WHOHOO!!!!!!

 

:)

so you're saying that the hot dog cart in the PNC plaza is getting tax credits?? :)

I'm starting to think Gov Strickland *hearts* Cleveland.

 

Thanks McCleveland...you just put me in a GREAT mood.

I just put myself in a great mood.  :) That might have been the single best email I've recieved in the last 6 months.

How cheering! It's good to see that the parking lot between the City Club building and 668 finally get the acclimation and resources it so clearly deserves. ;-)

 

(Preview: Dammit, 3231 beat me to the snark.)

I'm starting to think Gov Strickland *hearts* Cleveland.

 

And he loves himself some NRA votes!

Wow- great news!!  Can't wait to see work on that building- the finished product should rock!

I never really had any doubt that this building would get the historic tax credit, but it's great to have it confirmed.  This building could turn out amazingly beautiful when it's all done.  I'm really looking forward to watching this transformation.

Even with the tax credits, this project still has a LONG ways to go until it can secure financing...even tax credit deals are hard to get done especially if there is hotel component to the building...hotel trends for downtown cleveland are far from spectacular.

from what I hear, financing is in place.

I know very little about historic tax credits but it would seem to me that as part of the application process a developer would have to establish he has financing (or is 99% sure he can get it) in order for him to be considered a finalist for the credits.  Why would the state waste issuing the credits for project that have little chance of going forward when they apparently have more applicants than availabel credits?

That is now a component in the grading scale.

The amount of secured financing makes up 15 of the 100 application points possible. If you have 100% of your financing, you get 15 points, and if you have less than 40%, you get 1 point (with a sliding scale of points for different levels of secured financing in between). So it's not impossible to get the credit without financing, but it's obviously a lot more difficult. You can see all the scoring criteria here: http://jobstimulus.ohio.gov/documents/HistoricPreservationTaxCredit/Round%204%20Self%20Scoring%20Sheet%20and%20Calculators.xls.

The govenor will be in town tomorrow to announce the winners of the 4th and final (for now) round of historic tax credits.  The press conference will take place in the Plaza of the PNC building which is **Cough** **Cough** directly across from a particular building of interest. **Cough**  :)

 

wow did that feel good to type

 

YAHHHHHHHHHHHHHH :D

Hooray!

The announcement will be at 12:30 FYI

If anyone goes, can you try to snap some pictures! Sadly, I cannot make it, but I would have loved to be there!!

One hour....so is anyone going to be there/take pics?

;)

I'll try to sneak down there... if anyone sees a tall guy with his hair pulled back, white t-shirt and blue shorts, that's me! 

From Cleveland.com:

 

Four Northeast Ohio projects, including new downtown Cleveland hotel, win state tax credits for historic preservation

http://www.cleveland.com/business/index.ssf/2010/06/four_northeast_ohio_projects_i.html

 

Regarding Schofield:

 

Kimpton Hotels & Restaurants, based in San Francisco, has committed to opening 140 hotel rooms on the second through 10th floors of the building. An investor group led by Steve Calabrese plans to turn the ground level into a hotel lobby, a specialty restaurant run by Kimpton and retail space. The 11th through 14th floors will host 24 luxury apartments.

 

This is so, so awesome.  I love Kimpton hotels and am thrilled at the prospect of an even half way stylish hotel in town.

Sorry, I was waiting at my computer.....  *but apparently not quick enough :x(damn you Strap... its as if you were siting at your computer waiting (I know I was :wink:))

 

Four Northeast Ohio projects, including new downtown Cleveland hotel, win state tax credits for historic preservation

Michelle Jarboe, The Plain Dealer

Posted:  06/25/2010 12:46 PM

 

Gov. Ted Strickland announced $28.3 million in Ohio historic preservation tax credit awards during a news conference this afternoon in Cleveland. About half the credits went to Northeast Ohio projects, including the renovation of the Schofield Building at the southwest corner of East Ninth  Street and Euclid.

 

Kimpton Hotels & Restaurants, based in San Francisco, has committed to opening 140 hotel rooms on the second through 10th floors of the building. An investor group led by Steve Calabrese plans to turn the ground level into a hotel lobby, a specialty restaurant run by Kimpton and retail space. The 11th through 14th floors will host 24 luxury apartments.

http://mobile.cleveland.com/advcleve/db_/contentdetail.htm?contentguid=JrtxZSV0&full=true#display

I'll try to sneak down there... if anyone sees a tall guy with his hair pulled back, white t-shirt and blue shorts, that's me! 

Well if I had read this before walking over I'd have said Hi. I was the chubby bearded guy in the blue shirt standing next to you.

 

So $28 million in tax credits toward 13 buildings with a total investment of over $200 million according to Strickland. (I didn't stick around after he stopped talking.)

So that means either a Hotel Palomar or Hotel Monaco (or one of a few other small brands they have)

I dont believe there is anything Kimpton currently in the state or region.

 

MTS should be happy with this!

It is pretty amazing that Euclid has made this much progress this quickly.

Grumpy-  I guess I'll know what you look like the next time there's a UO Happy Hour event I can actually make it to!

 

Yep.  He said the Union Building got funded as well (WHOHOO :) ), along with a building in Berea.  12 buildings renovated in Cleveland with the tax credits thus far, with most of them being on the Euclid Corridor.

 

 

 

 

 

 

 

 

Edit:  I ended up leaving after the governor was done speaking as well... perfect day to walk back to E. 18th from there (where I was parked, I work on E. 36th and Perkins).

It is pretty amazing that Euclid has made this much progress this quickly.

 

Especially in this economy.

 

I would have to believe this will be a Hotel Monaco.  Hotel Palomar is much more modern, whereas Hotel Monacos look classically inspired.  I don't know what the inside of this building looks like, but I can't see them doing a historical restoration with historical tax credits just to build a modern hotel.

 

And no, there are currently no Kimpton Hotels between Chicago and Philadelphia north of Atlanta.

Great news... Just great news

Finally, a boutique hotel!

So that means either a Hotel Palomar or Hotel Monaco (or one of a few other small brands they have)

I dont believe there is anything Kimpton currently in the state or region.

 

MTS should be happy with this!

 

Looks like it's about 50/50 between their recognized flags (Palomar and Monaco) and individually branded properties: http://www.kimptonhotels.com/hotels/hotels.aspx  I think their business model rocks- the prices are generally pretty moderate and I vastly prefer their design sensibility to the big brand vomit-proof rugs and terrible art.  Even the service has seemed better at the few Kimptons I've stayed in.  I am so excited.

 

I'm excited either way, but Hotel Schofield certainly as a nice ring...

It could be a Palomar or a Monaco, but they also run several other unique hotels... Including in Chicago a "Hotel Burnham" in a Daniel Burnham designed building.  I've privately lobbied for "Hotel Schofield"  :)

 

You guys obviously missed the tour of the building that came after the speeches then... not to worry, I had my camera.  And I took an obnoxious amount of photos, I'll try to post them when I get home later today.  I know Steve Calebrese (CRM) also mentioned during his speech that they anticipate completion in 2012.  When we were inside the building I had a conversation with one of the developers that I know and said... 'so, when do you anticipate breaking ground?'.  He smiled, chuckled, looked around at the fully gutted space and said "Ummm... I think we already have."  They've already invested about $2m in this project.  So basically... as soon as they can get all the i's dotted and t's crossed.

^Yes to interior shots!  And to your hotel name lobbying (I think you planted that name in my head)!

Really, there isn't much to see in the interior, it has basically been completely gutted, and I'm sure any historic details were lost many years ago... the only place I saw any historic fabric left was the stairwells... BUT THE VIEWS!  Dear lord. I don't even want to know what they are going to be able to charge for these residences given the views and the fact that it will be the only full service residence downtown.

What is "full service residence"?

Hotel McCleveland for all the leg work you've put in on this  :wink:

Definitely. Nice work, McCleveland.

 

I know what it's like to work in the background on something and see it move forward, even if others don't appreciate how many months and years have been invested to bring decisionmakers together. I do appreciate it, and that's why I say "thank you."

What is "full service residence"?

 

I'm guessing that residents will be able to use hotel services- like housecleaning, room service, catering, fitness center, etc.

What is "full service residence"?

 

I'm guessing that residents will be able to use hotel services- like housecleaning, room service, catering, fitness center, etc.

 

Yup.  Per Michelle Jarobes article "Calabrese and Brian Intihar, a partner in the deal, said the Schofield project will bring a new hotel operator to the market and offer high-end apartments whose residents can take advantage of hotel services."

 

Definitely. Nice work, McCleveland.

 

I know what it's like to work in the background on something and see it move forward, even if others don't appreciate how many months and years have been invested to bring decisionmakers together. I do appreciate it, and that's why I say "thank you."

 

No need to thank me KJP, I really haven't had anything to do with this.  Though I do some work for and know some people who have put in those many unappreciative months and years, and they certainly do deserve our gratitude.  But it helps when you have developers that have been as committed to a project as CRM has to this. Without them this wouldn't be happening.  Really for me this building is just a personal obsession.  I saw my first picture of this building about 10 years ago and have been in love with it ever since.  And because I do happen to know some people involved I've been pretty ummm... nosy, and tried to document as much as possible.  I think it is hard to describe the impact a project like this will have, except that it will be absolutely transformative to this entire intersection and downtown.  We're about to see the most beautiful building in Cleveland escape from entombment.

 

Here are some pictures of the event.  I really don't have time right now for captions but I do want to make a couple quick notes on the interiors... On the first interior shot of the stairwell (the only area with any period detailing left) notice the "S" on the stair posts for Schofield.  You can also see the separation of demolition materials neatly separated for recycling... hello LEED certification.  And finally, when looking at these insanely beautiful views notice, the closeup of the angels on the City Club building and the "CB" enscribed... that was originally the Citizens Bank Building in 1902.

 

By the by you can get up here to see these views along with the detailed plans at the Historic Gateway Neighborhood Walk and Dine ;)  http://www.urbanohio.com/forum2/index.php/topic,19361.msg494028.html#new

and the now for the views.  Full service building and floor to ceiling windows that look out at this?!? Good enough for you MTS?  :-)

Awesome pics. Awesome views.

Wow!  Thanks for those view shots- awesome!

Those are some amazing views..

WHOA.  GREAT VIEWS!!!!

When can we expect some _ _ _ _ _  _ _ _ _ _  signage?

Thanks for the pics.  Mr. Mayor, I do believe you captured oldmanladyluck in that second shot (based on his description from the previous page) :)

Fantastic job, McCleveland!

Thanks for the pics. Mr. Mayor, I do believe you captured oldmanladyluck in that second shot (based on his description from the previous page) :)

 

HA!  That was me!!

 

TERRIFIC pictures!!

 

A couple interesting things about those posters -- as in, cardboard -- set up on the NCB (er, PNC) Plaza at the presentation... I couldn't figure out where the Sunshine Cloak Building was on the Euclid Corridor Projects poster. Lo and Behold it's at 2310 Superior. I wouldn't refer to that as Euclid Corridor, if anything it's the Superior Warehouse area. But I'm all for expanding the good things of the Corridor! Also, there is a building pictured on the poster for this year's recipients called the Federal Reserve Building...and underneath it says "Cincinnati (Franklin County)". Hmmmmm. If any of this has been discussed, sorry, it's early Sunday morning and I'm too lazy to read through all the pages I've missed on this.

 

I'm very glad to see that the Union Building is going to get a facelift. Didn't know about this one. It should look great when finished.

 

 

Also, I know this is off topic for this thread, but these pictures show how important the Breuer Twr is to the Cleveland skyline and the streetscape too. I've been a fan of Breuer Twr for a long time and I will be glad when it is no longer vacant.

 

This will become one of my favorite projects when all is said and done. And btw great work McCleveland, that's what I love about this forum people who do good work. Great things are happening on this corner again with this project and also the recent sale of the Huntington Bldg. Hopefully the new owners will not delay in bringing that structure back to form. Of course we still have the Breuer and the rotunda.  Maybe the county is still in the running to consolidate their offices there. They really need to be convinced to make the move. Enough with the floorplate excuse, adapt like the rest of us do. Or hopefully K&D is still in play. I really liked their proposal. Also how about cleaning the Breuer and the rotunda, wouldn't a prospective tenant be more interested in that corner if you could show them what it could look like. Its all about curb appeal.