March 28, 20187 yr I NEVER read the comments. Never. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 28, 20187 yr ^ people's lack of understanding of real estate development financing is not surprising. the fact that they speak with authority on it is hilarious. but, everyone's opinion is important nowadays.
March 28, 20187 yr It looks like the loan term was the sticking point for this deal. Everything else was just noise. The shortened term was approved unanimously. None of the reports noted that the county's loan is being personally guaranteed by the developers as individuals - which probably makes it more safe that the HUD bonds. Remember: It's the Year of the Snake
March 28, 20187 yr It looks like the loan term was the sticking point for this deal. Everything else was just noise. The shortened term was approved unanimously. None of the reports noted that the county's loan is being personally guaranteed by the developers as individuals - which probably makes it more safer that the HUD bonds. True. The HUD bonds are non-recourse but they do have the first lien position.
March 28, 20187 yr It looks like the loan term was the sticking point for this deal. Everything else was just noise. The shortened term was approved unanimously. None of the reports noted that the county's loan is being personally guaranteed by the developers as individuals - which probably makes it more safer that the HUD bonds. True. The HUD bonds are non-recourse but they do have the first lien position. The HUD bonds would mean that the project, or a set aside portion, is income restricted. Unless I'm missing something?
March 28, 20187 yr It looks like the loan term was the sticking point for this deal. Everything else was just noise. The shortened term was approved unanimously. None of the reports noted that the county's loan is being personally guaranteed by the developers as individuals - which probably makes it more safer that the HUD bonds. True. The HUD bonds are non-recourse but they do have the first lien position. The HUD bonds would mean that the project, or a set aside portion, is income restricted. Unless I'm missing something? The HUD program they are using is for market rate housing.
March 28, 20187 yr Here are the (likely) gory details: a bank will make the construction loan to the project (specifically, to a single purpose entity controlled by the developer); the loan will have FHA insurance, which the bank can look to if there's a default; the bank will then securitize the loan, and based on the news articles, that security will probably just be a participation from the AFL CIO pension trust, not really "bonds." That security will likely itself have Ginnie Mae insurance, which insures the prompt payment to the security holder. The borrower will pay mortgage insurance premiums to the FHA, and the bank will pay Ginnie Mae for the insurance on the security. FHA and Ginnie are (in theory; and thus far, in reality, I believe), self-sustaining, meaning premiums cover all losses, so while there's federal involvement, there isn't a clear federal subsidy here, unlike many HUD programs that require affordability.
March 28, 20187 yr It looks like the loan term was the sticking point for this deal. Everything else was just noise. The shortened term was approved unanimously. None of the reports noted that the county's loan is being personally guaranteed by the developers as individuals - which probably makes it more safer that the HUD bonds. True. The HUD bonds are non-recourse but they do have the first lien position. The HUD bonds would mean that the project, or a set aside portion, is income restricted. Unless I'm missing something? The HUD program they are using is for market rate housing. That's what I assumed. The link provided a couple pages back was for mortgage insurance I see now. Summary: Section 221(d)(4) insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, elderly, and the handicapped. Single Room Occupancy (SRO) projects may also be insured under this section.
March 29, 20187 yr ^ My God, the comments. Sam Allard @SceneSallard One thing I love about Cleveland is the universality of “http://Cleveland.com comments section” as shorthand for racist, subhuman language and sentiment. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 29, 20187 yr Like Scene has room to talk with their ridiculous stance on seemingly every large scale project in the City.
March 30, 20187 yr Just moved into the 25th street lofts. Loving the spot so far. Glad to see all of the development in this area!
March 30, 20187 yr Just moved into the 25th street lofts. Loving the spot so far. Glad to see all of the development in this area! I'm very excited to see how the bookstore/brewery works out on the first floor. If you can drink and read in the same spot... ill be there.
March 30, 20187 yr Just moved into the 25th street lofts. Loving the spot so far. Glad to see all of the development in this area! I'm very excited to see how the bookstore/brewery works out on the first floor. If you can drink and read in the same spot... ill be there. I have a suggestion for their bar :-) https://goo.gl/images/gr6Z9s
March 31, 20187 yr Just moved into the 25th street lofts. Loving the spot so far. Glad to see all of the development in this area! Glad to see this development fill up quick! Just with all of the talk on UO about out of state people moving into the CLE area, are you one of them?
March 31, 20187 yr I'm hearing that the 33 unit residential development proposed at 3929 Lorain is getting a lot pushback from our favorite anti any development group. As you may have guessed they are attacking the easement requested for minimum parking provided. Unfortunately, I think we have to gather our resources from this site again to email our support of the project. If interested, please email Kerry McCormack [email protected] and any other parties tied to Ohio City council.
March 31, 20187 yr Where is the easement and how does that relate to a parking minimum? (I'm still learning all this stuff but I'm getting there.) Happy to email McCormack and I live in his ward.
March 31, 20187 yr Mu, the proposed project doesn't meet the minimum parking requirement in this area. I'm not an expert in this stuff either, just pay enough attention to be dangerous! I got word from a knowledgeable person that there has been significant opposition to the development specifically surrounding the lack of parking provided. I don't know the exact numbers (maybe someone more fluent in this can help out) but there is 33 residential units and retail. From the PDF I looked at it seems only 30 total parking spaces are provided. I think residential is 1 spot per unit and there is also additional requirements for the retail. Apparently the opposition wants the minimum and then some! Which without going underground would require a loss in the number of units. And this is the same group of people that on the other hand are complaining that people are getting pushed out of Ohio City. We just need to give the council ammo that there is a sizable population invested in this area that would like to see the development go through as planned and that we chose humans over cars.
March 31, 20187 yr Just so I have some sense of the other side of the argument...are the detractors unhappy because this would increase the number of people parking on the street? And then theoretically taking away current residents’ parking opportunities?
March 31, 20187 yr Mu, the proposed project doesn't meet the minimum parking requirement in this area. I'm not an expert in this stuff either, just pay enough attention to be dangerous! I got word from a knowledgeable person that there has been significant opposition to the development specifically surrounding the lack of parking provided. I don't know the exact numbers (maybe someone more fluent in this can help out) but there is 33 residential units and retail. From the PDF I looked at it seems only 30 total parking spaces are provided. I think residential is 1 spot per unit and there is also additional requirements for the retail. Apparently the opposition wants the minimum and then some! Which without going underground would require a loss in the number of units. And this is the same group of people that on the other hand are complaining that people are getting pushed out of Ohio City. We just need to give the council ammo that there is a sizable population invested in this area that would like to see the development go through as planned and that we chose humans over cars. OK - you might mean variance then and not easement, easement is a little different. Do you know if the City has already approved a variance and people are protesting after the fact, or if it is going before the board soon? Anyways, I will email the councilman!
March 31, 20187 yr That's Ari Maron from MRN, I guess his new residence. Must be nice... http://planning.city.cleveland.oh.us/landmark/agenda/2018/01252018/index.php Good. I've been hoping that block would be brought up to par, even if this includes bricked-in (?) windows, etc. Now if only something could be done about that non-public private lot in the stretch that spoils the ambiance of the strip from Lorain Avenue down.... This is the three floor old furniture store at W25 and Chatham that he's redoing the third floor for his home with a nice penthouse/decks added to the roof of the building. He's trying to get retail, office, and or a restaurant on the first two floors.
March 31, 20187 yr Just so I have some sense of the other side of the argument...are the detractors unhappy because this would increase the number of people parking on the street? And then theoretically taking away current residents’ parking opportunities? Yes, exactly.
March 31, 20187 yr Just so I have some sense of the other side of the argument...are the detractors unhappy because this would increase the number of people parking on the street? And then theoretically taking away current residents’ parking opportunities? This parking lot is probably used by Platform Brewing patrons. And it wouldn't surprise me if their (Platform's) variance was granted on the existence of this lot. We are going to have this problem until the city revamps parking minimums for new development. Related question - I thought most of Lorain was in a Pedestrian Retail Overlay. Are parking requirements the same in a PRO district?
April 1, 20187 yr There should be no parking minimums in most of Cleveland. There should be no parking minimums in all* of Cleveland.
April 2, 20187 yr McCormack responded to my email, he said thanks and that he supports the project. (41st and Lorain)
April 2, 20187 yr It looks like the loan term was the sticking point for this deal. Everything else was just noise. The shortened term was approved unanimously. None of the reports noted that the county's loan is being personally guaranteed by the developers as individuals - which probably makes it more safer that the HUD bonds. True. The HUD bonds are non-recourse but they do have the first lien position. The HUD bonds would mean that the project, or a set aside portion, is income restricted. Unless I'm missing something? The HUD program they are using is for market rate housing. interesting. i did not know that existed. hopefully more developers can put that to use. or maybe they do? i dk.
April 10, 20187 yr From the Terminal Tower observation deck this past Sunday - Quarter in the foreground, Mariners Watch and Edge32 in the background: clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 10, 20187 yr From the Terminal Tower observation deck this past Sunday - Quarter in the foreground, Mariners Watch and Edge32 in the background: The density in this picture is odd, it's there but the shore way I think is really what messes it up for me.
April 10, 20187 yr From the Terminal Tower observation deck this past Sunday - Quarter in the foreground, Mariners Watch and Edge32 in the background: MayDay[/member] I'd like your permission please to use this photo for a blog I'm researching. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 10, 20187 yr Sure, just cite clevelandskyscrapers.com clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 10, 20187 yr Hey guys, a neighbor of mine was approached about participating in a sit-in on the site of Church and State before the groundbreaking. Please, tell me this is a NIMBY joke
April 10, 20187 yr That's Ari Maron from MRN, I guess his new residence. Must be nice... http://planning.city.cleveland.oh.us/landmark/agenda/2018/01252018/index.php It now appears MRN will replace all of the windows, not just the top floor. The agenda item says the case was tabled 3/22. I wonder if Landmark pushed for a more extensive rehab. If so, good. http://planning.city.cleveland.oh.us/landmark/agenda/2018/04122018/index.php Case 18-022 (Tabled 3-22-18) Market Square Historic District 2104 West 25th Street Window Replacement (here is the current streetview)
April 10, 20187 yr I believe something about this was posted upthread. This is pretty big -- the former Spang Baking Company on Barber will be converted to around 60 apartments. The site plan also shows townhomes fronting Vega concealing a new parking lot. Case 18-028 J. Spang Baking Company 2707 Barber Avenue Renovation (current streetview on Barber)
April 10, 20187 yr this is exactly the kind of rehab/upgrade to love. it shows a real appreciation for the existing built form of the city. i wonder what tearing it down and rebuilding would cost as compared to what kinds of renovations they are going to do to it? would be an interesting comparison. of course they are making the outstanding choice by rehabbing!
April 10, 20187 yr A former UO forumer is doing the Spang project. Perhaps he can Be persuaded to come out of lurking/retirement to give us a little insight?
April 13, 20187 yr Some more information about the Spang Baking renovation. http://www.crainscleveland.com/article/20180411/news/157951/developer-plans-revive-old-bakery-apartments Developer plans to revive old bakery as apartments Efforts are underway to rejuvenate a one-time bakery building at 2707 Barber Ave. in Cleveland as 69 rental apartments. The sprawling, four-block long structure dates to 1900 when it was constructed for the J. Spang Baking Co., which was acquired by the former Laub Baking Co. in 1958, according to "The Encyclopedia of Cleveland History." The local history said Spang's roots go back to 1888 when founder Julius Spang opened a "small bake shop" using skills as a baker he learned in Germany before coming to the U.S. Preliminary plans to convert the structure to apartments as a historic adaptive reuse project are scheduled to be reviewed Thursday, April 12 by the Cleveland Landmarks Commission. An application for $1.7 million in Ohio State Historic Preservation Tax Credits was filed March 30 for Round 20 of the program. Recipients of the credits in the intensely competitive program will be announced by June 30. ... Neither Brooker nor Ben Beckman, president of Beta Propco LLC which owns the building, would comment on the renovation's projected costs because they are still being developed.
April 13, 20187 yr An unusual #CRE deal: Nonprofit neighborhood group buys Family Dollar store in #CLE's Ohio City, with eye on preserving affordable shopping. https://t.co/zUftp2fsFY There's quite a few new businesses opening in Ohio City next month, including @BeautyShoppeUSA coworking and coffee shop at The Quarter on Detroit Ave. https://t.co/pqd9L2YWMz "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 15, 20187 yr McCormack responded to my email, he said thanks and that he supports the project. (41st and Lorain) Yes, the councilman's letter of support along with a dozen others were mentioned at the BZA hearing. The unfortunate thing about this project is how ugly it is and how substandard the design of the buildings and the circulation within them is... This forum misunderstands the pushback from the neighbors... we think our neighborhood and the residents who will live in these buildings are entitled to better design, including reasonable parking spaces, if they want them. Accepting crappy design without pushback is pathetic. Would the people advocating for all of the mediocrity have us stand by without pushing back?
April 15, 20187 yr McCormack responded to my email, he said thanks and that he supports the project. (41st and Lorain) Yes, the councilman's letter of support along with a dozen others were mentioned at the BZA hearing. The unfortunate thing about this project is how ugly it is and how substandard the design of the buildings and the circulation within them is... This forum misunderstands the pushback from the neighbors... we think our neighborhood and the residents who will live in these buildings are entitled to better design, including reasonable parking spaces, if they want them. Accepting crappy design without pushback is pathetic. Would the people advocating for all of the mediocrity have us stand by without pushing back? Well, it seems most of the people on this forum are pretty happy with the design. With good reason, I would say, as this is a well designed, dense example of what urban infill should be.
April 15, 20187 yr He's an architect. Ask one architect what they think of another's work and they'll brutally tell them to go back to Crayons or an Etch-a-Sketch! :) "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 16, 20187 yr ^Especially David Ellison... You're funny. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 16, 20187 yr He's an architect. Ask one architect what they think of another's work and they'll brutally tell them to go back to Crayons or an Etch-a-Sketch! :) Actually, I think the architect of this project could have done a better job, and that the two street frontages are passable, but he kept claiming his client wouldn't let him do a better job with the parking and the south-facing facade. The internal courtyard elevations are horrible, as are the backsides. Don't get me wrong, David Maison seems like a likable person and some of his work looks better than this project. Regardless of client preferences and instructions, the architect is ultimately responsible for the design, and this design is quite poor, mostly because of the lack of attention to the south facade and the ridiculous notion of how cars can or cannot be maneuvered in tight spaces. The combination of bad direction from the client and desperation on the part of the architect and the city makes for bad architecture. The profession of architecture is often likened to prostitution... this is sometimes an accurate description of the work when working for sleazeball developers.
April 16, 20187 yr Well, it seems most of the people on this forum are pretty happy with the design. With good reason, I would say, as this is a well designed, dense example of what urban infill should be. The facades are nice enough, and it's built to the sidewalk. But I agree with Ellison's comment about the confusing site plan. The traffic flow through the middle looks like a nightmare. Where he loses me though is the concern over lack of parking. It seems the building would have been much simpler as a 3 or 4 story apartment building with ground floor retail. Ideally with below grade parking, or if that's not feasible, parking tucked behind the retail frontage on the first floor. Why mess with a recipe that's worked for generations.
April 16, 20187 yr I commute home westbound on the Shoreway, going from E 9th to w 28th. What Quarter has done to the visual volume and density of Ohio City is remarkable. From the Shoreway, the view that spans from Stonebridge to St Ignatius looks more like Brooklyn than Cleveland. Church and State is going to be a great addition
April 16, 20187 yr An unusual #CRE deal: Nonprofit neighborhood group buys Family Dollar store in #CLE's Ohio City, with eye on preserving affordable shopping. https://t.co/zUftp2fsFY There's quite a few new businesses opening in Ohio City next month, including @BeautyShoppeUSA coworking and coffee shop at The Quarter on Detroit Ave. https://t.co/pqd9L2YWMz I wonder what happened to the loans and grants the Beauty Shoppe was scheduled to receive when they were slated to go into the Victory Building (at 70th and Euclid). http://www.cleveland.com/business/index.ssf/2015/02/coworking_craze_hits_cleveland.html
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