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  #41  
Old Posted Apr 27, 2006, 12:31 PM
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May Day, Excellent job maintaining this thread. I like Pinnacle.
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  #42  
Old Posted Apr 27, 2006, 11:53 PM
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i agree. i am very glad you have this thread. although it will never happen...i would love it if they built the ameritrust tower where one and 33 public square were. (just my 2 cents there)
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  #43  
Old Posted Apr 28, 2006, 2:04 AM
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Wow i didnt realize how big the Union Gospel Press building actually is. That will be a nice addition to Tremont
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  #44  
Old Posted Apr 28, 2006, 3:09 AM
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Great to see my hometown getting some cool projects.

I was just up there last month for the film festival. The city and inner suburbs have so much character that whenever I go back I want to stay...well that and the fact my family is there.

OH YEAH! I saw Pinnacle in while I was there and it's awesome. I love the way it fits so perfectly into the historic warehouse context yet it's so modern.

BUT ANYWAYS....I'm really not feeling the steelyard commons crap. It's way too suburban. That should be in the outer suburbs not Cleveland.
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  #45  
Old Posted Apr 29, 2006, 6:44 PM
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lauder,

whereabouts from cleveland

oh, and i heart gothic
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  #46  
Old Posted May 10, 2006, 4:06 PM
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May 10 - Added Lakefront highrise proposal and Parkview Manor renovation
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  #47  
Old Posted May 11, 2006, 3:08 PM
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May 11 - Added Cleveland Browns Stadium/Retractable roof proposal
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  #48  
Old Posted May 13, 2006, 5:39 PM
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cleveland, a lot of those projects look really nice. great news.
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  #49  
Old Posted May 18, 2006, 1:46 PM
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Fantastic news regarding the unnamed proposal by Stark. The fact that he can market the site at the upcoming ICSC show will really set things in motion. This project would go a long way in repairing the urban fabric of downtown Cleveland.



Developer gets downtown deal
Stark secures control of land for Warehouse District project
Thursday, May 18, 2006
Christopher Montgomery
Plain Dealer Reporter

Developer Bob Stark has taken a major step toward his dream of building a massive, $1 billion mixed-use development in Cleveland's Warehouse District.
On Wednesday, Stark signed a development agreement for the majority of two large downtown parking lots owned by Weston Inc., a Solon-based developer controlled by the Asher family. The lots cover almost an entire city block between West Third and West Sixth streets, and have long been considered among the most prime - and underutilized - sites in the city. The agreement also includes a small lot at the corner of West Third and St. Clair Avenue.

More at cleveland.com http://www.cleveland.com

Last edited by MayDay; Oct 8, 2009 at 12:13 PM.
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  #50  
Old Posted May 18, 2006, 11:59 PM
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I'm very happy that Stark was able to get two very prime locations for this development - those two large parking lots on West 3 St. across from the former Ameritrust Tower site and 55 Public Square. As much as many may hate the faux Main Streets of the lifestyle centers (as this appears to be), this development may be the catalyst for an explosion of residential construction in that area.

The news tonight mentioned that Stark was in Las Vegas for the retail convention and he stated that there is some interested parties though no confirmations just yet.

This whole project may entice property owners on Euclid and spur more development that way. I did notice there's a new sandwich shop near the House of Blues.
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  #51  
Old Posted May 19, 2006, 6:35 PM
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^i think you are referring to the jimmy johns.

yum
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  #52  
Old Posted May 24, 2006, 1:58 PM
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Developer pitches Warehouse plan to retailers

Vegas conventioneers hear from other locals about projects here

Wednesday, May 24, 2006
Christopher Montgomery
Plain Dealer Reporter

Las Vegas -- If developer Bob Stark was using the International Council of Shopping Centers convention here as a test of his $1 billion plan to remake Cleveland's Warehouse District, then the development looks as if it has gotten a passing grade.

Stark said before leaving for the four-day show that he didn't need a market study to gauge the viability of his project, which would transform surface parking lots into a collection of new buildings with 1 million square feet of street-level retail and 6 million square feet of mixed residential and office space. He said he would know the fate of the deal based on the reaction of the retailers he's pitching the plan to at the Las Vegas Convention Center.

And so far, he likes what he's hearing.

"They all get it, what the beauty of it is," Stark said. "It's not about trying to market your space in downtown Cleveland. This is an entirely new development."

He's framing the project as the best mixed-use site in the country, and he is including in his pitch the eventual extension of a Warehouse District-style neighborhood to Lake Erie on what is now property owned by the Cleveland-Cuyahoga County Port Authority.

But that's off in the future. His immediate concern is the development of three parking lots along Superior Avenue and West Third Street. Last week, Stark signed a development agreement with the owner of the lots, Solon-based developer Weston Inc., that gave him the site control he needed to move forward.

It's on those lots and several others nearby that the $1 billion project would be built. He thinks it can be open by 2009.

Stark, who was talking about the project here last year when he didn't have any site control, said he has gotten to the "next level of response" from retailers.

"Now they want to know when it's going to happen, and they want me to talk with them in greater detail once the convention is over," he said.

Stark allowed this reporter to sit in on one of his meetings with a representative from a major national retailer on the condition that the retailer not be identified. Also at the table were T.J. Asher, president of Weston; John Carney, chairman of the Port Authority; and Valarie McCall, Mayor Frank Jackson's chief of government affairs. On the back wall of the room was a wall-length photograph of downtown and the lakefront looking east that provided a handy visual reference.

Over about 15 minutes, Stark described his vision in his usual animated style, raising his voice and using his hands. He pointed out the strong show of government support at the table and stressed the agreement with Asher, whose family controls Weston.

The meeting ended with the representative inviting Stark to meet with one of the retailer's top executives, an invitation that Stark called a "home run." And that's the way most of his meetings have played out.

"We're in a market that many people have redlined, and we always hear about how Cleveland is dead," Stark said. "What the response I'm getting tells me is that not only are we not dead, but if we create the right concept and place, people will be willing to come here."

Asher said he thinks it has helped that he and Carney have attended many of the meetings.

"I think it brings a lot of confidence and cohesiveness to the plan," Asher said. "Retailers can look at us and know that we wouldn't be spending our time on this unless we thought it was worthwhile."

Carney said he is there to assure retailers that the Port Authority board has considered Stark's plan and is "working with him to achieve it."

Changes that the port would be involved in, if the full scope of the development is realized, include lowering the Main Avenue Bridge and turning it into a boulevard, moving the railroad tracks on the lakefront underground and moving the port operations from their current location.

Stark said the next steps will be to continue talking with owners of the other parking lots he needs and to start to formulate an economic model that will map out the types of rents he can expect for the retail, office and residential space.
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  #53  
Old Posted May 24, 2006, 2:12 PM
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Quote:
Originally Posted by zaceman
Changes that the port would be involved in, if the full scope of the development is realized, include lowering the Main Avenue Bridge and turning it into a boulevard, moving the railroad tracks on the lakefront underground and moving the port operations from their current location.
Any maps/details of this? What is the railroad and main avenue bridge got to do with West 3rd - West 6th development? Am I missing something?
Thanks
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  #54  
Old Posted May 24, 2006, 8:06 PM
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The railroad and Main Avenue Bridge would affect the Flats East Bank proposal (and other proposals in the immediate area), but probably not the Stark project for the Warehouse District.
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  #55  
Old Posted May 24, 2006, 8:15 PM
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Cool thread. Cleveland's tallest proposed/under construction tower is around 20 stories?

That warehouse district plan rocks. We could use something like that for south of downtown Phoenix. Vision!

--don
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  #56  
Old Posted May 26, 2006, 2:13 AM
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"Cleveland's tallest proposed/under construction tower is around 20 stories?"

Yep - tallest proposed is the 515 Euclid Tower at 20ish (25-28) stories. Tallest under construction is Stonebridge Plaza at 12 stories (updated photo in the first post as of May 25th)

"That warehouse district plan rocks."

It sure does on several fronts - it will obliterate the largest expanse of parking lots in the CBD, the developer has almost total site control, and he's having a lot of positive response pitching the project at the ICSC show in Vegas this week. Like a lot of Clevelanders, I'm skeptical of mega-projects but I truly think this has the capacity to tranform downtown Cleveland and more importantly the perception of downtown Cleveland. Here's hoping
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  #57  
Old Posted Jun 7, 2006, 2:54 PM
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June 7th - Updates for Stonebridge Plaza and the Cleveland Museum of Art.
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  #58  
Old Posted Jun 9, 2006, 12:31 AM
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thought this article might fit here too:


http://www.costar.com/News/Article.a...66717E57F3999D
Cleveland Office Market Riding Record Crest
Torrid Absorption Pacing Record Investment Sales


Investors across the U.S. may not have figured it out, but the homegrown real estate community in Cleveland knows a good thing when they see it -- and the Cleveland office market is a good thing right now.

2005 was the biggest year ever achieved in terms of investment sales volume and 2006 so far is outpacing that record.

Absorption is also occurring at a torrid pace. Net absorption has totaled more than 825,000 square feet this year compared to about 695,000 square feet for all of last year, according to CoStar Group data.

The activity translates into a lucrative year so far for the brokerage community as well.

"We do not track by square feet, but on a closed commission basis we are up over 75% for the same five months of 2005," says Jim Gerspacher, president of Gerspacher Real Estate. "The greater percentage by far has been leasing commissions which are up 236%, while sales commissions are up 56% for the same time period."

The office market turnabout kicked off in late 2004 says, James P. Breen, principal of Breen & Fox.

"The effects of the tax cuts that had stimulated the national economy started to finally take hold here," Breen says. "And as decisionmakers found that the growth was sustainable, they started to make some long-term commitments to space, particularly in the past 18 months. In addition, you are actually starting to see a real tightening, as reported by employment and executive search firms here locally in the labor markets. These are all good signs for the office market."

Breen paints an interesting scenario for Cleveland's downtown given the brisk pace of absorption.

"If you look at Class A and B buildings built after 1950 or 1960, the vacancy rates are in the 14% range today, and I think the actuals are a little lower, as some buildings are 'sand-bagging' on their reporting of occupancy levels," Breen says.

"Now if you take the current rate of absorption in that class of buildings and project it out, it gets real interesting, real fast," he adds. "At the current rate of absorption, the vacancy rate for that class of buildings becomes 4% in only six quarters, or the end of 2007, and it goes to zero -- that's right zero -- in the third quarter of 2008."

"Granted these are only projections," Breen notes, "but to run reasonable projections (that don't even factor in any growth in the absorption rate) that result in zero space in that category in only nine quarters or 820 days would have been thought of as unachievable a couple of years ago."

Larger tenants are already in a bind. The law firm of Baker & Hostetler will require 200,000 square feet by January 2008, says Alex Jelepis, an office broker with Grubb-Ellis and whose name is a common sight on for lease signs in windows downtown. Right now Baker & Hostetler has only two existing options, Jelepis says, staying at National City Center or relocating to 200 Public Square.

"Gradual economic expansion coupled with a lack of new CBD inventory has driven demand especially for downtown Class A, which is approaching healthy vacancy levels of approximately 11 to 11.5%," Jelepis says. "Law firms, professional services, insurance and financial services are contributing to demand as these sectors appear to be well-performing and growing in Cleveland."

The city of Cleveland has aided the downtown resurgence, says Myrna I. Rodriguez-Previte, vice president of Midwest Real Estate Partners LLC.

"The city's new Job Creation Grant is one of the attributing factors for the year's expected strong office absorption," Rodriguez-Previte says. "Questex Media being the first recipient, relocating to Fifth Third Center from a west side suburb, and to date five other companies have been approved or awarded the grant."

Rodriguez-Previte and Kevin M. Piunno also of Midwest represented Ashley Capital, the owner of Fifth Third Center, in Questex Media Group's 19,264-square-foot lease. Jelepis represented Questex.

Building sales have surged on this wave of leasing activity in this downtown that fronts the waters of Lake Erie.

The two largest office property transfers in past year are illustrative of what has been happening to real estate values, too.

1. 200 Public Square (mentioned earlier). The 1.2 million-square-foot sold a year ago for $141 million or about $119/square foot. Jelepis was the listing broker on the deal.
2. 127 Public Square. This 1.4 million-square-foot changed control six months ago in an ownership reconstitution deal that totaled $315.7 million or about $230/square foot.

"I think there are a few things driving this," says Alec Pacella, CCIM and investment broker with Grubb & Ellis. "First is the recovering office market. Fundamentals are clearly improving, with decreasing vacancy rates, increasing leasing velocity and absorption, decreasing concessions and stabilizing rents. Bolstered by these positive signs, investors are purchasing with confidence, as the prospects of reaping future rent appreciation seem good."

"Second," Pacella says, "there remains an abundance of capital out there. Despite their recent run-up, interest rates remain at very low levels, which allows buyers to leverage up their already full war chests. And third, supply is catching up with demand."

Cleveland's suburban communities, too, are not being left out of the resurgence. An example is what happened with the 462,00-square-foot Allen Bradley Building in Mayfield Heights. Owner Rockwell Automation sold the property last November for $55.3 million or about $120/square foot. The new owners then flipped the property this past February for $61.4 million or nearly $133/square foot.

Investors have even expanded their acquisition horizon further out from downtown this year.

Cleveland developer Mark R. Munsell purchased a major interest in 13 office buildings totaling 626,000 square feet in nearby Akron this spring. The seller Dellagnese Properties retained a small interest. And while a purchase price was never disclosed, Munsell mortgaged the properties for $73.25 million. Assuming a standard loan-to-value ratio of 70%, the price for the properties could well have exceeded $100 million.

"There is no denying that the market is brisk, clearly bolstered by the Dellagnese/Munsell portfolio transaction that closed a few months ago," Pacella says. "The past few years have been characterized by a shortage of quality product. It seems as this year, the product pipeline is filling and, with the Duke office portfolio looming on the horizon, this trend is certain to continue. So considering the start that we are off to, it looks to me that this year could shape up to be even bigger than last year."
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  #59  
Old Posted Jun 13, 2006, 10:02 PM
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Cool thread. I like a lot of the mid-rises under construction.
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  #60  
Old Posted Jun 22, 2006, 3:16 PM
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Updated photos for Stonebridge Plaza, Steelyard Commons. New proposal added for Detroit-Superior Lofts.
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