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Cleveland: Random Development and News

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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! 😄


"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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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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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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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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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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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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There's nothing wrong with optimism, as long as you don't get your hopes up.

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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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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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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 by Larry1962

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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. 

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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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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.

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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.

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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

Tri-C 13 low.jpg

Edited by urbanetics_
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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!

 

DB3E64FD-9F36-4332-B360-1C1DD7ED3B07.thumb.jpeg.8da039c2dda33070a04affca2e277248.jpeg

  

 

 

 

 

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

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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.

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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!!

 

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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.

 

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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.

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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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11 hours ago, KJP said:

 

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

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