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Jeddah Tower 3,281'
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Everything posted by KJP

  1. Thanks! But if I wasn't homeschooling, I would have had that article posted yesterday! Today was my son's last day of homeschooling. I don't know if that means he will command my attention more or less than before....
  2. That's one building. And it is "maybe" on hold. It's not dead. And even if it isn't, look for more residential developments to pop up. I'm extremely happy to see planned projects moved forward and even some large, new projects emerge.
  3. WEDNESDAY, MAY 20, 2020 Wolstein goes west as backer of Flats West Bank tower An important local real estate developer has emerged to lead a proposed apartment and hotel tower on the Flats' West Bank, giving the project further legitimacy. That backer is the man who brought the Flats' East Bank back from the ruins of being Cleveland's Party Central in the late-20th century to become a bright, attractive mixed-use development. Scott Wolstein, CEO of the Wolstein Group, has reportedly stepped forward to help develop a proposed 20-story tower above two historic buildings at 1250 Riverbed St., according to a high-level real estate source. That's a significant turn of events considering the last 20-30 years of Flats development. MORE: https://neo-trans.blogspot.com/2020/05/wolstein-goes-west-as-backer-of-flats.html
  4. Good news but crap for me. I was waiting for that to be announced. So much for being able to focus on covering news while you're home schooling a child....
  5. What projects are being canceled? And the people who are afraid of density were never going be a relevant part of Cleveland's future.
  6. 87 percent of Cleveland's income tax revenues are paid by people living outside the city of Cleveland. While about 15 percent of total employment in either Cuyahoga County or Greater Cleveland (I forget which) works in downtown Cleveland, nearly half (estimate varies from brokerage to brokerage) of all office space in Greater Cleveland is downtown. So it would stand to reason that roughly half of all office employment in for-rent office spaces is downtown. That doesn't take into account offices in government buildings, adjoining factories or in hospitals/medical centers, etc.
  7. What a fantastic idea! If SHW wants to attract the best and the brightest young minds, don't build a building that looks like the rest of the Cleveland skyline. In fact, that's one of the biggest reasons why SHW wants a new HQ tower. Their 90-year-old HQ isn't what young people want from an office environment.
  8. Doubtful. Ukrainian oligarchs don't go to prison even when they're found guilty. No one from Ukraine will extradite him to the USA, assuming a Barr-led Justice Department would actually issue an extradition order. If there is an extradition order, no one from Ukraine would actually enforce it. Sure, Ukraine's President Volodymyr Zelensky doesn't want anything to do with Kolomoisky. But Kolomoisky still has many friends there who would tip him off and bribes would be issued to everyone from police to airport personnel to look the other way while Kolomoisky flees to Russia or a non-extradition country. He will have a very pleasant life.
  9. Hey, Cleveland could use some bright orange buildings downtown!
  10. And I'll bet that most of the drop was because city planning commissions weren't able to meet and approve projects.....
  11. Downtown Now: Cleveland’s Core Continues to Grow New “for sale” options put the city on track to hit its long-term goal of 30,000 residents by 2030. It’s all about reaching a tipping point. Hit a certain point and downtown growth will perpetuate development — an ever-expanding upward spiral that will make Cleveland truly world class. According to a Downtown Cleveland Housing Study commissioned by the Downtown Cleveland Alliance and developed by Philadelphia-based Urban Partners, Downtown Cleveland needs 800 “for sale” housing units to reach its long-term goal of having 30,000 residents by 2030. Thanks to new developments by Knez Homes and the Frangos Group, the city is off to a great start on reaching that goal. MORE: https://clevelandmagazine.com/cleader/business/articles/downtown-now-cleveland-s-core-continues-to-grow#.XsQjaRL3VsU.twitter
  12. It has more to do with land-use patterns -- you know, the kind that encourage walking/biking vs car-dependency?
  13. I was told it was rescheduled for 6:30 pm Tuesday.
  14. So Cleveland would move to the top with #7 Fortune 500s since Cincy will lose two.
  15. Yes, just about every one of them is because the market fundamentals, for the most part, haven't changed and capital liquidity hasn't changed. The residential leasing market is a little slower but the for-sale market is still strong below a certain price point locally (about $250K-300K). I'm told the Geis condo building wasn't getting much sales activity before COVID which was the big driver behind their decision to turn that building into apartments. Supposedly that still won't affect their decision to pursue the condo high-rise on East 9th which has lots of moving parts, some of which might not be answered until the end of this year. There's another mid-/high-rise (11 stories) in the works nearby that will probably move forward first. Sherwin Williams HQ is going forward, and thus so are the spin-off projects. Another office building may be scaled back or canceled due to their positive experience in remote working (this is probably the only big negative I've heard). Perhaps another is that rumors have gone quiet on PHS Lumen II -- then again they went quiet on FEB Phase 3B until this past week. Yet nuCLEus still seems like it has a strong pulse, so I would hope to see it on design-review at an upcoming meeting agenda soon. If not, it will put its deal with Benesch in jeopardy and will deepen doubt about the overall project. Another office building, the Justice Center may be delayed but I doubt the new jail will be delayed since the facility is in noncompliance and a new jail could actually save the county money. If the county renews the sales tax that supported the convention center and uses it for the justice center, that tower will go forward. As far as I've heard, the City Club Apartments are still going forward, albeit with a start date of "early 2021." In UC, the Circle Square development still appears to be going forward but it will likely be delayed due to permitting delays. Indeed, that's the biggest thing slowing down most projects -- the lack of design-review/landmarks/BZA meetings for two months and the continuing delays in getting permits for projects. EDIT: one thing to watch out for are reported relocations from the East Coast. Walking through the parking lot on the Superior Viaduct last night, I was looking at license plates. Noticed quite a few New York, New Jersey, Virginia, Pennsylvania and even Illinois. I continue to see them at recently sold homes and townhouses in Lakewood as well.
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