Cleveland: Random Development and News

[Pugu 327]

Being an Urban Planner in CLE vs. in other cities in terms of pay and growth:

 

https://www.citylab.com/life/2019/10/where-urban-planning-jobs-near-me-cities-employment-data-map/599548

[sizzlinbeef 130]

Just now, KJP said:

WEDNESDAY, OCTOBER 9, 2019

Rebuilding Cleveland's CBD office supply

MORE:

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

 

 

 

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

[KJP 7,783]

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!

[Larry1962 216]

8 hours ago, KJP said:

 

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?

[Larry1962 216]

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.

[KJP 7,783]

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.

[Larry1962 216]

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 October 10 by Larry1962

[NR 106]

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?

[KJP 7,783]

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.

[Dougal 197]

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.

 

.

[KJP 7,783]

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.

[RE Developer In Training 144]

Very intriguing project. Hopefully this and eventually the Spaghetti condo tower can really ignite the transition for the erie court and prospect triangle. 

[Frmr CLEder 739]

Where's the sense of urgency?  These don't seem to be generating much traction.

 

https://www.crainscleveland.com/government/dewine-promotes-state-and-federal-opportunity-zone-incentives-cleveland-visit

[Larry1962 216]

13 hours ago, KJP said:

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.

Since it will take a couple years for Millennia to do a total rehab of the 925 building, can't they still reserve certain floors for office space in the hope that they will be willing tenants by that time frame?

Edited October 11 by Larry1962

[KJP 7,783]

5 minutes ago, Larry1962 said:

Since it will take a couple years for Millennia to do a total rehab of the 925 building, can't they still reserve certain floors for office space in the hope that they will be willing tenants by that time frame?

 

Not unless there's a substantial anchor tenant willing to take 10-15 percent of the office space right off the bat. There's still a lot of nervousness about filling office space, especially when rents are so low and public incentives are lacking. By contrast, on the residential side, there's decent rents that are still rising, more public incentives and there's a very good chance that your building will fill up in 18-24 months of opening. 

[MyTwoSense 717]

5 hours ago, KJP said:

 

Not unless there's a substantial anchor tenant willing to take 10-15 percent of the office space right off the bat. There's still a lot of nervousness about filling office space, especially when rents are so low and public incentives are lacking. By contrast, on the residential side, there's decent rents that are still rising, more public incentives and there's a very good chance that your building will fill up in 18-24 months of opening. 

I'm surprised the lag is 18-24 months.  In Downtown, I surprised it's not closer to 12-15 months.  Occupancy rates are in the 90% range. Strange.

[Larry1962 216]

^It will take a while to fill 925 building since it's about the same sq. ft. as KEY TOWER.

Edited October 11 by Larry1962

[MyTwoSense 717]

On 10/11/2019 at 2:04 PM, Larry1962 said:

^It will take a while to fill 925 building since it's about the same sq. ft. as KEY TOWER.

Just the residential space?  I'm only speaking about residential units/space only.

[urbanetics_ 406]

Tri-C's Metro Campus has been undergoing a massive transformation from brutalist fortress to connected community and has an amazing new feature in the latest issue of Properties Magazine. The campus used to be divided from its surrounding neighborhood, including tall barriers and an actual moat. Now, graceful plazas and lush plantings extend the campus out into the neighborhood, creating new public spaces and a welcoming campus environment.

 

"It is bigger than landscaping and waterproofing. It is about making meaningful connections for people." - Alex Pesta, Planning Principal with City Architecture

 

http://digital.propertiesmag.com/publication/?i=626166&ver=html5&p=23

Edited October 17 by urbanetics_

[Boomerang_Brian 443]

^Imagine how good it would look with a new Blue Line train on a new Waterfront Loop down Community College Ave to East 30th and back to the existing Rapid lines. Dream big!

 

  

 

 

 

 

[marty15 1,647]

2 hours ago, Boomerang_Brian said:

^Imagine how good it would look with a new Blue Line train on a new Waterfront Loop down Community College Ave to East 30th and back to the existing Rapid lines. Dream big!

 

  

 

 

 

 

This is a UrbanOhio wet dream. This would be my favorite project ever.

[tastybunns 209]

A continuous loop would make catching multiple sporting events all the more easier in a single day, all the while grabbing a good bite to eat and finding some extremely cheap parking. This is necessary to prove Cleveland is a connected and not a one way city.

[Larry1962 216]

On 10/12/2019 at 9:19 PM, MyTwoSense said:

Just the residential space?  I'm only speaking about residential units/space only.

 

IF the 925 building is mostly apartments it will be like trying to lease the entire KEY TOWER as a APARTMENT TOWER and so YES I'll take a good amount of time to fully lease that large amount of sq ft!

 

Now IF they include a sizable amount of Office, Hotel, and Retail space....then of course I'll take less time.

 

And I'm sure I'll be a mix use project.

 

Just think of having hundreds of built in CUSTOMERS if say you a restaurant or a drug store or a convenience store located in the building that provides FREE DELIVERIES TO RESIDENTS, especially on those -10 below weekends with a foot of snow and you off for the weekend!!

 

[ASPhotoman 426]

Wasn't sure where to post this, so please move to proper thread. 

 

 

[MyTwoSense 717]

9 hours ago, ASPhotoman said:

Wasn't sure where to post this, so please move to proper thread. 

 

 

These are generally in the Cleveland Marketing thread.

[Pugu 327]

of all the recent one of these promo videos, this is one of the better ones. I wish it didn't cut between scenes so rapidly as it did---i know that's intentional--the style to be fast-moving, but just wish it was a little less rapid, but overall I thought it was very good.

 

[MyTwoSense 717]

8 minutes ago, Pugu said:

of all the recent one of these promo videos, this is one of the better ones. I wish it didn't cut between scenes so rapidly as it did---i know that's intentional--the style to be fast-moving, but just wish it was a little less rapid, but overall I thought it was very good.

 

That is why it's on a medium that you can control.  You can control the speed of the video.

[KJP 7,783]

Search for Cleveland microgrid developer underway

https://www.cleveland.com/news/2019/10/search-for-cleveland-microgrid-developer-underway.html

[yanni_gogolak 94]

11 hours ago, KJP said:

Search for Cleveland microgrid developer underway

https://www.cleveland.com/news/2019/10/search-for-cleveland-microgrid-developer-underway.html

 

This is very interesting. Especially considering what is happening in California right now.
"This is also the opportunity for us to be innovative and create something that has never been done to this scale before."
I did a quick search and found that GE has a page for it but not much built work. Cleveland would be ideal to get some of those long dreamed of wind turbine farms going.

https://www.gegridsolutions.com/PowerD/catalog/microgrid_smart_cities.htm

[simplythis 180]

9 Million Awarded. https://www.msn.com/en-us/money/realestate/clark-fulton-glenville-buckeye-kinsman-awarded-dollar9-million-investment-in-real-estate-projects/ar-AAJf8M7

[Paul in Cleveland 437]

Sorry if this is a bit off-topic, but wasn't sure where to ask this.

 

We see this view of 75 Erieview every day from our offices, and I've often wondered what the small section of red squares was about. The first time I noticed it (years ago), I wondered if it was a test to see whether they wanted to paint the whole facade red (obviously not, as it's stayed this way). Now I don't know if I'd care for an entire red facade, but I do think the red is interesting — and could work if it were a little more widespread. Seems sort of random the way they have it.

 

 

A coworker wondered if it was to memorialize Aliza Sherman, who was murdered nearby a few years ago, but it seems really unlikely to me that a building owner would be okay with that sort of thing. Not a great way to attract new tenants.

 

Anyway, if anyone knows more, I'd appreciate the insight. 

 

[musky 162]

From what I recall when walking past here earlier this year, it is the front entrance to Broadvox Technology Center

[West153 90]

I walk by there occasionally on my way into work. As of about three weeks ago, there were contractors onsite.  At quick glance, it appeared that they were framing up some new office space.

Edited October 23 by West153

[Larry1962 216]

5 hours ago, Paul in Cleveland said:

Sorry if this is a bit off-topic, but wasn't sure where to ask this.

 

We see this view of 75 Erieview every day from our offices, and I've often wondered what the small section of red squares was about. The first time I noticed it (years ago), I wondered if it was a test to see whether they wanted to paint the whole facade red (obviously not, as it's stayed this way). Now I don't know if I'd care for an entire red facade, but I do think the red is interesting — and could work if it were a little more widespread. Seems sort of random the way they have it.

 

 

A coworker wondered if it was to memorialize Aliza Sherman, who was murdered nearby a few years ago, but it seems really unlikely to me that a building owner would be okay with that sort of thing. Not a great way to attract new tenants.

 

Anyway, if anyone knows more, I'd appreciate the insight. 

 

 

As a reminder here some older cleveland.com articles about 45-55-65-75 Erieview Plaza Buildings:

 

Alto Partners buys 55 Erieview, strikes deal for 65-75 Erieview in downtown Cleveland:

 

https://www.cleveland.com/realestate-news/2017/01/alto_partners_buys_55_erieview.html&ved=2ahUKEwjGnYCsyLPlAhVQrp4KHYvhDkcQFjAAegQIARAC&usg=AOvVaw3D3J3rpRxM5BxTD9Hrf2Cv

 

 

45 Erieview office tower in downtown Cleveland, half empty, sells in off-market deal:

 

https://www.cleveland.com/realestate-news/2016/12/45_erieview_office_tower_in_do.html

 

[musky 162]

Why are you confused @Terdolph?

[KJP 7,783]

Didn't know where else to put this...

 

[Terdolph 147]

22 hours ago, musky said:

Why are you confused @Terdolph?

The red painted windows are an office entrance?

 

 

[GISguy 921]

Separate streets/areas, but the Chase branch on Euclid/bluebridge building has signage up (maybe it's been up, I just noticed it).

 

And the first floor (former retail) of the parking deck across from the Westin is pretty much all cleared out- is this going to be retail again?

 

Edited October 25 by GISguy

[KJP 7,783]

5 minutes ago, GISguy said:

Separate streets/areas, but the Chase branch on Euclid/bluebridge building has signage up.

 

And the first floor (former retail) of the parking deck across from the Westin is pretty much all cleared out- is this going to be retail again?

 

 

All commercial, yes. Could be offices, retail, restaurants, etc.

[West153 90]

Darn! I was really hoping Chase would occupy the entirety of the former M Lang Clothing spot.  Oh well, this is still a great addition!