Development News

After months of denials, Sherwin-Williams (SHW) finally has acknowledged publicly and officially that it is seeking a new home for its global headquarters and research-development facilities.
In a press release shared today, SHW Chairman and Chief Executive Officer John G. Morikis admitted what has been reported here at NEOtrans for nearly a year — that the global coatings giant has outgrown its scattered offices throughout Greater Cleveland and is looking for a new HQ+R&D.

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The latest word on the proposed $350 million nuCLEus development is that its partnership appears to be waiting on the Ohio General Assembly’s passage of a new financial incentive. That’s according to a source with the City of Cleveland. Others in the real estate investment community confirm that the project is on hold.

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A high-level source has identified that the Jacobs Group-owned lot on the west side of Cleveland’s Public Square, as well as a portion of the neighboring Weston Group-owned parking lots in the Superblock, are the favored location for Sherwin-Williams (SHW) new headquarters tower. And it is the preferred location for the coatings giant’s new research facility, as well.

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Unless the economy does a crashing repeat of 2008 in the next 6-12 months, Sherwin-Williams (SHW) could make a significant announcement about its headquarters (HQ) as well as it research and development (R&D) facilities by the end of 2020. Even a modest economic downturn is unlikely to put a stop to a multi-year process that has already started.

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Sources at two companies that do business with Stark Enterprises say that the $350 million nuCLEus development in downtown Cleveland isn’t going to be moving forward anytime soon.

One source says the project is on hold. The other says the project is dead. The reason why the project apparently has stalled isn’t completely clear.

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A principal of the real estate development firm that was pursuing renovation and redevelopment of the Westinghouse Electric and Manufacturing Co., 1200 W. 58th St., confirmed that the firm has decided not to go forward with the project.

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Many of us don’t get to see the behind-the-scenes activity that developers go through in renovating old buildings. We get to see the work being done on the outside of buildings and, if we peer through the windows, we can see the construction work being done inside.

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If you try to go whaling in the ocean of rumors for Sherwin Williams’ (SHW) headquarters and research/development facilities, bring two things with you: hip waders and a fog lamp. Unfortunately, at this early stage, neither of those are going to help you make much sense of so much conflicting, disorienting information in trying to catch The Whale, aka SHW’s HQ and R&D facilities.

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