Dream Hotel development delayed more than a year – Page 164

Construction of a 19-story Dream Hotel next to the Masonic Temple
at 3615 Euclid Ave. has been delayed by more than a year (Bialosky).

Given the current state of the pandemic-ravaged hospitality industry, it probably shouldn’t come as a surprise that the proposed 19-story Dream Hotel next to the Masonic Temple in Cleveland’s Midtown has been delayed.

According to the construction database The Dodge Reports, the delay will be more than one year. The site reported that design work on the hotel will be on hold until Summer 2021. That means the earliest construction could start would be Summer 2022, it said. Last spring, officials at New York-based Dream Hotels hoped to start construction in early 2021.

Dream Hotel spokesperson Megan O’Malley, who works for Rubenstein Public Relations in New York, was out of town an unable to comment on the report. A secondary contact at Rubenstein, Kati Waldenburg, did not respond to an e-mail prior to publication of this article.

MidTown Inc. Executive Director Jeffrey Epstein confirmed the news today by e-mail, saying he was aware of the delay.

Site of the proposed Dream Hotel and Masonic Temple (Google).

When the $60 million project was announced in May, Epstein said the Dream Hotel and adjoining Masonic Temple, 3615 Euclid Ave., could be a destination unto itself. In other cities where Dream Hotels are tied into Masonic halls, visitors come to see unique musical and theatrical performances, enjoy on-site meals and nightlife, and stay the night in the adjoining hotel.

Beaty Capital Group of Fort Smith, AR acquired Cleveland’s 99-year-old, 2,300-seat Masonic Temple and an adjoining parcel for $725,000 in 2017. It renovated the auditorium last year for $8 million and plans another $10 million worth of improvements. That activity attracted attention.

Epstein said real estate investors began proposing projects in the surrounding area, although he could not identify the projects several months ago because they were in early development. He still can’t identify them now because the projects remain active despite Dream Hotel’s delay.

“Everything else we’re working on is still full steam ahead,” he said.

One development project could be a renovation of the 10-story University Hotel and Suites, across the street from the Masonic Temple at 3614 Euclid. An affiliate of Crimson Rock Capital acquired the property last year and may renovate the 56-year-old building by tapping historic tax credits. That part of MidTown, from the Inner Belt to East 55th Street, was recently designated by the City Landmarks Commission as an historic district.

Another view of the proposed Dream Hotel, this time looking
west with the Masonic Temple directly behind it (Bialosky).

Crimson Capital’s Web site says it “invests in properties for experiential travelers in emerging neighborhoods and up and coming U.S. domestic markets.” It is a global company based in Atlanta.

Other developments in the surrounding blocks may include new-construction mid-rise apartment buildings. Renovations of additional historic and post-war, international-style office buildings are already under way. One of the largest is an eight-story office building being converted into The Midtown apartments by the Inspirion Group at 3101 Euclid.

Dream Hotel officials propose a 207-room lifestyle hotel including 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. Beaty Capital Group acquired the auditorium and adjacent property via an affiliate named TempleLive Cleveland LLC.

“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, in a written statement last May.

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