One thing’s for certain — the Coronavirus pandemic hasn’t slowed the rapid spread of plans for high-rise towers in Cleveland.
The latest is a proposed 19-story, $60 million Dream Hotel proposed to rise alongside the Masonic Temple,?3615 Euclid Ave. The project was announced today by investor Beaty Capital Group of Fort Smith, AR.
Beaty Capital bought the 99-year-old temple in 2017 and renovated it last year for $8 million with another $10 million in renovations planned. The same firm bought and renovated several other Masonic halls nationwide.
Proposed is a 207-room lifestyle hotel that will include restaurants, nightlife venues, a fitness center and 100,000 square feet of meeting and event space. The project, called TempleLive, will also include a 400-space parking deck. Hotel guests will also be able to access the renovated 2,300-seat theater in the adjoining Masonic Temple.
|This view is looking west towards downtown Cleveland, with
the Masonic Temple on the other side of the new tower (Bialosky).
The mixed-use development is proposed to rise starting in early 2021 on a 0.9-acre property on the east flank of the Masonic Temple. The property is currently a parking lot and owned by an affiliate of Beaty Capital, Templelive Cleveland LLC. The same affiliate owns the temple property. Beaty Capital acquired both parcels for $725,000, county records show.
“Today’s announcement is a testament to the strength of our brands and growing confidence in the travel industry despite these unprecedented times,” Dream Hotel Group CEO Jay Stein said in a written statement.
Cleveland is the birthplace of rock and roll, and much like the Dream Hotels brand, it is a city marked by a youthful, vibrant energy, creative spirit and burgeoning arts and culture scene that many aren’t yet aware of,” he added. “Together, with partners Beaty Capital Group, our goal is to deliver an experience-driven property that surpasses expectations, blending great food and beverage, creative programming, entertainment and world-class hospitality, in the heart of Midtown Cleveland.”
“It is exciting to look beyond this recent period of anxiety and uncertainty to bring such an iconic project to Midtown Cleveland, said Lance Beaty, president of Beaty Capital Group.
|Location of the existing Masonic Temple and proposed site
of the Dream Hotel and TempleLive development (Google).
As you could imagine the project has been delayed by recent events, but we feel that it’s important for the city of Cleveland, the live music and performing arts, the hospitality industry, and the country as a whole to regain confidence and move forward with our lives. We believe this announcement today is an exciting and positive step in that direction,” Beaty said.
“They’ve been working on it for a while,” said Jeff Epstein, executive director of MidTown Cleveland Inc. “When they purchased the (Masonic Temple) building, they talked about a hotel as being a component. My understanding is that, the fact that this is going to be next to a large performance venue was a big pull. The (Dream) Hotels themselves are destinations.”
Interestingly, this is the second time a high-rise tower was proposed next to the Masonic Temple. The first time was shortly after the temple was built. Then, a 23-story Masonic Memorial office tower was proposed to be built between the front of the temple and Euclid Avenue. Like most developments in all cities, that tower never came to pass.
Except for the 22-story Wilson Apartments built in 1969 at East 55th Street and Chester Avenue, no high-rises have been built in Midtown. There are a number of underutilized properties nearby, which lends one to wonder if this hotel project could foster some spin-off developments.
|The 23-story Masonic Memorial Build-
ing was proposed on the front of the
temple in the 1920s (KJP file).
“I think this will certainly have an impact on other properties,” Epstein said. “There’s nothing planned that I can share.”
An article in Talk Business notes that Daniel MacDonnell and George Qiao with Cushman & Wakefield Global Hospitality represented Beaty Capital in developing the project and construction financing. Cleveland-based Bialosky is the project architect and the general contractor is Cleveland Construction. Bialosky also managed initial stabilization and preservation work on the Masonic Temple in 2018.
“It’s really crazy,” Epstein said. “It’s great. Plan at the bottom and work your way up.”