December 17, 20159 yr It should be noted that the Cleveland Athletic Club project got its tax credits, but the purchase papers on that building haven't been signed yet either. But the CAC is a smaller, less-risky project. On the CAC, the money for the ownership reorganization is in escrow, according to multiple large stakeholders in the project. Just FYI. Michelle
December 17, 20159 yr I hope a new creative approach / team emerges to rehab the May Co. It would be great to see May Co happen. But I believe that 925 Euclid is much more catalytic. It's HUGE at 1.4 million square feet. I will have more retail / apartments / and office space then the May Co. And it will have a sizeable business incubator. It will be the flagship to give momentum to fixing the rest of all the run-down buildings on Euclid between Gateway and Playhouse Square.
December 17, 20159 yr Michelle updated her article about the "catalytic" award to include reaction from the May Co developer team: http://www.cleveland.com/business/index.ssf/2015/12/former_huntington_building_win.html Apparently, they are investigating another change to state law that would allow access to credits that were previously awarded (and budgeted for, I guess) but never actually used. Of course, even if they get the law changed, doesn't mean they'll get the money, as we've seen with the catalytic awards.
December 17, 20159 yr I would think an even better answer would be to fight to get the caps removed entirely, or failing that, raised. The ROI on these credits seems to be very good, and we should be giving them to as many qualified projects as possible.
December 17, 20159 yr ^It's still a budgeted item. That ROI doesn't adhere to the state coffers. There's no way the current state legislature would radically ramp up a cash subsidy program, unless it was some JobsOhio slush fund. Only earlier this year some members of the state senate tried to freeze the entire program for two years. EDIT: According to a 2011 CSU analysis, the long term fiscal impact of the tax credit program is likely to be positive, so it's possible that even to the state treasury the ROI isn't bad. If that analysis is credible, it really does suggest that the program could be expanded without much of a net loss to the state (if any). http://development.ohio.gov/files/redev/OHPTC%20Economic%20Impact%20Study%20-%20May%202011.pdf I still don't see the current legislature devoting more public dollars to the program though.
December 18, 20159 yr Michelle updated her article about the "catalytic" award to include reaction from the May Co developer team: http://www.cleveland.com/business/index.ssf/2015/12/former_huntington_building_win.html Apparently, they are investigating another change to state law that would allow access to credits that were previously awarded (and budgeted for, I guess) but never actually used. Of course, even if they get the law changed, doesn't mean they'll get the money, as we've seen with the catalytic awards. I think they need to stop trying to rely on the credits to make it happen (btw, have they ever tried for the non-catalytic credits?). I feel like this is only going to prolong new life being brought into this beautiful and prominent building. I know they're very committed and excited for their project, but the best option may be stepping aside for someone else who can handle it.
December 18, 20159 yr Michelle updated her article about the "catalytic" award to include reaction from the May Co developer team: http://www.cleveland.com/business/index.ssf/2015/12/former_huntington_building_win.html Apparently, they are investigating another change to state law that would allow access to credits that were previously awarded (and budgeted for, I guess) but never actually used. Of course, even if they get the law changed, doesn't mean they'll get the money, as we've seen with the catalytic awards. I think they need to stop trying to rely on the credits to make it happen (btw, have they ever tried for the non-catalytic credits?). I feel like this is only going to prolong new life being brought into this beautiful and prominent building. I know they're very committed and excited for their project, but the best option may be stepping aside for someone else who can handle it. Step aside for someone else who can handle it? You know how many historic renovation/conversions Carney, Rains & Goldberg have already done in Cleveland???
December 19, 20159 yr Each building and property is obviously quite different. Regardless of how many they've previously done in Cleveland, it looks to me like they're not having any luck pulling off this plan for this building. There's obviously no guarantee someone else is out there who could pull something off here. I'm just frustrated (as I'm sure many of us are) that it's been sitting empty and crumbling for so so long.
May 17, 20169 yr Noticed today that the Cadillac Ranch patio (except fire pit) has finally been removed. It really shows how WIDE Euclid Ave. gets in that space. I'm shocked that space has sat empty for so long as well as the Bank Nightclub space (that IS closed right? I would hope so). Are those spaces not being leased because they're waiting for the May Co. Project to go forward? Or is that not dependent on the project starting. Just seems like such a prime spot to sit for so long. Sent from my iPhone using Tapatalk
May 17, 20169 yr So many people walk past that site. And NO retailer can figure out what to do with it? Really?? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 17, 20169 yr The empty retail could be a function of the building owners seeking too much money in rent. Also, this project is still stalled, right? I hope the current owner decides to fix the boarded up windows facing the Square, which I believe were damaged by Hurricane Sandy. It really sticks out like a sore thumb when you're walking towards Euclid from the north especially given the revitalization of the surrounding bulidings.
May 17, 20169 yr So many things to consider for casual observer to this project. #1 is the size. it's truly immense. #2 is the apartment conversion. Having this in place drives the value of the retail component. They are also somewhat related in terms of overlap, parking requirements, access, utilities, etc The apartment conversion is not necessarily related to any retail on first floor but they are very closely intertwined.
May 23, 20169 yr Crews have been working on cleaning up the Prospect side over the last week. They have been cleaning the facade, painting, and installing new windows.
May 27, 20169 yr ^thats all fake, cosmetic only for the movie shoot Retail is returning to the May Co. Building!! (If only it were real)
June 7, 20169 yr Guess what were getting in the May Co. building? TACO BELL!!! 2. Case 16-032 May Company Building Taco Bell Cantina 150 Euclid Avenue Storefront Renovation, Signs, and   Outdoor Patio Ward 3 McCormack Leanne Andrysco GPD Group http://planning.city.cleveland.oh.us/landmark/agenda/2016/06092016/index.php Here is an article about Taco Bell's new 'upscale' Cantina model: http://www.wsj.com/articles/taco-bell-to-open-upscale-cantina-restaurants-1442330973
June 7, 20169 yr It's the future! "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 7, 20169 yr ^thats all fake, cosmetic only for the movie shoot Retail is returning to the May Co. Building!! (If only it were real) They had my pulse quicken... What a cruel joke!
June 7, 20169 yr Guess what were getting in the May Co. building? TACO BELL!!! 2. Case 16-032 May Company Building Taco Bell Cantina 150 Euclid Avenue Storefront Renovation, Signs, and   Outdoor Patio Ward 3 McCormack Leanne Andrysco GPD Group http://planning.city.cleveland.oh.us/landmark/agenda/2016/06092016/index.php Here is an article about Taco Bell's new 'upscale' Cantina model: http://www.wsj.com/articles/taco-bell-to-open-upscale-cantina-restaurants-1442330973 More national attention!
June 7, 20169 yr I'm cool with that. Cantina is an interesting concept that could be fun Exactly. This is a new concept and it shows that retailers and restaurants are more likely to step into the downtown Cleveland market. Taco Bell might not be on everyone's must-have list, but it's a good step forward.
June 7, 20169 yr The other thing I like about it is that Taco Bell is typically open late, which will be sure to provide activity near Public Square and lower Euclid well into the night.
June 7, 20169 yr I think I'm about the only person in America who has never been into a Taco Bell. I like the look of this concept though. My hovercraft is full of eels
June 7, 20169 yr So essentially, it's a Taco Bell during the day and a Taco Bell that serves tapas and drinks at night. How is this something anybody wants?!
June 7, 20169 yr So essentially, it's a Taco Bell during the day and a Taco Bell that serves tapas and drinks at night. How is this something anybody wants?! I fail to see how this is a bad thing
June 7, 20169 yr I think the real exciting thing is that currently the only two Cantinas are in San Francisco and Chicago. The fact that Cleveland has been chosen as part of their next wave of locations is exciting in that we are being considered on a list of U.S. cities with an active urban center. This is their concept: The Taco Bell Urban Concept incorporates five consumer trends that balance relevancy and brand authenticity: Urbanization: The Taco Bell Urban Restaurant Concept reflects the Millennial trend of seeking more urban environments to live, work and play. These restaurants are ideally suited to fit in with pedestrian areas without drive-thrus. Digitization: Every point of the customer’s ordering journey is optimized through technology, including digital menu boards, TV monitors and Taco Bell mobile ordering and payment app pick up. Localization: Taco Bell incorporated the local architecture of the neighborhoods each restaurant serves. Yea, its Taco Bell. But I think more importantly it is a sign that bigger and better things could be coming.
June 7, 20169 yr Putting aside my distaste for Taco Bell's food (I know the menu options are bigger here, but still), I was hoping for something a little sexier for what should be one of the best dining/drinking terraces in the city. I understand that this is a vote of confidence by a major national chain, though, and that the cafe on the Square itself presents an alternative, so I won't complain too much. At least the facade seems tasteful.
June 7, 20169 yr We have a good amount of nice local sit down restaurants in the vicinity of public square to 4th street. What we don't have is a good amount of national grab and go restaurants, I feel we could use more of these w/o over saturating the market. The icing on the cake is this will be the 3rd one in the country and the other two are in cities with huge vibrant urban cores. Even though this is a fast food establishment, to be considered to have an urban core vibrant enough to take on a company's concept this early in it's growth is a huge compliment to OUR progress and growth. I'll take it.
June 7, 20169 yr So essentially, it's a Taco Bell during the day and a Taco Bell that serves tapas and drinks at night. How is this something anybody wants?! It's a nice affordable price point and easily accessible for the daytime crowd. Sure, sometimes you gotta splurge on a food truck, but sometimes you just want to spend $3.00.
June 7, 20169 yr So essentially, it's a Taco Bell during the day and a Taco Bell that serves tapas and drinks at night. How is this something anybody wants?! It's going to be a huge hit.
June 7, 20169 yr I hate Taco Bell, but I have to say I don't hate this Cantina idea. I hope they do well
June 7, 20169 yr So essentially, it's a Taco Bell during the day and a Taco Bell that serves tapas and drinks at night. How is this something anybody wants?! It's going to be a huge hit. Yes it will be
June 8, 20169 yr Scene & Cleveland.com have caught on: http://www.cleveland.com/entertainment/index.ssf/2016/06/fancy_taco_bell_planned_for_ma.html http://www.clevescene.com/scene-and-heard/archives/2016/06/08/new-taco-bell-cantina-which-serves-booze-gets-approval-for-spot-on-public-square-in-downtown-cleveland
June 8, 20169 yr Taco Hell. Haven't been since I was a teen, and have no plans of ever ordering from there again, but I have no issue with this project. I think it is a good fit for a storefront which has had trouble maintaining a tenant.
December 19, 20168 yr State legislation could boost two huge Northeast Ohio projects December 19, 2016 UPDATED 14 MINUTES AGO By STAN BULLARD A bill under review by Ohio Gov. John Kasich's office that already has cleared the Ohio House and Senate would authorize gigantic state historic preservation tax credits that have eluded the massive May Co. and former Goodyear redevelopment projects in the past. The provision of SB 235 also would terminate the so-called "catalytic" portion of the state historic preservation tax credit program. Robert Rains, a partner with real estate developer John Carney in Landmark Cos., confirmed that if the bill goes into effect, "we have the right to get some catatalytic tax credits" for the project. Asked how Carney and Rains got the provision into the bill, Rains said, "We just got it into the bill." The project involves adding 247 apartment units and 330 parking spaces to the former May Co. department store on Public Square. MORE: http://www.crainscleveland.com/article/20161219/NEWS/161219803/state-legislation-could-boost-two-huge-northeast-ohio-projects "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 19, 20168 yr State legislation could boost two huge Northeast Ohio projects December 19, 2016 UPDATED 14 MINUTES AGO By STAN BULLARD A bill under review by Ohio Gov. John Kasich's office that already has cleared the Ohio House and Senate would authorize gigantic state historic preservation tax credits that have eluded the massive May Co. and former Goodyear redevelopment projects in the past. The provision of SB 235 also would terminate the so-called "catalytic" portion of the state historic preservation tax credit program. Robert Rains, a partner with real estate developer John Carney in Landmark Cos., confirmed that if the bill goes into effect, "we have the right to get some catatalytic tax credits" for the project. Asked how Carney and Rains got the provision into the bill, Rains said, "We just got it into the bill." The project involves adding 247 apartment units and 330 parking spaces to the former May Co. department store on Public Square. MORE: http://www.crainscleveland.com/article/20161219/NEWS/161219803/state-legislation-could-boost-two-huge-northeast-ohio-projects This is great news. Hopefully this goes thru. Also, Hopefully they can get a substantial amount of tax credits to go forward and purchase the building and go forward with the project. State legislation could boost two huge Northeast Ohio projects December 19, 2016 UPDATED 14 MINUTES AGO By STAN BULLARD A bill under review by Ohio Gov. John Kasich's office that already has cleared the Ohio House and Senate would authorize gigantic state historic preservation tax credits that have eluded the massive May Co. and former Goodyear redevelopment projects in the past. The provision of SB 235 also would terminate the so-called "catalytic" portion of the state historic preservation tax credit program. Robert Rains, a partner with real estate developer John Carney in Landmark Cos., confirmed that if the bill goes into effect, "we have the right to get some catatalytic tax credits" for the project. Asked how Carney and Rains got the provision into the bill, Rains said, "We just got it into the bill." The project involves adding 247 apartment units and 330 parking spaces to the former May Co. department store on Public Square. MORE: http://www.crainscleveland.com/article/20161219/NEWS/161219803/state-legislation-could-boost-two-huge-northeast-ohio-projects
December 19, 20168 yr This is great news. Hopefully this goes thru. Also, hopefully they can get enough tax credits to go forward and purchase the building and go forward with the project.
December 20, 20168 yr I think this building along with the couple of small ones on Prospect between the casino and E4 are the last ones in the major core that need to be redone to create a complete area.
December 20, 20168 yr If I have it right, the history of this is sort of hilarious. First these developers lobby for the catalytic credit, assuming they'd win it. After two failed attempts, they successfully lobby to kill that program and instead have big awards handed out specifically to the losers. I don't know what their secret is, but we should get these developers to lobby for RTA.
December 20, 20168 yr If I have it right, the history of this is sort of hilarious. First these developers lobby for the catalytic credit, assuming they'd win it. After two failed attempts, they successfully lobby to kill that program and instead have big awards handed out specifically to the losers. I don't know what their secret is, but we should get these developers to lobby for RTA. Yeah I was thinking the same thing as they were unable to come up with a plan good enough to win the catalytic. Certainly these guys are better at lobbying than coming up with a solid development plan and writing a successful application.
December 20, 20168 yr If I have it right, the history of this is sort of hilarious. First these developers lobby for the catalytic credit, assuming they'd win it. After two failed attempts, they successfully lobby to kill that program and instead have big awards handed out specifically to the losers. I don't know what their secret is, but we should get these developers to lobby for RTA. Impressive indeed. And don't forget the original catalytic tax credit was planned to be awarded every two years. Then somebody (air quotes) lobbied to award another project a year early in 2015 after the Music Hall won in 2014.
December 20, 20168 yr Former Goodyear complex in Akron, May Co. building in #CLE could see tax-credit windfall under legislative proposal: https://t.co/6y3bKU8wAn "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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