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Cleveland: Downtown: nuCLEus

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1 hour ago, Frmr CLEder said:

...and how quickly Stark moves his project forward. It's been sitting on the shelf for what, five years?

If this is in deed what he's been waiting for, they should be ready to flip the switch upon approval.

 

Curious how far they are with plans & specs, given how many iterations we've seen of the design.  Assuming foundations/site plan have at least been static but wondering about the rest of the plans & budgeting.  Gilbane likely has their hands full with the SHW project.  Maybe Turner or Higley or someone else is working on this for Stark?  It was Walsh Group for a while...  when construction was "imminent"...  2+ years ago...

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1 hour ago, KJP said:

Probably. They have to show they're under construction to get all of the tax credit.

 

EDIT:  But I wonder if Stark can get this tax credit based on the new criteria for a winning them. They have to show new tax revenues to the city of Cleveland. Their only two tenants for the office building so far are relocations within Cleveland. However, they can show new tax revenues from construction workers, retail workers (if new to Cleveland) and more residents. They are going to have some tough competition.

Income may and sales should be there from retail. What about real estate taxes though?

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14 minutes ago, gottaplan said:

 

Curious how far they are with plans & specs, given how many iterations we've seen of the design.  Assuming foundations/site plan have at least been static but wondering about the rest of the plans & budgeting.  Gilbane likely has their hands full with the SHW project.  Maybe Turner or Higley or someone else is working on this for Stark?  It was Walsh Group for a while...  when construction was "imminent"...  2+ years ago...

 

Their CM is Cleveland Construction.

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Does anyone know, maybe you @KJP , how far off financially Stark was of meeting the original towers cost?  I feel like the difference was 100mil(the cost of the 54 story tower was like 500mil and he had gathered 400mil), was that it?  If that's accurate, I wonder if Stark could get the whole 100mil offered for this year and move forward with the original plan.  Or is there a limit to how much one project can receive from this tax credit?

 

Thoughts? inside info?

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4 minutes ago, NR said:

Does anyone know, maybe you @KJP , how far off financially Stark was of meeting the original towers cost?  I feel like the difference was 100mil(the cost of the 54 story tower was like 500mil and he had gathered 400mil), was that it?  If that's accurate, I wonder if Stark could get the whole 100mil offered for this year and move forward with the original plan.  Or is there a limit to how much one project can receive from this tax credit?

 

Thoughts? inside info?

 

Most of the info is here: https://www.clevelandmetroschools.org/nucleus

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6 hours ago, KJP said:

 

Most of the info is here: https://www.clevelandmetroschools.org/nucleus

After re-reading the proposal to the Board, and remembering the indignation of some that said the Stark proposal wasn’t fair to the school district - I still don’t understand how  “nothing” was better than “a whole lot”.  It feels like a real lost opportunity - both for the schools - and for the city.  Imagine Cleveland with the original Nucleus rising- back-to-back with the new SW HQ.  Wow. 

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4 hours ago, CleveFan said:

After re-reading the proposal to the Board, and remembering the indignation of some that said the Stark proposal wasn’t fair to the school district - I still don’t understand how  “nothing” was better than “a whole lot”.  It feels like a real lost opportunity - both for the schools - and for the city.  Imagine Cleveland with the original Nucleus rising- back-to-back with the new SW HQ.  Wow. 

 

Original NuCLEus...and Pesht!  Except it's Stark, so none of that was ever going to happen as originally planned.

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2 hours ago, simplythis said:

Does anyone know if anything happened wednesday regarding Sub SB 39.

AND please don't tell me they didn't meet.

 

I'll have an article about it over the weekend.

 

 

Edited by KJP
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1 hour ago, Silent Matt said:

^^^ This guy right here. Non stop! Do you ever sleep, Ken?!

 

Yes. Sometime I catch cat naps while sitting at my comp..... 💤💤

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1 hour ago, Sapper Daddy said:

Can’t forget the nuCLEus lot..

 

5D072A7E-51B4-4D19-9629-1B2CBDB70832.gif

 

52 minutes ago, Frmr CLEder said:

When it comes to that project, I'm very, very, very, very cautiously optimistic.

 

Funny you should be mentioning that.

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"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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1 hour ago, inlovewithCLE said:

Where’s the article?! Lol

 

I'll post it first thing in the morning.

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"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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Fine. Here it is. I'm going to bed now!! 😉 

 

nucleus-rooftopcafe-2020.jpg

 

MONDAY, FEBRUARY 10, 2020

nuCLEus still lurks among many downtown projects

 

In two years, construction may be underway in downtown Cleveland for as many as a half-dozen towers. And that doesn't count all that are in pre-development. If you did, there would be at least 13 towers under consideration.

Starting this summer, construction is due to start on the City Club Apartments, followed by the new Sherwin-Williams headquarters, a probable Justice Center Courthouse tower and as many as three more towers that have yet to be announced but are in pre-development with significant financial backing.

And that doesn't count major renovation projects that could also be occurring in the next year or two like the 21-story Union Trust Building to be renovated as The Centennial, the 22-story 55 Public Square, 16-story Rockefeller Building and 11-story Baker Building. All are subject to pending renovations and/or possible sales.

Lurking in the shadows of the half-dozen new-construction, potentially imminent towers are a pair of proposed buildings. Many people aren't talking about these two proposed 24-story towers anymore. They are the towers in Stark Enterprises' and J-Dek Ltd.'s nuCLEus development.

 

MORE:

https://neo-trans.blogspot.com/2020/02/nucleus-still-lurks-among-many-downtown.html

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Thanks, @KJP  I think there’s a typo when you reference S-W building height. 
 

As much as a hate parking, with recent developments adding residential cars to the current parking lot mix, Nucleus parking will become increasingly important on game nights (especially if we get good at sportsball again). 

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11 minutes ago, Clevecane said:

Thanks, @KJP  I think there’s a typo when you reference S-W building height. 
 

 

Ah, I see what you mean. Thanks! Fixed.


"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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I still think Nucleus has a good chance of happening. When you look at the length of time from conception to completion on the Beacon - it’s not a surprise this is now something like 6 years and counting.  But if the tax credits bill applies, it might be a relatively fast track. 
We could be seeing a number of cranes downtown in a year or so. Fingers crossed. 
 

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I had a meeting today at the Akron Chamber and Kirk Schuring who sponsored SB 39 was there.  I could not NOT ask about this bill specifically how it relates to nuCLEus.  He was pretty optimistic about it.  It's been stated before, but when this was first introduced it seems like this was almost specifically done for nuCLEus.  It could be transformative for the entire state, and not just for big cities, but for projects in small towns, too.  Nice guy who really seems to care about NEO.

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Most likely allowing SHW, Frangos, and quite possibly Lumen Act II the opportunity to run for the TIF.

As big as SHW is, there's no doubt I think they would immediately attain it, maybe even City Club.

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1 hour ago, jbee1982 said:

KJP, what three towers were you eluding to in your article? Any news on any new skyscraper buildings?

 

I will continue to be elusive while alluding to the three towers.

 

No news that can be shared publicly yet.

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Just now, KJP said:

 

I will continue to be elusive while alluding to the three towers.

 

 

You beat me to it.  I was just about to make an "elusive/alluding" comment when I saw yours.

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"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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12 minutes ago, simplythis said:

So what exactly are they trying to tell us regarding this

calm before the storm tweet

It sounds like they are about to make an announcement, perhaps today. 

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10 minutes ago, simplythis said:

So what exactly are they trying to tell us regarding this

calm before the storm tweet

 

lol BAD THINGS ARE AHEAD ...but hopefully not, they may want to rethink what an eye of a storm/hurricane is lol.

storm GIF

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