The 1010 building will be commercial and/or retail

Here is the brochure from CBRE of the whole complex.  It shows where everything is, even floorplans, etc.

 

http://pmc.pdt.cbre.com/IG/cuyahoga/pdf/bro/Ameritrust.pdf

 

Also the Swetland Building = 1010 Euclid in case anyone is unclear.  I was  :-P

I just read an article from 2006 that said there would be 2000 employees. I guess it is down to 450; no need for the additional floors.

 

The county has trimmed a lot of fat since then.

 

And thats just Jimmy Dimora!

 

This is great news! The P&H buildings, to me, are the worst blight on downtown CLE right now and I'm extremely happy to see them go. A new building(and 750 office workers) on E9th and Prospect will do wonders for that intersection. And of course, the importance of adding new housing options downtown cannot be overstated. I think it's also very significant that Geis is the developer- I would think that one of the biggest suburban developers in the area pursuing development projects downtown should make a lot of developers and end-users in the suburbs take a closer look at what's going on downtown.

I just read an article from 2006 that said there would be 2000 employees. I guess it is down to 450; no need for the additional floors.

 

The county has trimmed a lot of fat since then.

 

And thats just Jimmy Dimora!

 

 

Brand new county headquarters in July 2014 ... Just in time for the Gay Games. I wonder if the timeline for the tower conversion will be the same?

 

So glad this never got torn down! Of all the places downtown, this is the building where I think I'd be most willing to pay a premium for architecture and location.

Is it true that the P and H building is actually this building shown below but encased with an ugly skin?

 

 

Looks to be the same height.

Here is the brochure from CBRE of the whole complex.  It shows where everything is, even floorplans, etc.

 

http://pmc.pdt.cbre.com/IG/cuyahoga/pdf/bro/Ameritrust.pdf

 

Also the Swetland Building = 1010 Euclid in case anyone is unclear.  I was  :-P

 

I wonder if anything will be done to the two garages. They are equally as hideous as the two buildings they are tearing down. Even a facelift would be nice.

I was at the announcement today. Geis was not there so details about their vision for Ameritrust were not available. Geis to buy the Ameritrust tower and associated buildings for $27 million with no county incentives. Planned are:

 

> "hundreds" of housing units (assumed to be apartments) for the tower;

> restaurants/retail/cafe/public area for the rotunda;

> commercial (offices, retail) for 1010 Euclid;

> demolish the P&H buildings to the south for an 8-story county administration building that Geis will build and lease to county for 25 years after which the county will acquire for $1;

> the parking garage south of Prospect will be rehabbed with a portion of the parking to be reserved for county use;

> Tower renovation as housing, new county office building, reuse of rotunda, parking garage and possibly 1010 Euclid due to be completed by July 2014.

 

Here are some photos from today's event......

 

 

 

Where we are and various downtown development projects are on the books......

 

 

 

The new county office building viewed from East 9th at Prospect/Huron.....

 

 

 

Green roof of the new county office building....

 

 

 

County Executive Ed Fitzgerald making his announcements in the rotunda.....

 

^They are building a new pedestrian bridge...not sure about the parking garages. 

Thanks KJP! Crain's said Geis isn't talking until after the plan is approved by the county council.

Thanks KJP! Crain's said Geis isn't talking until after the plan is approved by the county council.

 

Correct. The sale agreement will go through the full three readings of county council which, when the holidays are included, probably won't be until late January or early February. The agreement will probably be posted on the county's website after tonight's meeting and first reading before council.

 

I took pictures of each panel from the presentation which I will turn into notes. But I've got to get back to some "paying" work to do today and tomorrow morning, so I don't know when I'll be able to get to them. I suspect I may not need to with all the media reporting on this subject. But they may not report everything, so I may still transcribe all the notes here.

FitzGerald also noted that the county will not be providing any development incentives to Geis for this project, other than the asbestos abatement done to the site. However the historic tax credits for this site that were due to expire at the end of this month were extended until March.

 

FitzGerald recommends Cuyahoga County sell Ameritrust complex to Geis Cos.

By JAY MILLER and STAN BULLARD

1:47 pm, December 11, 2012

 

Cuyahoga County Executive Ed FitzGerald will recommend to County Council tonight that the county sell the Ameritrust complex in downtown Cleveland to Geis Cos. of Streetsboro for $27 million, and that Geis should be chosen to build a new, eight-story county administration building at the corner of East Ninth Street and Prospect Avenue.

 

In total, Geis is proposing an investment of $180 million in the complex, which would include high-end housing in the Ameritrust Tower.

 

Mr. FitzGerald said he believes the deal allows the county to get the best value possible for the complex. The former county commissioners bought it in 2005, spending $40 million on the purchase and environmental cleanup of the former banking buildings.

 

READ MORE AT:

http://www.crainscleveland.com/article/20121211/FREE/121219946

 

 

 

TUESDAY, DECEMBER 11, 2012

 

FitzGerald plan: sell Ameritrust Tower for $27 million, have new county HQ built next door

 

The Ameritrust Tower and rotunda, ghosts on downtown Cleveland's landscape since 1996, could be revived if Ed FitzGerald gets his way.

 

Cuyahoga County's executive wants to sell the Brutalist high-rise and the classic bank building for $27 million to Geis Co., which would build a new county headquarters next to the tower and lease it to the county for about $6.5 million a year.

 

The new, eight-story headquarters at East 9th Street and Prospect Avenue would share two parking garages and a new pedestrian bridge with the 29-story tower, which would be converted into apartments. The rotunda would house stores and possibly a public space.

 

READ MORE AT:

http://clevelandmagazinepolitics.blogspot.com/2012/12/fitzgerald-plan-sell-ameritrust-tower_11.html

Is an eight-story building large enough for the county with 450 employees? Seems small.

 

My company has 450 employees and we're on six floors downtown.

So glad this never got torn down! Of all the places downtown, this is the building where I think I'd be most willing to pay a premium for architecture and location.

 

Not to mention who knows how long we'd have to wait to get this tall of a residential tower downtown if it had been torn down instead of rehabbed!

From the Crain's article:  "The public will have about 45 days to examine the Ameritrust and headquarters deal and the alternatives the county rejected. County council president C. Ellen Connally says the council will hold meetings on the proposal tonight and Jan. 2, 8, and 22."

 

Is there any way for those of us who don't live in the area to see the alternatives the county rejected?

Is there any way for those of us who don't live in the area to see the alternatives the county rejected?

 

They mentioned them at the announcement today. There were four bids -- FCE's Halle Building, Optima's ex-Huntington Building, Weston's new construction in the Warehouse District, and Geis'. FitzGerald also said the county looked at the Eaton Building, Geis' lakefront development and another building or two I can't remember but those weren't formal bids. They were all in the downtown area. The bids that were submitted should be available for public viewing. I'm sure the media will be reporting on them soon.

The tower's East 9th Street frontage is a blank canvass practically. I'm really excited about what could be done around there. This could be really cool.

VIDEO:

 

http://www.newsnet5.com/dpp/news/local_news/cleveland_metro/cuyahoga-county-to-sell-distinctive-cleveland-office-tower-ameritrust

 

Just Speculating, But is Financing a slam dunk. How do they plan on financing the 27 million purchase and then 100 million in improvements.  K & D had a 6 month option to secure financing and could not get financing.

Just Speculating, But is Financing a slam dunk. How do they plan on financing the 27 million purchase and then 100 million in improvements.  K & D had a 6 month option to secure financing and could not get financing.

 

I'm also curious as to this, considering that Geis is also going forward with developing the mayor's Lakefront vision?

If Weston's plan was to build on a lot in the WHD, anyone know which one, and more importantly if that plan could be utilized with another tenant?

Is it true that the P and H building is actually this building shown below but encased with an ugly skin?

 

Looks to be the same height.

 

Yes, I believe that is the case. There are at least two building under that skin. On one of the entries along East 9th, there is a plaque recognizing the buildings' modernization in 1965.

 

Just Speculating, But is Financing a slam dunk. How do they plan on financing the 27 million purchase and then 100 million in improvements.  K & D had a 6 month option to secure financing and could not get financing.

 

Financing to complete build-out of the county's new space should be somewhat easy with a long-term lease in place. Hopefully the acquisition of the entire site can be leveraged through the county portion of the project.

I'm also curious as to this, considering that Geis is also going forward with developing the mayor's Lakefront vision?

 

They are erecting a few office boxes and a parking garage on the lakefront; they are not some sort of developer at large for the lakefront. If that's what you meant.

Is there any way for those of us who don't live in the area to see the alternatives the county rejected?

 

They mentioned them at the announcement today. There were four bids -- FCE's Halle Building, Optima's ex-Huntington Building, Weston's new construction in the Warehouse District, and Geis'. FitzGerald also said the county looked at the Eaton Building, Geis' lakefront development and another building or two I can't remember but those weren't formal bids. They were all in the downtown area. The bids that were submitted should be available for public viewing. I'm sure the media will be reporting on them soon.

 

Thank you!

 

 

Just Speculating, But is Financing a slam dunk. How do they plan on financing the 27 million purchase and then 100 million in improvements.  K & D had a 6 month option to secure financing and could not get financing.

 

Financing to complete build-out of the county's new space should be somewhat easy with a long-term lease in place. Hopefully the acquisition of the entire site can be leveraged through the county portion of the project.

 

That makes sense.  Also, and I have nothing to back this up, but I just get the impression that Geis has deeper pockets than K and D.  Maybe they can or would be able to put more of their own equity in the project if this were required by the lenders.

Very nice!! couldnt have thought of a better outcome. this takes huge amounts of outdated commercial real estate off the market, which should help the depressed prices. plus it will add "hundreds" of residential units to a (not for long) quiet corner of our booming downtown, creating and spreading the momentum by linking up the two halves of Euclid, and bringing life to Prospect. Not to mention a stunning building will be preserved, another landmark will get a makeover, and a huge eyesore will be torn down and replaced. wins all around!

This is a great outcome. Very cool. I look forward to seeing renderings for the tower. That building offers some great views despite being kind of blah itself - once it's rehabbed, it should be an attractive property and spawn some small development nearby.

 

 

Just Speculating, But is Financing a slam dunk. How do they plan on financing the 27 million purchase and then 100 million in improvements.  K & D had a 6 month option to secure financing and could not get financing.

 

Financing to complete build-out of the county's new space should be somewhat easy with a long-term lease in place. Hopefully the acquisition of the entire site can be leveraged through the county portion of the project.

 

That makes sense.  Also, and I have nothing to back this up, but I just get the impression that Geis has deeper pockets than K and D.  Maybe they can or would be able to put more of their own equity in the project if this were required by the lenders.

 

 

Just Speculating, But is Financing a slam dunk. How do they plan on financing the 27 million purchase and then 100 million in improvements.  K & D had a 6 month option to secure financing and could not get financing.

 

Financing to complete build-out of the county's new space should be somewhat easy with a long-term lease in place. Hopefully the acquisition of the entire site can be leveraged through the county portion of the project.

 

Financing could be a concern, in one of the articles it states that the building appraised for 16 million and the offer is for 27 million.

Happy for this news in general, but totally underwhelmed about the new 8-story construction. It looks like a glassy building from a community college. (No disrespect to community colleges, I just would have expected better for an important new downtown building with tons of public traffic.)

this looks like a win.

 

the cool open rooftop business makes up for the lack of height.

 

 

Presentation: http://www.documentcloud.org/documents/537510-121211-property-consolidation-power-point-full.html

 

Page 21 has specific reasons for choosing Geis.

^ Agree about the community college appearance... and also agreed on no disrespect toward community colleges.  :|

 

 

Financing could be a concern, in one of the articles it states that the building appraised for 16 million and the offer is for 27 million.

 

Next highest bid was 19 though

^ Agree about the community college appearance... and also agreed on no disrespect toward community colleges.  :|

 

 

Financing could be a concern, in one of the articles it states that the building appraised for 16 million and the offer is for 27 million.

 

Next highest bid was 19 though

 

The existing building may only be worth $16m, but when you add in a new 8 story building, the value is going to be much higher.

Item 2 of the specific reasons Geis was selected states "financing approved-ability to close quickly".

Other buildings considered, according to CE FitzGerald, were Tower at Erieview, Eaton and May Company (I think?)

^ Wow, I'm surprised the Huntington Building wasn't being considered. I thought that was going to be the choice.

^The Huntington Building was definitely considered.  The finalists were Ameritrust complex new construction, AT&T Building, new Warehouse District Building, and Huntington building.

 

http://www.cleveland.com/business/index.ssf/2012/12/cuyahoga_countys_headquarters.html#incart_river_default

Does anyone know if the Storage Component of the county needs going into the new building Or are they still looking for space somewhere for that. I was under the impression the the storage component might go in the suburbs. 

"I was under the impression the the storage component might go in the suburbs.  "

 

I'm pretty sure it has a mileage component to it, miles from HQ, that would preclude it from being in the Suburbs.

If Weston's plan was to build on a lot in the WHD, anyone know which one, and more importantly if that plan could be utilized with another tenant?

 

Weston has the eastern half (or so) of the block bounded by Superior, West 3rd, Frankfort and West 6th. This is the block where RTA plans the West Side Transit Center. The western half of this block (where the parking deck recently stood) is owned by Forest City Enterprises.

 

 

Happy for this news in general, but totally underwhelmed about the new 8-story construction. It looks like a glassy building from a community college. (No disrespect to community colleges, I just would have expected better for an important new downtown building with tons of public traffic.)

 

It's a pretty boring building structurally. But they could make up for it being all-glass which could illuminate what I think is a pretty shadowy area. I suspect that's what the county is trying to change -- especially for its own image. Change from a shadowy governmental body to one that's transparent and illuminating. Damn, I should write PR copy for these county folks!

 

 

 

 

^The Huntington Building was definitely considered.  The finalists were Ameritrust complex new construction, AT&T Building, new Warehouse District Building, and Huntington building.

 

 

BTW, that's the new AT&T building on East 9th south of Lakeside.

 

 

Does anyone know if the Storage Component of the county needs going into the new building Or are they still looking for space somewhere for that. I was under the impression the the storage component might go in the suburbs. 

 

That part of the county property disposition has yet to be finalized. When it is, it will be presented to council for approval. It could go anywhere in the county, but most of the bidders have properties in the city.

 

 

Item 2 of the specific reasons Geis was selected states "financing approved-ability to close quickly".

 

In Cleveland, I think Geis is second only to Optima in being able to write big checks for big-ticket development projects. Building/renovating more than 200,000 square feet of office space in economic stagnant MidTown? On speculation? At the end of the worst economic downturn since the Great Depression? That's pretty sick. Then he goes and buys out LoConti's struggling Agora building? Then he goes and bails out the financially troubled Avenue District condo tower? And he proposes leasing Burke to build an office park in a downtown with a 13 percent Class A office vacancy and low rents?? This guy has some stones.

 

Fred Geis and Chaim Schochet.... These guys can walk together through downtown Cleveland and look at skyscrapers like baseball cards -- need it, got it, got it, need it, got it... Something tells me these guys are just getting started. At least I hope so.

Fred Geis and Chaim Schochet.... These guys can walk together through downtown Cleveland and look at skyscrapers like baseball cards -- need it, got it, got it, need it, got it... Something tells me these guys are just getting started. At least I hope so.

 

And I love the fact that these guys are newer players.  For a while, it felt like I was hearing the same couple of names in downtown development. 

So from the presentation it looks like the tower will have 8 apartments per floor.  So around 200 total for the tower?  Gonna be some great views from those upper floors.

^Correct. In Michelle's article this morning it said 215 apartments...

I assume they will add windows on the eastern facade?  Should be good views that way too!

I assume they will add windows on the eastern facade?  Should be good views that way too!

 

There are preliminary floor plans in the presentation posted upthread.. thanks MurrayHill

Presentation: http://www.documentcloud.org/documents/537510-121211-property-consolidation-power-point-full.html

 

Page 21 has specific reasons for choosing Geis.

 

Looks like a fairly well-developed floor plan to me so far. Fire access is to code and every unit has some nice views. They also have developed plans for the Swetland building. I can't wait to tour some of these units!

I assume they will add windows on the eastern facade?  Should be good views that way too!

 

From the preliminary floor plans, there is no need to go through the expense of adding windows on that facade.

I rather like the eastern facade on the tower for some reason. It's a really interesting, brutalist piece of architecture... I usually don't care for brutalism like most, but it's not all bad.

 

Really interesting discussion evolving on the City Beautiful/Save Lower Prospect Avenue fb page. The proposed County building is pretty bad and the skywalk is hideous.

 

Praise the deal, but geez, couldn't the County's facility be a little less dreck...

On a side note, I was browsing through old threads recently and came across this really cool design competition promoting "ingenuity" around adaptive reuse of the Breuer Tower. I liked this rendering because it illustrates how cool the building's waffle-grid windows look illuminated:

 

http://www.urbanohio.com/forum2/index.php/topic,13642.0.html

Really interesting discussion evolving on the City Beautiful/Save Lower Prospect Avenue fb page. The proposed County building is pretty bad and the skywalk is hideous.

 

Praise the deal, but geez, couldn't the County's facility be a little less dreck...

 

With you. I'm totally excited about this project, but it would be even awesomer if the new build part has a little zip.