Although it’s not the full $260 million federal grant that city of Cleveland officials had hoped to get for its lakefront vision, the $59.7 million it won today from U.S. Department of Transportation will knock down the first lakefront domino. Once knocked down, other aspects in the city’s plans can be funded and built.
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Two large Downtown Cleveland employers may be reversing course regarding their future office locations. One was bound and determined to leave for the suburbs but now its plans are up in the air. And despite the grist coming from the real estate rumor mill, the other employer says it’s not going anywhere — yet.
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Despite recent bumps in opening The Bell, the team that converted the former Ohio Bell headquarters into apartments and commercial spaces has hired two Chicago firms to market and manage the property. The announcement comes as the Downtown Cleveland building has received its occupancy permit, effectively declaring the $100-plus-million conversion project as complete.
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Today, CBRE Cleveland announced that is listing the 23-story 800 Superior office tower in Downtown Cleveland for sale and said one of the property’s largest tenants, National General Insurance likely will not renew its lease at the building when it expires in two years. Meanwhile a spokesman for insurer AmTrust Financial, which is the building’s other large tenant, said it intends to stay at the building. Both companies have naming rights on the building.
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NEOtrans has learned that the two-structure Ohio Savings Plaza in Downtown Cleveland has a buyer and has put the property under contract while it does its due diligence. NEOtrans has also learned that the buyer intends to partially convert the half-full, 500,000-square-foot. two-building property to residential. The larger of the two buildings, an 18-story tower at 1801 E. 9th St., is tentatively to be converted to apartments. The smaller building, called Park Plaza at 1111 Chester Ave. that faces Perk Park, will likely remain an office building.
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At first, construction work at The Bell has a familiar ring to it. But this isn’t the usual conversion of a zombie office building in downtown Cleveland into residential or hotel uses. Instead, conversion of the former Ohio Bell Company headquarters, ongoing since July 2022, has been a different calling. What were once large, wide-open floors at the 16-story, 40-year-old office building have since been divided up into an average of 31 apartments per floor in the residential portions of the building at the southeast corner of Lakeside Avenue and East 9th Street.
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Several large-scale projects along downtown Cleveland’s lakefront are moving forward thanks to developments in recent days. In addition to multi-million-dollar grants being awarded for lakefront projects, the City Planning Commission approved plans for the $100 million expansion of the Rock & Roll Hall of Fame. Also, a national nonprofit that promotes racial equity revealed it is partnering with the city on designing an inclusive lakefront. And plans for converting the Shoreway highway into a boulevard are crystalizing but may complicate Amtrak’s passenger rail expansion plans.
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Despite winning $23 million in tax credits to enable a $100 million historic and transformational redevelopment of the Tower at Erieview, two major proposed tenants are reportedly backing out of the project. Conversion of the 1964-built, 40-story office tower and its Galleria mall, 1301 E. 9th St., into a mixed-use complex could be facing an uphill climb with the apparent withdrawal of a luxury W Hotel and co-working chain Industrious.
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Although a “groundbreaking” ceremony for the start of one of downtown Cleveland’s largest-ever building renovations may not happen until late summer, you may see work crews going in and out of the former Union Trust Bank, 925 Euclid Ave., even earlier. That’s because an interior demolition permit application was submitted to the city this week to prepare for construction work in converting the 1.4-million-square-foot behemoth into The Centennial, featuring nearly 600 apartments, 170 hotel rooms, plus retail, restaurants and a museum.
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Downtown Cleveland’s next office-to-residential conversion project appears to be in the works. But this one might not be a total changeover to a new use. Ohio Savings Plaza, with more than a half-million square feet divided among two buildings has something big going for it — it’s half-filled with office tenants. Or, half-empty if you’re a pessimist.
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