Author Topic: Cleveland: Warehouse District: Development and News  (Read 336854 times)

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Online jmc8651

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Re: Cleveland: Warehouse District: Development and News
« Reply #1295 on: June 28, 2017, 03:31:16 PM »
I believe the credits can be transferred. Maybe his goal is to sell the building along with the credits. Considering how competitive the program is it would be appealing to buy a property with the credits lined up.


Offline willyboy

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Re: Cleveland: Warehouse District: Development and News
« Reply #1296 on: June 28, 2017, 03:50:29 PM »
I believe the credits can be transferred. Maybe his goal is to sell the building along with the credits. Considering how competitive the program is it would be appealing to buy a property with the credits lined up.


Exactly.   It can be looked at as adding value, in order to sell at a premium.     
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Offline ethlaw

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Re: Cleveland: Warehouse District: Development and News
« Reply #1297 on: June 28, 2017, 04:12:16 PM »
Okay that does make sense. Hopefully he sells to someone who is actually likely to go through with such a development.

Offline simplythis

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Re: Cleveland: Warehouse District: Development and News
« Reply #1298 on: June 28, 2017, 06:30:29 PM »
80 Apartments. How tall mof a building would that be?

Online clvlndr

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Re: Cleveland: Warehouse District: Development and News
« Reply #1299 on: June 28, 2017, 06:45:56 PM »
From the article I get the sense that both the Liberty and the new building would, together, house the 80 units.

Online Clefan98

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Re: Cleveland: Warehouse District: Development and News
« Reply #1300 on: July 16, 2017, 10:12:54 AM »
Project aims to restore Liberty Textiles Building

Two factors have prompted the Kassouf family to undertake a revitalization of its Liberty Textiles Building, 1277 W. Sixth St., after a nearly 30-year wait.

First, Joseph Kassouf, the son of longtime parking lot owner-operator and downtown Cleveland property investor James Kassouf, said rents only recently have reached the point where constructing apartments makes sense. Second, the family decided to drop a long-held dream of installing a boutique hotel in the Liberty, which dates from 1890.

"The Cleveland hotel market is saturated," Joseph Kassouf said, "while demand by people to live in downtown Cleveland is strong."

http://www.crainscleveland.com/article/20170716/NEWS/170719862/project-aims-to-restore-liberty-textiles-building

Offline KJP

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Re: Cleveland: Warehouse District: Development and News
« Reply #1301 on: July 16, 2017, 10:50:05 AM »
So this project is a long way from coming to fruition. They're still putting together their financing and they don't yet know who their first-floor retail tenant(s) will be. And their plan for the adjoining parking lot sounds like it will be limited to constructing a two-floor garage that will also provide dedicated parking for tenants of the apartments. I didn't see anything in the article about the Kassoufs building above the parking deck or having retail on the ground floor unless I misunderstood it. I was confused about the mention of this development having five storefronts. Their total retail square footage will be 7,000 sf. Is that just in the existing building or spread among the existing and proposed buildings? I do like the idea for a courtyard for residents atop the proposed parking deck however.
« Last Edit: July 16, 2017, 10:50:30 AM by KJP »
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Online Baskervilles

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Re: Cleveland: Warehouse District: Development and News
« Reply #1302 on: July 16, 2017, 10:57:07 AM »
So this project is a long way from coming to fruition. They're still putting together their financing and they don't yet know who their first-floor retail tenant(s) will be. And their plan for the adjoining parking lot sounds like it will be limited to constructing a two-floor garage that will also provide dedicated parking for tenants of the apartments. I didn't see anything in the article about the Kassoufs building above the parking deck or having retail on the ground floor unless I misunderstood it. I was confused about the mention of this development having five storefronts. Their total retail square footage will be 7,000 sf. Is that just in the existing building or spread among the existing and proposed buildings? I do like the idea for a courtyard for residents atop the proposed parking deck however.

I could be wrong but it sounds like they intend to have two floors of parking with three floors of apartments above it.

"Joseph Kassouf said the plan calls for the attached new building to climb five floors while the Liberty is only four stories high, thanks to Liberty's tall ceilings of around 19 feet. The first floor on West Sixth will incorporate a total of 7,000 square feet of first floor retail space. 'We won't have a bar there," Joseph Kassouf said, 'but a restaurant that will be open longer hours because it has a bar.' A drawing Kassouf displayed of the proposed project shows uses such as a bakery and others in at least five storefronts. Final numbers, along with the number of suites, are in flux."

Offline KJP

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Re: Cleveland: Warehouse District: Development and News
« Reply #1303 on: July 16, 2017, 11:29:44 AM »
Good catch. Thanks. And I hope that means the retail will extend into the parking deck's sidewalk frontage.
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Online Mendo

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Re: Cleveland: Warehouse District: Development and News
« Reply #1304 on: July 16, 2017, 12:35:16 PM »
I think it's great the son is thinking long term about real estate development instead of just parking.

Online w28th

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Re: Cleveland: Warehouse District: Development and News
« Reply #1305 on: July 16, 2017, 08:26:56 PM »
^same thing with the Shaia family
"When you stand at the corner of Euclid Avenue and East Ninth Street in Cleveland, you stand at one of the busiest corners in the world -- and in the heart of a shopping district known far and wide for its many fine shops."

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