all the financing together.

This project has entered the "irrelevant until I see construction crews working on site" category...at least for me.

^Good thing this project is not in the "irrelevant category" for all the people working hard to make it happen.

While I know this might seem trivial to some...But it may have been a nice idea to place some signage around the property of what is supposed to come, so that it does not exude zero. Another basic concept that seems to be missed.

^^Agreed!  It looks terrible for anyone enjoying the view from Shooters or all the passengers on Nautica or Good Times...  Spend $500 and put up some banners and fencing to show schematics or at least block the piles of rubbish that are there now...

I'm not saying if it should be done or not, but it would cost significantly more than $500 dollars to banner any significant portion of the fencing, or put up construction signs.  Somewhere in the several thousand dollar range.

OK... I think this has gone on long enough... lets move on please.  Thank you.

Cleveland's Flats East Bank hotel will carry the Aloft brand

 

CLEVELAND, Ohio -- Starwood Hotels & Resorts Worldwide Inc. has signed on to the Flats East Bank project, where a 150-room Aloft hotel is scheduled to open in early 2013.

 

The Aloft brand launched in 2008 and quickly grew to more than 40 locations, most of them in North America. A younger, sexier sibling of Starwood's W Hotels brand, Aloft targets tech-savvy travelers and offers rooms at an average price of $125 a night. Rates have not been set yet for the Aloft Downtown Cleveland, a $20 million development being funded by international investors.

 

http://www.cleveland.com/business/index.ssf/2010/08/clevelands_flats_east_bank_hotel_will_carry_the_aloft_brand.html

and thus ends one of the worst kept secrets in the history of mankind. :)

^at least here on UO

I didn't know  :|  Sounds interesting.  I've actually never even HEARD of "Aloft" hotels.

It is a very hip venue in the Washington DC area, located at the National Harbor.  Though I still wish that Cleveland could lure Starwood to build a Westin Downtown and a W in University Circle(future).

Well an announcement is good cause its keeping the public updated. Hopefully they can get everything together and start phase 1!

I think a Westin would be great here.  I don't think a W would get enough business to be really profitable here, JMO.

Why not.

I guess by secret, I only meant that if you have looked at the renderings, and if you have seen an aloft hotel... they were identical. pretty easy to piece together if you have seen an aloft.

 

personally I think a W would do fantastic here.

Yawn.  I wish this was a W or Westin.  Again, the PD claims the 1 hotel was cancelled because of the economy, thats only partially correct.  It appears the 1 hotel brand may be dead.

 

I think a W would do just fine in Cleveland, especially the Warehouse District.  That's the W and Aloft brands target audience.

 

I guess by secret, I only meant that if you have looked at the renderings, and if you have seen an aloft hotel... they were identical. pretty easy to piece together if you have seen an aloft.

 

personally I think a W would do fantastic here.

Not all are identical.  Some of the historic properties have character.  The new builds I've seen all look alike.

 

Anyway.  Nice to have a new "hip" property in town.

 

Now if we could land a Park Hyatt!

great news! i stayed in a new build aloft in minneapolis last winter. very affordable and very hip. two big thumbs up!

 

http://www.starwoodhotels.com/alofthotels/index.html

 

^^ The "Parking Lot District" could use a hotel to fill in the sea of pavement which, if this "tear it down to put up a parking lot" thing continues... is overtaking the amount of actual structures.

 

I have to wonder, however, that if the current hotel scene is slumping, why adding more is wise... Unless, of course, there is the promotion of conventions, events, etc to help fill them and people the scene.

 

Good to see some pulse in this project. I'll believe it when I see it.

 

I just wish the Aloft would be in, or nearer to, the CBD. But definitely happy to have it!

 

BTW, as I look out my windows to the surface parking lots below...the "Parking Lot District" is just as descriptive a term for the area as "Warehouse District". It's 50% parking and it's 50% structures.

Perhaps...one glorious day... the district will change from a weekend playground to a round-the-clock, 7-day-a-week urban neighborhood.

^ We should settle for nothing less.

Let's keep this to FEB. Thanks. :wink:

Next step of many. On city council's docket tonight....

 

Ord. No. 1181-10

By Council Member Sweeney (by departmental request)

 

To amend Section 3 of Ordinance No. 1384-09, passed October 5, 2009, as amended by Ordinance No. 894-10, passed June 14, 2010, relating to designating the City of Cleveland as a recovery zone for the purpose of issuing recovery zone economic development bonds or recovery zone facility bonds and allocating the City’s recovery zone facility bonds volume cap limitation to finance a portion of the costs of constructing the Flats East Development Project.

Let's see...  I'll be 73 and losing eyesight by the time the first brick is set.

I thought that the city usually likes to be the last in line to help fund projects- as they want to make sure all other financing is in place (most of the time... I believe the city has already allocated funds towards this project).  This could be a good sign for the project starting soon... but I guess we'll see.

more public funds at this point is typically not a good sign..it likely indicates the private market does not feel the project is economically feasible and not willing/able to loan as much money as needed to start the project.  But...we'll wait and see. 

more public funds at this point is typically not a good sign..it likely indicates the private market does not feel the project is economically feasible and not willing/able to loan as much money as needed to start the project. But...we'll wait and see.

 

I heard some disturbing news from an individual that works high up in a company that was thinking about providing part of a loan to the FEB.  He said that the building is simply not economically feasible as it is currently structured.  They only have two companies committed to leases and that accounts for roughly 50% of the building (the upper floors).  On the remaining half of the building he said they were planning to charge in the low to mid $30's per square foot.  Correct me if I'm wrong, but there is quality class A space in the center of downtown for much less than $30 psf.

 

According to this individual the office building is simply a loser.  Needless to say his company chose not to make the loan.  Sounds like they are going to have trouble finding any private means of financing the building.  They'll need to get creative or this thing could die.

To bad residential couldn't be part of the first phase

more public funds at this point is typically not a good sign..it likely indicates the private market does not feel the project is economically feasible and not willing/able to loan as much money as needed to start the project.  But...we'll wait and see. 

 

I heard some disturbing news from an individual that works high up in a company that was thinking about providing part of a loan to the FEB.  He said that the building is simply not economically feasible as it is currently structured.  They only have two companies committed to leases and that accounts for roughly 50% of the building (the upper floors).  On the remaining half of the building he said they were planning to charge in the low to mid $30's per square foot.  Correct me if I'm wrong, but there is quality class A space in the center of downtown for much less than $30 psf.

 

According to this individual the office building is simply a loser.  Needless to say his company chose not to make the loan.  Sounds like they are going to have trouble finding any private means of financing the building.  They'll need to get creative or this thing could die.

Yikes. The office building dying (for now, at least) would not affect the construction on the rest of phase 1, correct?

 

 

The rest isnt much. its just a hotel and landscaping. maybe a restaurant.

^Phase One IS the office tower and a small hotel.  The office tower is 75% percent of Phase One.

 

Don't have much faith in some unknown source who works for a company which is afraid to loan $$$ on a project which is 50% leased.  If the "story" is even true it sounds like a bunch of cover my butt from a lending source which had no intention of lending any $$$ in the first place (probably for this project or any other...more interested in making $$$ on credit card late fees and over drawn checking accounts).

The rest isnt much. its just a hotel and landscaping. maybe a restaurant.

I thought it included a parking garage too. Yeah, not much, I know. Still, it'd be great to see at least SOME progress with phase 1, even if the office building fell through.

 

Like Hts said though, it is just an unknown source so hopefully things still go as planned.

 

 

^Phase One IS the office tower and a small hotel. The office tower is 75% percent of Phase One.

 

Don't have much faith in some unknown source who works for a company which is afraid to loan $$$ on a project which is 50% leased. If the "story" is even true it sounds like a bunch of cover my butt from a lending source which had no intention of lending any $$$ in the first place (probably for this project or any other...more interested in making $$$ on credit card late fees and over drawn checking accounts).

 

OK, my source is not from a large bank or other "mainstream" credit institution that is "more interested in making $$$ on credit card late fees and over drawn checking accounts."  Why would they do the analysis on it if they had no intention of lending the money anyway? 

 

His point was that regardless of the fact that the building was 50% leased the rent they would have to charge on the remaining 50% was way too high and his company didn't feel there was a good exit strategy for the FEB.  Five years down the road they would have had to renegotiate the leases or refinanced the entire building in order to keep from foreclosure.  According to my source, it would have been a very high risk loan.  And judging by the lack of interest from the rest of the private sector I wouldn't be so quick to call him wrong. 

"Great Recession"... "National Credit Freeze"... "Projects Stalled Nationwide"...

 

Again, I wouldn't fret too much about Phase I not getting built.  There are too many parties involved in this project up until now to let it fail.  I think we'll be hearing about groundbreaking soon.

Is there any way to rebuild Peabody's, Fagans and the Basement?  :lol:

 

An entertainment district with a casino up the street is looking better and better !

^There are TWO entertainment districts already in existence CLOSER to the Casino (one, east 4th, right across the street).  Why dilute...if "necessary" just expand those.

The rest isnt much. its just a hotel and landscaping. maybe a restaurant.

I thought it included a parking garage too. Yeah, not much, I know. Still, it'd be great to see at least SOME progress with phase 1, even if the office building fell through.

 

Like Hts said though, it is just an unknown source so hopefully things still go as planned.

 

So what is "the plan"?  It seems like more of an idea right now.  A lot of time has passed since the original plan was rolled out (Phase 1 was originally slated to be done last month) that I don't think it's valid anymore.

 

I'm sure something will eventually get built down there, but at this point I think what and when is anyone's guess.

^Well why don't you just read this thread which contains detailed outlines of the current plan from various news sources and press releases including updates since the project was released from the developers self imposed hold.  For example, a couple of weeks ago the hotel brand was announced and members of this forum discussed that aspect at length.

^ You mean the article that said "...are putting the final touches on their financing package and still hope to break ground within a few months"?

 

You could find that sentence from any article between 2007 and today.  They don't have the money yet, hence the agenda item on the city council meeting.  Any plan today is only an idea until they get the money to start construction.

^The way your post was worded it appeared you were confused regarding the current elements of the project versus the original plan.  I didn't realize you were simply questioning whether the project would ever get started. 

Honestly, I never liked the idea of further cannibalizing our CBD with 20 storey office building in that location.  I would rather those firms renovate the old East Oho Gas building (nothing wrong with that building) or be a prime tenant for the Bruer tower.  The flats should be residential/ entertainment, although I did like the plans for the Eaton building.