The only thing with Call Center jobs is there is a high rate of turnover.

Does anyone know how tenants are doing in Tower City Mall?  I get the feeling that the clothing stores are especially struggling.  Almost all of them had huge clearance sales of up to 60% last Tuesday.  Or is this the time of year when clothing stores are bringing in the year's new styles?  I wouldn't know since I rarely go shopping. 

AmrapinVA- are those numbers for this year?  I think the Cleveland MSA added roughly 40,000 jobs last year.  If we added another 23,000 this year so far, then we're doing pretty good.  Let's hope these jobs stay this time around, if indeed we're headed into another recession. 

Does anyone know how tenants are doing in Tower City Mall?  I get the feeling that the clothing stores are especially struggling.  Almost all of them had huge clearance sales of up to 60% last Tuesday.  Or is this the time of year when clothing stores are bringing in the year's new styles?  I wouldn't know since I rarely go shopping. 

:wtf:

 

It's that time of the year.  Back to school and xmas holidays are big sale/clearance seasons.  the first /second week of August fall clothes should hit retail shelves, so now they've got to get rid of summer items or reclassify  them for xmas, so they can deplete their inventory.

Does anyone know how tenants are doing in Tower City Mall?  I get the feeling that the clothing stores are especially struggling.  Almost all of them had huge clearance sales of up to 60% last Tuesday.  Or is this the time of year when clothing stores are bringing in the year's new styles?  I wouldn't know since I rarely go shopping. 

:wtf:

 

It's that time of the year.  Back to school and xmas holidays are big sale/clearance seasons.  the first /second week of August fall clothes should hit retail shelves, so now they've got to get rid of summer items or reclassify  them for xmas, so they can deplete their inventory.

That's good to hear

http://www.terrycoyne.com/uploads_library/Cleveland%20Industrial%202nd%20Quarter%202011.pdf

 

Manufacturing is Driving Recovery

 

The Northeast Ohio industrial market is continuing to show gradual signs of improvement. The second quarter vacancy dropped to 12 percent, down 70 basis points. Modern buildings with a minimum of 24-foot clearance continue to be scarce, accounting for only 2.15 percent of the overall vacancy. Absorption was a net positive 316,627 square feet, but vacancy was mainly impacted by the removal of 1.7 million square feet of vacant industrial product that was demolished. This decreased the statistical base and accompanying

vacancy which accounted for 60 basis points of the quarterly improvement.  Other longvacant manufacturing buildings were converted to alternative use, also lowering vacancy.

 

One significant example of this is 5500 Walworth in Cleveland. The 110,000-square-foot, 90-year-old, manufacturing building was purchased by New Wave Plastics for $825,000 ($7.50 per square foot). After outgrowing their 20,000-square-foot building in Medina, they purchased and are converting this building into a plastic and scrap metal recycling facility.

 

The largest sale during the second half of 2011 was the former Twinsburg Stamping Plant, which shuttered in 2010 as part of Chrysler’s bankruptcy reorganization. Local developer DiGeronimo Cos. and Scannell Properties (out of Indianapolis) purchased the 2.2-millionsquare-foot building that sits on 167 acres for $10.2  million ($4.51 per square foot). 

 

This was also the largest demolition in the quarter, as the new owners demolished the 1.4-million-square-foot, low bay portion, leaving 800,000 square feet of high-bay space. The City of Twinsburg has limited land for industrial development, so this demolition provides 120 acres in a prime industrial and distribution corridor, adjacent to Interstate 480 and with rail access to the property.  Another major demolition was the 260,000-squarefoot cold storage building on West 14th Street, famous for its freeway signage, which was

demolished to accommodate the new inner-belt bridge already underway. This trend will continue, as later this year, Ford plans to raze their one-million-square-foot casting plant, which is part of the larger complex on Henry Ford Boulevard in Brook Park. 

 

New speculative development is still non-existent and projects remain in the planning stages, however, build-to-suits are beginning to gain steam. The largest build-to-suit is Best Buy’s 368,000-square-foot distribution center in Streetsboro. Several manufacturers need to increase capacity, but are choosing to expand in their existing location if possible. One example is Engineered Material Handling (EMH Inc.); the Valley City based company is doubling its size and beginning to build a 60,000-squarefoot addition. They produce cranes for manufacturing facilities and EMH’s expansion is required to accommodate increased demand for their product, which is expected to surpass pre-recession levels.

Some good news in the business world for Cleveland today.

 

http://crainscleveland.com/apps/pbcs.dll/article?AID=/20110831/FREE/110839961

 

http://www.crainscleveland.com/apps/pbcs.dll/article?AID=/20110831/FREE/110839958

Post those articles! Broadcast the good news with headlines!!

 

SP Data to add U.S. headquarters to its Cleveland call center

By JAY MILLER

1:53 pm, August 31, 2011

 

Toronto-based SP Data LLC is expanding its presence in Northeast Ohio by adding the call center company's U.S. headquarters to its downtown Cleveland contact center.

 

The company has a 150-person operation in Post Office Plaza, a part of the Tower City complex, and intends to add between 300 and 400 employees in the Great Lakes region in the next few years, many of those in Cleveland.

 

READ MORE AT:

http://crainscleveland.com/apps/pbcs.dll/article?AID=/20110831/FREE/110839961

 

 

 

EDIT: and I posted the article about the Shoreway Commerce Park in a new thread at:

http://www.urbanohio.com/forum2/index.php/topic,26242.0.html

I generally support the Third Frontier program. In Crains today, they discuss $6.6m going to NE Ohio. But of that amount, $1m is going to a Pittsburgh company who "plans to establish a manufacturing business in Ohio to make the product." This doesn't seem right, particularly as Ohio companies may be struggling and they too would be working in Ohio....

 

From the article: "ChemImage Corp. of Pittsburgh, in collaboration with Kent State University, was awarded about $1 million to develop a commercially viable manufacturing process for a liquid crystal-based filter that would be used in sensors. The product could be used to detect chemical, biological or explosive weapons, for instance, or to analyze forensic evidence. ChemImage plans to establish a manufacturing business in Ohio to make the product."

 

I realize it says, "in collaboration with Kent State University", but it still doesn't seem right.

 

Thoughts?

 

http://www.crainscleveland.com/apps/pbcs.dll/article?AID=/20110906/FREE/110909933

I hear what you're saying, but typically there are going to be specific new job creation thresholds in Ohio that the JV will have to meet in order to keep the money. If they don't meet those thresholds, they run the risk of having to repay the funds. Based on that scenario, I don't mind that the parent co is based in PA.

A new $3m HUD grant for the city:

 

"The City of Cleveland, Ohio will receive a BEDI grant of $3 million and a Section 108 Loan for $10 million for the cleanup and redevelopment of the former Warner and Swasey Facility. The project will transform the property into over 180,000 square feet of office, lab, warehouse and light manufacturing and post incubator space in support of the Health-Tech Corridor. HUD funding will result in the creation of up to 360 permanent full time equivalent positions. The total project cost is estimated to be more than $19 million."

 

http://www.realestaterama.com/2011/09/08/hud-awards-133-million-to-bring-jobs-revitalize-brownfields-in-six-cities-ID011114.html

 

^Does this mean that Gies is on board to do this renovation project?  I would love to see it happen as it is such a huge eyesore not to mention the jobs and the synergy for the area.

Previously from the Midtown Cleveland thread:

 

Cleveland's abandoned Warner & Swasey complex could become a tech center

By Michelle Jarboe, The Plain Dealer

May 27, 2010, 5:34PM

 

CLEVELAND, Ohio -- A local developer could revive the former Warner & Swasey Co. facility, a dilapidated and boarded-up complex that looms over East 55th Street and Carnegie Avenue.

 

The city of Cleveland, which owns the property, is working on a deal with Hemingway Development and HzW Environmental Consultants LLC. Hemingway, a division of the Geis Cos. of Streetsboro, wants to restore the 130-year-old buildings for offices, labs and warehousing or manufacturing space -- uses that fit with an effort to brand and promote the Midtown area of Cleveland as a health and technology corridor....

 

more at:

 

http://www.cleveland.com/business/index.ssf/2010/05/clevelands_abandoned_warner_sw.html

 

Maybe this announcement should be moved to there as well.

^Does this mean that Gies is on board to do this renovation project?  I would love to see it happen as it is such a huge eyesore not to mention the jobs and the synergy for the area.

 

They're working on it. It will take various sources of funding to get this project moving forward and the City has actively been working on it. I believe they already received some sort of brown field grant. My guess is that there's probably a couple more pieces that need to come together, but it's looking very good. I know that ClevelandHeartLab will be doubling their number of employees in the next year have stated that they need new space somewhere in the HealthTech corridor. Ah, but then again this building probably won't be ready for occupany in 12 months.

Good news...especially more re-investment from suburban areas for a change. This is such a great building...has lots of curb appeal and I can only imagine what a nice re-addition to the street it would be.

Historic Arcade in downtown Cleveland set for sheriff's sale Monday. Minimum bid: $7.7 million

 

CLEVELAND, Ohio -- A Cleveland landmark could be sold to the highest bidder Monday, in the culmination of a two-year-long foreclosure process.

 

The Arcade, a historic downtown building between Euclid and Superior avenues, is set for auction during an early-morning sheriff's sale at the Justice Center.

 

Revived a decade ago through a $60 million renovation, the property includes a 293-room Hyatt hotel, restaurants and shops. Now it's valued at $11.5 million and will go up for bid at two-thirds of that: $7.7 million.

Isn't that more or less what the Key Bank Investments building went for?

There is so much potential for the arcade considering its proximity to East 4th and a booming part of Euclid. I hope this sale produces good results.

Isn't that more or less what the Key Bank Investments building went for?

 

About that, but Key Investments didnt have a 60 million renovation 10 years ago. 

 

I'm not sure what to think since I got in a big email argument with Roldo Bartimore a couple years ago about why it was a good investment for the city and county, when he was criticising it as handouts etc., now it looks like they wont recout their investments. 

 

But hopefully it attracts a good owner..  It really is a jewel.

Ouch!  Wow nobody interested at that bargain price...  A bit heartbreaking.

 

Historic Arcade in downtown Cleveland fails to attract bidders at sheriff's auction

  Published: Monday, September 12, 2011, 10:15 AM  Updated: Monday, September 12, 2011, 10:42 AM

By Michelle Jarboe McFee, The Plain Dealer

 

CLEVELAND, Ohio -- Despite a $7.7 million price tag, the historic Arcade failed to attract a single bid at a Cuyahoga County sheriff's sale this morning.

............It's likely that the property will go up for auction again, at a lower price.

 

http://www.cleveland.com/business/index.ssf/2011/09/historic_arcade_in_downtown_cl_1.html

WTF??

Financing is still tough, and if I understand auctions, you need most of the money up front

^At these price points, I'd be surprised if the buyer bothers even trying to find financing.

 

I wonder if the value's so low because the hotel's lease payments are partly contingent on occupancy targets that proved way too optimistic. 

You typically have 30 days after the auction to make the full payment. That doesn't leave sufficient time to obtain financing post sale, so either the buyer has investors lined up and is paying cash, or has some kind of open ended commitment from a bank (the latter is going to be based on the strength of something other than the property being acquired, as the bank won't have any diligence items, like an appraisal, to make a credit decision on the subject property).

I would also wonder whether the building comes with any baggage, such as liens, code violations, etc. which would require a much greater investment than the asking price.

 

I'm pretty sure (but not 100% certain) that all the liens are discharged through the sherriff's sale. But the place is sold as is, so repairs / code violations are the buyer's problems.

^Correct regarding the liens, but unrepaired code violations would survive as liabilities (i.e., they'd still be open violations).  The Arcade is effectively a single tenant structure, so it's value is going to be tied closely to the terms and remaining duration of that one lease.  Would be interesting to know how many years remain on that lease.

They did a pretty painstaking restoration 10 years ago, which included replacing and resealing all the glass in the skylights etc., so I couldnt imagine there could be too many structural issues/code violations.  I'm just surprised with all the buzz and renewed interest from so many hoteliers that nobody even attempeted to bid on this. 

 

The Crains article does say that the hotel lost money in both 2009 and 2010, but expected things to be turning around as the industry recovers and with the opening of the casino and convention center etc....   

 

Here is the Crains article:

http://www.crainscleveland.com/article/20110912/FREE/110919979

The company was headquartered in Beachwood. Chicago bribed them away with $1 million. This means war!!

 

Steel company moving HQ to Chicago

By: Alby Gallun September 13, 2011

Today's Headlines

9/13/2011

 

(Crain’s) — An Ohio steelmaker is in line to receive more than $1 million in financial incentives from the city of Chicago to move its headquarters to a downtown office tower.

 

JMC Steel Group Inc. plans to bring 50 people from its corporate offices in suburban Cleveland to the 26th floor of the former AT&T Corporate Center, at 227 W. Monroe St., according to people familiar with its plans. The Community Development Commission on Tuesday will consider a proposal for the city to provide $1.1 million in tax-increment financing to help pay for the construction of JMC’s offices, the people say.

 

The move would represent another victory for Mayor Rahm Emanuel, who has made a series of new-job announcements since he took office in May. Last week, the mayor and Seaton Corp. announced plans by the Chicago-based staffing and recruitment firm to add 400 jobs here.

 

Read more: http://www.chicagobusiness.com/article/20110913/NEWS05/110919981/steel-company-moving-hq-to-chicago#ixzz1XqSmAPYn

Chicago=Transplanted Cleveland.

 

Didn't Illinois just raised various business related taxes this pass year to balance their budget (don't know the specifics but I recall it was substantial)?  If so a million dollars does not sound like much.  Must be more of a back story.

It sounds like JMC was already looking to move to Chicago.  That incentive was certainly not worth moving for, they could have gotten the same/better from Beechwood and Ohio.  This is a rather standard incentive that you could get out of just about any city.  I say they were looking to move to Chicago.....  Bastards. 

 

*Oh and the fact that they are going downtown Chicago when they were in Beachwood here only adds insult to injury.  Bastards.     

Actually read the article (duh...good idea).  Seems they already have 300 manufacturing employees in Chicago so the move makes sense in that regard. 

 

Also a new owner...maybe he has ties to Chicago.  This happens a lot of the time with smaller companies...a new CEO takes charge and makes a headquarter move because it fits his lifestyle better (if it can be justified).  Maybe little Susie went to Northwestern and met the love of her life Buck who was raised in Lake Forest.  They just got married and settled down (for now...eventually the north shore burbs when raising the kids) in Lincoln Park as Buck is working for his dad's insurance agency.  Mom is all upset and wants to be closer to Susie and the eventual grand kids...."Herbert we have to move to Chicago...can't we just move your new company...its not that big".

 

Okay sometimes I have too much time on my hands.

I don't know JMC's motivation for moving because I was not sitting in their boardroom, but I really like the aggressive approaches Rahm Emanuel is taking to try and improve Chicago. He has helped many other companies move or expand operations downtown and he really got behind the police in a somewhat violent summer in Chicago. I just wish Mayor Jackson would be a little more outspoken on his actions on recruiting businesses and improving Cleveland.

Buck? Just a little bit......

I just wish Mayor Jackson would be a little more outspoken on his actions on recruiting businesses and improving Cleveland.

 

That's an understatement.

This "quiet doer" leave all of us wondering! And IMO it is not "creating new jobs" when one area benefits at the loss of another.

Am I allowed to say anything about this?

Am I allowed to say anything about this?

 

Ha...  Simply put didnt I say it for you?  I know I know. 

The company had offices in  Beachwood , however it had its origins in Philadelphia (original name is John Maneely Co of New Jersey), was purchased by Private Equity company out of Washington DC (Carlyle) and used as a holding company to buy and consolidate similar steel pipe / tube companies across the country. They had their administrative offices here (I'm not even sure how those offices came to be), but they were by no means a local company, and had tenuous connections to the region at best.

 

Frank Jackson had nothing to do with this, and, quite frankly, it makes perfect sense for them to consolidate closer to one of their production facilities.

 

I'm sorry we couldn't pull together a reason to get them to stay, and even bring some manufacturing jobs over here, but this was going to be a long shot no matter what.

Am I allowed to say anything about this?

 

Say whatever you want.  Its a free country.  But you might want to be careful what you type and post.  Its not a free-for-all forum.  Just sayin'...

Am I allowed to say anything about this?

 

No, you are not.  Others can, because they haven't had a history of dragging some sort of beef with Jackson into every thread that they post on.

AJ thanks for the insight...makes perfect sense....although I still think it had something to do with Susie and Buck getting married  :wink:

The company had offices in  Beachwood , however it had its origins in Philadelphia (original name is John Maneely Co of New Jersey), was purchased by Private Equity company out of Washington DC (Carlyle) and used as a holding company to buy and consolidate similar steel pipe / tube companies across the country. They had their administrative offices here (I'm not even sure how those offices came to be), but they were by no means a local company, and had tenuous connections to the region at best.

 

Frank Jackson had nothing to do with this, and, quite frankly, it makes perfect sense for them to consolidate closer to one of their production facilities.

 

I'm sorry we couldn't pull together a reason to get them to stay, and even bring some manufacturing jobs over here, but this was going to be a long shot no matter what.

Exactly. Last I checked, Frank Jackson was the mayor of CLEVELAND, not Beachwood. As far as the story is concerned, it seems like the deck was stacked from the get-go. As you say, their ties to the region are weak. I wondered why they would take incentives to move to downtown Chicago when Ohio would have gladly gave them incentives to stay here and if they wanted to be in an urban environment, the city of Cleveland would have gladly gave them incentives to do so. I think the bottom line in this case is this: this company just wanted to move to Chicago. Period. It's so "old Cleveland" to immediately attack our city leaders (which isn't even applicable in this case) as if we HAD to have done something wrong (either by omission or commission) to cause this company to leave. Doesn't seem like it to me. It seems pretty simple. They wanted to be in Chicago. Fine.

Cleveland Heart Lab news is here:

http://www.urbanohio.com/forum2/index.php/topic,3435.msg577073.html#msg577073

Am I allowed to say anything about this?

 

No, you are not.  Others can, because they haven't had a history of dragging some sort of beef with Jackson into every thread that they post on.

 

That's what I thought.

 

Just thought I should ask first.

 

 

Thank you.

 

Tedoph

Am I allowed to say anything about this?

 

No, you are not.  Others can, because they haven't had a history of dragging some sort of beef with Jackson into every thread that they post on.

 

That's what I thought.

 

Just thought I should ask first.

 

 

Thank you.

 

Tedoph

 

If someone is to blame Jackson for not keeping a 50-worker firm in Beachwood, shouldn't that someone greatly laud Jackson for helping a biotech company that will grow to 160 workers by next year to move into an important development within the City limits?

 

Just thought I would ask.  :)

I didn't blame Jackson for letting the Beachwood company move to downtown Chicago. I was merely contrasting Rahm Emanuel's aggressive, very-public approach to fixing Chicago's problems while our mayor does everything behind closed doors. It's okay to be very quiet about what you're doing if you run a private LLC, but when you're the mayor of Cleveland, you should have a larger presence in the community.

I wondered why they would take incentives to move to downtown Chicago when Ohio would have gladly gave them incentives to stay here and if they wanted to be in an urban environment, the city of Cleveland would have gladly gave them incentives to do so.

 

I think companies are more willing to relocate to the urban core in Chicago because there is a large urban base of educated professional talent in the city. These people do not want to commute to the suburbs from their urban setting because it's a huge hassle in Chicago, nor do they want to move to the suburbs. Companies in Chicago know that the young talent is mostly based in the city and take this into consideration.

 

In Cleveland, or other cities in Ohio, this is not the case. Young professions are not any more likely to be urban dwellers (probably less likely actually) and commuting is much easier.

In Cleveland, or other cities in Ohio, this is not the case. Young professions are not any more likely to be urban dwellers (probably less likely actually) and commuting is much easier.

 

It is not AS MUCH of the case as it in Chicago. It is changing in Cleveland, and as one of the posters here at UO says in their signature, "be the change you want to see."