anyone have any idea of how to get a hold of Derek Ng?  I would love to be able to get inside and take some pictures of that building.  I actually did a marketing plan on the building when I was in grad school.

 

Yes, I will PM you.

Did this rehab proposal fizzle out?  Made me think of it with the fire there that was in the news the other day.

 

Wow, possibly a 100 million makeover...

 

Cleveland developers say 'Hello China!' with a video and a dream

Published: Saturday, September 17, 2011, 8:00 PM

By Robert L. Smith, The Plain Dealer The Plain Dealer

 

 

"More than 3,000 people once worked at the massive Richman Bros. complex on East 55th Street, stitching and tailoring men's suits for the largest clothing chain in America.

When he walks the empty colossus today, Derek Ng (pronounced "ing") envisions a different scenario on floors that stretch like football fields."

 

 

http://blog.cleveland.com/metro/2011/09/cleveland_developers_say_hello.html#incart_hbx

It's a good video, and even the Cleveland.com comments are more favorable than I'd expect. As a high unemployment area, Cleveland qualifies for a lower threshold - 500,000 in a qualifying project, and you get the visa. So, he'd need 200 people to pick Cleveland over other EB-5 areas (there are a lot of them: http://en.wikipedia.org/wiki/EB-5_visa), and the total annual gain from EB-5 (as of 2010) is $480 million. He'll likely attract a decent % of the total cost through visas, and then a larger institutional investor will step in to a situation where financing is easier than it would have been. That's more or less the situation with Flats East Bank/Cleveland International Fund.

 

I think Ng's strategy is pretty good - many rich Chinese (not just Hong Kongese) tend to either leave China or at least make sure their money leaves China. I think this is the sort of program that we need more of, and apparently the government is listening. There's now an 'entrepreneur' visa as well, for talented workers who want to start a business here - not sure if there will be similar incentives for high-unemployment areas like there are for EB-5.

anyone have any idea of how to get a hold of Derek Ng?  I would love to be able to get inside and take some pictures of that building.  I actually did a marketing plan on the building when I was in grad school.

 

Smith, did you have something to do with this?

I'm very excited about the recent Chinese investment. 

 

$100 million for live work transformation would create a new beacon in the area.  There would be potential looks for spinoff immediately.

BTW, if anyone would like to see projects in which Derek Ng and James Sosan has been involved in, check out these:

 

Lin Omni Center, 3167 Fulton Road (former Reliable Springs Industrial Building), renovated for commercial tenants, including senior and after school programs for Merrick House in addition to other office and commercial tenants.  A glass atrium and elevator form the centerpiece of the building that features exposed brick and wood floors.

 

Three west-side housing developments in former warehouses:

Metro Lofts, 3307 Scranton Road,  formerly the Cleveland Dental Manufacturing Company, built in 1903 and expanded in 1929.

Detroit Avenue Lofts, 2800 Detroit Ave. I have no historical information for this building.

Franklin Lofts, 3200 Franklin Blvd., was formerly the Ohio City YMCA built in 1911.

 

Northern Ohio Blanket Mill, much of which was built in 1889, is located at 3160 W. 33rd St. It was once one the nation's largest manufacturers of wool horse blankets and carriage robes! It has been proposed for renovation and conversion in apartments and offices.

 

EDIT: BTW I think its interesting that Derek Ng is Vietnamese, his development guy is James Sosan a Nigerian, and Ng wants to bring Chinese investment dollars to Cleveland, Ohio, USA. How's that for globalization and international business?

Also interesting that guys like this can apparently make money on outside the box projects in the city, while companies like Jacobs Group, with more significant resources, can apparently only divise a succesful project when given a green field in a far out suburb.

 

From the article: "The sturdy brown-brick behemoth rises six stories on cement columns the size of tree trunks. It houses a theater and a chapel."

 

Anybody been urban exploring here and seen the remnants of either of these?

^ not surprising, these kinds of environments were like little towns into themselves. would love to see some urban spelunking photos of it!

 

oh and derek ng for mayor!!

 

If the weather holds out, I'm planning on running through Chinatown and the E. 55th area with my camera-phone in hand tomorrow.

oh and derek ng for mayor!!

 

I think I could actually get behind this!

I'm very excited about the recent Chinese investment. 

 

$100 million for live work transformation would create a new beacon in the area.  There would be potential looks for spinoff immediately.

 

There's a lot more to this project than what the PD has printed. That's all I can say at this moment. :)

 

There's a lot more to this project than what the PD has printed. That's all I can say at this moment. :)

 

I'm pretty sure that I hate you right now.

I'm very excited about the recent Chinese investment. 

 

$100 million for live work transformation would create a new beacon in the area.  There would be potential looks for spinoff immediately.

 

There's a lot more to this project than what the PD has printed. That's all I can say at this moment. :)

 

Mwa ha ha.

See, 3231, you made me go on a Google binge. Which led me to this......

 

http://www.chinagreatlakesinnovation.com/?p=1

 

This is the best news I've heard in a long time.  I studied in Guangzhou and it'd definitely a place with new money.  More in tune with our shores however, I studied water resource management there, and they talked about the Great Lakes so Cleveland should already be on their radar! If they come and visit, they'll immediately fall in love with our "blue" skies and "blue" lake... the pollution and smog in Guangzhou made LA look like Yosemite.

On the Nov. 10 Landmarks Commission agenda:

 

http://planning.city.cleveland.oh.us/landmark/agenda/2011/11102011/index.php

 

Cleveland Landmark Nomination

Richman Brothers Factory

1600 East 55th Street

Ward 7 - Dow

 

 

 

What does landmark nomination do, other than preserve it from demolition?

I may be mistaken, but I think landmark status improves its score for winning state and/or federal tax credits, a source of much-needed capital for costly projects that may otherwise have a low- or no-yield return on investment....

 

http://www.ohiohistory.org/resource/histpres/yourtown/tax/

you are correct. though it is of greater assistance to be within a nationally registered historic district. I am not sure if this building is in the confines of a historic district or not.

I may be mistaken, but I think landmark status improves its score for winning state and/or federal tax credits, a source of much-needed capital for costly projects that may otherwise have a low- or no-yield return on investment....

 

http://www.ohiohistory.org/resource/histpres/yourtown/tax/

 

Landmark status by the City of Cleveland (a CLG) makes the property eligible for state historic tax credits, but would not affect scoring. A property has to be on the National Register to be eligible for federal historic tax credits, which are not competitive.

Drove by this building today and noticed what looked like a construction trailer in front of the main entrance.  Does anyone have any updates/info on the status of this?  I will take a picture the next time I drive by....

Drove by this building today and noticed what looked like a construction trailer in front of the main entrance.  Does anyone have any updates/info on the status of this?  I will take a picture the next time I drive by....

 

Thanks. If you see any signage of contractors, developers, funders etc. please get a photo of that too.

Will do.  I will be back in this part of town next week and will take a few shots.

does anyone know if anything is happening here?  it is such a neat building.  i'd love to hear what the updated plans are

I've heard rumors about it, the owner definitely seems to be pursuing possible tenants if he goes forward with redevelopment.  It's a tough site though.  The location doesn't have much in the way of market rate residential and nearby Tyler Village has already gobbled up enough small office tenants that they have more critical mass.

It is a tough site.  I've also hear rumors of pursuing live/work lofts and senior assisted living, along with office/commercial space.

OK, lets bring this thread back to the topic of the Richmond Brothers Site Redevelopment

It is now for sale for $3.5 million.

https://www.loopnet.com/Listing/1600-E-55th-St-Cleveland-OH/21363582/