Cleveland Development Discussions (Elyria, Hudson, Twinsburg: delivery, newspapers, canyon)

[bjimmy24]

^Phoenix maybe, but you'd expect Austin to be trouncing Cleveland if you went by hype narrative.

[1watertiger]

The circle square development plan in university Circle just got bigger according to the article.

https://neo-trans.blogspot.com/2020/...igger.html?m=1

[216facts]

Originally Posted by 1watertiger

The circle square development plan in university Circle just got bigger according to the article.

https://neo-trans.blogspot.com/2020/...igger.html?m=1

Good to know the 20-story One University Circle is 95% occupied, that does bode well for 34-story Lumen as well as the Circle-Square project. It will be a big litmus test if all these new towers can sustain 90+ % leasing. I'm pretty optimistic, since downtown is getting the Sherwin boost and University Circle has lots of momentum in the meds.

[216facts]

https://www.crainscleveland.com/scot...ction-magazine

Ohio is top state in the country for new projects on a per-capita basis and second only to Texas for total number of projects. Not bad.

https://siteselection.com/issues/202...cups-cover.cfm

[TechieTechie]

Originally Posted by 216facts

https://www.crainscleveland.com/scot...ction-magazine

Ohio is top state in the country for new projects on a per-capita basis and second only to Texas for total number of projects. Not bad.

https://siteselection.com/issues/202...cups-cover.cfm

What's really interesting is that Michigan has 4 of the top 13 projects in terms of pure job creation and the largest one (by size). Would be really interesting to compare MI to OH. Job creation is key, IMHO.

[216facts]

https://www.crainscleveland.com/real...ag-175-million

Parking lots by the power house - 5.6 acres for $17.5M. Set for residential development up to 275 feet. Seems that spot is a little tricky though, because it is isolated from downtown (little hard to walk that far) and it is too far to walk to W. 25th. I mean you can do it, but the area is still sketchy in the evening. Hopefully they can turn that area around, it is very promising with the trail network. If they can get all that sect 8 housing out of there (to the immediate west) then this area could really rebound and compliment what is going on in Hingetown.

[TheProf]

OK, here's the latest on nuCLEus which Stark's promising shovels in the ground this summer:

https://neo-trans.blogspot.com/2020/...-eyed-for.html

My take: I'm glad we're getting something built on yet another ugly surface parking lot which is great. I'm also pleased that Stark's demolition permit for the Herold Building block was rejected and now, in these new plans, it appears he will do a facade-ectemy, and safe the Herold's facade but expand its height from 4 stories to 8; and in a pleasing design per the rendering. A win...

And I'm glad there will be ground level retail... Hopefully, finally, a few high end shops for a change. We've done the restaurant thing downtown very well -- Cleveland is rising as a national foodie hot-spot, so it's time to get some serious shoppers into the core (and I've heard talk of a mini-Target in May Co's apts across the street... sure hope that's true.

But overall, I'm underwhelmed. I really wanted more apartments and the 2-towered office/apt. nuCLEus plan was a winner in my book... Now, we get half-a-loaf and with more office shlubs, instead of sexy new residents buzzing the streets after hours enlivening downtown even more -- don't get me wrong, we really do need more Class-A office space and more downtown workers after the devastation of the 1980s when our signature Sohio-BP led the parade of HQs and workers out of town (and out of state). I sure hope Phase 2 comes sooner rather than later...

... but it's a Cleveland thing. Getting really positive building projects in this town seems like pulling teeth (across the river in Ohio City, another half-a-loaf project is rising at critical Market Square, but the reverse -- residences but sans the planned office tower due to political fighting -- I'm more excited, here, because we are getting the residential piece and it will be awesome for Market Square and RTA Red Line TOD)...

But Phase 1, 2 or 3 projects are a way of life here, and oftentimes, those later phases never get built... Remember when the Red Line was built in the 1950s, they couldn't finance the downtown subway loop so it became Phase 2, which the voters overwhelmingly supported... well. Then at Flats East Bank, we've been waiting 5 years now for Phase 3 to fill in that (yet another) ugly surface parking hole dead center of an otherwise beautiful, well executed project. We've heard that Scott Wolstein is having cash-flow issues so when/if Phase 3 gets built, ... (sure would be nice if he could bring in a well-heeled partner to finish the thing)...

... and while we all are happy with the newly opened Beacon Apt high rise on Euclid in the heart of town, remember that a parking pedestal sat for over a decade before any building started ... Beacon was Phase 2...

I love Cleveland and we've got tons of really nice stuff here. It's just that, if you want more, you've got to be patient... REALLY patient.

[WRnative]

Originally Posted by TheProf

And I'm glad there will be ground level retail... Hopefully, finally, a few high end shops for a change. We've done the restaurant thing downtown very well -- Cleveland is rising as a national foodie hot-spot, so it's time to get some serious shoppers into the core (and I've heard talk of a mini-Target in May Co's apts across the street... sure hope that's true.

Many of Cleveland's downtown restaurants won't survive the COVID-19 epidemic. The lockdown, followed by mandatory social distancing that will reduce capacity, will combine with the shutdown of pro athletic venues to spectators to devastate the downtown restaurant scene. Shows at Rocket Mortgage Field House also will be cancelled or postponed, especially if consumers are reluctant to patronize events devoid of social distancing.

Until a vaccine is developed or herd immunity greatly reduces infection rates, consumera will be reluctant to visit sit-down restaurants. Financially impaired consumers won't be able to afford more expensive restaurants.

When will Playhouse Square theaters re-open? Will attendance levels plummet and the season ticket subscription base collapse?

Another prerequisite to restarting the economy is making masks, including N-95 masks, available again in retail outlets. Some persons may be willing to attend events IF they could wear a N-95 mask, but are seniors and those with preexisting conditions willing to risk their lives to attend a performance under any circumstances?

IMO, this will not be a V-shaped recovery. It may take several years, or longer, for Cleveland to recover to its pre-COVID-19 vitality.

However, by 2030, I do believe Cleveland will be a destination city in the inevitable Great Climate Migration.

Looking at the report linked in post 3854 above, Midwest states (and Kentucky) dominated new projects on a per capita basis. My hunch is that corporations and sophisticated investors already are positioning themselves for the Great Climate Crisis, which sadly will dwarf the impact of the COVID-19 crisis IMO.

BTW, Texas especially will be devastated by the COVID-19 crisis. Plummeting demand for fossil fuels is creating a depression in its energy industry, and plummeting prices for oil and natural gas are obliterating the severance taxes that enable Texas to avoid levying an income tax.

https://www.rrc.state.tx.us/oil-gas/...t-and-present/

Work-at-home initiatives during the COVID-19 crisis may reduce future fuel needs for commuting. The onslaught of carbon taxes and renewable energy sources will greatly reduce fossil fuel consumption during the next 15 years.

What happens to Texas when it is required to levy an income tax and as the climate there becomes increasingly intolerable, both due to sea level rise and rapid atmospheric warming?

Also, many of the nation's best financial managers anticipate a 1970s-like stagflation as the nation struggles with massively increased debt and an unprecedented expansion of the Federal Reserve System balance sheet and the lingering impact of the COVID-19 crisis.

https://www.investopedia.com/article...tagflation.asp

[TheProf]

Originally Posted by WRnative

Many of Cleveland's downtown restaurants won't survive the COVID-19 epidemic. The lockdown, followed by mandatory social distancing that will reduce capacity, will combine with the shutdown of pro athletic venues to spectators to devastate the downtown restaurant scene. Shows at Rocket Mortgage Field House also will be cancelled or postponed, especially if consumers are reluctant to patronize events devoid of social distancing.

Until a vaccine is developed or herd immunity greatly reduces infection rates, consumera will be reluctant to visit sit-down restaurants. Financially impaired consumers won't be able to afford more expensive restaurants.

When will Playhouse Square theaters re-open? Will attendance levels plummet and the season ticket subscription base collapse?

Another prerequisite to restarting the economy is making masks, including N-95 masks, available again in retail outlets. Some persons may be willing to attend events IF they could wear a N-95 mask, but are seniors and those with preexisting conditions willing to risk their lives to attend a performance under any circumstances?

IMO, this will not be a V-shaped recovery. It may take several years, or longer, for Cleveland to recover to its pre-COVID-19 vitality.

However, by 2030, I do believe Cleveland will be a destination city in the inevitable Great Climate Migration.

Looking at the report linked in post 3854 above, Midwest states (and Kentucky) dominated new projects on a per capita basis. My hunch is that corporations and sophisticated investors already are positioning themselves for the Great Climate Crisis, which sadly will dwarf the impact of the COVID-19 crisis IMO.

BTW, Texas especially will be devastated by the COVID-19 crisis. Plummeting demand for fossil fuels is creating a depression in its energy industry, and plummeting prices for oil and natural gas are obliterating the severance taxes that enable Texas to avoid levying an income tax.

https://www.rrc.state.tx.us/oil-gas/...t-and-present/

Work-at-home initiatives during the COVID-19 crisis may reduce future fuel needs for commuting. The onslaught of carbon taxes and renewable energy sources will greatly reduce fossil fuel consumption during the next 15 years.

What happens to Texas when it is required to levy an income tax and as the climate there becomes increasingly intolerable, both due to sea level rise and rapid atmospheric warming?

Also, many of the nation's best financial managers anticipate a 1970s-like stagflation as the nation struggles with massively increased debt and an unprecedented expansion of the Federal Reserve System balance sheet and the lingering impact of the COVID-19 crisis.

https://www.investopedia.com/article...tagflation.asp

I'd love to say you're wrong about this... unfortunately, I can't. A Brave New World awaits us all.

[bjimmy24]

I will say that the mood on the ground downtown is people are eager to do something, anything, other than sit at home. People in my building have been more social than normal, trying to have some normal human interaction. Everyone I've talked to cant wait to, firstly, go back to work (whether they are unemployed or working from home) and secondly, go to a show/concert/game/bar etc. I dont know when these things will happen, but people down here at least are not really afraid of going to these things, they are just longing for the day when it is permitted.


I am worried that quite a lot of people here have developed excessive alcohol habits. Cant prove it, but day time drunkenness seems on the rise to me, at least in my little corner of downtown.