I think it's great the son is thinking long term about real estate development instead of just parking.

^same thing with the Shaia family

If Weston is having a difficult time getting financing, they and Cleveland should scale back the residential part and pursue the new Amazon HQ2 to fill up that site.  The residential adjacent to the HQ, a win for the employees.

 

http://www.dailymail.co.uk/news/article-4861452/Prime-real-estate-Amazon-opens-search-2nd-HQ.html

 

To borrow a phrase from Jack Nicholson in A Few Good Men, "Is there another kind?" I sure hope a vertical development is proposed on this visually blighted surface parking lot at St. Clair and West 9th in downtown Cleveland!

Developer Fred Geis buys long-troubled Western Reserve Building in Cleveland's Warehouse District

 

http://realestate.cleveland.com/realestate-news/2017/11/developer_fred_geis_buys_long-.html#incart_river_home

 

Great to see Geis take on more projects - everything he touches turns to gold it seems.

Developer Fred Geis buys long-troubled Western Reserve Building in Cleveland's Warehouse District

 

http://realestate.cleveland.com/realestate-news/2017/11/developer_fred_geis_buys_long-.html#incart_river_home

 

Great to see Geis take on more projects - everything he touches turns to gold it seems.

 

^ former home of WTAM radio, if i remember correctly.

It's an aesthetically pleasing building. I'd love to see a condo-conversion.

It's an aesthetically pleasing building. I'd love to see a condo-conversion.

 

The article indicated they were targeting office tenants. Kind of surprising.

It's an aesthetically pleasing building. I'd love to see a condo-conversion.

 

The article indicated they were targeting office tenants. Kind of surprising.

 

Maybe with all the older, cheaper office buildings coming off the market - he sees an opportunity to fill a niche

From mjarboe[/member]: Had a chance to walk through Worthington Yards project in downtown #CLE last night on the annual Warehouse District holiday tour. https://t.co/9JJZfYjg7Y

Hilliard Block building awarded historic tax credit for rehab project.

 

Hilliard Block, 1415 W. Ninth St., Cleveland

 

Total Project Cost: $2,226,750

 

Total Tax Credit: $250,000

 

The Hilliard Block dates back to 1849, and is one of the oldest buildings in Cleveland's Warehouse Historic District. Originally a grocery and dry goods store, the building was renovated into offices on the upper floors in the 1980s while retaining commercial space on the first floor. The rehabilitation project will convert the former office space to 18 apartments. The current first-floor tenant will remain in place.

 

http://www.crainscleveland.com/article/20171219/news/146256/ohio-aid-remaking-old-buildings

That's great news. Usually the last man standing on a vacant block ends up getting demolished. Glad to hear it'll be renovated.

Damn, I've walked by that building many times and still had to google the address to figure out which building it was.  Even though the rest of the block is empty, it still kinda blends in there!!!

 

Wonder how this will impact any future development on the surrounding parking lots??

1266 W. 6th (W. 6th Grill) is having a basement gas line fire, whole street is shut on a 3-3-3 (triple 3 alarm) call.

I hate to be that person (I know, when there is news somebody will certainly post it) but I am starting to become concerned about the deadly silence surrounding the Weston project.  Unlike Nucleus we hear nothing, either positive or negative.  It has been almost 2 years since even a bit of news (that being an additional small property acquisition for the project).  I thought this might be because the company was focusing on the Standard Building, but that project has been in the home stretch for a while.

 

 

^CityMark has grown in a way that I'm not sure even they expected. As such, I'm kind of surprised that they haven't jumped at an ultra ambitious project like this. Nonetheless, if there is someone that knows a good investment, it's Dan Walsh.

I hate to be that person (I know, when there is news somebody will certainly post it) but I am starting to become concerned about the deadly silence surrounding the Weston project.  Unlike Nucleus we hear nothing, either positive or negative.  It has been almost 2 years since even a bit of news (that being an additional small property acquisition for the project).  I thought this might be because the company was focusing on the Standard Building, but that project has been in the home stretch for a while.

 

Last semester in my real estate development class (I'm a MUPD student at CSU), we had a guest speaker from Weston. He stated that they've been focusing on other projects, but that they're still pursuing this development project. They do a lot of industrial/warehouse development.

This IMO is the most game changing development downtown, it wakes a sleeping giant and changes the dynamic of the parking lot district back into a destination area. No other project in the city has an impact on an area as much as this one would.

It really makes a lot more sense to have a "transformative" project such as NuCLEus on the Weston site rather than Stark's site. The Weston site connects two increasingly residential areas with a giant crater in the middle, while the Stark site connects one of those burgeoning residential areas with the stadiums. Gateway is kind of dead if there's no games going on.

^the city needs both---major residential investment (and related street-level activity) at at Nucleus AND in the warehouse district.  Public Square is big---but now that 55 Public Square will have some residential the big gap that is public square will also be lessened. I had always wanted the Ameritrust site to be a big office tower---but perhaps it too should be off office and residential---say floors 2-20 apartments, 21-60 offices, and 61-90 condos using three separate elevator banks.

This IMO is the most game changing development downtown, it wakes a sleeping giant and changes the dynamic of the parking lot district back into a destination area. No other project in the city has an impact on an area as much as this one would.

 

I think that the conversions on Public Square are really going to help give a push to developing the empty lots. There's what. 4 buildings being developed/going to be developed? 55 Public Square, 75 Public Square, Terminal Tower, and May Co.

^another buidling as well---i think its called the Park Bldg---between May co and ontario was done about 5 yrs ago.

^and don't forget the potential for 1/33 Public Square:

 

I had always wanted the Ameritrust site to be a big office tower---but perhaps it too should be off office and residential---say floors 2-20 apartments, 21-60 offices, and 61-90 condos using three separate elevator banks.

 

 

^another buidling as well---i think its called the Park Bldg---between May co and ontario was done about 5 yrs ago.

 

Yeah, there's a few good buildings that have been done there. Recently, the Standard. My friend purchased a condo with their fiance in the Park Building last year. Its a cool space. Once Public Square fills up in the next couple years it'll be a big motivation for the Warehouse District lots. The Warehouse District has been vital to Downtown.

^and don't forget the potential for 1/33 Public Square:

 

I had always wanted the Ameritrust site to be a big office tower---but perhaps it too should be off office and residential---say floors 2-20 apartments, 21-60 offices, and 61-90 condos using three separate elevator banks.

 

Is that the lot between Tower City and 55? We really need a tower there. Always thought that the Nucleus would be good anchoring Public Square and the Warehouse District.

Yes. Two bldgs were torn down there to make space for the Ameritrust Tower. If I recall correctly, their addresses were 1 PS and 33 PS. No idea why remember that!

 

^Because you are one of us.

Warehouse District Mainstay Liquid to Close After 24 Years; Will Reopen as New Concept in Late Summer

 

https://m.clevescene.com/scene-and-heard/archives/2018/06/21/warehouse-district-mainstay-liquid-to-close-after-24-years-will-reopen-as-new-concept-in-late-summer

It also looks like something is going on in the three spaces empty spaces. There’s a bunch of guys going in and out of the old paninni’s and whatever the nightclub. I couldn’t get close enough to the blueprints to see anything.

I was browsing downtown Cleveland via maps yesterday, and couldn't help but cringe when I looked at the Warehouse district. I understand Weston published plans a couple years ago, but can someone educate me on why there are so many surface lots in this area, and is there anything that can be done to start developing this area? All this red is really depressing...

I was browsing downtown Cleveland via maps yesterday, and couldn't help but cringe when I looked at the Warehouse district. I understand Weston published plans a couple years ago, but can someone educate me on why there are so many surface lots in this area, and is there anything that can be done to start developing this area? All this red is really depressing...

 

Because:

+ The city didn't prohibit demolishing buildings for surface parking until the 1980s or 1990s

+ When the Justice Center was built in the 1970s, relocating the courts from the east side of downtown, the need for parking moved with it

+ The metro area expanded beyond the reach of its rapid transit system decades ago, meaning there is no reasonable alternative to driving/parking

+ Parking in downtown Cleveland is underpriced/undertaxed

 

These parking lots bring in a lot of revenue for very little operating expense. That's why buying these properties cost millions of dollars per acre. With that much expense, along with the high costs of building new stuff downtown and downtown's low rents due to our stagnant economy/anti-growth local leadership, means that they will stay parking until significant subsidies are available, our parking/taxing/public transportation investment policies change, the parking lobby is overcome and/or the local economy grows at least as fast as the national economy.

 

BTW, that parking lot between West 9th-10th is actually a deck below the level of West 9th.

 

For those who call it the Parking Lot District....

 

 

Does anyone have any info whatsover (other than it appears to be dead) on the Weston Superblock?

On 6/22/2018 at 11:42 AM, stpats44113 said:

Warehouse District Mainstay Liquid to Close After 24 Years; Will Reopen as New Concept in Late Summer

 

https://m.clevescene.com/scene-and-heard/archives/2018/06/21/warehouse-district-mainstay-liquid-to-close-after-24-years-will-reopen-as-new-concept-in-late-summer

 

 

Any idea what's going on with the Liquid remodel??  They apparently missed their "Late Summer" reopen ...

 

During the summer I saw work being done when I would occasionally walk by, but I haven't seen anything being done there recently.

 

 

Edited October 31, 20186 yr by dar124

Just now, dar124 said:

 

 

Any idea what's going on with the Liquid remodel??  They apparently missed their "Late Summer" reopen ...

 

 

 

The only date that is less accurate than project start date is project completion date. 

Just now, freefourur said:

 

The only date that is less accurate than project start date is project completion date. 

 

 

Yea I agree.  Just a bit concerning that there dosen't seem to be much activity going on in / around the building recently.

On 10/25/2018 at 9:07 PM, KJP said:

For those who call it the Parking Lot District....

 

 

LOL if this isn't confirmation, I don't know what is! 

Liquid is not re-opening, at least not as Liquid. They lost one of their big backers on the remodel. The general manager of the place just took a new job elsewhere. There is currently zero activity going on.

9 minutes ago, stpats44113 said:

Liquid is not re-opening, at least not as Liquid. They lost one of their big backers on the remodel. The general manager of the place just took a new job elsewhere. There is currently zero activity going on.

 

 

Yep, I realize it was going to be remodeled / rebranded and the reopened.  But it was just way past the scheduled reopen date.

 

I was interested in seeing the new place and was hoping that it wasn't gonna be closed for good.

The lights seem to be on at night and some work seems to be going on inside but slow going.  Whatever it opens as I hope it is vastly different than Liquid.  Was also happy to see the Legal Aid Society takeover the Tequila Ranch space recently.  Glad to see the Warehouse District slowly clean itself up and cater more to its own residents and their safety.  

Edited October 31, 20186 yr by NYC Boomerang

Just now, NYC Boomerang said:

The lights seem to be on at night and some work seems to be going on inside but slow going.  Whatever it opens as I hope it is vastly different than Liquid.  Was also happy to see the Legal Aid Society takeover the Tequila Ranch space recently.  Glad to see the Warehouse District slowly clean itself up and cater more to its own residents.  

 

 

What are you saying?  The residents need the Legal Aid Society?  ??

Note that many tried to buy this building and bid up the price. That's the real estate market in Cleveland's hot neighborhoods right now...

 

 

Redirected from the nuCLEus thread....

 

6 hours ago, StapHanger said:

^Right- I was explaining why the conveyance is to an LLC Stark itself formed. An arm's length conveyance at the property level would incur deed transfer tax, so Stark is likely conveying the development to his own new LLC, and then selling the membership interests in the LLC to the third party. @mjarboe wrote about this conveyance structure earlier in the year.

 

Which explains why Stark didn't sell the interest in the prior LLC..."Stark 1350 LLC." The new owner probably didn't want the name "Stark" in it. BTW, if the name is that important, then I have to wonder what significance exists in it being called "1350 W6" rather than "1350 W3." Are we to infer that the Weston-owned properties along the south side of St. Clair are to be transferred to a new ownership too, as well? They haven't sold in the last two years or more and they haven't submitted any filings to the Ohio Secretary of State to add partners or change agents in the last two years. Or should we infer that the Stark property has transferred to Weston?

 

BTW, I was informed some months ago that Dream Hotels was interested in establishing a location along St. Clair Avenue in the Warehouse District. I wrote about it here:

http://neo-trans.blogspot.com/2018/09/smaller-nucleus-may-come-from-dream.html

 

Made a blog article out of the above. To me, the scant information points to a possible development on the south side of St. Clair from West 3rd to West 6th.....

 

THURSDAY, DECEMBER 27, 2018

Stark Enterprises sells its HQ, but to whom? And why?

 

A potentially strategic property transfer in downtown Cleveland nearly slipped under the radar last week. Not only was the transfer publicly filed the Friday right before the Christmas holiday weekend, perhaps to avoid attention, but it was sold using a process that concealed the details of the transaction.

 

...It begs the question why Stark didn't just sell the company that had previously owned his HQ. A possible reason is that the company, Stark 1350 LLC, had Stark's name in it. The new buyer probably didn't want any reference to Stark in the company's name. That name, 1350 W6 LLC, is also an enigma. The property isn't at 1350 West 6th. It's at 1350 West 3rd. Both are at the corner of St. Clair Avenue. Unless it's a typo, the company's name suggests that the buyer has plans for the south side of St. Clair, all the way from West 3rd to West 6th.

 

MORE:

http://neo-trans.blogspot.com/2018/12/stark-enterprises-sells-its-hq-but-to.html

Edited December 28, 20186 yr by KJP

Could be the rumored Dream Hotel project? 

 

Edit:  Sorry KJP--should have read the posting via the link, where you mention this! 

Edited December 28, 20186 yr by Cleburger

Call me crazy, but I think sitting and waiting for a coporate HQ in the Parking Lot District is a losing strategy. I would love to see Weston develop those lots into something like brownstones - ranging from $400k-$600k... you could have one row of home facing W. 3rd, splice the parking lot into two, and continue W. 4th through the parking lots. This would have a set of brownstones facing W. 3rd, with an alleyway-garage path behind, and another facing W. 4th. On the other portion of the parking lot, you could do the same, with one set facing W. 6th, and the other facing W. 4th. 

 

Having equity in residences in this area is, imo, equally as important as corporate tenants for the area's sustainability. Safety concerns could be limited with the formation of an HOA and a 24/7 security staff. 

 

Maybe I'm crazy, but most cities have residences in their downtown. 

^Correct me if I am wrong but wasn't most of the (now dead) Weston development suppose to be residential (although not townhouses and not sure if any were going to be condos).  I don't think they were looking to build much of anything in the way of offices.  In any event it looks like we are still going to have parking lots there for the foreseeable future unless some of KJP's new speculation becomes a reality.

Edited December 28, 20186 yr by Htsguy

^^The fact is that brownstones wouldn't be a highest and best use unfortunately, and at this point they're actually making money on the investment with the parking. No reason to sell low in a sense.

I do think brownstones would be a great project though.

Weston's plan was supposed to be flexible, ie a 25-story story proposed for a hotel could instead be apartments or a mixed use building, including offices. The only part of the Weston plan that was preferred/prioritized as an office use was the NW corner of West 3rd and Superior. There, they proposed a 37-story office tower.

 

The rumor was that Dream Hotel was interested in a site "on St. Clair in the Warehouse District." The corporate name that bought Stark's HQ has a West 6th Street address, not a West 3rd address. Typo? Doubtful, considering the name is repeated multiple times in their Secretary of State filing. And the new name appears to be an important part of this transaction. At the risk of reading too much into these pieces of information, combined with how Dream Hotel is a large boutique brand that ranges in size from 169 to 314 rooms per location, I can see why and how this hotel could extend from West 3rd to West 6th along the south side of St. Clair. The historic building at 1350 W. 3rd is five stories tall. I developed a simple diagram (below) to check how this could work. If Stark's HQ -- a 5-story building with its existing floor plate widths -- were extended around the perimeter of a new parking deck (designed to add on top more levels of parking and/or residential, hotel, offices, etc.), it would have enough square footage to accommodate 250 rooms, which is about the size of hotel that Dream typically offers. Again, I have no insight on this except what I posted in my blog. This could be me adding 2+2 and coming up with 7, but the scale works out per my diagram below.

Edited December 28, 20186 yr by KJP