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Old June 10th, 2017, 02:47 AM   #1
spidey7312
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CLEVELAND | Playhouse Square Tower | 115m | 378ft | 34 fl | Pro

A new tower is slated to be built in Cleveland's Playhouse Square neighborhood. The plans were announced this morning.

http://realestate.cleveland.com/real...bileshort_home

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Floorplans for levels 1 & 5:


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Old June 24th, 2017, 02:52 AM   #2
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The design was approved by City Planning Commission this morning.

http://realestate.cleveland.com/real...art_river_home
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Old June 30th, 2017, 07:30 AM   #3
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I don't mean to be rude, but does Cleveland even have the demand for such a project?
Yeah, it's not terribly large but, it's Cleveland.

Why Cleveland?

But, it looks good and it's development so obviously I am not objecting. I'm just asking why haha
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Old June 30th, 2017, 10:48 PM   #4
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Nice to see this in Cleveland! How long does it take for a project like this to start the construction process after the approval?
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Old July 1st, 2017, 04:41 AM   #5
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Quote:
Originally Posted by CarDavRiv View Post
Nice to see this in Cleveland! How long does it take for a project like this to start the construction process after the approval?
Normally it takes a while but this one has had a lot of things go on behind the scenes so it's supposed to start by the end of the year.
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Originally Posted by Oatmeal View Post
I don't mean to be rude, but does Cleveland even have the demand for such a project?
Yeah, it's not terribly large but, it's Cleveland.

Why Cleveland?

But, it looks good and it's development so obviously I am not objecting. I'm just asking why haha
Cleveland has been under major revitalization in the past few years. Demand for new apartments in downtown is rising, and the supply of potential rehab projects has grown thin. So Cleveland certainly does have the demand for such a project, and in addition to this there are three other 100m+ projects in the city (103 meters, 110 meters, 197 meters).
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Old July 3rd, 2017, 07:24 AM   #6
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"Approval" is more than one thing in most places. Land use permit conditional approval, land use permit actually granted, building permit (maybe phased), smaller junctures like demo permit, shoring easements, etc. SSC people usually seem to mean the first one primarily for whatever reason. The second is when it's real and the concept might have a clear path forward (in most places). And the third is a big deal.

The timing varies hugely between the second and the third, even in the same city. I don't know what's typical in Cleveland. But in my city, you can go through both simultaneously (hoping for no major changes so the BP application isn't a total waste) or you can get one then go for the other, which would mean five more months after the land use permit is in hand.

Obviously even permits in hand are only good indications about likelihood of moving forward. Projects can be planned for starts literally tomorrow and still face uncertainty. For example financial partners make their real "go" decisions at the end.
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Old July 10th, 2017, 11:16 PM   #7
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Quote:
Originally Posted by Oatmeal View Post
I don't mean to be rude, but does Cleveland even have the demand for such a project?
Cleveland's downtown population has grown from about 4,000 in 2000 to about 15,000 today. With present occupancy rates at about 96%, the projected absorbtion rate is about 500 additional living units a year for at least the next ten years. Population is expected to reach 25,000 by 2024.

So, yes, there is demand; in fact, there are a waiting lists at most locations.

Initial approval was granted with few comments or suggestions by the City Planning Board. Detailed approval is expected by the end of summer. The developer (a foundation, not a private builder) owns the land and has financing in hand. They hope to break ground by the end of the year. That may be a little optimistic, but it's not completely blue sky.
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Old July 13th, 2017, 08:33 AM   #8
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I'm seeing about 5,000 more in the 2000-2010 NYT numbers using what seems like a reasonable definition for greater Downtown. That's pretty impressive. Another 6,000 in seven years (or 6 and 1/4?) seems like a lot vs. the trends and projects posted on various boards. Maybe all the numbers are a larger land area?

Last edited by mhays; July 13th, 2017 at 08:39 AM.
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Old August 12th, 2017, 09:05 AM   #9
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Quote:
Originally Posted by mhays View Post
I'm seeing about 5,000 more in the 2000-2010 NYT numbers using what seems like a reasonable definition for greater Downtown. That's pretty impressive. Another 6,000 in seven years (or 6 and 1/4?) seems like a lot vs. the trends and projects posted on various boards. Maybe all the numbers are a larger land area?
Doubtful, downtown is about 2.2 sq miles and is pretty well defined (encompassed) by a lake, a river, and a freeway. About 1,100 apartment units will have hit the market by the end of 2017 and three of these new projects totaling about 600 units announced they were already sold out by the end of June.

Almost 100,000 people work in downtown and only about 15,000 live there. The demand of new downtown housing is expected to continue.
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Old August 13th, 2017, 02:00 AM   #10
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That current work isn't in the numbers though. My point was about the existing estimates.
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