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Cleveland Development Thread

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We now have a Wahlburgers & a Shake Shake....only only must have burger left to be had in Cleveland and unfortunately they are a west coast chain.
 
bigfoot5415 said:
I still think we need more bodies to sustain all of this expansion. I know occupancy is at an all time high, but it still doesn't feel like we can support all of this.

For example, I went downtown on a Saturday in the fall. It was a very nice night and we were down in the flats. It was decently crowded, but there was no one at the Piano bar, and the restaurants up by E&Y were pretty empty. To my knowledge, atleast one has already closed.

As we left, we drove up that one hill to the warehouse district and the place was a ghost town. The flats comeback may be at the expense of the warehouse district. If something like this is built in gateway plaza, what happens to Winking lizard, Nicks, the BW3, etc?
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Problem many us mid markets have is too many people live in the suburbs. Some longer than a 30 minute drive with thier own food and entertainment options. Cle is not the only one with the issue, but the city was ignored for so many years in the 90s and early 2000s. Still not enough middle to higher income areas in the city from what I can tell from a far.

Since this thread is back and kicking. I woukd like to hear what people think the upside of Cleveland is in the next ten to 15 years? Is there is still room for significant population growth? Or this is close to the apex now?
 
Not Cleveland, but is there anything in that huge land mass that used to be USA Skates in Middleburgh Hts?
 
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Hurl Bruce said:
Not Cleveland, but is there anything in that huge land mass that used to be USA Skates in Middleburgh Hts?
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No. Was supposed to become a Legacy Village/Eaton Place but the developer was a shyster. Another buyer was going to build houses but has done nothing, think it got sold again.
 
Stark's nuCLEus project still seems to be awaiting a deal with the city. It's stalled to the point where I am expecting it to be dead.

The Wahlburgers opened a lil while back though, so downtown is saved!
 
Looks like Shake Shack is still coming to Cleveland, it will be at Pinecrest in Orange when it opens in 2018.
 
Has growth in downtown come to an end or is the pop still expanding? What is the out look for the next 2 to 5 years?
 
bigfoot5415 said:
This is a nice little gain for Cleveland. Top golf is a blast. Think of it as a bowling/driving range hybrid. Has bars, restaurant and pools. My only critique is that you shrink it down. 102 stalls is a lot for a place that is only going to be usable half the year. If I recall thats how many stalls are in Vegas.

http://www.crainscleveland.com/article/20180207/news/151186/topgolf-scores-independence
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You can golf all year in these. They are heated and the range is astro turf so it can be plowed in the winter.
 
Did anyone know about this already?

http://realestate.cleveland.com/rea...quare_to_lift_curta.html#incart_2box_business

Playhouse Square to lift curtain on 34-story apartment tower; parking lot closing next week

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A rendering shows the Euclid Avenue frontage of Playhouse Square's planned apartment tower, at left, and adjacent 550-space parking garage. (SCB)
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By Michelle Jarboe, The Plain Dealer
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on March 19, 2018 at 11:07 AM, updated March 20, 2018 at 1:47 PM



CLEVELAND, Ohio - Playhouse Square Foundation is ready to raise the curtain on a 34-story apartment tower in downtown Cleveland's theater district, where site preparations will start next week and a formal groundbreaking could take place in early April.

The nonprofit organization's board recently blessed the project and gave construction contractor Gilbane Building Co. permission to proceed. The 319-unit apartment building and a 550-space parking garage will replace a parking lot at the southwest corner of East 17th Street and Euclid Avenue, across from the Connor Palace theater.

That parking lot, which Playhouse Square owns, is scheduled to close March 26.

A rendering shows a Euclid Avenue view of the apartment tower and garage, which will replace a surface lot at the eastern edge of the theater district.SCB
Financing for the tower, a $135 million project, still is coalescing. But Art Falco, the arts district's frequently cautious chief executive, is surefooted enough to proceed with realizing a dream long held by Playhouse Square's real estate staff, board members and benefactors.

"We have commitments," Falco said. "And so long as we have commitments, there's the confidence that we can start work. Which is no different from any other real estate project."

Playhouse Square, already owner and manager for a formidable portfolio of buildings, will own the apartment project. Hines, a global real estate firm that has tackled other high-rise towers, has signed on as development manager. The building will open in summer 2020.

The project comes amid a surge of rental construction in Cleveland. The first residents are scheduled to move into the One University Circle apartment tower near the Cleveland Clinic and University Hospitals early next month. At East Sixth Street and Euclid Avenue downtown, a crane perforates the skyline where the Beacon apartments will rise above an existing garage.

And developers still are talking about other high-rise endeavors, including the much-ballyhooed nuCLEus mixed-use project in the Gateway District, near Quicken Loans Arena. But paying for such projects isn't easy, between escalating costs, a tight labor market, construction complexities and lenders' anxiety about how long the apartment boom will continue.

Falco expects Playhouse Square to close on all of the tower financing by June. But the nonprofit already has plenty of cash on hand, thanks in large part to a giftfrom the Richard J. Fasenmyer Foundation. The district also received $1 millionfrom the last state capital budget.

An evening view shows the apartment building's lobby and the illuminated garage, dressed up for a Broadway show in the district.SCB
That money is earmarked for the garage and apartment tower - apart from Playhouse Square's fundraising for its ongoing $100 million capital campaign, which is focused on theater restoration and maintenance, programming, education and district beautification.

Between the Fasenmyer gift and other sources, Playhouse Square has about $25 million in equity to put into the apartment deal, Falco said. That doesn't include what the organization could borrow against its other real estate, if necessary.

For much of the remaining funding, Playhouse Square is working with a group of banks - Falco won't identify them yet - and analyzing the best way to float bonds that would be paid off using rents from the apartments and garage. A bond issue could raise between $40 million and $75 million, depending on whether Playhouse Square opts to repay existing bond debt as part of the transaction.

A rendering shows the facade of the apartment tower from the northeast.SCB
The apartments would qualify for a property-tax break under Cleveland's broad policy of offering 15 years of tax abatement on new residential construction that meets certain green-building standards. The underlying land, like Playhouse Square's other non-theater real estate, will generate property taxes.

The city also is considering tax-increment financing for the garage. Under that structure, a portion of the property-tax revenues created by the project would be ploughed back into the project, rather than ending up in public coffers. The Cleveland school district's share of new tax revenues from the project wouldn't be impacted.

That arrangement, with a 30-year term, would be worth just over $4 million.

Cleveland also is considering an interest-free loan of up to $1 million, which would be partially forgiven after a decade if Playhouse Square meets certain milestones, including filling street-level retail space lining the garage.

Legislation is likely to be introduced at Cleveland City Council this month.

Councilman Kerry McCormack, who represents the area, said the apartment tower will be an important step toward achieving the city's goal of building up downtown's population to 20,000 residents by 2020. The Downtown Cleveland Alliance, a nonprofit group, estimates that more than 15,000 people call the central business district home.

"I think this is a really unique location," McCormack said of the theater-district site. "I think we'll see high demand from people who want to live close to downtown and to Playhouse Square. I know that they're, for sure, looking at the millennial demographic but also looking at the Baby Boomers. ... It's a good sign of the continued progress of downtown Cleveland and of the city itself that we are seeing these buildings go up."

Playhouse Square won't discuss rental rates for the apartments, but they're likely to be among the highest downtown. The units, 11 to a floor, will range from one to three bedrooms. Greystar Real Estate Partners, a major apartment operator based in South Carolina, will manage the building, said Allen Wiant of Playhouse Square Real Estate Services.

"We have somewhere around 20 units already" on a waiting list, Wiant said. "That's not huge, but ... the thing hasn't started yet."

The tower construction will require lane and sidewalk closures on Euclid and East 17th through spring 2020, according to a neighborhood flyer prepared by Gilbane.

A map prepared by Gilbane Building Co. shows planned street and sidewalk closures for the Playhouse Square apartment tower project. The closures will start this spring and last for two years.
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If I'm not mistaken, 34 stories would put it around 368 feet, which would make it the 13th tallest building in the city. For comparison, the AT&T Huron Road Building (below) is 365 feet.

1280px-AT%26T_Huron_Rd_building.jpg


If this isn't an elaborate prank like so many proposed skyscrapers (based on the article it's very real and gone through the red tape already), what a nice addition to the skyline while eliminating a surface lot. The work they've done around Playhouse Square has been a blessing to the face of downtown.
 
-Akronite- said:
Did anyone know about this already?

http://realestate.cleveland.com/rea...quare_to_lift_curta.html#incart_2box_business



If I'm not mistaken, 34 stories would put it around 368 feet, which would make it the 13th tallest building in the city. For comparison, the AT&T Huron Road Building (below) is 365 feet.

1280px-AT%26T_Huron_Rd_building.jpg


If this isn't an elaborate prank like so many proposed skyscrapers (based on the article it's very real and gone through the red tape already), what a nice addition to the skyline while eliminating a surface lot. The work they've done around Playhouse Square has been a blessing to the face of downtown.
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I'm one of the project engineers assigned to this development. Right now it's gdesigned to be 389' in height. We did get a variance approval for the mechanical level to go as high as 398" (if needed). This building will be taller than the new Hilton and the 9. It's going to add some nice density to the skyline, that is for sure.
 
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