East Ohio Building - Cleveland, OH

East Ohio Building - Cleveland, OH

East Ohio Building - Cleveland, OH

 

K&D closes purchase of East Ohio Building, setting stage for 223-unit apartment redevelopment

Michelle Jarboe McFee - Cleveland Plain Dealer - September 11, 2013

After nearly two years of negotiations and financial gymnastics, the shuttered East Ohio Building is poised for redevelopment as 223 apartments, the first of which will open by July.

The K&D Group of Willoughby bought the downtown office tower and the adjoining parking garage Wednesday, setting the table for a $65 million residential project. A major high-rise conversion in the center city, the East Ohio plan reflects a dramatic shift in the downtown real estate market, where developers are eying large, obsolete office buildings as residential plays.

[...]

The project includes federal and state tax credits for historic preservation and three layers of federal New Markets Tax Credits, which are designed to spur investment in low-income or distressed areas. Huntington National Bank provided a construction loan, while PNC Financial Services Group Inc. created equity for the project by purchasing tax credits.

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May 7, 2014 - Wall Street Journal - Developers Turn Former Office Buildings Into High-End Apartments

Wall Street Journal, May 7, 2014

Wall Street Journal, May 7, 2014

In Cleveland and Other U.S. Cities, Rents for Residential Units Rise Amid Sluggish Office Demand

By ELIOT BROWN

Updated May 7, 2014 12:05 a.m. ET

CLEVELAND—During its heyday, the East Ohio Gas building was home to some of the most well-respected companies in the state, from the utility company that bears its name to national accounting firm Deloitte & Touche LLP.

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Williamsburgh Savings Bank Tower aka One Hanson - Brooklyn, NY

Wikipedia

Wikipedia

The Williamsburgh Savings Bank Tower

URBAN OMNIBUS - SEPTEMBER 12, 2012

The condos went on the market during the height of the last real estate boom, when it seemed that the demand for luxury living in this part of Brooklyn would only increase. After some post-crash price cuts, most of the 190 units sold by 2009, when the remaining 19 went rental. The asking price for the five floor-through, clocktower penthouses, however, proved too high at 3.7 million (and one duplex, four-bedroom penthouse at 5.8 million), and these units were eventually sold at auction in 2011.

Finding a suitable tenant for the magnificent (and landmarked) lobby also proved challenging, and a diverse range of retailers were courted, including Borders, Microsoft, and the Metropolitan Museum of Art. Throughout, the meticulously restored space has been managed as an event venue, Skylight One Hanson, which has seen its share of weddings, wine and craft beer festivals, travel expos, and the Brooklyn Flea. As such, Skylight One Hanson is part of a pattern: the craftsmanship and grandeur of late-19th and early-20th century banking halls recommend a particular kind of repurposing. The Bowery Savings Bank (the design of which greatly influenced Halsey, McCormack & Helmer) is now Capitale restaurant and event space. The Union Square Savings Bank is now the Daryl Roth Theatre. The Greenwich Savings Bank is now Gotham Hall. And the conversion of George Post’s original Williamsburgh Savings Bank, also historically designated, into yet another event venue is currently underway.

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Kansas City Power and Light Building - Kansas City, MO

Kansas City Power and Light

Kansas City Power and Light

NorthPoint celebrates kickoff of $63M Power & Light project

Mayor Sly James wanted to know whether it was a "groundbreaking" or a "marble-cracking" ceremony.

Either way, the Wednesday afternoon ceremonies at the historic Power & LIght Building, 106 W. 14th St., represented the official, long-awaited start of the historic building's transformation.

Nathaniel Hagedorn, CEO of NorthPoint Development, said his firm's $63 million redevelopment project will include 258 luxury apartment units that will "blow everything else away in the market."

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10 Light Street - Baltimore, MD

Baltimore Business Journal, November 30, 2012

Baltimore Business Journal, November 30, 2012

10 Light St. office tower sells; will be converted into 445 apartments

A Washington D.C.-area development firm is planning to convert Baltimore’s second-tallest building into a 445-unit apartment complex with first-floor retail.

Metropolitan Partnership Ltd. of Reston, Va., paid $6 million for the Bank of America building at 10 Light St., according to state tax records. The Nellis Corp. of Rockville was the seller.

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Bank of America Tower - Hartford, CT

Hartford Courant, April 26, 2016

Hartford Courant, April 26, 2016

Hartford's Bank of America Tower Gets New Life As Apartments

HARTFORD — For more than a decade now, the century-old pedestal clock at Main and Pearl streets downtown has been stuck at a quarter to 12.

A broken clock in front of a broken building.

The connection has not been lost on Bruce R. Becker, the developer in charge of an $85 million makeover to take the vacant skyscraper at 777 Main St. — once home to a line of banking giants — from a 1960s office edifice to a 21st century apartment building.

Becker is spending $10,000 to get the clock — bearing the name of Hartford National, the bank that erected the tower — working again, right along with the building.

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