11
PROJECT OVERVIEW
Retail Space: 36,000 SF on the street level of the Residential Tower (Phase 1)
290 Luxury Apartments on floors 2 - 8 at the corner of West 25th and Lorain Avenue, with unmatched amenities. Penthouse event center, patios, fitness, bike storage and more.
The Location: This property is positioned in the heart of Cleveland’s most exciting and high demand urban neighborhood, surrounded by nearly $1 Billion in new development.
Access and Connectivity: Market Square is the most walkable and transit oriented hub in NE Ohio, immediately adjacent to the RTA Rail Line (700,000+ annual passengers), Bus Line, and access to all the major highway systems (I-90, I-71, I-77, I-480/I-271, and Rt 2)
Public Parking: Steps away from the West Side Market area parking lot with 450 spaces (90 minutes free + $1.00 per hour thereafter), additionally there are 25 street level parking spaces on site.
Amenity Parking & Access: The property will offer Valet service areas for restaurants, rideshare services, bicycle and scooter racks, and temporary convenience parking.
Exterior Courtyard / Park: Directly across from the West Side Market on Lorain Avenue, willbe Ohio City’s newest public green space, approximately 1 Acre, which will serve as the neighborhoods new “living room” activated with art, cultural and family events. A new gathering space for the dynamic neighborhood.
WELCOME TO CLEVELAND’S MOST DYNAMIC NEIGHBORHOOD
SE Corner of West 25th Street & Lorain Avenue, Cleveland2047 West 25th Street, Cleveland (Ohio City), OH 44113
Potential 2-story Retail Flagship Corner (W. 25th St & Lorain Ave) Potential 2-story Restaurant Space with unobstructed views of Cleveland’s Skyline (Lorain Ave & Gehring St)
Expansive ceiling heights throughout the project
Beautifully exposed Mass-Timber construction
Seeking to be the most sustainable, energy-efficient new construction project building in the market
Demolition and Ground Breaking Commencing March 1, 2020
Shell Delivery Spring 2021
Designed by Hartshorne Plunkard Architecture. Developed and Owned by Harbor Bay Real Estate Advisors. Leased by CBRE, Inc.
JOSEPH KHOURI216 658 [email protected]
KEVIN MOSS216 363 [email protected]
RETAIL LEASING TEAM:
STEPHEN TAYLOR216 658 [email protected]
RESTAURANT LEASING:
DAN WHALEN440 478 [email protected]
OWNER / DEVELOPER:
2nd Floor (Lorain Ave & Gehring St)
290 UNIT RESIDENTIAL TOWER W. 25TH & LORAIN
WEST 25th STREET
W. 25TH & GEHRING
LORAIN AVENUE & GEHRING STREET2-STORY RESTAURANT SPACE
LORAIN AVENUE
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Fulton Rd
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Abbey Ave
W 28th St
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W 29th St
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W 29th St
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W 33rd St
W 25 th St.
Gehring St.
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Frankl in Blvd
W 25 th St.
Love
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West Side Market
Lutheran HospitalCleveland Clinic
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OHIO CITY STREET MAP
UP
UPUP
UPUP
RESIDENTIAL LOBBY
RAMPDOWN
PARKING ENTRANCE
LOADING
RETAIL5,430 sf
RETAIL5,620 sf
RESIDENTIALENTRANCE
RESIDENTIAL ENTRANCE
EVENT ENTRANCE
MECH.
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TRASH LEASING
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RETAIL4,960 sf RETAIL
5,000 sfRETAIL3,100 sf
EVENT LOBBY
RETAIL660 sf
RETAIL3,160 sf
PETS
RETAIL780 sf
RETAIL2,660 sf
RETAIL3,740 sf
RETAIL695 sf
OPEN TO BELOW
10/17/2019Market Square
SITE PLAN
SECOND FLOOR RETAIL SPACES
WEST 25th STREET
LOR
AIN
AV
EN
UE
UP
UPUP
UPUP
RESIDENTIAL LOBBY
RAMPDOWN
PARKING ENTRANCE
LOADING
RETAIL5,430 sf
RETAIL5,620 sf
RESIDENTIALENTRANCE
RESIDENTIAL ENTRANCE
EVENT ENTRANCE
MECH.
MECH.
TRASH LEASING
TWO
-WAY
TR
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RETAIL4,960 sf RETAIL
5,000 sfRETAIL3,100 sf
EVENT LOBBY
RETAIL660 sf
RETAIL3,160 sf
PETS
RETAIL780 sf
RETAIL2,660 sf
RETAIL3,740 sf
RETAIL695 sf
OPEN TO BELOW
10/17/2019Market Square
SITE PLAN
SECOND FLOOR RETAIL SPACES
450 Parking Spaces(1st 90 mins free, $1 per hour thereafter)
LOR
AIN
AV
E.
7.4% RTA Ridership
Increase
500’ from RTA Rapid
Station
154,300 Daytime Pop (5 mile)
91
Walk Score (No car needed)
50Bars & Restaurants
QUICK STATS -
OHIO CITY
Largest Residential Downtown Population in Ohio. Ohio City is rated the 2nd most walkable neighborhood in Cleveland.
75% home value increase in Ohio City since 2011.
29% of Ohio City residents are Millennials.
1,800,000+ Annual Visitors to the West Side Market
Ohio City is full of cultural; public, private & charter schools, local restaurants and retail.
250+ Ohio City Businesses #7 Food City - Rated by Travel+ Leisure 2,071,100
Population
QUICK STATS - CLEVELAND, OH
858,462Households
31 Colleges/Universities
6 Major Health Systems
5 Fortune 500 HQ’s
5,000+ Restaurants
$57,090 Disposable Income
$43M Cultural Economic Impact
Sources: ESRI, CBRE Research, 2018
The Cleveland Clinic #2 Hospital in the World - Newsweek 2019
#1 Cardiology and Heart Surgery Hospital, The Cleveland Clinic - U.S. News & World Report
Highest concentration of Health Science jobs in the U.S.
Playhouse Square is the
2nd Largest theater district outside of NYC.
Cleveland Museum of Art 2nd Best Museum in America
Headquartered in CLE/AKRON: - Cleveland Clinic Foundation- University Hospitals Health System- Progressive- Marc’s- KeyCorp- MetroHealth Systems- Case Western Reserve University- Swagelok- Sherwin Williams- Drug Mart- NASA Glenn Research Center- Goodyear Tire and Rubber- Nestle- Lincoln Electric
79% Increase in young and educated living in Downtown Cleveland from 2000 to 2018.
Downtown Cleveland is home to 3 major sports teams: Cleveland Cavaliers, Cleveland Indians and The Cleveland Browns
Over $8 Billion in Downtown Development
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CIVIC CENTERDISTRICT
tremont
THE FLATSACCESS POINT
ACCESS POINT
ACCESS POINT
C l e v e l a n d , O h i oDistricts & Neighborhoods
R e s i d e n t i a lTotal Market Rate Units: 7,160 Residential Occupancy: 91.7 % Average Lease Rate: $1.52 PSFAverage Sale Price: $298,716 Over 3,000 new units by 2022Demand for an additional 6,800 units between 2018-203030,000 Residents by 2023
O f fi c e16.4 MSF in CBDClass A Occupancy: 88.2%Class A Average Lease Rate: $25 PSFClass A & B Occupancy: 78.7%Class A & B Average Lease Rate: $19.53Projected Office: 410,000 – 710,000 SF (2,300 – 4,000 employees)
H o t e l19 hotels 4,600 rooms78.4% occupancy rate$162.03 average daily room rate$131.00 national average
C o n v e n t i o n C e n t e r169 total events in 2018 - $1.8 M in License Fees- $120,840 Hotel Room Nights- $241,334 Attendees - $4.6 M in F&B Commitments- $90 - $100 M Economic Impact
P r o g r e s s i v e F i e l d80+ Home Games
R o c k e t M o r t g a g e F i e l d H o u s e200 Events
F i r s t E n e r g y S t a d i u m10+ Home Games
J a c k C a s i n o13 M Visitors
P l a y h o u s e S q u a r e1 M Visitors2nd Largest Theatre District Outside of NYC
Downtown ClevelandStats & Project ions
WHY CLEVELAND?
HISTORY FACTS- 1796: Founded by Moses Cleveland.- 1870: John D. Rockefeller founded Standard Ohio.- 1879: 1st city to be lit electrically.- 1885: Potato chips are 1st mass produced by Shearer’s.- 1901: Revolutionized the manufacturing of golf balls.- 1914: 1st city to use an electric traffi c signal.- 1917: Hector Boiardi opened his 1st restaurant.- 1920: 5th largest city in US. - 1930: Terminal Tower is the 2nd Tallest Building in world.- 1938: Superman comic was created. - 1951: Alan Freed coined the term “Rock and Roll”.
2.0 MMSA POPULATION
GEOGRAPHY & TRANSPORTATION- Air: Cleveland Hopkins International Airport (156 Daily Nonstops)
Burke Lakefront Airport- Rail: 3 Class I railroads Amtrak (National)
Rapid Transit (Regional)
- Water: 6 deep-water ports (Port of Cleveland is 47th largest in US)
- Land: 5 Interstate Highways
LOCAL ECONOMY- GDP: $139.9 B in 2018- Growing faster than Columbus and Cincinnati- 17 B: Capital Development in CBD- Downtown Population increased 79% since 2000- 18 M Annual Visitors - $57,090: Annual Average Disposable Income- $43 M: Annual Cultural District Economic Impact- Almost 50% of the US Population is within 500 miles of Cleveland- 135: Cost of Living Index
© Copyright 2019 All rights reserved. Information contained herein, including projections, has been obtained from sources believed to be reliable, but has not been verifi ed for accuracy or completeness. CBRE, Inc. makes no guarantee, warranty or representation about it. Any reliance on such information is solely at your own risk. This information is exclusively for use by CBRE clients and professionals and may not be reproduced without the prior written permission of CBRE’s Global Chief Economist. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Licensed Real Estate Broker.
HUNTING VALLEY:$436,700BENTLEYVILLE:$294,039PEPPER PIKE:$248,753
AFFLUENTSUBURBS
4.5 MNE OHIO POPULATION
Cleveland, Akron, Canton, Youngstown & Sandusky
RESTAURANT FACTORS- Tip Credit State: Yes (50%) $4.30- Minimum Wage: $8.55*- Sales Tax: 8%- Liquor License: $3K - $30K Max- Unemployment: 4.9%- Quality of Life, Housing Cost, Cost of Living: 27% below national average- Union Labor: Only in CBD & certain projects- #84 in US for Cost of Doing Business
- Within 500 miles of Cleveland: 44% of US Households 56% of Fortune 500 companies
- Ohio: Top 3 states for favorable business tax rates on new investments.
Cleveland’s strategic location and proximity to other major markets reduces shipping time + rates. *Lower hourly wages and competitive real estate options make Cleveland a cost-effi cient alternative to other regions.
INDUSTRY DRIVERS- Healthcare- Education- Trade, Transportation, Utilities - Professional Business - Finance/Legal - Manufacturing
- Biomedical- Technology- Insurance- Sports/Leisure- Automotive- Aerospace
32,120 High-tech workers6 Major Health Systems7 Fortune 500 Headquarters
4,763: # of Restaurants/Bars87% Class A Offi ce Occupancy#7 Food City (Travel + Leisure)
30% of workforce has a bachelor’s degree or higher
HIGHER EDUCATION
31 Colleges/Universities within NEOKent State (40,782)
University of Akron (25,177)
Cleveland State (17,260)
CLEVELANDChicago (5 hrs.)
Indianapolis (5 hrs.)
Toledo(2 hrs.)
Columbus (2 hrs.)
Dayton (3.5 hrs.)
Pittsburgh(2 hrs.)
Detroit(3 hrs.)
Cleveland Hopkins International Airport
(20 mins.)
Cincinnati (4 hrs.)
ATTRACTIONS CULTURE SPORTS- Cleveland Museum of Art (#2 in US: Business Insider)
- Severance Hall/Cleveland Orchestra (“Finest in America: New York Times) - Playhouse Square (Largest theatre district outside of New York)
- Natural History Museum - Botanical Garden- Cuyahoga National Park (Top 10 in US) - Great Lakes Science Center- Rock & Roll Hall of Fame (Bi-Annual host of Induction Ceremony)
- Westside Market (1.8 M Annual Visitors)
- Jack Casino (13 M Annual Visitors)
- Cleveland Zoo
NOTABLE EMPLOYERS
(9,490)
#99
(3,000)
#203
(1,600)
#263
(1,990)
#218
(2,670) (2,400)
(3,759)
#177
(600)
#433
(6,160)
#413
(34,328) (21,519) (6,400)(6,000)
(4,455)
(3,500)(3,917) (3,000) (2,750) (1,566)
(700) (600)(1,564)(2,300)
# 423
#762 #718
LORAIN A
VE .
H O P E M E M
O R I AL
B R I DG ED E T R O I T - S U P E R I O R B R I D G E
DETROIT AVE .
W 25 th ST.
W 25 th ST.
• THE GARFIELD (125)
• THE LEADER BUILDING (220) • RESERVE SQUARE (980)
• RESIDENCES AT HALLE (122)
• STANDARD BUILDING (281)
• W.9TH LOFTS (12)
• WORTHINGTON YARDS (98)
Recently Completed
• CENTENNIAL (460)
• FLATS EAST BANK - PHASE 3 (309)
• NUCLEUS (500)
• PUBLIC SQUARE NORTH (281)
• THUNDERBIRD • TOWER AT ERIEVIEW (220)
Planned
Undergoing Renovation
• THE ATHLON AT THE CLEVELAND ATHLETIC CLUB (164)
• MAY COMPANY (308)
• STATLER ARMS (295)
Under Construction
• THE BEACON (187)
• HARBOR VERANDAS (16)
• THE LUMEN (318)
• RESIDENCES AT TERMINAL TOWER (303)
O H I O C I T Y D E V E L O P M E N T S
• CLINTON WEST (70)
• ONE TWENTY WEST (500)
• FRANKLIN CIRCLE (119)
Planned
• CHURCH & STATE (161)
Under Construction
Recently Completed
• THE EDISON (306)
• EDGE 32 (62)
• MARINER’S WATCH (62)
• QUARTER (232)
Undergoing Renovation
• W.25TH LOFTS (83)
TERMINAL TOWER
NEXT
STOP:
& PUBLIC SQUARE
D O W N T O W N D E V E L O P M E N T S(TOTAL # OF UNITS: 5,200)
(TOTAL # OF UNITS: 1,600)
CLEVELAND & OHIO CITY DEVELOPMENTS
© 2018 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Licensed Real Estate Broker April 12, 2019 2:49 PM R e t a i l S c i e n c e f r o m C B R E
OHIO RESTAURANT LANDSCAPE
Total Population: 608,825DEMOGRAPHICS
Total Population: 801,631DEMOGRAPHICS
Total Population: 2,178,402DEMOGRAPHICS
Total Population: 709,531DEMOGRAPHICS
Total Population: 549,433DEMOGRAPHICS
Total Population: 408,124DEMOGRAPHICS
Total Population: 2,021,825DEMOGRAPHICS
Total Population: 2,065,302DEMOGRAPHICS
RECENT ENTRY TO MARKET
FOOD HALLS
FAST CASUAL UNITS
(43) (75) (33)
BREWERIES
Downtown • Ohio City •
Tremont • Gordon Square
• University Circle •
Little Italy • Coventry
URBAN NEIGHBORHOODS
NOTABLE INDEPENDENTS
YOUNGSTOWN METRO
AKRON METROCLEVELAND METRO
CANTON METRO
COLUMBUS METRO
CINCINNATI METRO
DAYTON METRO
TOLEDO METRO
FAST CASUAL UNITS
(18) (31) (12)
Downtown AkronHighland Square
URBAN NEIGHBORHOODS
BREWERIESNOTABLE INDEPENDENTS
NilesEastwood Mall Complex
MAJOR RETAIL & RESTAURANT NODES
BoardmanSouthern Park Mall
NOTABLE INDEPENDENTS
Belden VillageBelden Village Mall
Belden Park CrossingsThe Strip
MAJOR RETAIL & RESTAURANT NODES
NOTABLE INDEPENDENTS
FAST CASUAL UNITS
(5) (9) (4)
BREWERIES
FAST CASUAL UNITS
(17) (10) (8)
BREWERIES
The Short NorthGerman Village
Italian VillageArena District
Brewery DistrictVictorian Village
URBAN NEIGHBORHOODS
FAST CASUAL UNITS
(42) (147) (43)
BREWERIESFOOD HALLS NOTABLE INDEPENDENTS
Over the RhineHyde Park
Mount AdamsPleasant Ridge
URBAN NEIGHBORHOODS
FAST CASUAL UNITS
(32) (55) (16)
Kenwood
Norwood
West Chester
MAJOR RETAIL & RESTAURANT NODES
Kenwood Towne Centre
Rookwood Commons & Pavilion
The Streets of West Chester
NOTABLE INDEPENDENTS
BREWERIES
FAST CASUAL UNITS
(15) (33) (20)
Grafton HillOregon Historic District
Webster StationSouth Park
URBAN NEIGHBORHOODS
Beavercreek MAJOR RETAIL & RESTAURANT NODES
The Greene Town Center
Toledo
Maumee
Perrysburg
MAJOR RETAIL & RESTAURANT NODES
Franklin Park MallSecor Shopping Center
The Shops at Fallen Timbers
Town Center at Levis Commons
FAST CASUAL UNITS
(7) (29) (10)
BREWERIES
BREWERIES NOTABLE INDEPENDENTS
Marathon GasOwens Illinois
Dana HoldingsOwens Corning
FORTUNE 500
NOTABLE INDEPENDENTS
AK SteelFORTUNE 500
KrogerProctor & Gamble
Macy’sFifth Third
American FinancialWestern & Southern
FORTUNE 500
PolarisEastonDublin
MAJOR RETAIL & RESTAURANT NODES
Nationwide InsuranceAmerican Electric
L BrandsBig Lots
FORTUNE 500
J.M. SmuckerFORTUNE 500
Fairlawn
Cuyahoga Falls
Hudson
MAJOR RETAIL & RESTAURANT NODES
Summit Mall
Howe Rd.
First & Main
BeachwoodMAJOR RETAIL & RESTAURANT NODES
Beachwood MallLegacy Village
EtonPinecrest
Crocker ParkWestlake
Independence
Progressive InsuranceParker Hannifin
Sherwin-WilliamsKeyBank
Travel Centers of America
FORTUNE 500Goodyear Tire & Rubber
FirstEnergy
FORTUNE 500
RECENT ENTRY TO MARKET
RECENT ENTRY TO MARKET
RECENT ENTRY TO MARKET
RECENT ENTRY TO MARKET
RECENT ENTRY TO MARKET
RECENT ENTRY TO MARKET
RECENT ENTRY TO MARKET
INTERSTATE
271
INTERSTATE
90
INTERSTATE
90
INTERSTATE
90
INTERSTATE
90
INTERSTATE
80
INTERSTATE
80
INTERSTATE
80INTERSTATE
80INTERSTATE
80
INTERSTATE
76
INTERSTATE
76
INTERSTATE
77
INTERSTATE
77
INTERSTATE
77
INTERSTATE
480
INTERSTATE
680
INTERSTATE
70
INTERSTATE
70
INTERSTATE
70
INTERSTATE
71
INTERSTATE
71
INTERSTATE
71
INTERSTATE
71
INTERSTATE
275
INTERSTATE
275
INTERSTATE
270
INTERSTATE
270
INTERSTATE
75
INTERSTATE
75
INTERSTATE
75
INTERSTATE
74
INTERSTATE
275
INTERSTATE
475 INTERSTATE
280
CLEVELANDTOLEDO
COLUMBUS
CINCINNATI
AKRON
CANTON
YOUNGSTOWN
DAYTON
Demographic Source: Esri, 2016 Estimates
© 2017 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Nielsen, StreetPro. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
MIDWEST URBAN CULTURAL NEIGHBORHOODS Retail/Restaurants
Cleveland
Pittsburgh
Columbus
Cincinnati
Detroit
• 5 miles from CBD• 14,000 residents• Ace Hotel• 50 + Restaurants/Bars
• 0.5 miles from CBD• 25,000 Residents• 50 + Restaurants/Bars• 20 + Retailers• 10 Art Galleries
Indianapolis• 0.5 Miles from CBD• 8,000 Residents • 360 acre neighborhood• Findlay Market• Washington Park• Cincinnati Music Hall• 90+ Restaurants/Bars• 70+ Retailers
• 1 mile from CBD• 14,000 Residents• Walking distance to Nationwide Arena District & Convention Center• South of Ohio State Main Campus• Arts, Entertainment, Retail District• 325 Businesses • 96 Restaurants/ Bars• 78 Retailers • 25 Galleries
• 1 mile from CBD • 9,200 Residents• Apx. 2,000 new units under construction• 250 Local Businesses • 100-year-old West Side Market - 1.8 million visitors/ Yr• 50+ Restaurants/Bars/Breweries• 30+ Retailers
• 1.5 miles from CBD • 17,000 Residents• 100+ Restaurants/Bars• 25+ Galleries• 50+ Retailers • Wayne State University• Detroit Institute of Arts• Detroit Medical Center• Detroit Symphony Orchestra• Museum of Contemporary Art
© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
JOSEPH KHOURI216 658 [email protected]
KEVIN MOSS216 363 [email protected]
RETAIL LEASING TEAM:
STEPHEN TAYLOR216 658 [email protected]
RESTAURANT LEASING:
PHASE 2OFFICE TOWER
DAN WHALEN216 658 [email protected]
OWNER / DEVELOPER:
450 Parking Spaces(1st 90 mins free,
$1 per hour thereafter)
