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Theatergoers using The Lumen’s parking deck, rather than one on Chester behind the theaters, would put more feet on Euclid and increase patronage of the district’s restaurants and cafes.
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The rationale, according to that source plus another from back in 2019 when PSF began construction of The Lumen, was that the 550-space parking garage for The Lumen would also offer some public parking. The Lumen towers over the PSF’s Chester Garage and its Middough Building (KJP). Playhouse Square Foundation’s 106-space Middough Lot at Chester Avenue and East 13th Street is no longer being considered for development by the owner. PSF bought the Middough lot in 2016 while capital was still being accumulated for The Lumen which ultimately erased a 160-space surface parking lot on Euclid. It would be located on the 106-space Middough Parking Lot at the southeast corner of Chester Avenue and East 13th Street. One of the two sources said that a community development project would be a follow-on major residential development that some dubbed Act II or The Encore. NEOtrans broke the story in January that PSF wanted to sell The Lumen to raise capital for community development projects, according to two sources. But if the developer tends to own real estate for a source of stable income as PSF does, it may skip the real estate market and refinance the debt portion of its capital stack. The owner, typically a developer, often sells it to help raise capital for its next development project. When a newly built, leasable property reaches 90 percent occupancy, the real estate industry considers it stabilized. A second, 1,135-square-foot retail space remains available for lease. But, yesterday, a certificate of occupancy was granted by the city to First National Bank of Hermitage, PA after it made $165,000 worth of improvements to build-out an 804-square-foot commercial space for a new bank branch. Its two ground-floor retail spaces have been slower to lease. But PSF isn’t commenting on whether they’re still selling The Lumen or not. The nonprofit arts, educational and community development organization built the theater district tower for $135 million to $138 million, depending on which source is quoted and what costs are included in the total. That would put PSF’s asking price for the 602,000-square-foot building at $159 million. The 396-foot-tall skyscraper has 318 apartments. REJournals reported in February that PSF was seeking about $500,000 per apartment for the property located at 1600 Euclid Ave. It was out of everyone’s range.Īccording to two sources, PSF couldn’t get offers at amounts anywhere close to what the organization wanted.
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And it wasn’t just out of your price range. The reason is that The Lumen’s owner, the Playhouse Square Foundation (PSF), is reportedly taking the 34-story apartment tower off the market. If you were gathering up spare change in the hopes of buying The Lumen, Cleveland’s tallest residential building, you’re probably out of luck. CLICK IMAGES TO ENLARGE THEM Encore project also not in the program Its owner, the Playhouse Square Foundation, put the building up for sale but reportedly has taken it off the market (JLL). It takes a lot of layering (this amount from a bank, that from an insurance co, some piece from the county, tax abatement from the city, etc.) to get the pile of money big enough.The Lumen, downtown Cleveland’s tallest residential building, was 90 percent leased just one year after it opened for occupancy in July 2020, right in the middle of the COVID-19 pandemic. Ohio rents do not support the costs of construction, which is why is hard to finance these projects. Again financing problems are keeping the bulldozers quiet. I believe it's in the 25-30 story range now. Meanwhile Cincinnati has a project called Skyhouse in development, a residential tower nicely sited on the Ohio. The optimists say groundbreaking might come in the fall. It was announced over a year ago, has gone through a couple of design changes, and financing is still far from complete. I believe it will be taller - one version of the design was ~450 ft, the lower floors being high-ceilinged offices and parking - that's assuming it gets built. There are plans in Columbus to build a 35-story mixed-use building with 200 apartment units on the higher floors.