PLEASE READ!!!

***** ALL users will have to request a password reset BEFORE you will be able to log into the forum. See the thread in the forum issues section for further instructions. If you have issues with this, email us at admin@urbanohio.com. *****

Author Topic: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment  (Read 2925 times)

0 Members and 1 Guest are viewing this topic.

Offline KJP

  • Jeddah Tower 3,281'
  • *****
  • Posts: 46177
  • Rebuilding the cities that built America.
Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #180 on: November 21, 2017, 09:23:12 PM »
Is Hudson Holdings biting off more than they can chew? Then again, these redevelopments could all be moot if Congress ends or sharply curtails federal historic tax credits. This is from St. Louis...

Railway Exchange Redevelopment Close to Reality
November 21, 2017 Greg Johnson

At its November 21 meeting, the city’s Industrial Development Authority will consider issuing $160 million in Housing Revenue Bonds to help finance redevelopment of the vacant Railway Exchange Building downtown. Total renovation costs are expected to top $250 million. Hudson Holdings purchased the property early this year for $20.5 million. Plans for the building include a large residential component with The addition of retail and office space. Early projections put the number of apartments at 600. Founded in 2006, Hudson Holdings has taken on several large projects, including redevelopment of Cincinnati’s Textile Building, Cleveland’s Union Trust (Huntington) Building, Louisville’s Starks Building and Kansas City’s Mark Twain Building.

The Railway Exchange Building was built in 1914 to a design by architects Mauran, Russell & Crowell. The Chicago School tower was the city’s largest and tallest when completed and today remains the second largest building downtown at 1.2 million square feet. The Railway Exchange was the long-time headquarters of May Department Stores Company before May was bought out by Federated Department Stores in 2005 and subsumed into Macy’s the following year. The building is best known as home to the flagship location of department store Famous-Barr. Converted to a Macy’s in 2006, the chain closed the downtown store in 2013.

MORE:
https://nextstl.com/2017/11/railway-exchange-redevelopment-close-reality/
"Give me control of a nation's money supply, and I care not who writes the laws." -- Mayer Amschel Rothschild, founder of the European banking dynasty.

Offline mrclifton88

  • Premium Member
  • One World Trade Center 1,776'
  • ***
  • Posts: 1278
Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #181 on: November 21, 2017, 09:59:56 PM »
Is there any insight on what we are waiting for to see action at 925?  I realize it is a massive project but...

Offline Mendo

  • One World Trade Center 1,776'
  • ****
  • Posts: 1153
Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #182 on: November 22, 2017, 11:04:32 AM »
Is there any insight on what we are waiting for to see action at 925?  I realize it is a massive project but...

Hudson Holdings has been shopping the building to other developers. Millennia put in a bid in August -- that's that last public news.

http://www.crainscleveland.com/article/20170820/realestate/170829989/frank-sinito-has-sky-high-hopes-real-estate-portfolio

Quote
Asked what's next for him and Millennia in the wake of an epic transaction, Sinito said he's hoping to launch the multimillion-dollar conversion of the massive former Huntington Building — now called Union Trust, in honor of its original name — on the northeast corner of Euclid Avenue and East Ninth Street.

"I have a bid in," Sinito said. "I hope I get it. It will be a real roll-up-your sleeves opportunity."

If a Sinito affiliate lands the 1-million-square-foot property or a stake in the project, it would be a big change and the biggest development for the massive Huntington Building since late 2015, when Hudson Holdings of Delray Beach, Fla., won an allocation for as much as $25 million in Ohio State Historic Preservation Tax Credits. Hudson Holdings has planned a $300 million adaptive reuse as apartments, hotel and contemporary office space, though construction is not yet underway.

Sinito said he would undertake adding 400 apartments to part of the landmark building if he gets involved in the project. Other parts of the building? He'll figure those out later.

Although he would not say how much he offered to pay for Union Trust, Sinito's disclosure of his interest in it also confirms that Hudson has been shopping the project or seeking additional investors."
« Last Edit: November 22, 2017, 12:52:28 PM by Mendo »

Offline Mendo

  • One World Trade Center 1,776'
  • ****
  • Posts: 1153
Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #183 on: November 22, 2017, 11:09:41 AM »
Is Hudson Holdings biting off more than they can chew? Then again, these redevelopments could all be moot if Congress ends or sharply curtails federal historic tax credits. This is from St. Louis...

Sure seems that way. That article reads just like those about Hudson earlier this year. Even mentions a bridge loan for "pre-construction activity", just like they got last Spring for 925 Euclid. I'm not convinced he's further along in either project. Hudson might have been gambling on short term spike in building value using tax credits and "shovel ready" plans. If the tax credits are canned the value of these buildings goes into the toilet and Hudson is left holding the bag.

Offline KJP

  • Jeddah Tower 3,281'
  • *****
  • Posts: 46177
  • Rebuilding the cities that built America.
Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #184 on: December 08, 2017, 09:10:27 AM »
The old Huntington Bank looks great for #CrainsCSuite gala tonight. Proud to support our leader @CEO_CleMetParks as CEO of the Year @clevemetroparks https://t.co/sytz0BuILU
"Give me control of a nation's money supply, and I care not who writes the laws." -- Mayer Amschel Rothschild, founder of the European banking dynasty.