University Circle tower goes back to drawing board

The conceptual rendering of East Stokes is likely to change but it isn’t publicly
known by how much. Construction costs for the proposed tower came in higher
than expected, forcing the development team to look at ways of cutting costs
and possibly increasing revenues from the planned component of the
Circle (SCB). CLICK IMAGES TO ENLARGE THEM.

Design review of East Stokes, what would be University Circle’s tallest building, was moving along at a rapid clip last fall. Things were moving so quickly that the development team, led by PCP Voyager, anticipated that if City Planning Commission could approve the final plans by Thanksgiving, a spring groundbreaking of 24-story apartment tower might be possible.

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Commission OKs Bedrock’s riverfront masterplan

Proposed uses in Bedrock’s riverfront masterplan, the final version of which was
approved today by the City Planning Commission’s Design Review Committee
(MKSK). CLICK IMAGES TO ENLARGE THEM.

A design review panel of Cleveland’s Planning Commission today approved Bedrock’s final masterplan for its multi-phase, $3.5 billion riverfront development. But while the vote was unanimous, commission members asked some pointed questions about how all of its components would successfully come together.

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Sherwin-Williams HQ opening delayed 7 months

The silver Sherwin-Williams headquarters tower is at center-left in this
Downtown Cleveland skyline sunset view. Work continues on the new
616-foot tower and its pavilion on Public Square, including construc-
tion repairs that will delay the grand opening ceremony by seven
months (Paul J. Heney). CLICK IMAGES TO ENLARGE THEM.

NEOtrans was first to report several weeks ago that a grand-opening ceremony for Sherwin-Williams’ new headquarters was scheduled for next month despite that a “major hiccup and flaw” in construction of the tower had to be repaired. Now, that ceremony has been pushed back by seven months, according to public records secured by NEOtrans.

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Chipotle expanding to Ohio City

The current site of Soho Chicken + Whiskey in Ohio City’s Market
District will become a new Chipotle Mexican Grill. But fans of Soho
need not despair as the popular establishment will be moving nearby
rather than closing (Google). CLICK IMAGES TO ENLARGE THEM.

When the chains start replacing mom-n-pop businesses in a growing neighborhood, some welcome them as a validation of its success while others reject them as a weakening of a neighborhood’s uniqueness that created that success in the first place. The replacement next year of the popular Soho Chicken + Whiskey with a Chipotle Mexican Grill is the latest example of that shift in Ohio City’s Market District in Cleveland.

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Is DeWine’s stadium tax idea a good bet?

An enclosed Huntington Bank Field in suburban Brook Park could be supported by
a new sports facility and education fund proposed by Ohio Gov. Mike DeWine. But
the fund would be site-agnostic, giving life to those seeking to keep the Cleveland
Browns playing their home games in Downtown Cleveland (HKS).
CLICK IMAGES TO ENLARGE THEM.

Everything from helping to finance a new stadium for the Cleveland Browns to funding sports programs for low-income families could be supported by a new sports facility and education fund sought by Ohio Gov. Mike DeWine in his proposed state budget. But the proposed fund doesn’t pick a stadium site for the Browns, which appears to give Downtown Cleveland site backers more of a win than it does for the owners of the pro football team.

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Canon Healthcare USA picks Cleveland for HQ

The vacant former IBM Explorys headquarters at Cedar Avenue and East 105th Street
will be acquired by Canon Healthcare USA for its new headquarters. This acquisition,
in partnership with the Cleveland Clinic and others, represents a first step toward a
lot more investment in the surrounding area, including advanced manufacturing
(Google). CLICK IMAGES TO ENLARGE THEM.

Over the past several years, Canon Healthcare USA was considering multiple locations inside and out of Greater Cleveland for its new headquarters. While most real estate insiders believed it would land at the former IBM Explorys headquarters, 10500 Cedar Ave., in Cleveland’s University Circle, it was not a done deal. With the city’s passage of a job creation income tax credit last night, it now appears to be.

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Receiver appointed for Downtown office complex

The North Point office complex in Downtown Cleveland includes 901 Lakeside
Ave. at left, 1001 Lakeside at right, and a parking garage behind them with its
primary entrance off East 9th Street in the distance at far left (Google).
CLICK IMAGES TO ENLARGE THEM.

On Friday, Judge Christopher Boyko at the U.S. District Court for the Northern District of Ohio ordered the North Point office complex in Downtown Cleveland be placed in the hands of a receiver to manage the property and, more specifically, to pay its creditors. The request was made earlier in the week by Wells Fargo Bank, as trustee for the benefit of the registered holders of GS Mortgage Securities Corp.’s distressed loan collateralized by the property.

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