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KJP

Cleveland: Downtown: Geis condo tower

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This can't be hidden anymore. I'm working on an article for this and will release it as soon as I get the go-ahead. Geis is on a very aggressive timetable for this. But suffice it to say, this project will open a new market for downtown residential....

 

8 hours ago, mrclifton88 said:

Drilling equipment alert!!!

 

BB96FA68-5F0A-428E-AD58-6A188128088A.jpeg



D639709F-38AE-4D0F-B427-A92F68F1881B.jpeg

 

 

 

And this is the site in case anyone is wondering....

 

 

Geis tower site 2015 base map.jpg

 

Geis tower site.JPG

Edited by KJP
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"Save the planet. Move to the city." -- The Downtowner podcast

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Just now, KFM44107 said:

Is the county garage going to be part of this development? 

 

 

No, only the Geis-owned garage behind it.


"Save the planet. Move to the city." -- The Downtowner podcast

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Geis always seems to move fast.

 

With this project, Nucleus and the City Club apartments apparently moving forward we could see well over a half billion dollars worth of new construction within a stones throw of each other at this time next year.

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16 minutes ago, YO to the CLE said:

Thank goodness it includes that parking garage too! That thing has to have some kind of code violations.

 This is great. If only it also included the one-story portion of Winton Manor, instead of having that little notch cut off the corner. But I'll take it! 

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NOOOOO! I now have to go full NIMBY!!! That’s going to block my dream view!!! (I type this will full sarcasm.... kinda🥴

7F6E8253-38EF-4273-8B0C-D381EC5F7CCA.jpeg

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The development potential in this area is great. There’s so many parking lots. E. 9th-E 18th south of Prospect, like the Parking Lot District, has a ton of potential. Hopefully, along with Knez’s townhouses, can spur more for-sale developments. 

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I'm sure some Indians fans will be eager to get a condo in that building, considering the views of Progressive Field! Can't wait to see some renderings! 

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5 hours ago, shack said:

Any word on the height of this thing?

 

Yes, stay tuned. 😉 Since the news of this project is out, I'm pushing to get the OK to publish this story ASAP.

 

5 hours ago, ethlaw said:

I'm sure some Indians fans will be eager to get a condo in that building, considering the views of Progressive Field! Can't wait to see some renderings! 

 

I'm sure very few Indians fans will be able to afford it.

Edited by KJP
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2 minutes ago, KJP said:

I'm sure very few Indians will be able to afford it.

 

When I said "some Indians fans" I'm putting a big emphasis on the *some* haha

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2 minutes ago, freethink said:

@KJP if this is condos, do you think the project depends on a certain amount of pre-sales to move forward?

 

No, I'm told Geis has most if not all the financing already in place. Perhaps Geis has quietly pre-sold some units off-market.

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2 minutes ago, Oldmanladyluck said:

^Thanks KJP for your insight- Ive been refreshing thos thread on my phone waiting for your blog to drop!

So I’m not alone then? 😆

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6 minutes ago, Oldmanladyluck said:

^That lot footprint os small- my guess is its at least 14 stories, probably more.

Why only limit ourselves to 14? Lets go whole hog! 100 floors or bust.

image.thumb.png.cb2c5c5acfc0b0c11d1de539458502ba.png

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20 minutes ago, Oldmanladyluck said:

^Thanks KJP for your insight- Ive been refreshing thos thread on my phone waiting for your blog to drop!

 

Oh no!! Please don't. I don't expect to get the green light until tomorrow at least.

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1 hour ago, mrclifton88 said:

@mack34 Oh man ... everyone on the south side of Halle is going to go NIMBY 😁 I feel for you but at least you can still see the fireworks!! 😅

I do hope they build a spectacular condo tower there.......By that time I'm sure i'll move to Lumen lol!!

 

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Finally some more condos Downtown! This is great news -- if I can afford it, I'd consider living there. Awaiting your details...

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1 hour ago, freethink said:

Well I hope it's at least 14 stories tall and has a lot of glass because it's going to be on TV 162 times a year.

81

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29 minutes ago, CleCaneFan said:

There are 81 home games....though hopefully more, i.e. playoffs🙂

Lol rigghht... Sorry been having brain farts all day...

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4 hours ago, mrclifton88 said:

@mack34 Oh man ... everyone on the south side of Halle is going to go NIMBY 😁 I feel for you but at least you can still see the fireworks!! 😅

Maybe the upper floors, but the lower floors don't have a view anyways.

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1 hour ago, Terdolph said:

Good reason to complete the Huron Rd. subway.

 

Having never heard of the Huron Rd Subway, I did some digging and found this cool Cleveland Historical site:

 

https://clevelandhistorical.org/items/show/361

 

I really like the idea of clustering density around these previously proposed routes in the hope of steering current/future investments in public transit. 

 

image.thumb.png.7000c67ad22399d8ddeead6717bb3ea9.png

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6 hours ago, KJP said:

 

No, I'm told Geis has most if not all the financing already in place. Perhaps Geis has quietly pre-sold some units off-market.

 

This would be shocking if true. I cannot imagine a commercial lender making a construction loan in this market without presales, or some non-condo portion that would be sufficient to repay the commercial lender of the construction financing.   

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The footprint of this lot isn’t that small. It’s just a hair less square footage than The Beacon (tower itself).


"We each pay a fabulous price
  for our visions of paradise."
     - ????, ???????

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9 minutes ago, StapHanger said:

 

This would be shocking if true. I cannot imagine a commercial lender making a construction loan in this market without presales, or some non-condo portion that would be sufficient to repay the commercial lender of the construction financing.   

 

I can. Geis is a large real estate company and has a substantial amount of cash flow and collateral. I ran this by a friend at a residential real estate brokerage who had no doubts that Geis probably already has financing without a single presale.

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