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Klingaling87

Cleveland: Downtown: The Lumen (Playhouse Square Tower)

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Finally... it's now public. Something I've known and had to be tight-lipped about for well over a year, but it's pretty awesome IMO. Enjoy:

 

Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district

 

CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district.

 

The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it.

 

Full article at:

 

http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html#incart_river_mobileshort_home

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Any time you replace a surface parking lot with a beautiful building like that is tremendous....I'm starting to get uneasy about demand for rentals....hope there is a proactive plan and vision in place by like dca, etc to continue to keep the flow of people moving downtown

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Any time you replace a surface parking lot with a beautiful building like that is tremendous....I'm starting to get uneasy about demand for rentals....hope there is a proactive plan and vision in place by like dca, etc to continue to keep the flow of people moving downtown

 

I second!

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Not to be  A downer, because I truly am excited about this development… But does this mean if the apartment market loses demand that playhouse square will be left holding the bag?

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This is phenomenal....and hopefully my new home!!  And thank god they are bringing the garage back to the Euclid ave side of Playhouse.  Theater goers need to be on Euclid and in the shops and restaurants.....not walking thru a tunnel thru the back and never stepping foot on a street.  This is fantastic!  Any word on street level retail??

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This may not be the best place to ask this (but since it's being hinted at...), obviously the apartment market is strong, hence the continuouaddition of units to the market. But how do these developers determine demand for owned units? There are so few available it doesn't seem like the current market would be any sort of gauge at all.

 

Everyone seems to agree that's the next step.

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This may not be the best place to ask this (but since it's being hinted at...), obviously the apartment market is strong, hence the continuouaddition of units to the market. But how do these developers determine demand for owned units? There are so few available it doesn't seem like the current market would be any sort of gauge at all.

 

Everyone seems to agree that's the next step.

 

Great question, and it's really hard to ask without sounding like you're not excited.

 

1. I personally am so excited/proud of this rendering for our city

2. Worried that Playhouse Square could be critically implicated in a volatile market

3. Confused as to why rental is the only option

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Great news! I'm glad to see this finally go public. The apartment building looks nice. The garage podium along Euclid looks awful though. I would have loved to see a blended style with glass and stone to transition between the historic Hanna and modern apartment building.

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Any time you replace a surface parking lot with a beautiful building like that is tremendous....I'm starting to get uneasy about demand for rentals....hope there is a proactive plan and vision in place by like dca, etc to continue to keep the flow of people moving downtown

 

I second!

 

I don't think we are going to be seeing a downturn in the rental industry here anytime soon. I get the argument that we have slow job growth, but more and more, the young generation is moving to areas based on coolness and then finding a way to "make it work" once they are there. This trend has been in place for quite some time in the west and east coast and is now picking up steam here in the rust belt. Don't underestimate the power of the "coolness factor" which is what Cleveland is building quite nicely IMO.

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Finally... it's now public. Something I've known and had to be tight-lipped about for well over a year, but it's pretty awesome IMO. Enjoy:

 

Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district

 

CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district.

 

The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it.

 

Full article at:

 

http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html#incart_river_mobileshort_home

 

I love it when my NEOtrans articles scoop the PD by a month.

 

BTW Htsguy[/member], you owe me a big wet kiss. ;)

 

playhouse-square-plans-apartment-tower-60fa407130c609f6.jpeg

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Is there a reason why all the new apartment renderings never include balconies?  Are they prohibited by code in Downtown? or does it add cost to construction?  I've lived in apartments without balconies........its not fun. 

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Is there a reason why all the new apartment renderings never include balconies?  Are they prohibited by code in Downtown? or does it add cost to construction?  I've lived in apartments without balconies........its not fun. 

 

Same question and potential answers came up about Cincinnati's recent Kroger tower announcement: https://www.urbanohio.com/forum2/index.php/topic,30893.msg858094.html#msg858094

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Good info.  Never thought about the insurance aspect.  Perhaps the difference with condo units is that the individual condo owner assumes the liability of the balcony.

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Finally... it's now public. Something I've known and had to be tight-lipped about for well over a year, but it's pretty awesome IMO. Enjoy:

 

Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district

 

CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district.

 

The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it.

 

Full article at:

 

http://realestate.cleveland.com/realestate-news/2017/06/playhouse_square_plans_34-stor.html#incart_river_mobileshort_home

 

I love it when my NEOtrans articles scoop the PD by a month.

 

BTW Htsguy[/member], you owe me a big wet kiss. ;)

 

playhouse-square-plans-apartment-tower-60fa407130c609f6.jpeg

 

Ken the second I spotted the newly created thread I started to pucker up.  However, I am going to hold off until a shovel is actually in the ground.

 

By the way, isn't Michelle great.  Her article was just loaded with facts and insight and so well written.

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Is there a reason why all the new apartment renderings never include balconies?  Are they prohibited by code in Downtown? or does it add cost to construction?  I've lived in apartments without balconies........its not fun. 

 

Same question and potential answers came up about Cincinnati's recent Kroger tower announcement: https://www.urbanohio.com/forum2/index.php/topic,30893.msg858094.html#msg858094

 

Actually, to my untrained eye there looks like there may be a small number of "petite" balconies.  Four at the top of the building on the west side and a whole row running from top to bottom on the southwest side.

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Wonderful.  I hope at least a few floors (those with the tiny balconies) will ultimately be condo. We need owner-occupied living Downtown to ensure stability.

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Nice work KJP[/member] and Klingaling87[/member]

 

I wonder if there would be enough room in that podium for a 4 screen movie theater.  It would be a perfect spot for it.

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Including the Beacon, that will be an additional 506 apartment units being added on Euclid. That's approximately 1000 additional people living between E 4th and  E 17th.

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Including the Beacon, that will be an additional 506 apartment units being added on Euclid. That's approximately 1000 additional people living between E 4th and  E 17th.

 

Your numbers seem a little low...Are you including the Garfield, Hanna and CAC? 

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No, just Beacon and this project. What would the number be if all the projects on Euclid are included?

 

Around 900, and the Leader building (not included in the 900) is right around the corner...

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The article makes no mention of ground floor retail. Can anyone confirm whether or not that is planned for this?

 

I worry about this as well.

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According to reply #26, I think his question was for Euclid Ave. only. So, if only Euclid Ave from E. 4th to E. 17th were the criteria, how many apts/people would be living on Euclid Ave.

 

Here are the properties to determine that:

The Hoyt Apts

The Beacon/515 Euclid

The Garfield Apts

668 Euclid Ave

The Kmipton Hotel/Apts (it faces Euclid Ave)

? The 9 as some of it's apts face Euclid Ave. but I think the apt portion on Euclid Ave is actually a separate building. Don't know the name.

925 Euclid Ave. (not yet under renovation)

CAC Apts (currently under renovation)

The Statler Arms Apts

The just proposed Playhouls Sq Aprts

 

 

The Edge (student housing for CSU) I would not include because his criteria was only E. 4th to E. 17th.

 

If I missed any, please let all of us know.

 

 

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Approaching critical mass?

 

I remember reading within the last 12-18 months something put out by the DCA, and if I remember correctly, thry were saying the waiting list for apts downtown were aprprox. 2,000 people.

 

Does anyone else remember reading about this, or if I'm wrong, forgive me.

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According to reply #26, I think his question was for Euclid Ave. only. So, if only Euclid Ave from E. 4th to E. 17th were the criteria, how many apts/people would be living on Euclid Ave.

 

Here are the properties to determine that:

The Hoyt Apts

The Beacon/515 Euclid

The Garfield Apts

668 Euclid Ave

The Kmipton Hotel/Apts (it faces Euclid Ave)

? The 9 as some of it's apts face Euclid Ave. but I think the apt portion on Euclid Ave is actually a separate building. Don't know the name.

925 Euclid Ave. (not yet under renovation)

CAC Apts (currently under renovation)

The Statler Arms Apts

The just proposed Playhouls Sq Aprts

 

 

The Edge (student housing for CSU) I would not include because his criteria was only E. 4th to E. 17th.

 

If I missed any, please let all of us know.

 

The Lofts @ Rosetta Center (629 Euclid Ave)

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