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Author Topic: Cleveland: Superior Arts District  (Read 1191 times)

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Offline KJP

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Cleveland: Superior Arts District
« on: October 02, 2017, 08:42:26 PM »
City Council takes steps toward creating art district on Cleveland's near East Side
Posted on October 2, 2017 at 8:22 PM
By Robert Higgs, cleveland.combhiggs@Cleveland.com

CLEVELAND, Ohio - City Council took another step Monday toward establishing a special improvement district on either side of Superior Avenue inside the Innerbelt that will be focused on the arts.

The Cleveland Superior Arts Improvement District is an effort to develop and market the arts community in an area between East 18th Street and East 26th Street south of St. Clair Avenue and north of Payne Avenue on the East Side.

The area is home to several galleries and artist studios and workshops, particularly in several former industrial buildings in the neighborhood. Creation of the district will allow the city to assess property owners to raise money that will help with improvements in the neighborhood as well as marketing efforts.

MORE:
http://www.cleveland.com/metro/index.ssf/2017/10/city_council_takes_steps_towar.html
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline KJP

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Re: Cleveland: Superior Arts District
« Reply #1 on: November 09, 2017, 09:50:46 AM »
Tom Yablonsky is one of the pioneers of a residential downtown Cleveland. This answer piqued my interest....
November 05, 2017 4:00 am      UPDATED 19 HOURS AGO

Source Lunch with ... Tom YablonskyExecutive VP, Downtown Cleveland Alliance; executive director, Historic Gateway Neighborhood and Historic Warehouse District Development Corp.

...Where will the action be in the future in downtown Cleveland?

There are opportunities on Superior Avenue, in NineTwelve and in the Flats that will provide for more growth. Our existing projects have set the table for construction on the lakefront and riverfront, Playhouse Square and at the Asher property between West 3rd and West 6th streets.

MORE:
http://www.crainscleveland.com/article/20171105/news/141261/source-lunch-tom-yablonsky

After reading that article, I started clicking on properties along Superior between the Inner Belt and the 9/12 District and, sure enough, a large number of properties have transferred recently. I've found 16 parcels (so far) that were acquired on Oct. 25 by what appears to be the same buyer -- Global X. http://globalxtax.com/

2530 Superior Ave LLC (3 parcels at NE corner of East 24th & Superior)
Superior Manager LLC (4 parcels at NW corner of East 25th & Superior)
Superior Manager LLC (9 parcels north of Superior between East 25th-26th)

The company Superior Manager owns other scattered parcels along Superior Avenue. Of course, the question is, what are they planning? New construction? If so, that's out of character for Global X. And will they redevelop the gas station on Superior at the Inner Belt?
« Last Edit: November 09, 2017, 10:50:02 AM by KJP »
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline Dougal

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Re: Cleveland: Superior Arts District
« Reply #2 on: November 09, 2017, 12:31:48 PM »
^ New construction would be out of character, but a version of a CMO is their typical financing vehicle. Whether the CMO covers rehabs or new doesn't matter to the holder. Maybe Global X plans a blended approach of new and old.  There's room for both along that stretch of Superior - new on the north side and rehab on the south?
There's nothing wrong with optimism, as long as you don't get your hopes up.

Offline KJP

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Re: Cleveland: Superior Arts District
« Reply #3 on: November 09, 2017, 12:47:05 PM »
CMO? Collateralized mortgage obligation?

The south side of Superior certainly has more significant buildings than the north side. I would love it if several decent-sized live-work buildings in the 5- to 10-story range were built on the north side of Superior all the way into downtown from the Inner Belt.
« Last Edit: November 09, 2017, 02:38:12 PM by KJP »
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline Dougal

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Re: Cleveland: Superior Arts District
« Reply #4 on: November 09, 2017, 01:54:05 PM »
^ CMO, yes. Global X's investor funds participate in their projects via debt obligations.  These CMOs are considerably safer than the harum-scarum Wall Street notes of 2006-8 vintange. Fund That Flip does essentially the same thing.
There's nothing wrong with optimism, as long as you don't get your hopes up.

Offline KJP

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Re: Cleveland: Superior Arts District
« Reply #5 on: November 09, 2017, 04:09:40 PM »
Reading some of the expectations about this district, it sounds like Global X anticipates building new. And the expected passage next week of the BID will further advance this district....

Cleveland's oldest arts district is about to go 2.0 as the Superior Arts District
KARIN CONNELLY RICE | WEDNESDAY, OCTOBER 25, 2017

For decades, an eight-block section around Superior Avenue in the Campus District has served as one of Cleveland’s first live-work districts for artists and their studios. In just a few weeks, this area will become known as the Cleveland Superior Arts Business Improvement District, or for short, Superior Arts District.

“What this neighborhood has always had authentically is artists that are producing work,” says Bobbi Reichtell, Campus District executive director. “Between the Tower Press building, the ArtCraft Building, and a couple of smaller buildings, we probably have 90 to 100 artists’ studios or live-work spaces here.”

...According to Reichtell, developers Bruce Madorsky and Dan “Daffy Dan” Gray began buying the properties almost three decades ago. “They started buying up property in this district 25 to 30 years ago dirt cheap when it was the garment district, when Cleveland was losing manufacturing jobs and a lot of buildings went dark or were just used for storage,” explains Reichtell. “You could get 1,500 square feet for $600. It was just amazing. They’re really, in some ways, the reason why the arts district formed because they rented to people dirt cheap.”

Eventually, Madorsky and Gray decided to sell their investments, and in 2012, global X (a development firm specializing in historic renovation and preservation) began buying the properties they were selling in the district. Using historic tax credits, the firm has already completed Superior Sound at 2230 Superior Ave., converting the space to recording studios and an assortment of recording industry-related businesses.

MORE:
http://www.freshwatercleveland.com/breaking-ground/SuperiorArts102517.aspx
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline KJP

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Re: Cleveland: Superior Arts District
« Reply #6 on: December 06, 2017, 10:13:55 AM »
City Council approves Superior Arts District!

Read more: https://t.co/7hbOAaPT1d
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.