Kasich signs bills. However there is a looming federal tax credit issue. Kasich signs law providing catalytic credits for big Cleveland, Akron projects

http://www.crainscleveland.com/article/20170103/NEWS/170109955/kasich-signs-law-providing-catalytic-credits-for-big-cleveland-akron

Paul Ryan and his regressive minions could spoil the day.  To what end does killing the historic tax credits serve these Republicans anyway?

Kasich signs bills. However there is a looming federal tax credit issue. Kasich signs law providing catalytic credits for big Cleveland, Akron projects

 

State programs will just matter that much more.

 

Btw pretty unlikely though considering Paul Ryan and all the moderate Repubs like pretty much all tax credits or they wouldn't exist, and the President-Elect is a high-profile user of the historic tax credit program himself.

Kasich signs bills. However there is a looming federal tax credit issue. Kasich signs law providing catalytic credits for big Cleveland, Akron projects

 

State programs will just matter that much more.

 

Btw pretty unlikely though considering Paul Ryan and all the moderate Repubs like pretty much all tax credits or they wouldn't exist, and the President-Elect is a high-profile user of the historic tax credit program himself.

 

That's a good point regarding Trump as he received a $32 million credit on the Old Post Office alone, regardless of any conflicts. 

Who's the developer on this project? If this tax credit goes through, would that be enough to get started? The importance of this building is undeniable.  Not just the side facing public square - even more so on the prospect side.  That gap between 4th and the casino is, in my opinion, the only ugly spot in the center of downtown.

 

By the way, does anyone know the status of the Taco Bell ?

 

By the way, does anyone know the status of the Taco Bell ?

 

It's difficult to see inside the space, but the only noticeable change is that a wall has been erected cutting off the Taco Bell space from the rest of the old Cadillac Ranch. It doesn't look like there has been any interior detailing yet. Not sure where they are with the process though.

 

By the way, does anyone know the status of the Taco Bell ?

 

It's difficult to see inside the space, but the only noticeable change is that a wall has been erected cutting off the Taco Bell space from the rest of the old Cadillac Ranch. It doesn't look like there has been any interior detailing yet. Not sure where they are with the process though.

 

Opening in the Spring.

 

http://www.crainscleveland.com/article/20170112/NEWS/170119901/public-squares-high-end-taco-bell-delayed-until-spring

May Co Still Waiting. http://www.news5cleveland.com/news/local-news/oh-cuyahoga/cleveland-developers-often-look-to-lucrative-tax-credits-to-make-a-deal-work

 

By the way, does anyone know the status of the Taco Bell ?

 

The place seems to do some brisk business at all hours. I've been by it a few times after 1 AM on weekends and people are hitting it hard to satiate the munchies.

 

 

By the way, does anyone know the status of the Taco Bell ?

 

The place seems to do some brisk business at all hours. I've been by it a few times after 1 AM on weekends and people are hitting it hard to satiate the munchies.

 

I'm not too surprised! Your options downtown are severely limited after the bars close, basically to Guys Pizza and now Taco Bell. I may or may not know from experience ?

 

 

^ Taco Bell is great to satiate munchies especially from a night of smoking an herbal substance or so I've been told.

^ Taco Bell is great to satiate munchies especially from a night of smoking an herbal substance or so I've been told.

 

And from drinking your favorite libations, or so I've been told lol

Dan Gilbert's Bedrock is sizing up May Co. building

 

Bedrock's name has surfaced as the potential buyer of the old May Co. department store on Public Square. The building also has an often overlooked side on Prospect Avenue across from the Jack Cleveland Casino's welcome center, parking garage and recently installed Wahlburgers eatery.

 

Three sources familiar with the situation, who asked not to be identified because they are not authorized to discuss it, said Gilbert's real estate arm is in due diligence to buy the building's upper floors from Euclid of Cleveland LLC, the Miami Beach, Fla.-based affiliate of real estate investor Robert Danial.

 

http://www.crainscleveland.com/article/20170730/NEWS/170739993/dan-gilberts-bedrock-is-sizing-up-may-co-building?X-IgnoreUserAgent=1

Dan Gilbert's Bedrock is sizing up May Co. building

 

Cavaliers owner, financier and casino operator Dan Gilbert's Bedrock Real Estate Services may be starting to step up its game in the downtown Cleveland property market.

 

Bedrock's name has surfaced as the potential buyer of the old May Co. department store on Public Square. The building also has an often overlooked side on Prospect Avenue across from the Jack Cleveland Casino's welcome center, parking garage and recently installed Wahlburgers eatery.

 

Three sources familiar with the situation, who asked not to be identified because they are not authorized to discuss it, said Gilbert's real estate arm is in due diligence to buy the building's upper floors from Euclid of Cleveland LLC, the Miami Beach, Fla.-based affiliate of real estate investor Robert Danial.

 

http://www.crainscleveland.com/article/20170730/NEWS/170739993/dan-gilberts-bedrock-is-sizing-up-may-co-building

Dan Gilbert's Bedrock is sizing up May Co. building

 

Cavaliers owner, financier and casino operator Dan Gilbert's Bedrock Real Estate Services may be starting to step up its game in the downtown Cleveland property market.

 

Bedrock's name has surfaced as the potential buyer of the old May Co. department store on Public Square. The building also has an often overlooked side on Prospect Avenue across from the Jack Cleveland Casino's welcome center, parking garage and recently installed Wahlburgers eatery.

 

Three sources familiar with the situation, who asked not to be identified because they are not authorized to discuss it, said Gilbert's real estate arm is in due diligence to buy the building's upper floors from Euclid of Cleveland LLC, the Miami Beach, Fla.-based affiliate of real estate investor Robert Danial.

 

http://www.crainscleveland.com/article/20170730/NEWS/170739993/dan-gilberts-bedrock-is-sizing-up-may-co-building

No, keep it. I've never been a fan of the idea to use part of the building on the prospect side as parking. We need to properly develop Prospect, I feel as if we focus ENTIRELY too much on Euclid and neglect the rest of downtown. East 4th spills out to prospect and sits right across from the Q, developments on the street would be a grand slam.

^^ I agree with your general sentiment totally, but that parking garage on the Prospect side is already there. Lots to still be gained by developing the rest of the street-facing part.

"That building is built like a fortress," Pacella said. "I'm sure it structurally could handle it. It wouldn't be cheap. But it's an interesting idea as downtown has become under-parked."

 

Under-parked??  There's no such thing when it comes to a traditional downtown. A downtown is either under-walked or under-transited. It is never, ever under-parked.

"That building is built like a fortress," Pacella said. "I'm sure it structurally could handle it. It wouldn't be cheap. But it's an interesting idea as downtown has become under-parked."

 

Under-parked??  There's no such thing when it comes to a traditional downtown. A downtown is either under-walked or under-transited. It is never, ever under-parked.

When the majority of people in your overall market live in suburban areas and are used to the suburban experience, there's definitely a such thing as "under-parked"

^that might be true but downtown cleveland is no where near underparked.

"That building is built like a fortress," Pacella said. "I'm sure it structurally could handle it. It wouldn't be cheap. But it's an interesting idea as downtown has become under-parked."

 

Under-parked??  There's no such thing when it comes to a traditional downtown. A downtown is either under-walked or under-transited. It is never, ever under-parked.

When the majority of people in your overall market live in suburban areas and are used to the suburban experience, there's definitely a such thing as "under-parked"

 

To keep this thread on topic, I responded here:

https://www.urbanohio.com/forum2/index.php/topic,22128.msg866986.html#msg866986

Dan Gilbert's Bedrock buys old May Co., Ontario Street buildings for $12 million

 

Cleveland Cavaliers owner Dan Gilbert may or may not be investing in the renovation of Quicken Loans Arena, but he just shelled out almost $12 million to buy the one-time May Co. store on Public Square and an attached eight-story building on Ontario Street in downtown Cleveland.

 

Cuyahoga County land records show a company associated with Bedrock Real Estate, Gilbert's real estate ownership and management company, paid Miami Beach, Fla.-based Euclid of Cleveland LLC $11.8 million for the eight-floor building at 158 Euclid Ave., according to a deed filed on Wednesday, Aug. 30.

 

A separate company also associated with Bedrock obtained ownership of the building at 2025 Ontario St., which also was owned by the same Miami real estate investor. That deed originally assigned a $2.4 million sale price to the building, which once housed back offices of KeyCorp, but was later refiled with a sale price of zero.

 

http://www.crainscleveland.com/article/20170901/news/134201/dan-gilberts-bedrock-buys-old-may-co-ontario-street-buildings-12

Does anyone know what Gilbert's intentions are with the building?

^ Why do I remember a mention of his group wanting it for parking...... The phrase "downtown is underparked" comes to mid

Gilbert would be leaving $25 million in tax credits on the table of they decided to do anything but a full renovation.

Gilbert would be leaving $25 million in tax credits on the table of they decided to do anything but a full renovation.

 

Make that up in a month with JACK surface parking!  :evil: :evil: :shoot:

Gilbert would be leaving $25 million in tax credits on the table of they decided to do anything but a full renovation.

 

I believe the May Co. Building only secured a $10 mil tax credit a while back.  Carney and Rains were seeking the newer $25 mil catalytic credit but it went to the Huntington Building.

I believe the May Co. Building only secured a $10 mil tax credit a while back.  Carney and Rains were seeking the newer $25 mil catalytic credit but it went to the Huntington Building.

 

My understanding is they nixed the "catalytic award" program and just gave 2 massive credits to the May Company and Goodyear projects since those were the only projects left vying for the credit that didn't already get it.

 

From 1/3/2017: http://www.crainscleveland.com/article/20170103/NEWS/170109955/kasich-signs-law-providing-catalytic-credits-for-big-cleveland-akron

 

Kasich signs law providing catalytic credits for big Cleveland, Akron projects

Plans to award bonus-sized Ohio Historic Preservaton Tax Credits earmarked by the Ohio Legislature to aid renovaton of the May Co. building in Cleveland and the former Goodyear headquarters in Akron were signed into law by Gov. John Kasich.

...

The catalytic award from the state would be about $25 million for the May Co. project and $19 million for Industrial Realty Group's plan to repurpose the former Goodyear headquarters as contemporary office space. Both were bested by two other projects the last two times the Ohio Development Services Agency and Ohio History Connection awarded catalytic credits, which are designed to provide large projects that were aided less than smaller ones by the program's typical $5 million maximum.

http://www.cleveland.com/casino/index.ssf/2017/10/may_co_garage_sold_to_jack_entertainment_for_casino_may_co_building_redevelopment.html#incart_river_home

 

I really wanted to see this old ugly garage go away. That doesn't look like it will happen anytime soon, Dan and Jack love their car spots. On the bright side the article mentions future mixed use in the actual May Co building.

There is a building permit for a 5.5 million dollar interior alteration pulled for the May Company building by a Detroit owner in assuming is a rep for Gilbert. Not much more info on the City’s website beyond that it is an interior alteration

I saw this today while I was out for lunch.  There were also a couple of guys working things from the ground.

 

So it looks like some sort of work has started??

 

 

Not knowing the state of the interior, I'd guess asbestos abatement based on the dollar amount.

They were doing exterior restoration work on the lower half of the building facing Prospect ave this AM.

They were doing exterior restoration work on the lower half of the building facing Prospect ave this AM.

 

That's great to hear.

Great news, I think this building has been mostly vacant for so long that I forget how big it is and what an impact a fully restored building will have to the area.

Great news, I think this building has been mostly vacant for so long that I forget how big it is and what an impact a fully restored building will have to the area.

 

 

Yep, it's definitely going to be nice to see this building with some new windows and a bit of activity in and around it.

https://clevelandhistorical.org/items/show/241

 

The Cleveland Historical website has a great history of the building. It always fascinates me that the building was originally only 4 stories tall and then had 2 floors added seamlessly.  I don't think the interior spaces have any historic remnants.

https://clevelandhistorical.org/items/show/241

 

The Cleveland Historical website has a great history of the building. It always fascinates me that the building was originally only 4 stories tall and then had 2 floors added seamlessly.  I don't think the interior spaces have any historic remnants.

 

 

that was pretty cool. it seems a lot of the old dept stores were similar built up hodge-podges like that. for example, bloomingdales and macys in ny too.

I feel dumb for not knowing Daniel Burnham was the architect of the May Company building

I feel dumb for not knowing Daniel Burnham was the architect of the May Company building

 

At least the City Beautiful movement provided some great architecture.

February 18, 2018 4:00 am

Former May Co. building to get 'interior demolition'

By STAN BULLARD 

 

Dan Gilbert's Bedrock LLC is in the throes of preparing plans for the former May Co. building on Public Square, but it's going to stir up some dust — literally — inside the terra cotta landmark.

 

Ken Till, who recently became Detroit-based Bedrock's first director of development in Cleveland, said the company is preparing to seek bids for interior demolition of empty upper floors at the eight-story building.

 

"We'll preserve all of the historically important features, but a lot of office improvements were made to the building over the years, including after May Co. moved out," Till said in a Feb. 13 phone interview. "Nothing is cast in stone. We have some ideas how the second floor might serve a retail use and are looking at how to open (the building) up to add air and light in an atrium and preserve the significant features."

 

MORE:

http://www.crainscleveland.com/article/20180218/news/152301/former-may-co-building-get-interior-demolition

ra-ra-ra-reeetail?

 

hmmm

 

 

Bumping this thread...Geis is still doing a lot of internal work. Workers advised they are doing a lot of structural work as well as clean-up.

Looks like there is also some work being done on the little spires atop the Public Square facade.

Doesn't look like it's been noted on here yet, but the entire Prospect side is cordoned off with Jersey barriers and construction equipment. Interior demo is going pretty hardcore.

Does anyone know what Gilbert's intentions are with the building?

 

Bedrock's Ken Till was at this year's CIFF closing ceremony and along with stating the film festival would be invited back next year for CIFF 43, he made comments about the May Company Building and what the plan is for the interior, some of which was in the Crain's article

 

80,000 square feet of retail

300 apartments

Opening summer 2020

Planning for the "reimagining" of Tower City has begun

 

You can view (hear) his comments from the ceremony here:

Wow, that's a lot of retail -- they could easily fit something like a CityTarget, H&M, Gap or other usual urban suspects in a space that large.

Wonder if Bedrock ended up acquiring the first two floors of the building. As of last fall, the plan appeared to be for the previous owner to retain ownership of the existing retail space.

yeah it seems problematic that a small llc ownership company is still holding the lower retail floors. its more likely they are holding out for more $ than are able to redevelop it.

There's no problem with whomever is owning the lower floors.  The problem is the high cost of construction/renovation and the relatively low rents in Cleveland. 

 

To make a feasible retail space on the 2nd floor (let's say a TJ Max or Target) you would need elevators, escalators, floor leveling, fire sprinkler system, major HVAC upgrades and a serious demising wall to separate what is likely to become parking on the interior of the second floor.  So you've probably spent upwards of $40/sf and haven't even started true tenant improvement items like flooring, lighting, data, etc.  By comparison, how much could this space really generate in rents??  Not enough for a deal to work....