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Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment

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Have to say I'm a bit skeptical anyone is going to be financing any new hotels downtown until we see what the market looks like with the 900 new rooms scheduled to come on line in the next couple years.

 

To me the hotel thing is just a winner in Cleveland. You have a city that has substantively turned its biggest problem (image) around, granted most of the other problems persist. The biggest distinction is that conventions and meetings really weren't a factor in Cleveland before. It was just a city that didn't compete for convention business. That alone will fundamentally change the hotel landscape in Cleveland, and then you add the special events that we are now getting with some regularity (and definitely include the NBA Finals in between the Gay Games and RNC).

 

The apartments are also a critical mass thing, and I also see some legitimate reasons why apartment simply works better than condo in Cleveland (the schools will always be bad until poverty is solved). When Cleveland hits 25,000 downtown residents (probably soon), downtown will legitimately be one of the largest neighborhoods. That's a neighborhood for which there is definitely a market, and the more of that that can comprise the whole of Cleveland, the more of an impact downtown will make toward stemming the tide of population loss. That's a virtuous cycle.

 

I do agree though that this particular developer justifies a "wait and see" kind of approach. I've seen a lot of these shady (mainly if developer capacity looks like an issue) out-of-state deals not pan out EVEN after paying exorbitant amounts. I would maybe even say more so in those instances. Out-of-state developers are often one of the biggest contributors of land speculation, no matter where you go.

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Have to say I'm a bit skeptical anyone is going to be financing any new hotels downtown until we see what the market looks like with the 900 new rooms scheduled to come on line in the next couple years.

 

To me the hotel thing is just a winner in Cleveland. You have a city that has substantively turned its biggest problem (image) around, granted most of the other problems persist. The biggest distinction is that conventions and meetings really weren't a factor in Cleveland before. It was just a city that didn't compete for convention business. That alone will fundamentally change the hotel landscape in Cleveland, and then you add the special events that we are now getting with some regularity (and definitely include the NBA Finals in between the Gay Games and RNC).

 

The apartments are also a critical mass thing, and I also see some legitimate reasons why apartment simply works better than condo in Cleveland (the schools will always be bad until poverty is solved). When Cleveland hits 25,000 downtown residents (probably soon), downtown will legitimately be one of the largest neighborhoods. That's a neighborhood for which there is definitely a market, and the more of that that can comprise the whole of Cleveland, the more of an impact downtown will make toward stemming the tide of population loss. That's a virtuous cycle.

 

I do agree though that this particular developer justifies a "wait and see" kind of approach. I've seen a lot of these shady (mainly if developer capacity looks like an issue) out-of-state deals not pan out EVEN after paying exorbitant amounts. I would maybe even say more so in those instances. Out-of-state developers are often one of the biggest contributors of land speculation, no matter where you go.

 

I don't agree with this.  I'm not attacking anyone, however, once again, we question the validity, instead of stating the positive of adding more hotel rooms.

 

We have a NEW convention center, a NEW medical mart. There is talk of increased flights as business and leisure travel to our area is at an all time high.  Hotel room revenue and occupancy are up.

 

I would like to say the leisure travel is up as we have MORE OPTIONS for people to choose from and use their points/miles.  In the past we only had the Marriott, Renaissance, Wyndham, Hyatt and Ritz to choose.  The addition of the Westin and the Autograph Collection, people are happy as those two properties are the two best properties in Cleveland.  Marriott has a strangle hold on Cleveland, but now Westin open and the impending opening of the Kimpton (IHG) we'll have more upscale properties to chose.  Starwood has made it clear they want a piece of the Cleveland market, and when the Le Meridien, they will have three hotels in downtown proper.  In addition, they have discussed a Sheraton, St. Regis and long discussed W.

 

Whats happening in Cleveland is very similar to what happened in both Boston and Philadelphia after they renovated their convention spaces.

 

The more properties we have the better we'll be able to attract conventions and meetings as well as leisure travelers.  The city will  be able to attract those living within 2½ to 3 hours of downtown Cleveland for "stay-cations". 

 

In the past our city was dominated by 2 star properties, ie.  Hampton Inn, Hitlon Garden Inn, Holiday Inn, Residence Inn, Radison & Comfort inn type properties.  Nobody wants to spend their points in a city at one of those properties.  Not to mention we don't have a full compliment of hotels from Hotel Marketing Programs.  Marriott has Cleveland on Lock-down, yet the other biggies, Hilton, Starwood, & Hyatt have a very small foot print.  We're just now getting a Hilton, yet we don't have a Conrad or Waldorf.  We now have a Westin, and soon a Le Meridien, but we do not have a W, St. Regis, Sheraton, or Historic Luxury Collection property.  Hyatt is lacking a Park Hyatt, Andaz (I've heard rumblings about one for downtown) or Grand Hyatt.

 

In addition, we're missing mid to upper scale properties like Sofitel, Loews, multiple Kimpton/Crowne Plaza (or IHG based on what they do with the brand, now that they own it) or omni .  We also need to better work with developers and brands to bring smaller brands like St. James and Thompson hotels.  These are very nice properties and are aimed at the W, Andaz, Autograph/Edition crowd.

 

I would love to see a Four Season, Swissotel, Fairmount, Penisula and Mandarin Oriental, but we need to make sure loyalty programs are properly covered first.

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South Beach flair? Can't we create our own flair? And how can the bank lobby be the focal point of Cleveland if it's only open to parties? I don't think this Florida developer understands Cleveland...

 

Florida developer banking on Huntington Building rebirth

Posted: Friday, July 31, 2015 11:00 am | Updated: 11:07 am, Fri Jul 31, 2015.

CARLO WOLFF | STAFF REPORTER

cwolff@cjn.org

 

A Jewish developer from southern Florida aims to make the architectural icon known as the Huntington Building the focus of downtown Cleveland. It’s a very big project in a very big building.

 

At 1.4 million square feet, the former Huntington at 925 Euclid Ave., which is slowly coming back to life, is larger than Beachwood Place, a suburban complex of 950,000 square feet.

 

The property, rebranded as the 925 Building, is the largest multitenant office structure in Cleveland.

 

It’s only 8 percent occupied now, but when fully redeveloped in 36 months, the longtime bank building should make downtown Cleveland even more bustling, said developer Andrew “Avi” Greenbaum, who bought it in June for $22 million.

 

MORE:

http://www.clevelandjewishnews.com/features/real_estate/florida-developer-banking-on-huntington-building-rebirth/article_86301fce-353a-11e5-8d1b-b36f690296a3.html


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

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Interesting that they aren't planning on any offices at all - just apartments, hotel, and retail. Not that that's a bad thing, I suppose.

 

I'm still skeptical about "South Beach flair." What does that mean, exactly?

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Interesting that they aren't planning on any offices at all - just apartments, hotel, and retail. Not that that's a bad thing, I suppose.

 

I'm still skeptical about "South Beach flair." What does that mean, exactly?

 

It's a very tacky thing to say. Get the yellow caution flag ready.

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If it comes out cool, I'm down with the "south beach flair". We need more flash

 

If you're looking for flash, stand on that corner and look east

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18538269309_c8c74b2c68_b.jpg

 

18536698188_c42521d06a_b.jpg

 

18536776590_68e047b14f_b.jpg

 

<rant on> I think this is flair on its own merits. This is a Gilded Age America monument to the captains of industry in all its magnificent scale and opulence, and a reminder of all the nameless laborers who sacrificed to create this wealth. That's all it all is. And that's plenty. It's a huge and a compelling story all by itself. It doesn't need to pretend to be something else, like some pastel-painted, plastic-surgery Miami Beach reminder that you'd rather be there on the sand getting skin cancer. This is Cleveland in all its gilded flash and gilded decadence. And if you don't know the history, use this building to help tell it. Don't jump to a silly, superficial corner of the world you happen to know for fashion tips on how to slather this muscular monolith of the ages in the flavor of the month.... <rant off>

 


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

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18538269309_c8c74b2c68_b.jpg

 

18536698188_c42521d06a_b.jpg

 

18536776590_68e047b14f_b.jpg

 

<rant on> I think this is flair on its own merits. This is a Gilded Age America monument to the captains of industry in all its magnificent scale and opulence, and a reminder of all the nameless laborers who sacrificed to create this wealth. That's all it all is. And that's plenty. It's a huge and a compelling story all by itself. It doesn't need to pretend to be something else, like some pastel-painted, plastic-surgery Miami Beach reminder that you'd rather be there on the sand getting skin cancer. This is Cleveland in all its gilded flash and gilded decadence. And if you don't know the history, use this building to help tell it. Don't jump to a silly, superficial corner of the world you happen to know for fashion tips on how to slather this muscular monolith of the ages in the flavor of the month.... <rant off>

 

Translation: Get off My Lawn lol

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^ LOL

 

We know that isn't what KJP, one of our more progressive posters, means, but yes, that is what it sounds like.

 

After spending the past week driving down the PCH from SFO to LAX and seeing how full of life these tiny towns of only 20-50K residents are, so long as he gets full occupancy on what appears will be a mid-high to upscale development he can call it South Beach Cool, Seattle Grunge, Cali Relax or Vegas Flasy even The Cleveland Steamer for all I care.

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Didn't mean to sound like a grump. But I was on a roll... :)


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

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South Beach flair?  Ugh.  Because when people think classy, they think Florida. 

 

 

10 points to House Greenbaum if he shows up to the ribbon cutting dressed like that. 

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May I post pure speculation here?

 

"We've been negotiating for quite a while," Ruby said. "It's the most spectacular place I've ever seen."

 

Jeff Ruby eyes Cleveland for next restaurant

 

http://www.bizjournals.com/cincinnati/news/2015/09/12/jeff-ruby-eyes-cleveland-for-next-restaurant.html

 

Nice find, but I'm guessing the Garfield building at E 6th & Euclid. On Jeff Ruby's twitter account, he confirms he's opening a restaurant in Cleveland after someone posted a picture of Ruby's truck next to the Garfield building on E 6th.

 

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I know the Ruby reputation (and fondly remember my college-age date-night splurges at his Precinct and Waterfront in Cincy), so this is really great news for downtown CLE. But, looking at the Jeff Ruby website... the menu prices are just "wow".. even by expensive steakhouse standards.. Oh, but still can't wait to go...

 

http://www.jeffruby.com/files/pages/36/menu.pdf

 

 

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^Would be good news, of course, but as the John Hartness Brown Bldg project makes clear, doesn't tell us all that much about a project's imminence or viability, unfortunately.

 

I'm no hotel expert, but wouldn't you give Hilton a lot more credibility?

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^The hotel flag isn't developing the building. It's just expressing strong (and probably not legally binding at the LOI stage) interest in occupying hotel space if the developer can get it built. It's crucial for getting this kind of project to happen, so good news, but it is just one of many things that needs to fall into place.

 

EDIT: I'm not trying to be downer, just don't want people to think this would mean the project is definitely on or construction is about to start or anything like that. I bet we're still years away from anything happening. Still need to line up lots of public subsidy, I imagine.

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Old technique for selling property figures in sales of two landmark properties

September 28, 2015

STAN BULLARD

 

Holding paper. No, it’s not reading a printed newspaper.

 

Instead, it is the way real estate types refer to building owners writing their mortgage on a property as they sell it to another group. It gets them out of the property but gives them a way to recoup control if the buyer fails to meet terms of the mortgage and ante up.

 

During the credit crisis surrounding the Great Recession, when banks were notorious for not lending, I expected to see many more deals with sellers holding paper than I did. Perhaps that’s because the downturn was so deadly that few properties sold. Now that banks are again turning to real estate lending to make money, some interesting cases of sellers holding paper have nonetheless surfaced.

 

First, Miami Beach, Fla.-based Optima International received the $12.5 million that Delray Beach, Fla.-based Hudson Holdings owed it on the sale of 925 Euclid Ave. — the former Huntington Building — in downtown Cleveland.

 

MORE:

http://www.crainscleveland.com/article/20150928/BLOGS14/150929836/old-technique-for-selling-property-figures-in-sales-of-two-landmark


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

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May Co., 925 Building, former Goodyear campus vie for big state tax credit (photos)

By Michelle Jarboe McFee, The Plain Dealer

on October 06, 2015 at 7:00 AM, updated October 06, 2015 at 8:30 AM

 

CLEVELAND, Ohio – Two largely empty downtown Cleveland behemoths will vie against the former Goodyear Tire & Rubber Co. headquarters in Akron for up to $25 million in coveted state tax credits this fall.

 

Sept. 30 was the deadline to apply for a December round of tax-credit awards that support historic preservation. Three properties – the May Co. building on Public Square, the former Huntington Building on East Ninth Street and the old Goodyear complex – are seeking a special credit reserved for projects with the most powerful economic punch, according to an applicant list provided to The Plain Dealer.

 

All three redevelopments missed out in late 2014, when the state awarded its first such "catalytic" tax credit to a planned makeover of Cincinnati Music Hall, a late-1800s performance venue. Now the runners-up are competing again.

 

MORE:

http://www.cleveland.com/business/index.ssf/2015/10/may_co_925_building_former_goo.html


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

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So, there are several applicants for the tax credits.  Is there a total of $25MM for the taking that can be divided up between several projects?

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So, there are several applicants for the tax credits.  Is there a total of $25MM for the taking that can be divided up between several projects?

 

This is the new lump sum catalytic credit that Music Hall in Cincy was awarded last year.

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Ok, so I guess the slew of smaller projects listed below in the article are part of a different tax credit program?

 

Same program, different category.


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

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Just noted that this year's Downtown Cleveland Alliance Winter Wine & Ale Fest will be held here on Saturday, November 28 following the conclusion of WinterFest in Playhouse Square. In past years, they used 200 Public Square for the event. I cannot make it unfortunately, but if anyone else goes, feel free to snap pictures of the lobby!

 

http://www.downtowncleveland.com/events/winter-wine-ale-fest.aspx

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So wkyc did a 'live' interview with Avi Greenbaum from Hudson Holdings Sat. morning from the 925 lobby. He indicated that the lobby will be very active as an event space thru next summer and that construction will start in October. He described the project as a 300 room hotel with residences and office space. What's interesting is that he offered the October start date without knowing the outcome of the tax credits. He said construction would take 2 years for the whole project. So is this an indication that it will move fwd with or without the credits?

 

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I had never been inside there before, so I signed up to volunteer for the winter wine and ale fest last night for the sole reason of being able to see the lobby. Wow, what a space.

 

IMG_2562.JPG

 

IMG_2563.JPG

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Good news.  I'm surprised more of these developers weren't ahead of the curve with the RNC site selection here, but we'll take it.    Crossing my fingers that all this downtown hotel and residential will complete before the next stock market "Correction" (Crisis).

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