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Author Topic: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment  (Read 7602 times)

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Online KJP

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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/
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Online mrclifton88

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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

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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

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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.

Online KJP

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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



« Last Edit: March 06, 2018, 04:21:29 PM by KJP »
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Online KJP

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #185 on: March 06, 2018, 04:24:21 PM »
Just spoke to a contractor who's very busy these days with construction work around Cleveland. One of the bids he's won is for supplies and installation (can't say for what or it will reveal him) at the May Company renovation and for the Huntington Building conversion. He described both as a "go." FWIW.
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Offline YABO713

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #186 on: March 06, 2018, 04:44:35 PM »
Fiance and I were en route to a meeting about having this place  as our wedding venue when we got a "we're not doing events anymore" call

Offline TPH2

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #187 on: March 19, 2018, 10:35:02 PM »
I briefly saw some floor plans for the building renovation, and I don't have much more info, but can confirm the project is "moving forward."

Online KJP

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #188 on: March 28, 2018, 03:08:41 PM »
BTW, see the item I posted at https://www.urbanohio.com/forum/index.php/topic,5019.msg904017.html#msg904017 regarding this development and Bon Jovi. ;)
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Online KJP

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #189 on: April 11, 2018, 05:06:07 PM »
Crews are digging into the street around the west and south sides of 925 Euclid. Is this a sewer project or something sub-street that's unrelated to the renovation of 925 Euclid? I just found it interesting the location of this sub-street work.
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Offline Mov2Ohio

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #190 on: April 13, 2018, 10:40:41 AM »
Crews are digging into the street around the west and south sides of 925 Euclid. Is this a sewer project or something sub-street that's unrelated to the renovation of 925 Euclid? I just found it interesting the location of this sub-street work.

They were working on 9th on the west side of The9 over the last few weeks. I think it is something related to the steam infrastructure under 9th.

Offline sky

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #191 on: April 13, 2018, 10:49:52 AM »
I wonder when the $25 million state tax credit award expires. Something needs to happen or day are in danger of losing it.

Offline Larry1962

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #192 on: April 14, 2018, 02:42:01 PM »
I wonder when the $25 million state tax credit award expires. Something needs to happen or day are in danger of losing it.

They got  extension from the state last year and the deadline is June or July 2018 to start construction.

Online mrclifton88

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #193 on: April 15, 2018, 06:01:35 PM »
Lots of updates in here both on 925 and Statler Arms... sounds like Frank Sinito will be purchasing 925 and undergoing significant renovations to Statler.  Also makes the Hudson Holdings people sound very shady...

"Sinito continues hunt for a 925 Euclid deal"


"Real estate developer Frank Sinito is close to snagging another big downtown deal, taking on the stalled $270 million renovation of the Union Trust Co. building at 925 Euclid Ave.

If Sinito, CEO and owner of Cleveland-based Millennia Cos., closes on buying the building or taking a majority stake in the project with current owner Hudson Holdings of Delray Beach, Fla., it would be his fourth blockbuster deal downtown in two years."

http://www.crainscleveland.com/article/20180415/news/158241/sinito-continues-hunt-925-euclid-deal

Offline Mendo

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #194 on: April 15, 2018, 10:25:23 PM »
Lots of updates in here both on 925 and Statler Arms... sounds like Frank Sinito will be purchasing 925 and undergoing significant renovations to Statler.  Also makes the Hudson Holdings people sound very shady...

That stood out to me too. I'm always wary when out-of-state investors buy buildings for redevelopment. I wonder if Hudson underestimated the local environment and difficulty to secure financing. Or if the goal all along was to flip the building with tax credits in place.

Next up is Alto Partners with the John Hartness Brown complex. They have until July 31 to start construction or get an extension or risk losing their $11 million tax credit. We'll see if they join the list of shysters.

Offline savadams13

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Re: Cleveland: 925 Euclid Ave / ex-Huntington Bldg Redevelopment
« Reply #195 on: April 16, 2018, 11:45:20 AM »
I feel bad for you all that Hudson Holdings stalled so long on the Huntington Building. They purchased properties all over the place and then did nothing with any of them. Big plans for hotels, executive apartments etc. They own one building in Cincinnati, the mercantile building. I know of two in Louisville, St.Louis, and a couple other midwestern cities.