Jump to content
Klingaling87

Cleveland: Downtown: The Lumen

Recommended Posts

The Hanna building.

 

The Hanna building apts do not face Euclid Ave., they are on E. 12th & Prospect.

 

It still opens up to Euclid.  It would be crazy not to include it on the list considering the retail space does front Euclid. 

 

 

Oops I just realized that I'm thinking of the Halle Building

Share this post


Link to post
Share on other sites

How could you forget the biggest one of all -- 925 Euclid?

 

Note that all of the new high-rise apartment buildings either under construction or due to start construction this year are on Euclid Avenue:

 

+ One University Circle - 20 stories

+ The Beacon - 28 stories

+ Playhouse Square Tower - 34 stories

 

And I love-love-love that Playhouse Square is the one financing this. They don't have to get a private-sector return on investment to make this work. If they cover their costs, they create a net public benefit to their district in terms of more business activity, restaurants, retailers, presumably higher attendance for shows, etc. I would love to see more nonprofits do this to jump start building projects that the private sector shies away from.

 

When I wrote the NEOtrans piece, I wondered what additional financial resource was being brought into the picture to justify an announcement only one month away. Playhouse Square needed the parking deck to be paid for (much like 515 Euclid) to be able to afford constructing the tower above it. The $1 million from the state wasn't close to sufficient (PS had sought $4 million). I was expecting something like New Markets Tax Credits to provide the gap financing for this. But I wasn't expecting a $10 million+ gift from the Richard J. Fasenmyer Foundation! That's even better.

 

One last thing, regarding the multi-family rental market, please note the very recent news:

 

California's Bank of the West opens commercial banking hub in Cleveland (The last commercial office it opened prior to this was in Atlanta in late 2014. And coinciding with the Cleveland location, another new office is poised to open in Dallas):

http://www.crainscleveland.com/article/20170608/NEWS/170609829/californias-bank-of-the-west-opens-commercial-banking-hub-in

 

Marcus & Millichap's Institutional Property Advisors opens Midwest multifamily division (and locates it in Cleveland):

http://www.rejournals.com/2017/05/22/institutional-property-advisors-opens-midwest-multifamily-division/

 

They see something that the skeptics do not, and they are positioning their human resources and financial capital here to make money off of investment in commercial and/or residential development.

 

Developer Bob Stark once said it is relatively easy to convince 1 percent of a market to do something, like move downtown (Greater Cleveland is 2.1 million people, or 3.5 million if you include Greater Akron-Canton). That's 21,000 to 35,000 people living downtown. We're getting closer, but not there yet. And yet if we want to move back into the ranks of Seattle, Atlanta, Portland, Denver, etc., we'll want to have much more than 1 percent of our metro area's population living downtown. In fact, Cleveland's Central Business District (CBD) isn't even yet at the national average share of population for the entire metro area (see below). To get merely to the average, downtown Cleveland's population would have to rise to 27,300 to 45,500.

 

2015-03-28-1427581709-3909116-8340120-thumb.jpg

SOURCE: Demographia


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

Share this post


Link to post
Share on other sites

^^^ I think Bob Stark might have said that about 1% in CBD but it is also backed up by a CSU study by Dr. Bier.

 

You're right. Now that you mention it, Tom Bier did do a report on that.


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

Share this post


Link to post
Share on other sites

I'll take a brand-new, 34-story residential tower anywhere in Cleveland city limits, obviously, but the fact that this building will be in the middle of our theater district is outstanding, imho.  Playhouse Square is the country's largest theater district outside NYC and was always a neat corner of the city.  You had the theaters themselves and some interesting business, like WVIZ/WCLV.  In terms of a full-fledged neighborhood, residential was the only missing piece.  Now, the neighborhood will have that in spades.

 

It's a lot like University Circle five years ago, with big employers like UH and the Clinic plus world-class cultural amenities.  The only thing missing was residential space.  Uptown was a game changer for that part of the city, and 1UC and (hopefully) UC3 are on the way helping to confirm that shift.

Share this post


Link to post
Share on other sites

Again... I LOVE this proposal... but I'm going to keep asking...

 

If the rental market goes on a downturn, is Playhouse Square's financial viability implicated in that?

Share this post


Link to post
Share on other sites

^ The short answer is yes.  however, it would affect only their real estate arm.  They operate as a separate legal entity from the theater operations. 

Share this post


Link to post
Share on other sites

I wonder if using the 1% number for CBD living if we really should only look at the MSA rather than CSA.  Only because Akron has its own CBD which I assume would count toward the 1% of CBD residents.

Share this post


Link to post
Share on other sites

^ The short answer is yes.  however, it would affect only their real estate arm.  They operate as a separate legal entity from the theater operations.

 

Okay, awesome! Thank you

Share this post


Link to post
Share on other sites

I'm still unclear about ground floor retail. Going by the rendering, it doesn't look like there is any retail which would be a huge mistake. It also looks like there is garage access from Euclid which I also think is a mistake. I think all garage access should be limited to E. 17th St. and Brownell Ct. I don't want any unnecessary curb cuts on Euclid Avenue, which should be a place that is focused on pedestrians and transit.

Share this post


Link to post
Share on other sites

^^^Urban options aren't too plentiful in Akron. Until there are more options, Cleveland is the only real urban liveable location in Northeast Ohio.

Share this post


Link to post
Share on other sites

^^^Urban options aren't too plentiful in Akron. Until there are more options, Cleveland is the only real urban liveable location in Northeast Ohio.

 

Which is a short answer to how I addressed it at:

 

https://www.urbanohio.com/forum2/index.php/topic,24830.msg858439.html#msg858439

 

Since we're getting into more general downtown housing market-type discussions, I thought I should  put my answer in that thread.


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

Share this post


Link to post
Share on other sites

I am so happy this project has been announced. Because Playhouse square being the owner this project

could see construction sooner than Nucleus & Weston which have been announce a couple of years ago.

Share this post


Link to post
Share on other sites

wouldn't mind seeing a few different views of our skyline with this and Beacon.  Can anyone do that in quick time?  We can take Nucleus back off the renderings for now :/.

Share this post


Link to post
Share on other sites

I am so happy this project has been announced. Because Playhouse square being the owner this project

could see construction sooner than Nucleus & Weston which have been announce a couple of years ago.

 

I like how Playhouse Square got their financing, etc in order BEFORE making the announcement lol

Share this post


Link to post
Share on other sites

I am so happy this project has been announced. Because Playhouse square being the owner this project

could see construction sooner than Nucleus & Weston which have been announce a couple of years ago.

 

Unless Weston grabs one of the new headquarters for Medical Mutual or Sherwin Williams, or possibly an East Coast company relocating their back-office operations in a lower-cost market like Cleveland.


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

Share this post


Link to post
Share on other sites

Wow, this is a very exciting announcement for downtown Cleveland! I wish the base of the tower was a little more defined, though. Ground floor retail would help to articulate the base a bit, and would also help with street level activity. But those are relatively minor gripes about an otherwise very exciting project. The impact on the skyline should be pretty significant at 34 stories, too.

Share this post


Link to post
Share on other sites

If the plan is to use the parking garage facade as a place to advertise upcoming shows, that will be awfully overwhelming. I found the Wicked banners to be very distracting. That facade will be a huge detail to address going forward.

Share this post


Link to post
Share on other sites

I don't think we should downplay the significance this project could have on the rest of Euclid Ave as well. Right now, there are two thriving sections of Euclid downtown with an, let's face it, awful dead space in the middle. I think two thriving districts with two new towers could really be the catalyst to bridging that gap

Share this post


Link to post
Share on other sites

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.

 

I don't know about you guys, but it looks like there is some ground floor retail in the garage portion of the building, at least it appears that way in the North to South view.. If so, that'd be excellent for the district to add in some boutique shops/restaurants for the theater goers to spend their fortunes at.

Share this post


Link to post
Share on other sites

Also, don't overlook the importance of the parking garage. Yes, this is transit guy saying that. The reason a 550-space garage is being built for a 319-unit residential building is to address the shortcomings of the Chester garage. That garage keeps people off Euclid Avenue as theatergoers arriving by car come in to their shows from behind and never set foot on Euclid Avenue -- and more importantly, never set foot in Euclid Avenue shops and restaurants. If each housing unit is guaranteed one parking space, that's 231 spaces for the public. Or 91 more than is in the existing Euclid Avenue lot that this tower will replace. Another option Playhouse Square could offer is discounted monthly parking permits for residents of the building and make the whole garage open to the public.

 

With this project, now that opens up parking spaces in the Chester garage to support development of the properties on the south side of Chester that Playhouse Square recently bought. This tower has strategic value to Playhouse Square in more ways than just the tower.


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

Share this post


Link to post
Share on other sites

^it'd also be nice if they included the new student housing at e.18th in the Euclid ave rendering.

 

It's as if the only Edge that's there is the edge of the world! :)


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

Share this post


Link to post
Share on other sites

I would be shocked that a tall new building in a high profile theater district doesn't have store fronts on the first floor.  They know the point is to keep it lively especially when they said they want more people walking along Euclid is kind of the purpose of the building.

Share this post


Link to post
Share on other sites

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.

 

I don't know about you guys, but it looks like there is some ground floor retail in the garage portion of the building, at least it appears that way in the North to South view.. If so, that'd be excellent for the district to add in some boutique shops/restaurants for the theater goers to spend their fortunes at.

 

I agree. Other than the interior stairway on the western edge of the garage and the bay to its immediate east, the majority of the first floor appears to have some sort of use in it.

Share this post


Link to post
Share on other sites

^^^Urban options aren't too plentiful in Akron. Until there are more options, Cleveland is the only real urban liveable location in Northeast Ohio.

 

Well there would have been if they didn't tear down most of O'Neals and BF Goodrich!

 

Sorry, I'm still pissed off about my time in Akron...

 

Back on topic: This is such great news! I've often thought how much I'd like to live in PS amidst all of those bright lights.

 

I was concerned at first because the building contrasts so much with the surroundings. But then I realized that you see that contrast in all "big" cities. I too hope that garage access is moved to a side street, and that retail is a part of the mix. The rendering looks promising that they will be embracing the sidewalk in some way.

Share this post


Link to post
Share on other sites

I was concerned at first because the building contrasts so much with the surroundings. But then I realized that you see that contrast in all "big" cities. I too hope that garage access is moved to a side street, and that retail is a part of the mix. The rendering looks promising that they will be embracing the sidewalk in some way.

 

Well, there is a 22-story building across the street, a 16-story building next door and a new 11-story residential building a block away. But this will definitely fill out the skyline more....

 

2013:

33366668793_df7bcf90d7_b.jpgcleveland from lake erie-large by Ken Prendergast, on Flickr

 

2023?

34137311596_a85d70212b_b.jpgcleveland from lake erie 2-labeled by Ken Prendergast, on Flickr


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

Share this post


Link to post
Share on other sites

Yahoo! Great news! The tower looks beautiful - love the blue contemporary look and

Of course, the location is fantastic - should make PS even more dynamic.  I agree this balances/extends the skyline nicely. Congrats to Cleveland!

Share this post


Link to post
Share on other sites

gonna be way cool to see at least two tall cranes don't own  over the next couple years with The Beacon going up down the street...hopefully it will be 3 at once with Nucleus - sorry, getting greedy!!

Share this post


Link to post
Share on other sites

I was concerned at first because the building contrasts so much with the surroundings. But then I realized that you see that contrast in all "big" cities. I too hope that garage access is moved to a side street, and that retail is a part of the mix. The rendering looks promising that they will be embracing the sidewalk in some way.

 

Well, there is a 22-story building across the street, a 16-story building next door and a new 11-story residential building a block away. But this will definitely fill out the skyline more....

 

Sorry I meant in relation to the shiny glass, not to the height.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   1 member

×
×
  • Create New...