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Cleveland: Sherwin-Williams' Headquarters

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A very reliable source has told me that Valor Acres is only pursuing the SHW R&D facility.  No intention of competing for the HQ.  They feel confident the R&D would relocate, if tax incremental financing is right.

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high-rise-office-building-crop.jpg

 

MONDAY, AUGUST 26, 2019

Sherwin-Williams seeks builders for HQ + R&D project

 

Unless the economy does a crashing repeat of 2008 in the next 6-12 months, Sherwin-Williams (SHW) could make a significant announcement about its headquarters (HQ) as well as it research and development (R&D) facilities by the end of 2020. Even a modest economic downturn is unlikely to put a stop to a multi-year process that has already started.

That process suggests that SHW is on a schedule that could have them start construction on a new HQ and R&D project by 2022. And some aspects of the process point toward downtown Cleveland as the site for most, if not all of this massive project.

 

MORE:

https://neo-trans.blogspot.com/2019/08/sherwin-williams-seeks-builders-for-hq.html

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"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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29 minutes ago, KJP said:

high-rise-office-building-crop.jpg

 

MONDAY, AUGUST 26, 2019

Sherwin-Williams seeks builders for HQ + R&D project

 

Unless the economy does a crashing repeat of 2008 in the next 6-12 months, Sherwin-Williams (SHW) could make a significant announcement about its headquarters (HQ) as well as it research and development (R&D) facilities by the end of 2020. Even a modest economic downturn is unlikely to put a stop to a multi-year process that has already started.

That process suggests that SHW is on a schedule that could have them start construction on a new HQ and R&D project by 2022. And some aspects of the process point toward downtown Cleveland as the site for most, if not all of this massive project.

 

MORE:

https://neo-trans.blogspot.com/2019/08/sherwin-williams-seeks-builders-for-hq.html

 

A) Ken - you rocked it as always, great stuff.

 

B) hate to be the bearer of bad tidings, because I want this too... but there WILL be a recession, even if modest, in the next 18-36 months 

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12 minutes ago, YABO713 said:

 

A) Ken - you rocked it as always, great stuff.

 

B) hate to be the bearer of bad tidings, because I want this too... but there WILL be a recession, even if modest, in the next 18-36 months 

 

@YABO713 I don't doubt that there will be a recession. But given the multi-year nature of this project and the stability/size of the company, unless it seriously harms shareholder equity and cash flow, I question whether it will stop this project. It may slow it, but I don't think it will stop it.

 

Edit:  Think about it this way… Sherwin-Williams current cash flow would allow it to pay off this project in a year or two. If its cash flow is cut in half and its shareholder value drops 10-20% in a recession, then the worst that could happen is it will take it for 5 years to finance this project. If it's a worse recession, then that's bad news.

Edited by KJP
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"Those who can make you believe absurdities, can make you commit atrocities."-Voltaire

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15 minutes ago, CLE_Millennial said:

To put things in perspective, the Key Tower is only 1,249,981 square feet. This thing is going to be absolutely monstrous.

The Amazon rendering looks like the tallest of the SW towers is taller than Key Center.

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12 minutes ago, Frmr CLEder said:

The Amazon rendering looks like the tallest of the SW towers is taller than Key Center.

Yeah it looks slightly taller.

I'm not sure which I prefer... One tall 1,200ft+ skyscraper or a bunch of mid-size buildings that fill up all the parking lots >.<

Either way, it's a win if they stay downtown.

 

(Edit): I think it would be super cool to see a building similar in structure to the BP Building. In my opinion, the Key Tower compliments Terminal tower almost perfectly. It would be nice to see a building compliment the BP building.

Edited by CLE_Millennial
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Call me crazy - because I love a good phallic symbol as much as the next guy, but I'd almost prefer 2-3 buildings in the 300-700 range. I think that would really fill in Downtown and help with pedestrian traffic. 

 

Also - I love that we're discussing this on the Jacobs Lot thread as if its a predetermined locale. (Though where tf else would they put it lol) 

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2 minutes ago, CLE_Millennial said:

My god, looking down Euclid would be so different..

 

also--and that image doesn't show it---the parking lot next to the City Club bldg could be filled in.

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Just now, simplythis said:

OMG - The thread name changed to Sherwin Williams new headquarters from Jacob's public square lot

That must mean IT IS TRUE!  😁

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Just looking for people's opinions but what lots do you think would be the most impactful to build, Weston or Jacob's? I personally would love either one but you don't have a chance to build a super tall or a skyscraper often and the Jacobs lot sits across from 3 so it's only right to build. As long as you include something on the ground floor that creates pedestrian activity.

Edited by MyPhoneDead
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4 minutes ago, MyPhoneDead said:

Just looking for people's opinions but what lots do you think would be the most impactful to build, Weston or Jacob's? I personally would love either one but you don't have a change to build a super tall or a skyscraper often and the Jacobs like sits across from 3 so it's only right to build. As long as you include something on the ground floor that creates pedestrian activity.

Weston..

 

Definitely Weston.

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I'm 36 and this is the 2nd chance Cleveland has to Finish The Square in my lifetime (the first being the Ameritrust Tower), which tells how long it may be before the chance comes along again.  As much as I would love for the Parking Lot District to be filled, a new headquarters on the Jacobs Lot could produce spin-off onto the Weston lots.  I don't know if the same could be said the other way around.  

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3 minutes ago, Oldmanladyluck said:

I'm 36 and this is the 2nd chance Cleveland has to Finish The Square in my lifetime (the first being the Ameritrust Tower), which tells how long it may be before the chance comes along again.  As much as I would love for the Parking Lot District to be filled, a new headquarters on the Jacobs Lot could produce spin-off onto the Weston lots.  I don't know if the same could be said the other way around.  

I'm 65 and I am still waiting for Anything. A lot of disappointments in my time. 

I'll take Jacob's lot.

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Also, I wonder what the Landmark building will turn into once it empties out. Will they convert it to apartments, lease it to someone else? I think apartments would be the best thing and with how many new high rises are getting built downtown and throughout the city, the empty lot can finally be filled next to landmark lol.

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7 minutes ago, Oldmanladyluck said:

I'm 36 and this is the 2nd chance Cleveland has to Finish The Square in my lifetime (the first being the Ameritrust Tower), which tells how long it may be before the chance comes along again.  As much as I would love for the Parking Lot District to be filled, a new headquarters on the Jacobs Lot could produce spin-off onto the Weston lots.  I don't know if the same could be said the other way around.  

 

It's the third chance. SHW would have built a tower on the Jacobs Lot by now had it not acquired Valspar. I think the only thing that stops SHW now is a moderate-severe recession. But even if the Jacobs Lot isn't the site chosen by SHW, don't forget there's an even larger whale out there -- the new Justice Center. No one knows at this point where that will be built either, but between the two projects, there's more than 4 million square feet of new construction on the horizon or just beyond.

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22 minutes ago, MyPhoneDead said:

Care to share your reasoning?

I did before but my post was deleted by the you-know-who so I am afraid to say why.

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9 minutes ago, Terdolph said:

I did before but my post was deleted by the you-know-who so I am afraid to say why.

I mean seeing that this is no longer about the Jacobs lot and the SHW headquarters in general it should be fine.

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34 minutes ago, MyPhoneDead said:

Also, I wonder what the Landmark building will turn into once it empties out. Will they convert it to apartments, lease it to someone else? I think apartments would be the best thing and with how many new high rises are getting built downtown and throughout the city, the empty lot can finally be filled next to landmark lol.

 

Apartments is the likeliest candidate.  That would be a massive conversion project, and it makes me wonder what things on the interior would remain (the 8th floor restaurant, the exercise area/locker rooms, etc.).

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I would be fine if they cordoned off part of the Weston lot for a showroom, sort of like an IKEA style warehouse full of paints, stains, and other varnishes.  Would be a nice touch to say the least, maybe SW will be the next "Furnishing God" of the world. They certainly have the potential.

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19 minutes ago, plinth857 said:

 

Apartments is the likeliest candidate.  That would be a massive conversion project, and it makes me wonder what things on the interior would remain (the 8th floor restaurant, the exercise area/locker rooms, etc.).

 

There's a restaurant on the 8th floor of the Republic/Midland Bldg (I can't call it "Landmark")?  Is it open to the public or just SW employees? If public, what's it called and is it any good? Is there a view?

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1 hour ago, MyPhoneDead said:

Just looking for people's opinions but what lots do you think would be the most impactful to build, Weston or Jacob's? I personally would love either one but you don't have a chance to build a super tall or a skyscraper often and the Jacobs lot sits across from 3 so it's only right to build. As long as you include something on the ground floor that creates pedestrian activity.

I think that PS has historical significance for CLE corporate HQs. The Terminal Tower for the VS brothers; Standard Oil/BP; Society Bank/Key Bank; Ameritrust/Society/Key. SW deserves to be in such a prestigious location. It is one of Cleveland's most influential corporations.

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just thinking out loud here, but if a massive "supertall" is built on the Jacobs lot,  I'm assuming a parking garage of some sorts will also be built?  so.......Weston gets a garage with hopefully apartments or retail wrapping the outside of it?  

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Don't forget this too. While SHW may be willing to submit a variance for exceeding the height district, they may not need to. 900 feet is a significant tower. And if there's a second building for R&D (atop parking?), that could be a 500-700-footer. This is where they could go without a variance......

 

cbd-height-districts.jpg

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1 hour ago, KJP said:

 

It's the third chance. SHW would have built a tower on the Jacobs Lot by now had it not acquired Valspar. I think the only thing that stops SHW now is a moderate-severe recession. But even if the Jacobs Lot isn't the site chosen by SHW, don't forget there's an even larger whale out there -- the new Justice Center. No one knows at this point where that will be built either, but between the two projects, there's more than 4 million square feet of new construction on the horizon or just beyond.

 

Don't forget this one...

FREE_332353086_AR_0_0.jpg

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2 minutes ago, freethink said:

 

Don't forget this one...

FREE_332353086_AR_0_0.jpg

 

If that was a real project, then I'm 6-foot-4, 180 pounds, with a full head of hair. 🙂

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Hey SHW, go for the variance. Now's our chance to join the prestigious 1000ft club (this is America, people don't care about meters). If I'm reading correctly Cleveland would be the 7th city to have a 1000 footer in America (NYC, Chicago, Philly, ATL, LA, SF) if including spires, or third if going by roof height (NYC and Chicago). 

 

Anyways though, I'd be happy with any height and any amount of parking lots being built over. Ideally I wonder if they could do a deal with a developer that includes Landmark being redeveloped to. Trade Landmark for a portion off the new build costs/rent. With how long its been taking 925 (I understand it being a large complicated project, which is my point) I'd be worried could see Landmark sit for awhile once they move out. A smart developer would keep sections for rent as class B space while they work on converting other sections, I'd think.

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10 hours ago, ASPhotoman said:

Something like this would look great....

 

 

SHERWIN-CONCEPT.jpg

Nice pic! 

But shouldn't it be shown behind the 200 P.S. building and only visible if it's taller?

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I’d be fine with having ASPhotoman design the actual tower!  Like most, I would love to see Cleveland get a 1000 footer. Remembering our proud history of having the country’s tallest building outside NY for many years - it would be a statement about this city’s resilience in a new century. But even something a bit taller than the Terminal Tower would be a blockbuster  - and especially with the right design,  positively change the skyline for the long-waiting-faithful and a new generation headed back to the city. 

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5 hours ago, CleveFan said:

I’d be fine with having ASPhotoman design the actual tower!  Like most, I would love to see Cleveland get a 1000 footer. Remembering our proud history of having the country’s tallest building outside NY for many years - it would be a statement about this city’s resilience in a new century. But even something a bit taller than the Terminal Tower would be a blockbuster  - and especially with the right design,  positively change the skyline for the long-waiting-faithful and a new generation headed back to the city. 

 

*World's* tallest building outside NYC, for over 20 years.

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19 hours ago, PoshSteve said:

... If I'm reading correctly Cleveland would be the 7th city to have a 1000 footer in America (NYC, Chicago, Philly, ATL, LA, SF) if including spires, or third if going by roof height (NYC and Chicago). 


A minor quibble: Los Angeles' US Bank Tower has a roof at 1,018 feet, and Houston's 600 Travis St. has a roof at 1,002 feet.

Edited by dwhershberger
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