Steven Litt presents an unusually upbeat take on The Euclid Avenue Corridor in today’s paper. He points out that development has taken place that was not going to happen without it, and he seems to interview and quote people who back that up.
Some ideas I like: developers are talking about giving RTA passes with leases so residents don’t have to drive to say, The Cleveland Clinic to work there. There are supposedly projects in the works worth upwards of one billion dollars to be completed in the next five years.
Are we in enough of a fuel crisis - have people ‘had enough’ - so that they would move Downtown to a vibrant corridor with mixed use development, including shops and restaurants that could keep them entertained? His article quotes people who feel this is true. Developer Dick Pace says this:
“I’m a living example of it,” says developer Dick Pace, who has spent $7 million over the past two years to turn a 1910 auto showroom at East 71st Street and Euclid Avenue into labs and offices for pigment scientists, biomedical researchers and start-up entrepreneurs.
“Before Euclid Corridor, I didn’t feel it was a good investment,” he said. Now his project is so successful, he said, he’s looking for other buildings along the street to buy and rehab….”
I wanna believe. Personally, everything that has happened up to now with The Warehouse District and East Fourth Street, plus the energetic development at the Cleveland Clinic, make me think it could happen. What do you think?
The article quotes sales prices of Midtown property jumping from $200,000 to $400,000 per acre. Like the sale of the Cowell and Hubbard Bldg a month or so ago, this caught my interest as people try to get one of my clients and I to purchase above market value. Having said that, this is good news for the Midtown area and when you think about it, $400,000 an acre is not too shabby.
What’s driving all this? Public transportation! Yeah, you know I’m going to passenger rail with this - I will just leave you with the thought that this backs up the theory that The Ohio Hub will, or could, provide the same shot in the arm for Ohio that the Euclid Avenue Corridor is providing to Cleveland. Again I say, what say you? Peace Out - 3C
4 responses so far ↓
1 Bob Carney // Feb 10, 2008 at 8:43 pm
Euclid as in the same street Jacobs field is on? Are there any Condos downtown? The built more downtown Frederick and they came.
2 Carole Cohen // Feb 10, 2008 at 8:52 pm
Bob, not same street but it’s close. Condos downtown, some selling well. Some not. But for sure Downtown is now a destination. We’ll have to wait to see if this new TOD ’stuff’ brings them in. I bet I can’t even recognize Downtown Frederick now!
3 Bob Carney // Feb 10, 2008 at 9:32 pm
I think the Radisson Hotel is Euclid, right? My brother in law managed that one too. (just about every hotel in north ohio he has managed)
4 Carole Cohen // Feb 10, 2008 at 11:41 pm
Bob does he still work here? If so and you come to visit let me know; good pierogi on me! LOL
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