Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space. A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions. It is expected that by year-end 2016, Cleveland employers will have increased payrolls 1.3 percent with the addition of 14,000 workers. Office-using employment is expected to rise 0.4 percent this year, remaining steady with only a slight variation over the past three years. Cleveland’s stable economic fundamentals, coupled with businesses attracted to the city, have supported the revival of a dormant development pipeline. During 2015, just 46,000 square feet was added to Cleveland’s office property inventory. The majority of the new office completions are located downtown. In the four-quarter period that ended in September, approximately 660,000 square feet came into service. Construction Surges While office completions were sluggish in 2015, construction has picked up significantly and builders are on track to deliver more than 1 million square feet of new office product by year’s end. …
COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for a second phase of Parks Edge, a luxury condominium development in Columbus. The property is located at the corner of Spring Street and Neil Avenue in the Arena District. The second phase will be located directly to the east of the first phase, and will feature a 12-story, 82-unit building. It will include 19 different floor plans with a mix of two-bedroom flats and two- and three-bedroom townhomes ranging from 1,600 to more than 2,600 square feet. Pricing for condominiums in the building will range from $465,000 to over $1 million. Construction of the West building in Phase I is scheduled for completion in spring 2017. Pending approval by the Downtown Commission, construction is expected to begin on the East building in early 2017 with completion slated for 2018.
CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.
RICHMOND HEIGHTS, MO. — Draper and Kramer Inc. continues leasing up the first phase of EVO, a four-phase apartment development that will bring more than 800 luxury apartment units to suburban St. Louis. Located at 9015 Eager Road in Richmond Heights, EVO includes four planned apartment buildings that are scheduled to be completed by 2020. EVO’s first phase of construction, expected to be complete in early 2017, features a four-story apartment complex with 281 units, including studio, one- and two-bedroom residences. Rents start at $1,100 and floor plans measure from 572 to 1,210 square feet. Holland Construction Services Inc. has already broken ground on the second phase, which will include 46 townhome-style residences.
MINNEAPOLIS — Dougherty Mortgage has arranged a $2.3 million Fannie Mae loan for the refinancing of Beltrami Apartments in Minneapolis. Originally built in 1964, the property includes 24 apartment units and was renovated in 2015. The 12-year loan features a 30-year amortization schedule. Alma Equities LLC was the borrower.
DAYTON, OHIO — Money360 has provided a $1.9 million permanent loan to the owner of a single-tenant retail building located in Dayton. The building is currently 100 percent leased to Panera Bread. The permanent loan allowed the undisclosed borrower to recover capital previously utilized to acquire the property. The five-year loan features a 25-year amortization schedule.
MILWAUKEE — The Milwaukee Symphony Orchestra (MSO) is hoping to purchase and restore the former Warner Grand Theatre in downtown Milwaukee in time for its fall 2019 season. An anonymous donor is leading the initiative to purchase the vacant theater, which would be converted into a concert hall. The renovation would include bathroom modernizations and updated seating to fit a capacity of 1,750. The theater’s acquisition and renovations are expected to cost between $70 million and $80 million. The MSO is hoping to acquire the site in fall 2017. The project is part of a $120 million MSO fundraising campaign that would also raise bridge financing and increase the organization’s general endowment. The MSO brought in $17 million in revenue during its 2015-2016 season. The symphony’s 80 full-time musicians perform more than 135 concerts each season. The orchestra currently performs at the Marcus Center for the Performing Arts on North Water Street. The 12-story Warner Grand Theatre is situated on West Wisconsin Avenue. The MSO is the only major orchestra in the nation without control over its own performance venue, according to the MSO’s president and executive director. The Art Deco-style theater was built in 1931 and was last occupied …
COLUMBUS, OHIO — CBRE Hotels has brokered the sale of the Crowne Plaza in Columbus for an undisclosed amount. The 300-room hotel is located at 6500 Ave. The hotel, which underwent a renovation in 2013, features 20,000 square feet of flexible event space, a full-service restaurant, indoor and outdoor pool, fitness center and business center. Eric Belfrage and Michael Shirey of CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. Florida-based TJM Properties Inc. was the buyer.
KANSAS CITY, MO. — The Roasterie has signed a 1,538-square-foot retail lease at Corrigan Station, a mixed-use project under construction in Kansas City. Copaken Brooks and 3D Development are the project’s co-developers. The Roasterie Café, which offers coffee, tea and pastries, will be located on the first floor. Construction of the café is slated for completion in March 2017. This is the second retail tenant announced for the historic building since construction began on the project. Corvino Supper Club and Tasting Room, a new concept by chef Michael Corvino, was announced earlier this summer and will be the only other tenant occupying the first floor. The Corrigan Station project includes the redevelopment of the historic 10-story, 110,000-square-foot Corrigan Building and approximately 40,000 square feet of new office and retail space with an adjacent parking structure. The mixed-use property is located on 19th Street connecting Walnut and Main streets in the heart of the Crossroads, the city’s art district.
BENTON HARBOR, MICH. — Mid-America Real Estate Corp. has arranged the sale of Fairplain Plaza in Benton Harbor. The 273,254-square-foot shopping center in Southwest Michigan is located at the southeast corner of Napier Avenue and Scottdale Road. Tenants include Ulta, TJ Maxx, Dollar Tree and more. Ben Wineman and Bran Rosenberg of Mid-America represented the seller, an institutional real estate fund managed by Coventry Real Estate Advisors. Bloomfield Hills, Mich.-based Lormax Stern Development Co. was the buyer.