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Author Topic: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment  (Read 2354 times)

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Offline gotribe

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Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« on: September 09, 2014, 02:01:47 PM »
Not sure where to put this.  Wasn't sure if there was a Huntington Thread.  But anyhow, something we have all been waiting for!  I guess this is in stiff competition with the May Company building on the catalytic tax credit...The source is Crains.

Former Huntington Building would be revamped as mixed-used development in $231 million project

A proposal has surfaced to remake the 925 Building, better known as the former Huntington Building at East Ninth Street and Euclid Avenue, as a mixed-use building in a $231 million project.

http://www.crainscleveland.com/article/20140909/FREE/140909791#
« Last Edit: September 09, 2014, 08:39:16 PM by ink »

Offline WindyBuckeye

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #1 on: September 09, 2014, 02:27:09 PM »


Long time lurker, first time poster. This could be huge, Huntington bulding looking for the same Tax credit as the May Company building for a mixed use rehab. I'm not sure how to post links but it is in today's Crain's Cleveland.

Offline musky

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #2 on: September 09, 2014, 04:42:38 PM »
Great news!!!
This has me wondering - what buildings are vacant/mostly vacant in the CBD?

Offline YO to the CLE

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #3 on: September 09, 2014, 05:30:33 PM »
Great to hear!!! Although I DO NOT like the talk of converting the Hannah Annex being converted to parking. Cimperman is the one who turned in the application. I'd like to hear what he has to say about the parking...

Offline DM4

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #4 on: September 09, 2014, 06:20:06 PM »
Cant they just use the massive parking garage across the street that has an underground tunnel connecting to the building?

Offline Clefan98

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #5 on: September 09, 2014, 06:50:11 PM »
So is it either this or the May Co building? If so, which one would you prefer? 
« Last Edit: September 09, 2014, 06:51:22 PM by Clefan98 »

Offline gotribe

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #6 on: September 09, 2014, 06:56:00 PM »
From what I recall, this is the largest building in the CBD, maybe a close second.  I think it warrants it's own parking.  Especially with a large residential component.  If I was in the hunt for a downtown apartment, I would want onsite parking.  Now, if it was all office, I would agree across the street would be fine.

Offline KJP

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #7 on: September 09, 2014, 06:56:27 PM »


Long time lurker, first time poster. This could be huge, Huntington bulding looking for the same Tax credit as the May Company building for a mixed use rehab. I'm not sure how to post links but it is in today's Crain's Cleveland.

Welcome! I hope you keep posting.

I've been waiting to hear about a project here. This will be a biggie.
« Last Edit: September 09, 2014, 06:57:17 PM by KJP »
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Offline gotribe

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #8 on: September 09, 2014, 06:59:33 PM »
So is it either this or the May Co building? If so, which one would you prefer?
[/quoteif I remember right, it only goes toward one project in the entire state, so neither may get it.
To answer your question though, I would prefer Huntington.  It's such an enormous building that could get passed up for years considering the amount that would have to go into it.  Look at the price tag.  $231 million!  This is what it may take to entice a developer.  May, being on The soon to be renovated/repurposed PS, and smaller in scale may be more feasible without the assistance.  But, as I said, neither may be awarded...
« Last Edit: September 09, 2014, 07:00:00 PM by gotribe »

Offline SixthCity

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #9 on: September 09, 2014, 07:12:00 PM »
^  Keep in mind that the May Co. Building already has a $5 million award from this latest round.

Offline Clefan98

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #10 on: September 09, 2014, 07:14:58 PM »
^^It's going to one of these two projects...

Since last fall, developers John Carney, Bob Rains and David Goldberg have been working with State Rep. Kirk Schuring, a Canton Republican, to find a way around the $5 million cap. This month, they succeeded. House Bill 483 contained a special provision for "catalytic projects" - which can win up to $25 million in state credits over five years, drawing $5 million per year.

The state can recognize one such project every biennium. To be deemed "catalytic," a redevelopment project must spur economic development within 2,500 feet of the building. And, in the first two fiscal years, at least, the rehabilitation work has to cost more than $75 million. The law doesn't specifically mention the May Co. building, but it's clear that's what Schuring had in mind.

http://www.cleveland.com/business/index.ssf/2014/06/may_co_apartment_revamp_could.html
« Last Edit: September 09, 2014, 07:15:19 PM by Clefan98 »

Offline SixthCity

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #11 on: September 09, 2014, 07:19:22 PM »
Are there any other projects big enough in the State to even compete with these two?

Offline McLovin

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #12 on: September 09, 2014, 07:25:34 PM »
Quick question I thought the address in the story was 925 Euclid Ave.

Offline KJP

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #13 on: September 09, 2014, 07:34:16 PM »
Quick question I thought the address in the story was 925 Euclid Ave.

You are correct. I mistakenly used the address Google had for the former Huntington Building.
America will never be destroyed from the outside. -- Abraham Lincoln.

Offline JG

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #14 on: September 09, 2014, 07:51:32 PM »
Wow, this is great news!  It sounds like this might have some hurdles to clear, in particularly financing.

I'm torn but if I had to pick either this project or the May Company building I think I would have to choose the May Company.  But E9th and Euclid is taking a complete 180 from where it was just two years ago!  Very exciting!  :clap: :clap: :clap:

I change my mind, Huntington Building!!
« Last Edit: September 09, 2014, 07:58:24 PM by JG »

Offline 3231

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #15 on: September 09, 2014, 07:56:58 PM »
Cant they just use the massive parking garage across the street that has an underground tunnel connecting to the building?

I'm sure they would if they could. Parking costs a lot of money. Why would a developer want to get rid of so much valuable rentable SF if the parking wasn't necessary for the project? 

Offline 3231

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #16 on: September 09, 2014, 07:59:16 PM »
So is it either this or the May Co building? If so, which one would you prefer? 

I'd prefer to see the May Co building go first. It looks so bad on both the Prospect and Public Square sides. It would infuse a lot of life onto lower Prospect and onto Public Square. A redevelopment of May Co would also put more pressure on the Jacobs PS lot.

Offline KJP

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #17 on: September 09, 2014, 08:25:34 PM »
Do we know for certain if Chaim Schochet (aka Optima) is not involved in this project? If he is, the guy is a younger, Ukrainian version of Fred Geis and his deep pockets. I can understand Schochet wanting to see if he can get the tax credits since they offer free capital. But if he can't within his desired timeframe, I hope he moves forward without them if only because he probably can.
America will never be destroyed from the outside. -- Abraham Lincoln.

Offline Mov2Ohio

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Re: Cleveland: 925 Euclid Ave mixed use development (ex-Huntington Bldg)
« Reply #18 on: September 09, 2014, 09:15:23 PM »
Cant they just use the massive parking garage across the street that has an underground tunnel connecting to the building?

I'm sure they would if they could. Parking costs a lot of money. Why would a developer want to get rid of so much valuable rentable SF if the parking wasn't necessary for the project?


Don't forget, parking can be an income generator to! Parking at The 9 for residents is $300+ a month.

Offline jfristik

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #19 on: September 09, 2014, 09:32:47 PM »
I complained about this a while back... While the Huntington Building needs an interior makeover (badly I might add), I hope the primary focus is on the abandoned buildings downtown (e.g., May Co.). They look really bad. Fingers crossed that this doesn't derail that project.

Offline Firenze98

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #20 on: September 09, 2014, 09:38:28 PM »
Why would this project derail the May Co. project?  It's not like this project is securing an office tenant away from May.

Online StapHanger

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #21 on: September 09, 2014, 09:57:33 PM »
^As mentioned upthread and in the article, this proposal is competing with the May Co building for a single extra large historic preservation credit the state will be offering.

Offline Oldmanladyluck

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #22 on: September 10, 2014, 07:43:40 AM »
This is OUTSTANDING news- however, I would also like to see the May Co. receive the funding from the state between the two buildings first.  I would bet that both of the buildings would be asking for some of the highest rents in the city.  Hell- could you imagine actually living in the Huntington and going through that lobby every day on your way to your apartment unit?   

Taking that building off of the market for office use takes a big chunk of square footage of vacant office space out of the market for downtown... and as KJP stated in another thread, we could very well be seeing a new office building soon based strictly off of the moves the downtown market has made.  Hopefully, IF the Huntington doesn't make the cut for the state funds, I hope the owner and developer are able to secure the needed funding for the project to move forward.     
« Last Edit: September 10, 2014, 07:56:06 AM by Oldmanladyluck »

Offline KJP

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #23 on: September 10, 2014, 07:55:44 AM »
Taking that building off of the market for office use takes a big chunk of square footage of vacant office space out of the market for downtown... and as KJP stated in another thread, we could very well be seeing a new office building soon based strictly off of the moves the downtown market has made.  Hopefully, IF the Huntington doesn't make the cut for the state funds, the owner and developer are able to secure the needed funding for the project to move forward.   

My understanding is that 925 Euclid hasn't been marketed as an office building for a while and thus its high vacancy has not counted in the overall downtown market. There are, however, about 100,000 square feet of office users left in the building who may have to find new addresses that will count in office market data -- hopefully downtown. The Great Reshuffling continues.....
America will never be destroyed from the outside. -- Abraham Lincoln.

Offline Pugu

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #24 on: September 10, 2014, 07:59:47 AM »
^is the occupancy of 100,000 sq ft counted in office numbers? it would be a bit dishonest to count the rented space but not the vacant space.... who does this counting--is it the real estate firms who write the statistics reports or Downtown Cleveland Alliance?

Online X

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #25 on: September 10, 2014, 08:02:39 AM »
Real Estate firms do the counting, and they all count things a little differently.

Online StapHanger

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #26 on: September 10, 2014, 08:10:11 AM »
And DCA is an advocate for downtown, so it cherry picks the counting it likes best for its reports.

[Edited to not be incoherent]
« Last Edit: September 10, 2014, 08:32:41 AM by StrapHanger »

Offline KJP

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #27 on: September 10, 2014, 08:44:46 AM »
Real Estate firms do the counting, and they all count things a little differently.

True. CBRE, M&M and others all do their own market reports. Each shows somewhat different data.

Anyway. Point is about 100,000 square feet of office users are still there. I think it would be great to keep them there. It would help ensure round-clock activity for retailers and restaurants in the building's vast lobby and the large but often overlooked retail arcade below. This is one building where city-within-city would certainly apply. Between this and the former Ameritrust complex across the street, there would be a lot for residents to do without going outside much in the depths of winter. That's why I would love a winter garden concept for 925's lobby. I picture it with live trees, a couple of small fountains and even a goldfish pond like the one in PNC's plaza.
America will never be destroyed from the outside. -- Abraham Lincoln.

Offline Pugu

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #28 on: September 10, 2014, 11:46:54 AM »
^ I truly hope they keep the power lunch restaurant on the 21st floor.

Offline MayDay

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #29 on: September 10, 2014, 11:50:19 AM »
^Agreed; I have a soft spot for that venue - it's where I signed the contract for my first book back in 2002.