Does anyone have an update on this building?

Does anyone have an update on this building?

 

like sales?

 

gutting process?

 

retail tenants?

 

dirigible docking station enhancements?

 

I spoke to the developer about 2 weeks ago.  He said sales were doing well.  Initially they had 14 pre-sales (out of the 26 units) and this summer they dropped about 5 after all the details came out pertaining to association fees, etc.  I'm sure some just changed their mind.  But he said they've had a real solid couple months and have made up those sales plus a couple more (sounds to me like 16 of the 26 are sold). he mentioned they were moving forward with construction. Saturday the dumpster was moved into place in the alley between park and may. And yesterday i saw the dumpster windows open on the 2nd, 3rd, and 6th floors with a lot of trash coming down the schute.  Also the entry to the garage is slated to be on ontario... Pretty much directly below the "Green's" sign next to the new entrance to sushi 86.

oh... and they are anticipating a June '08 move in for the first tennants.

Great! Thanks for the news.

I've heard that the Park Building has been granted the $10,000,000 construction loan from the bank.  Things will get rolling now.

I can tell you that W28th is "in the know" when it comes to the Park Building (as well as other projects around town).

KJP, a gentleman and a scholar.

 

Very nice!  Thanks for the update fellas

KJP, a gentleman and a scholar.

 

 

Well, you're half right..... ;)

Oh, oh, oh... let me guess which half.

This rendering is provided by McCleveland - looks like they're keeping the historic parts intact on the ground floor:

 

It looks nice and all, but it irks me that this is the best we can do for Public Square retail.  Kind of like how there are so many banks on W. 25th in the OC.  I guess if Dollar Bank wants to do an outdoor cafe and take advantage of all that new sidewalk space, then it can.  Maybe something like the Charter One/Starbucks on Cornell & Euclid.  Until then, bummer.

Had a chance to speak to the developer of this project this morning... 1. Perhaps the name of this thread should be "conversion to 22 Condo Units", because they have combined some units and there are now only 22 for sale.  2. Furthermore in what I think is great news... 18 have sold.  They are still looking for a June / July occupancy for the first residents. 3.  The new dollar bank branch is scheduled to open by the end of march.

 

  While I know that some aren't too happy about "just" a bank branch going here, I am at least excited to see some street activity where boarded up shops once stood.

damn.  I wish Hough Bakery would reopen!    Sorry, my sweet tooth talking there!

Great news. Thanks for the update.

While I know that some aren't too happy about "just" a bank branch going here, I am at least excited to see some street activity where boarded up shops once stood.

 

At least for a few hours every day...

 

Seriously though, those sales numbers are great.  Interesting that they recalibrated the unit selection by combining some- I wonder if that was done to accommodate specific buyers or to repackage the ones that weren't moving.  As always, thanks for the scoop McC!

well, they weren't exactly "boarded up," but I agree that a viable ground floor tenant who will keep the lights on is a plus.  Great news about the sales!  I wait for the bus on Ontario some days and don't see the flurry of activity that I would expect, but I'm assuming work is going on inside?

While I know that some aren't too happy about "just" a bank branch going here, I am at least excited to see some street activity where boarded up shops once stood.

 

At least for a few hours every day...

 

Seriously though, those sales numbers are great.  Interesting that they recalibrated the unit selection by combining some- I wonder if that was done to accommodate specific buyers or to repackage the ones that weren't moving.  As always, thanks for the scoop McC!

 

I thought the initial units were small and oddly shaped.  Granted my opinion about what is an "adequate" size is skewed.

well, they weren't exactly "boarded up," but I agree that a viable ground floor tenant who will keep the lights on is a plus.  Great news about the sales!  I wait for the bus on Ontario some days and don't see the flurry of activity that I would expect, but I'm assuming work is going on inside?

Exactly... I hear they are fairly far along on the inside so I would expect to see some work going on in the storefront soon.

While I know that some aren't too happy about "just" a bank branch going here, I am at least excited to see some street activity where boarded up shops once stood.

 

At least for a few hours every day...

 

Seriously though, those sales numbers are great.  Interesting that they recalibrated the unit selection by combining some- I wonder if that was done to accommodate specific buyers or to repackage the ones that weren't moving.  As always, thanks for the scoop McC!

I imagine they are finding people willing to spend serious $$$ for these units so they are adjusting with larger places... I hear they are getting $275-300 a square foot!  Obviously there is a market for this.  Though personally I sometimes wonder why no one really adresses the new construction in the 200-250k range to try to grab the young professionals that aren't lawyers or doctors, whom i think are the only people who are going to pay the 300-450k which most of the new construction is going for.

This bodes well for the condos above Wonder Bar. Hmm..any creative ideas for the May Co. building??

This bodes well for the condos above Wonder Bar. Hmm..any creative ideas for the May Co. building??

 

I don't agree.  The finish, workmanship, materials used in the units and the BUILDING itself are far superior that the condos above the wonder bar.  Keep in mind I've only seen the Park Building units in person.

While I know that some aren't too happy about "just" a bank branch going here, I am at least excited to see some street activity where boarded up shops once stood.

 

At least for a few hours every day...

 

Seriously though, those sales numbers are great.  Interesting that they recalibrated the unit selection by combining some- I wonder if that was done to accommodate specific buyers or to repackage the ones that weren't moving.  As always, thanks for the scoop McC!

 

I thought the initial units were small and oddly shaped.  Granted my opinion about what is an "adequate" size is skewed.

 

Every unit I've seen is a rectangle.  Demo is complete and the new construction will be begining very soon.

I imagine they are finding people willing to spend serious $$$ for these units so they are adjusting with larger places... I hear they are getting $275-300 a square foot!  Obviously there is a market for this.  Though personally I sometimes wonder why no one really adresses the new construction in the 200-250k range to try to grab the young professionals that aren't lawyers or doctors, whom i think are the only people who are going to pay the 300-450k which most of the new construction is going for.

 

The problem isn't the large high end units its that Cleveland doesn't have enough one bedroom (700 to 800 sq. ft.) or studio units (under 685 sq. ft.).

 

Those units are small and you can build many.  People who typically buy those types of units more often spend time at street level and patronize the businesses withing 500 feet of their home, since they typically cannot entertain at home. They are mostly young and want to dine, eat and play close to home.

 

Based on some comments here and from others I know, its hard to find a one bedroom in downtown.  Searching for a two or three bedroom unit, you'll have better luck, but a one bedroom nearly impossible.  Yes, you might see a listing, but there is most likely a waiting list.  I think this is why Downtown Cleveland has such a tight rental market and high occupancy numbers.

While I know that some aren't too happy about "just" a bank branch going here, I am at least excited to see some street activity where boarded up shops once stood.

 

At least for a few hours every day...

 

Seriously though, those sales numbers are great.  Interesting that they recalibrated the unit selection by combining some- I wonder if that was done to accommodate specific buyers or to repackage the ones that weren't moving.  As always, thanks for the scoop McC!

 

I thought the initial units were small and oddly shaped.  Granted my opinion about what is an "adequate" size is skewed.

 

Every unit I've seen is a rectangle.  Demo is complete and the new construction will be begining very soon.

 

The first units were oddly shaped like the unit MayDay shot.  Now that they have redesigned, they are more traditional.

 

Based on some comments here and from others I know, its hard to find a one bedroom in downtown.  Searching for a two or three bedroom unit, you'll have better luck, but a one bedroom nearly impossible.  Yes, you might see a listing, but there is most likely a waiting list.  I think this is why Downtown Cleveland has such a tight rental market and high occupancy numbers.

 

Almost all of the units that will be opening above the corner alley are going to be one bedrooms... apparently they saw the same hole in the market you did.  The 668 building also has plans for a good deal of 1 bedrooms.

^when are they going to start work on those units? Is it true that MRN has just one work crew and that they can only work on one building at a time?

Almost all of the units that will be opening above the corner alley are going to be one bedrooms... apparently they saw the same hole in the market you did.  The 668 building also has plans for a good deal of 1 bedrooms.

Good to hear!

Where's your 2 cents? :-P

^when are they going to start work on those units? Is it true that MRN has just one work crew and that they can only work on one building at a time?

 

work is definitely progressing on these units already.  I hear they are suppose to open at some point this summer.  I'm not sure of Maron's resources, but it has been a slow process.  However just looking from street level up through the windows I've seen a chunk of progress (studs erected, ductwork, etc.)... and about a week ago i saw loads of drywall being brought in.

well, they weren't exactly "boarded up," but I agree that a viable ground floor tenant who will keep the lights on is a plus.  Great news about the sales!  I wait for the bus on Ontario some days and don't see the flurry of activity that I would expect, but I'm assuming work is going on inside?

Exactly... I hear they are fairly far along on the inside so I would expect to see some work going on in the storefront soon.

 

Sorry, I was referring to the apartments, but either way I would assume the answer is the same.

The dollar bank in the bottom of the Park Building is apparently scheduled to open on Monday March 24.

Weren't they going to add some penthouse-type strutures on top of the building, or is my memory failing me?  (I swore I saw a rendering in this thread some time back, but can't find it now.)  Is that still part of the plan?

 

They were going to, but I think that has been scrapped for the time being.  It may eventually happen though.  The developer also owns the Southington Building to the south of the Park Building, and has said that a future phase could be building atop the Southington.  Only time will tell.

But the top floor floor plans still include the new top level, which is the living area, with the current top level being bedrooms (first floor bedrooms, second floor living area).  Seems they would have already sold some based on this layout. 

The last open house I went to there (a couple months ago), the sales guy still said it was happening. 

I could be wrong.

By the way at lunch today I walked by and noticed a couple things... they had cut away some of the construction facade, and much of the front looks complete.  They were bringing in the signage which looked pretty nice (remember when you see this, that all the stores will have their signage changed to look similar), and there was a furniture truck bringing office furniture into the space.  Looks like they should be on schedule for the March 24 opening.

Dollar Bank appeared to be open and ready to go as of 830 this morning. Bank looking types were mulling about.

Bank types mulling about, probably better than homeless types mulling about peeing in abandoned storefronts.

Or bank robber types.

 

EDIT: Page breaks can really kill a punch line (especially when it wasn't that funny to begin with).

FYI:  Cimperman says sales are brisk but he says one of the units is going to be a garden of some sort. I don't get that.

^Good news.  There are only four listings left on PURE's website for what's it worth, which does seem pretty darn good.

 

I remember that the roof of the adjacent building (starts with an S?) was supposed to be a rooftop greenspace accessible to residents, but I heard that a long time ago.

^Southland building... it's primarily being used for a garage for Park building residents... but i do recall seeing some type of roof top garden on the plans for residents...

Are they still expecting a June 08 move-in for the first round of tenants?

Anyone have any idea what used to be in the Park Building circa 1920's?

^Do you mean specific tenants?  It was an office building from construction up until a few years ago when the residential conversion started.

There were retail tenants on the street level, but the upper floors were used for commercial office space.

Retail tenants.  My 94 year old grandma was asking me.  She says she remembers this store that had this flashing white light in the window(?) and that the store was across from the Higbee's building, heading east on Euclid.  Sorry to be so vague, but this memory is from like 80 years ago.  Thanks anyways. 

There have been many retail tenants over the years.  Two that stick in my mind are a Hough Bakery and a Floreshein (spelling) shoe store.

The first three tennants have just moved into the Park Building. I believe another four will be moving in within the next month.  There is going to be an official grand opening in mid April.  Also, it appears that they will not be able to extend the brick on the sidewalks all the way to the building.  Though whatever material they decide on will be decorative and it certainly won't be crumbling cement :)  They should have the sidewalks taken care of by the time of the grand opening.  This really is a great project, I'm happy to see it finally opening it's doors.