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KJP

Cleveland: Random Development and News

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15 minutes ago, tastybunns said:

I saw an article stating that Swagelok is expanding their HQ. I never knew they were mainly in solon, but were they ever HQ'd in Cleveland at a time?

 

https://www.news5cleveland.com/news/local-news/oh-cuyahoga/global-manufacturer-swagelok-company-expanding-its-roots-in-northeast-ohio-with-new-headquarters?fbclid=IwAR2U-U1-bV46oJgw6Qr-ZBtLfvNI5W3ZEDGCwEEwm8JnouEzKRFigHqlINQ

 

They have always been located in SOLON.

Since the '60s I believe.

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^How refreshing it could have been if a forever-solon company, when having made the decision to build a new HQ, would do so Downtown or in Midtown.

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For every project in CLE, we hear about--usually--how it takes years--whether Nucleus---or the timber bldgs at 25 and Lorain---or Huntington Bldg---or others-- as developers go back and forth with the city, county, state, and other public entities to get tax abatements and/or other financial deals.  My question is---is this unique to Cleveland? Does this happen in NY, Chicago, Philly and other major cities?  And if it is unique to CLE, why is this the case? Is it because construction costs are out of alignment with rents or that developers know the city wants new buildings so can leverage this desire?

Edited by Pugu
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^Does it happen in cities like NY and Chicago and Miami, too, that have stronger/healthier economies (though Pittsburgh is probably pretty healthy)?

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1 hour ago, Pugu said:

^Does it happen in cities like NY and Chicago and Miami, too, that have stronger/healthier economies (though Pittsburgh is probably pretty healthy)?

 

It happens in Washington and its suburbs, too, although in DC (with its severe height restrictions) reducing the height of a proposal is rarely the outcome.  The difference here is that there is so much building going on that the misfires aren't much noticed outside of the developer world.

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How many 10+ story buildings has Pittsburgh built in its urban core this decade? Lots of cool plans, including some pretty grandiose stuff (eg Lower Hill District, Almono site, etc.), but not much big stuff has been built or is underway....

 

http://forum.skyscraperpage.com/showthread.php?t=230831

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"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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On 9/24/2019 at 7:39 AM, KJP said:

How many 10+ story buildings has Pittsburgh built in its urban core this decade? Lots of cool plans, including some pretty grandiose stuff (eg Lower Hill District, Almono site, etc.), but not much big stuff has been built or is underway....

 

http://forum.skyscraperpage.com/showthread.php?t=230831

I’m not a Pittsburgh fan but they did add a 564’ tower  4 years ago. 

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Yep, that's one. It seems the 'Burgh has built fewer than 10 10-story buildings since 2010. Perhaps it's not accurate, but that's my perception. 

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"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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On 9/23/2019 at 11:22 PM, Pugu said:

^Does it happen in cities like NY and Chicago and Miami, too, that have stronger/healthier economies (though Pittsburgh is probably pretty healthy)?

Miami doesn't appear to have as many development challenges. In fact, the market is pretty hot, with new high-rise development throughout Brickell, SoBe, Arts & Entertainment, Edgewater, Mid-town, Doral, Coconut Grove, Coral Gables and Wynwood areas.  This includes retail (Macy's, Neiman-Marcus, being built as I type this). Then again, there's tremendous demand and a huge influx of US and foreign investment. The challenges are public transportation, higher wages and affordable housing. The largest industry is hospitality/tourism and most jobs don't provide massive incomes.  Also, MIA has some of the worst urban traffic in the US.

 

Edited by Frmr CLEder
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Investing in Miami is a bad idea now...

 

Miami's condos are going unsold

 

Oversupply, the unknown threat of climate change, and shifting immigration patterns are pushing high-end condominium prices downward in Miami, where, The Wall Street Journal reports, sales have fallen off 24 percent from last year.

 

“There’s just an abundance of inventory,” Alexandra Peters, a Miami real estate agent, told The Wall Street Journal. She added, “there’s so much frustration. It’s hard to move properties.”

 

https://archinect.com/news/article/150145652/miami-s-condos-are-going-unsold

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1 hour ago, Clefan98 said:

Investing in Miami is a bad idea now...

 

Miami's condos are going unsold

 

Oversupply, the unknown threat of climate change, and shifting immigration patterns are pushing high-end condominium prices downward in Miami, where, The Wall Street Journal reports, sales have fallen off 24 percent from last year.

 

“There’s just an abundance of inventory,” Alexandra Peters, a Miami real estate agent, told The Wall Street Journal. She added, “there’s so much frustration. It’s hard to move properties.”

 

https://archinect.com/news/article/150145652/miami-s-condos-are-going-unsold

 

I lived in Miami during the Great Recession. I was evicted from my apartment when my landlord when bankrupt—and there were 17 tower cranes stuck in time on the skyline while the world moved to a stop down there. 

 

5 years later, I went to visit and all 17 towers were done. I asked my buddy how and he responded: “Peruvians.” A Peruvian guy we were walking passed yelled: “eh! Viva Peru!”

 

The short answer is yes—for every tower built in Miami—there are 5 or more unbuilt. But it is the capital of Latin America and the influx of wealth from down south powers a steady influx of new construction. 

 

That said—the buyers spend two weeks in their condos a year and leave them vacant the remainder. 

 

I suppose this all has has nothing to do with random developments in Cleveland. So, randomly, I passed the new development on Random on my way home. 😇

Edited by Clevecane

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Clevecane is correct, when the housing crisis struck, developers literally walked away from their developments; cranes in mid-air. I was living in NYC at the time but frequently travelled to MIA on business. Like Manhattan, there may be an over-abundance of inventory, but they keep building. From my balcony, I can see 14 cranes in a 180 degree arc.

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What is the status of the Lake Erie Wind Turbine project? As the first project on the Great Lakes, does it provide an opportunity for development of supporting industry and infrastructure?

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10 minutes ago, Frmr CLEder said:

What is the status of the Lake Erie Wind Turbine project? As the first project on the Great Lakes, does it provide an opportunity for development of supporting industry and infrastructure?

Suggestion.  This conversation should probably continue in this thread:  Cleveland: Wind Turbine Construction News

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2 minutes ago, Frmr CLEder said:

As a newer forumer, I am not sure if you're aware, but as a helpful suggestion, check - via the search feature - to see if there a existing thread before posting. Almost every neighborhood has a development thread.

Cleveland: Slavic Village: Development and News

 

 

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5 minutes ago, kevincle said:

Verizon launches 5G in education at Cleveland School. From many other articles I dug into on 5G, it seems the infrastructure is really being built up in Cleveland.

https://www.edsurge.com/news/2019-09-28-5g-for-education-is-finally-here-first-stop-cleveland

They are. Talking to Verizon workers at the University Circle store the main reason they opened in the area was their focus on 5G in Cleveland. 

 

Cleveland actually has been a 5G focus for a lot of the carriers. I know T-MOBILE pushed 5G to Cleveland, we were one of their first 6 cities to receive it.

Edited by MyPhoneDead
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I did see T-mobile even had 5G coverage map on their website for Cleveland. Interesting about UC. At the top of cedar hill a few weeks back there was crane installing something at the top of chimney/extension of Heights Medical Building. I wish I took a picture but my assumption was 5G nodes being installed given the height.

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Bedford is getting a championship-level* disc golf course. I think it's on the site of a former regular golf course but I don't know exactly. Should be a good addition. We have a nice disc golf scene growing on both the east and west side, but a course like this would attract out of state players to tournaments.

 

*as in, a big enough course for pro players and tournaments

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Superior-East+20s-Sept2018.jpg

 

WEDNESDAY, OCTOBER 9, 2019

Rebuilding Cleveland's CBD office supply

 

A decaying, aging hulk of a building in or near downtown today could be tomorrow's next premier, Class A office space. Why? Because that's the most economical way that new office space can be added to Cleveland's Central Business District (CBD).

Absent a sudden jump in rents, new public subsidies or a large company pursuing a new building for itself, adding new CBD office space has proven to be extremely difficult. For those reasons, groundbreakings for two new-construction speculative office towers have been postponed indefinitely -- a 24-story high-rise at nuCLEus and a 10-story mid-rise at Market Square in Ohio City.

Developers of both projects sought to create or tap unusual public financing mechanisms that have failed to materialize so far. The reason public financing is needed is because Class A office rents of $23.75 per square foot in Cleveland's CBD don't come close to covering the cost of construction.

 

MORE:

https://neo-trans.blogspot.com/2019/10/rebuilding-clevelands-cbd-office-supply.html

 

 

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"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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Another great job @KJP! Now are those confirmed CityBlock tenants? Or speculation based on the renderings?

 

Also, I don’t understand why they haven’t done anything with 45 Erieview. It’s an attractive building. Always liked how it provides a graceful entry to downtown via E. 9th with its curved facade. 

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On 10/1/2019 at 1:51 PM, Cavalier Attitude said:

Bedford is getting a championship-level* disc golf course. I think it's on the site of a former regular golf course but I don't know exactly. Should be a good addition. We have a nice disc golf scene growing on both the east and west side, but a course like this would attract out of state players to tournaments.

 

*as in, a big enough course for pro players and tournaments

 

Good find.  I did some digging and it looks like the Metroparks had a bid out as of last summer (2018) for designing a disc golf course on the property of the former Astorhust Golf Course, which they now own.

Edited by jam40jeff

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30 minutes ago, marty15 said:

Another great job @KJP! Now are those confirmed CityBlock tenants? Or speculation based on the renderings?

 

Also, I don’t understand why they haven’t done anything with 45 Erieview. It’s an attractive building. Always liked how it provides a graceful entry to downtown via E. 9th with its curved facade. 

 

Not yet confirmed


"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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5 minutes ago, sizzlinbeef said:

 

So what we learned is that Somera Road really has a thing for buildings that were built for the Ohio Bell Telephone Company.

 

Yes, I was thinking about how to include that in the article without it sounding forced! 😄


"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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8 hours ago, KJP said:

Superior-East+20s-Sept2018.jpg

 

WEDNESDAY, OCTOBER 9, 2019

Rebuilding Cleveland's CBD office supply

 

A decaying, aging hulk of a building in or near downtown today could be tomorrow's next premier, Class A office space. Why? Because that's the most economical way that new office space can be added to Cleveland's Central Business District (CBD).

Absent a sudden jump in rents, new public subsidies or a large company pursuing a new building for itself, adding new CBD office space has proven to be extremely difficult. For those reasons, groundbreakings for two new-construction speculative office towers have been postponed indefinitely -- a 24-story high-rise at nuCLEus and a 10-story mid-rise at Market Square in Ohio City.

Developers of both projects sought to create or tap unusual public financing mechanisms that have failed to materialize so far. The reason public financing is needed is because Class A office rents of $23.75 per square foot in Cleveland's CBD don't come close to covering the cost of construction.

 

MORE:

https://neo-trans.blogspot.com/2019/10/rebuilding-clevelands-cbd-office-supply.html

 

 

 

Another great article!!

Do you know which of these projects maybe started first?

 

And in what type of timeline?

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7 hours ago, sizzlinbeef said:

 

So what we learned is that Somera Road really has a thing for buildings that were built for the Ohio Bell Telephone Company.

 

Probably because IF these buildings was built partly to house some of the old style really heavy CENTRAL OFFICE BELL SYSTEM EQUIPMENT then they had to be designed for really heavy loads and could be used for any type of offices, data center, retail, pretty much anything.

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Thanks. I wouldn't be surprised to see several projects occur simultaneously -- CityBlock, CrossCountry HQ, 1020 Bolivar. But if I had to pick one, I would think the CrossCountry HQ might progress first and fastest because it can be advanced building by building.

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"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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8 hours ago, sizzlinbeef said:

 

So what we learned is that Somera Road really has a thing for buildings that were built for the Ohio Bell Telephone Company.

 

Talking about  Somera Road Inc. here's a interesting short article about the company's game plan in general and about Michael Fralin their General Counsel.

 

https://www.vanguardlawmag.com/case-studies/michael-fralin-somera-road-inc/

Edited by Larry1962
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8 hours ago, sizzlinbeef said:

 

So what we learned is that Somera Road really has a thing for buildings that were built for the Ohio Bell Telephone Company.

 

8 hours ago, KJP said:

 

Yes, I was thinking about how to include that in the article without it sounding forced! 😄


@KJP  What I saw and I learned was that Somera purchased the 1020 Bolivar OH-Bell building from Frangos group, which I’m assuming is the same Frangos Group that owns 3.5 acres on E. 14th?  If so, do we think this $10+mil deal is a part of them gathering funds for their big development on the E.14th properties??

 

To quote the companies tweet in June 2018 “DOWNTOWN CLEVELAND DEVELOPMENT — THE BIGGEST SURPRISE IS YET TO COME — 2020”

 

Thoughts? Have any of your sources heard anything?

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I don't think Frangos Group knows what they're doing when it comes to real estate development. They may someday partner with a bonafide developer to build on that 3.5-acre swath of land Frangos has amassed or they may just sell it.

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"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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10 hours ago, NR said:

 


@KJP  What I saw and I learned was that Somera purchased the 1020 Bolivar OH-Bell building from Frangos group, which I’m assuming is the same Frangos Group that owns 3.5 acres on E. 14th?  If so, do we think this $10+mil deal is a part of them gathering funds for their big development on the E.14th properties??

 

 

 

Here's a new video tweet promoting the rehab of 1020 Bolivar, which would seem to preclude any tear-down for new construction - for now anyway.

 

.

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They have their end-user. I just can't report it for now. But's a really cool project. When the end-user signed on for this project, that was probably the last hope for Millennia to include offices in its rehab of 925 Euclid and still make the historic tax credit deadline.

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"Most of us have been conditioned to regard military combat as exciting and glamorous -- an opportunity for men to prove their competence and courage. Since armies are legal, we feel that war is acceptable; in general, nobody feels that that war is criminal or that accepting it is a criminal attitude. In fact, we have been brainwashed. War is neither glamorous nor attractive. It is monstrous. Its very nature is one of tragedy and suffering" --Dalai Lama

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