Two Acre CBD Development Site Warehouse District, West 9 th & 10 th Street Downtown Cleveland, Ohio Exclusive Advisors Richard Sheehan Terry Coyne, SIOR, CCIM Managing Director Executive Managing Director 216.453.3032 216.453.3001 rsheehan@ngkf.com tcoyne@ngkf.com
Property Overview Address Lot Size Parking Spaces Zoning West 9 th Street 2 Acres (87,053 SF) Appraised Value $7,400,000 Currently 269 surface spaces Limited retail business- permits multitenant residential, retail sales and retail services.) Easements The land has reciprocal easement agreements to the north and to the south which allows for access, maintenance, light and air utilities and construction. Asking Price $6,400,000
Tax Map Parcel Numbers: 101-13-043 0.2859 Acres 101-13-002 1.4279 Acres 101-13-042 0.2847 Acres Total: 1.9985 Acres The air rights parcel 101-13-301 that sits over the majority of parcel 101-13-002 is included in the sale
Architectural Plans Three Building Complex 372 Condominium Units OR 400+ Apartments 500-600 parking spaces
Aerial 7- Story Residential Complex (Under Construction) Office Building (Under Construction) Ernst & Young Tower National Terminals Apartments Pinnacle Luxury Condominiums Subject Property Office Building (Under Construction) Aloft Hotel The Bingham Apartments Bridgeview Apartments Legend Existing Under Construction
Aerial 2 ACRES
Adjacent Properties Bingham Apartments 1278-98 West 9 th Street Built for one of the Midwest's largest hardware companies, the W. Bingham Company founded in 1841, relocated to this massive steel, concrete and brick structure in 1915. Walker & Weeks was one of Cleveland's most prominent firms designing landmark buildings throughout the country. (NR) (CLC). This luxury apartment complex with 340 loft-style units opened in the summer of 2004. National Terminals Apartments 1200 West 9 th Street This structure was originally built for the West 9th Terminals Company. From the mid-1920s to the early 1980s, the building was home to the National Terminals Company. The site was originally the home of William Gordon, a Clevelander who donated property to the city now known as Gordon Park. Besides operating a wholesale grocery business, Gordon was a pioneer in opening the iron ore regions around Lake Superior. Adjacent to the site was the location of Cleveland's main lighthouse in the 19th century. In summer 1997, National Terminals Building were rehabilitated, adding an additional 250 residential units to the district.
Adjacent Properties Pinnacle Condominiums 701 W Lakeside Avenue This striking high-rise building towering over Lake Erie and the Cleveland skyline offers sumptuous custom designs showcasing fine appointments and exquisite finishes - the extraordinary details that make these homes so special. Ultra luxurious penthouse residences crown the building. Bridgeview Apartments 1300 W 9 th Street With 247 unique loft-style suites ranging from 630 to 2000 square feet, Bridgeview offers distinct, superior accommodations situated in the heart of the Historic Warehouse District. The complex also feature High ceilings, skylights, exposed brick detailing, original warehouse beams and some of the city s most impressive views.
New Developments Flats East Bank Phase I Phase I of this contemporary mixed-use district was completed in June of 2013. The additions to downtown Cleveland and the Flats East Bank include a state-of-the-art 23 floor office tower with an open-air rooftop deck for tenants Ernst & Young and Tucker Ellis & West LLP, among others. Also included is the trendy 150-room Aloft hotel by Starwood, a variety of restaurants including Ken Stewart s, Lago and The Willeyville, and a 16,000 square foot health club, E B Fitness Club. Ernst & Young Tower Flats East Bank features a world-class, sustainable, waterfront office space featuring 480,000 square feet of the most sought after amenities and modern conveniences available in downtown Cleveland. The office building features a rooftop terrace and connectivity with a business-class hotel featuring a state-of-the-art, high-tech conference center. Aloft Cleveland Downtown offers the perfect blend of urban style and great social atmosphere for a steal. With its bold design and unique setting, this tech-forward boutique hotel caters to both sophisticated travelers and area professionals who expect their lodging to reflect their constantly evolving lifestyle and needs. Hotel Details 150 tech-forward loft-like rooms Free high-speed Internet access Nearly 3,000 sq. ft. of meeting space Located in downtown Cleveland Fine dining and local attractions all within walking distance
Under Construction- Starting April Flats East Bank Phase II Begins Construction for the second phase of the Flats East Bank is underway. The residential complex, which will house 243 upscale apartments, was the first building to break ground out of the long and exciting list of new attractions to come to the Flats East Bank. Also included as part of the residential building will be 10-15 restaurants and nightclubs, and several stories of parking. Additional development in the spring of 2015 will usher in new office space, dining, entertainment, retail choices, an extensive 1200-foot riverfront boardwalk and a public park. A few of the upcoming dining and entertainment venues include: Toby Keith s Bar & Grill, BBR, The Beer Market Craft Beer Cellars, The Big Bang (a dueling piano bar), Flip Side, FWD:, Panini s Bar & Grill, Crop Kitchen & Vine and Cropicana. All of which will be part of the Phase II opening in spring 2015.
Multi-Family Stats CBD Submarket Inventory in Rental Units Existing Rental Units 5,410 12 Mo. Const. Starts 557 Under Construction 539 12 Mo. Deliveries 102 Leasing Units Vacant Units 176 Vacancy Rate 4% 2013 Rental Ranges Type Range $ / SqFt Efficiency $549 - $1000 $1.30 One Bedroom $738 - $1275 $1.19 Two Bedroom $900 - $1600 $1.12 Three Bedroom $1535 - $2450 $1.07 Inventory in Condominium Units Existing Condo Units 936
To Pursue this opportunity, please contact: Cleveland 1350 Euclid Avenue, #300 Cleveland, Ohio 44115 Richard Sheehan Managing Director 216.453.3032 rsheehan@ngkf.com Terry Coyne, SIOR, CCIM Executive Managing Director 2016.453.3001 tcoyne@ngkf.com This email and its linked or attached content do not constitute an offer to sell the Property. Neither any Potential Purchaser nor Seller will be bound to a contract of sale unless and until both parties sign and deliver it. Seller reserves the right at any time, in its sole discretion and without notice to any person, to: (a) change any of the terms of the potential sale of the Property; (b) withdraw the Property from the market; (c) accept or reject any offers; (d) terminate discussions with any Potential Purchaser; or (e) sell all or any portion of the Property to any other person. No liability will attach to the undersigned, Seller or any other party for failure to receive, review or respond to any offer or for any other matter in connection therewith. While any information contained in this email and any attachments to it is derived from sources that are believed to be reliable, neither the undersigned nor Seller can or does guarantee that that such information is accurate, and that information is provided without representation or warranty.