February 7, 200817 yr K&D Group gets loan for Atrium Office Plaza Tuesday, February 05, 2008 CLEVELAND K&D Group gets loan Cleveland City Council voted unanimously Monday to give the K&D Group Inc. of Willoughby a $5.1 million loan to transform the Atrium Office Plaza on Euclid Avenue as part of a $64 million project. The project will include retail space and 215 rental units. It is expected to create 80 jobs.
February 9, 200817 yr Curious about the arch firm Berardi and Partners, I went to their website (http://www.bpiarch.com/index.aspx) and it seems they've done plenty of other work with K&D at Stonebridge - not sure to the arrangement as I was under the impression that Bob Corna was the architect of record. While nothing on the site about 668, it seems they have completed several historic rehab projects. Also of unrelated interest... there was a rendering I hadn't seen yet under "On the Boards" for one of the upcoming Stonebridge phases titled "Stonebridge Tech - Office, Condo, and Retail Center" and illustrating the massive skybridge concept connecting Stonebridge to the Tenk Bldg. On the matter of Dollar Bank bldg, its loss would be a enormous toothless gap on Euclid - on an aerial it looks like the building is twice the width of East 4th (from bldg face to bldg face)... unreal.
February 9, 200817 yr On the matter of Dollar Bank bldg, its loss would be a enormous toothless gap on Euclid - on an aerial it looks like the building is twice the width of East 4th (from bldg face to bldg face)... unreal. I also wonder about the "ugly" facade of Dollar. Sometimes older buildings drill hangers into facades and hang panels that cover the older parts, which can be removed and the brick, re-pointed underneath. Not sure that's the case here... ... Tearing down buildings for parking, again. I wasn't wild about it even on E. 4th, but it isn't terrible, ... I guess, although there's a gap on E. 4h and Prospect... There is access. But again, it's not as big a gap is what Dollar would cause. And consider, 668 is 1 building. E. 4th is an entire street with retail and, eventually, over 300 units, and yet, the small surface parking, which does allow access to HOB's stage, plus the small basement lots in the buildings themselves, accommodates this whole block-long street. Yes, this does seem like it's bringing a suburban mentality to downtown. Density is what a downtown seeks, not open spaces for parking. We should be about eliminating surface parking, not increasing it… Isn’t that what Stark is striving to do at Pesht in the WHD. Downtown is very compact and walk-able, plus is well served by bus and rail transit (and, yes, will have BRT right at its front door). While I'm excited about the prospects of 668, tearing down Dollar sounds like foolishly robbing Peter to pay Paul.
February 10, 200817 yr Moved... http://www.urbanohio.com/forum2/index.php/topic,8209.msg256039.html#msg256039
February 11, 200817 yr There's a thread on this forum devoted to the Euclid Corridor Transit Project at: http://www.urbanohio.com/forum2/index.php/topic,2840.0.html And this thread on the general revival of Euclid Avenue: http://www.urbanohio.com/forum2/index.php/topic,8209.0.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 11, 200817 yr Sorry, I knew there was several on Euclid projects, so I just picked the most recent one. I'll move it...
May 13, 200817 yr Looks like 668 is on the agenda for Design Review this week: DRC 08-045:668 Euclid Avenue, 668 Building, Adaptive Re-use, Site Plan Concept & Building Exterior Changes (PLPD/Ward 13) [submitted 5/8/08] http://planning.city.cleveland.oh.us/designreview/drcagenda/2008/051608.html Hopefully, we'll get some details.
May 13, 200817 yr No doubt -- we need all the downtown apartments we can get! Downtown has to capitalize on the rising gas prices ASAP!! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 13, 200817 yr Downtown has to capitalize on the rising gas prices ASAP!! Why ASAP? Do you believe gas prices are going to come back down?
May 13, 200817 yr I think that the momentum in Downtown and city neighborhoods is picking up momentum, so why lose it. So get these proposals of the drawing board and turn them into actual launced projects. If I'm not correct, the city still has the largest amount of new homes breaking ground and planed.
May 13, 200817 yr If I'm not correct, the city still has the largest amount of new homes breaking ground and planed. Largest compared to what, burbs?? After listening to the city club podcast, it sure does sound like Price is 100% confindant the Dollar Bank building will be coming down.
May 14, 200817 yr Dont forget as far as momentum goes, that Cleveland’s downtown residential population increased 33 percent between 1990 and 2000 — one of the largest increases for a downtown area in the country!
May 14, 200817 yr After listening to the city club podcast, it sure does sound like Price is 100% confindant the Dollar Bank building will be coming down. Yeah, I noted the same thing. I think he said something along the lines of downtown badly needing "greenspace".
May 14, 200817 yr Agreed. Downtown has greenspace that is barely used. What Downtown needs is people and activity. And retail.
May 14, 200817 yr Largest compared to what, burbs?? In all of Cuyahoga county. Compared to any other municipality in the seven-county Northeast Ohio region. I'll find the citing if you like. I don't support the demolition of the Dollar Bank building either, unless it's structurally deficient and cannot be saved. But we need more rentals downtown to answer to market demand, which will surely increase as gas prices keep rising and the suburban real estate market swirls farther down the toilet. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 14, 200817 yr From what i hear the dollar bank building will be coming down in light of other "considerations". I'm just hoping they don't put the ramp to the garage there.
May 14, 200817 yr ^Ugh. That building is too cool to lose- it really drives me crazy. Wish I had been able to come up with the relatively low purchase price myself when it was for sale. I would really love to to hear the fully explanation of why it has to come down (unless it really is just to cram the parking ramp in there, in which I case I don't want to hear it). But man is this project going to have a big impact on that stretch of Euclid when it's done. Too bad the NCB building is such a street-killer.
May 14, 200817 yr Actually the developer of the Park Building was considering taking the old Dollar Bank Building on Euclid in exchange for 10 years worth of free rent for Dollar Bank in the Park. Obviously it didn't go through though.
June 3, 200817 yr http://blog.cleveland.com/business/2008/06/kd_group_completes_purchase_of.html K&D Group completes purchase of 668 Euclid by Michelle Jarboe June 02, 2008 The K&D Group has completed its purchase of the 668 Euclid building, top. The developer plans to re-create its historic facade and remodel the building for apartments and businesses, below.Developer Doug Price has closed his purchase of a former department store at 668 Euclid Avenue, sealing a complicated deal that could be the first of many historic renovations along Euclid. After months of financing talks, Price on Friday picked up the old Wm. Taylor & Sons department store, the neighboring parking garage and the Dollar Bank building....
June 3, 200817 yr Great to hear! And check out the image... Dollar Bank ain't quite there. EDIT--link to both the article and the image origin: http://blog.cleveland.com/business/2008/06/kd_group_completes_purchase_of.html
June 3, 200817 yr I think that this is a real linch pin downtown. Even though it provides less units, it is more important than the Avenue District. This project propels both Euclid and Prospect from E.4th to E.9th. It is so so so important.
June 3, 200817 yr I agree. It's a huge vacancy that's getting filled. Once all (or most) of the vacancies are filled along Euclid, then the market will be favorable to new construction (ie: building the tower atop 515 Euclid, something in the parking lot where the Hippodrome stood, etc). "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 3, 200817 yr Previous comments on this site were generally opposed to demolishing the Dollar Bank Building in favor of a driveway and I also had bad feelings about K&D's commitment to embracing the transit friendly Euclid Avenue Healthline. But in their rendering they ignore the premise of the Healthline: they put cars driving in the BUS ONLY LANE. Morons. They also replaced the Holiday Inn Express with grass, so maybe I shouldn't get too upset about the little details, but that really annoys me. I'd rather see a driveway that is part of a market-rate apartment complex than this abandoned building that smells like urine every time I walk past. Dollar Bank is possibly the ugliest building in Downtown, except for 668 itself and a few parking garages.
June 3, 200817 yr ^I don't see how KD is proposing a replacement of the Holiday Inn. Previous comments: if you read more closely, you'd find that people lament the loss of the Dollar, but that the sum gain is a huge positive for Euclid Avenue.
June 3, 200817 yr Their rendering shows a strip of grass instead of the Holiday Inn. Obviously the are not going to demolish it. A car in a bus-only lane is what's annoying, but the rest of the rendering is not quite correct either (a missing building for example). Since it's meant to be a pretty picture they glossed over several details, but my point is that it's as stupid as painting a picture of a freeway with a horse drawn carriage driving down it.
June 3, 200817 yr I'm guessing the reason Dollar Bank is being demoed is to give the building windows on its west side, maximizing the building's square footage. Maybe add some balconies to that side overlooking their pedestrian walkway.
June 3, 200817 yr That's not grass. If they put the Holiday Inn in the rendering it would obstruct views of 668 Euclid. And I agree that's a bit too much nit-picking
June 3, 200817 yr I'm guessing the reason Dollar Bank is being demoed is to give the building windows on its west side, maximizing the building's square footage. Maybe add some balconies to that side overlooking their pedestrian walkway. The windows could have been added as shown without demolishing dollar bank. That building drops down to 2 stories not far back. I heard that opposition on the dollar bank demo was pulled back in lieu of some concessions price was willing to make in other developments.
June 3, 200817 yr Wasn't 668 the building that had the huge billboard for million dollar condos on it during the Spiderman III filming? How funny would it be if they put up a similar sign.... :lol:
June 3, 200817 yr I'm guessing the reason Dollar Bank is being demoed is to give the building windows on its west side, maximizing the building's square footage. Maybe add some balconies to that side overlooking their pedestrian walkway. I had a friend that was looking at buying the Dollar building for his law firm. Never went anywhere, as it needed too much work, but he said there's a mock branch in the basement that they used for teller training, with a vault and everything. His dream was to buy the building, and on the weekends rent out the vault to parties to do mock bank robberies. Brilliant! :-D
June 3, 200817 yr ^^That is kind of funny. And I, for one, am still pissed about Dollar Bank. It is literally being demoed for a driveway. Not that the unadorned brick side of 668 Euclid won't be a beautiful vista from the Euclid sidewalk... I'm quite curious what the vehicular circulation plan is. As was mentioned before by McCleveland and others, that part of Euclid is a terrible place for a new curb cut. Good project overall though, of course. Just wish it was there 100%.
June 3, 200817 yr ^^That is kind of funny. And I, for one, am still pissed about Dollar Bank. It is literally being demoed for a driveway. Not that the unadorned brick side of 668 Euclid won't be a beautiful vista from the Euclid sidewalk... I'm quite curious what the vehicular circulation plan is. As was mentioned before by McCleveland and others, that part of Euclid is a terrible place for a new curb cut. Good project overall though, of course. Just wish it was there 100%. The circulation pattern as I understood it... Is that the horrific driveway access is for valet. you can come drop your car, they drive it underneath and park in the lot under 668 and then bring it back out for you. Of course you can only access it heading East Bound, and I'm not sure why people couldn't just park at the 515 Euclid garage and walk over... It still makes my skin crawl. Though I still say that this project is so important and so good, that if this is what it takes to get it done, well then, I guess that's what it takes. it's just disapointing because it could be so much better.
June 3, 200817 yr Exactly. As good as this is, it irks me the same. With that huge lot on the other side of 668 it will make it like a stand alone building where that shouldnt be happening (they should be working to fill the holes not create more) Also, as if it would be a huge inconvenience to drive in from the Prospect side (that would/could connect to the same parking I believe).
June 3, 200817 yr Does anyone have historic photos of what 668 looked like in its prime? I seem to recall some being posted somewhere, but when I searched the site I couldn't find anything.
June 3, 200817 yr I believe that picture is of old 720 Euclid - the Hippodrome Theatre - which was demolished in the 70's (I believe) to make way for the parking garage and surface lot just east of 668 Euclid. It is definitely too tall and not wide enough to be 668.
June 3, 200817 yr that Hippodrome building was destroyed back in the 80's for what is currently there now...it was the home to a theater that was the largest in the world outside new york city, or something of that sort....
June 3, 200817 yr I believe that picture is of old 720 Euclid - the Hippodrome Theatre - which was demolished in the 70's (I believe) to make way for the parking garage and surface lot just east of 668 Euclid. It is definitely too tall and not wide enough to be 668. you are correct. That is not 668. I've been searching for a long time of an actual photo of 668 and not found one (at least not a decent one).
June 3, 200817 yr I believe that picture is of old 720 Euclid - the Hippodrome Theatre - which was demolished in the 70's (I believe) to make way for the parking garage and surface lot just east of 668 Euclid. It is definitely too tall and not wide enough to be 668. That postcard features the Hippodrome and Taylor's Dept. Store (668) to the right of it, however, it was elevated to its current height in the early 20's (much the same way as the May Co. added floors.) Walker & Weeks had drawn up an art deco skyscraper for Taylor's which would've replaced the current structure and been about 30 stories, and quite awesome, but obviously it was never built.
June 3, 200817 yr Here's a previous UO discussion of the history of 668 Euclid: http://www.urbanohio.com/forum2/index.php/topic,7316.msg73891.html#msg73891 Which includes this picture posted by KJP:
June 3, 200817 yr I believe that picture is of old 720 Euclid - the Hippodrome Theatre - which was demolished in the 70's (I believe) to make way for the parking garage and surface lot just east of 668 Euclid. It is definitely too tall and not wide enough to be 668. That postcard features the Hippodrome and Taylor's Dept. Store (668) to the right of it, however, it was elevated to its current height in the early 20's (much the same way as the May Co. added floors.) Walker & Weeks had drawn up an art deco skyscraper for Taylor's which would've replaced the current structure and been about 30 stories, and quite awesome, but obviously it was never built. I thought that was it to the right but the height just wasn't adding up. Thanks
June 3, 200817 yr By the way, this is the news release from K&D... The K&D Group finalizes a deal worth $64.7 million to purchase and redevelop the Atrium Office Building at 668 Euclid and two other buildings WILLOUGHBY, Ohio (June 3, 2008) – The K&D Group is pleased to announce that it has finalized a deal worth $64.7 million to purchase the Atrium Office Building located at 668 Euclid Avenue in downtown Cleveland, formerly known as the William Taylor & Sons Department Store. The K&D Group plans a historic renovation of the building into approximately 240 luxury apartments and 65,000 square feet of commercial and retail space. The mixed-use project also includes a 450-space parking garage at 645 Prospect Avenue and the acquisition of the Dollar Bank Building at 614 Euclid Avenue. “This is a very complicated deal that needed the support and confidence of the seller, several banks and investors, the city, and the county to make happen. Their collaboration and our persistence paid off” said Doug Price, CEO of The K&D Group. “We’re thrilled we can take another property in the heart of the downtown Cleveland that had been ‘written off’ and transform it into an exciting step forward for the city,” added Price. Doug Price acknowledged the role played by seller David Goldberg, who got the building qualified for state, federal, and New Market historic tax credits, which made the complicated financing package possible. “Mr. Goldberg catalyzed this redevelopment and laid the groundwork for The K&D Group to move ahead on it,” said Price. Components of the $64.7 million deal include: A $32.9 million construction loan from National City Bank, with participation from Fifth Third Bank and First Merit Bank; a $5.1 million TIF loan from the city of Cleveland; a $1.1 million loan from the county of Cuyahoga; and $3.6 million in seller financing. In addition, bridge loans were secured to cover the state historic tax preservation tax credits, the New Market tax credits, and the federal historical preservation tax credits, including a $14.9 million loan from National City Development Corporation; a $1.5 million loan from the Greater Cleveland Partnership’s Cleveland Civic Vision Housing Fund; and a $1.3 million loan from CNMIF, a Fifth Third community development fund. The Atrium Office Building at 668 Euclid is a two-building complex, with a 73-foot-high atrium that includes an eight-story building and four-story building. It was formerly known as the William Taylor & Sons Department Store, which closed in 1961. The K&D Group’s plans include a historic renovation of the building into approximately 240 luxury apartments. Monthly rents and rent-to-own options are still being determined. The project will include approximately 65,000 square feet of commercial and retail space, primarily to serve downtown dwellers and workers with essential services. The Dollar Bank building will be demolished in the course of renovation for access to parking below 668 Euclid Avenue and for a pedestrian plaza that will connect Euclid Avenue with Prospect Avenue in the space between the Colonial Arcade and the renovated 668 Euclid building. It will free up the sides of both buildings for windows into ground-floor retail. It will also provide much-needed downtown green space. In close proximity to downtown attractions and the Central Business District, this project will also benefit from the Euclid Avenue Corridor, a $200 million mass transportation renovation that links downtown Cleveland to the businesses and institutions at University Circle. The project will create approximately 80 jobs. Work is expected to begin [glow=red,2,300]immediately[/glow], with completion anticipated in 2010. The K&D Group built the Stonebridge apartment and condo complex on the west bank of the Flats and won the bid to purchase the Ameritrust complex on the corner of East Ninth and Euclid Avenue. It recently completed a multi-million dollar renovation project of Reserve Square, remodeling the award-winning Embassy Suites Cleveland Downtown Hotel, renovating over 750 apartments, and transforming the street-level Marketplace into one-stop shopping for downtown workers and residents.
June 3, 200817 yr Slightly OT, but I can't wait for the Euclid Avenue, and to a much greater extent the Cleveland, 3-5 years from now, especially in this part of town. Consider that the ECTP will be in full swing, Jacobs' new 21-story on Public Square will be done, the Breuer Tower/Hotel complex is done, and the assorted residential redevelopments along the route will mostly <fingers-crossed> all be redeveloped, even the Terminal Tower should be fully restored to its original luster. Between Breuer (200 apartments), 668 (240 apartments), Statler Arms (294 suites), Eli Mann's residential remake of the CAC (103 suites) and 1001/1021/1101 block (114 apartments), and maybe even eventually the Huntingdon Building?, a 2-3 block area of Euclid alone could serve home to 1,000+ downtown residents.
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