Leasing space to a restaurant chain is very desirable for a shopping center landlord. Name recognition attracts people to the center and a chain typically has better financial resources. So, the landlord starts out saying “I want a Cheesecake Factory, Cooper’s Hawk, Tom & Chee…fill in the blank, at my center.” Then during lease negotiations,
Development Issues
Project Parklet
At the recent Accelerate 2015 (Cleveland Leadership Center) awards (http://www.cleveleads.org/AccelerateNEO/pitch-presenters), Cleveland natives and returnees, Whitney Hallock and Caroline Wagner, presented the idea for Project Parklet to transform the Cleveland area streetscape. Speaking on NPR, the ladies mentioned they took their inspiration from the urban parklets in Los Angeles and Washington, D.C.. Parklets break…
No More Detour!
It’s not often that I receive a standing ovation when I drive over a bridge. In fact, I don’t think that’s ever happened and that’s probably true for most people. Today, though, I received one.
At 10:00 a.m. this morning, the Columbus Avenue Bridge which links Ohio City and the Flats in downtown Cleveland reopened…
Return of the New Shopping Center
For quite a while there has been very few new shopping centers being developed. Many people may have even questioned whether there would ever be any new significant shopping centers. Apparently, times have changed. In rapid succession, I have been engaged to do the lease up of two brand new, big time, large scale shopping…
Golf Courses Changing their Swings !
While the rest of the real estate industry recovers from the downturn of the last several years, the golf course industry is struggling to emerge; it remains a buyer’s market. Some golf courses are converting to multi-use/multi-generational activities to attract more members and activity to their properties. Others are converting from "member-owned equity" clubs to…
Two for the Price of One
If you do not know what "RevPar" is keep reading. "RevPar" is defined as Revenue per Available Room or the total guest revenue divided by the total number of available rooms. ( STR Global maintains a useful glossery of hospitality industry terms.) RevPar is an important metric in the hospitality industry because it measures…
Re-Purposing for the Hospitality Industry
It seems that old is new again ! In cities throughout the U.S. buildings originally built for a specific purpose: banks, office buildings, schools and warehouses are being converted or "re-purposed" into other uses, but in particular into restaurants and hotels. In Cincinnati alone there are three projects undergoing renovation for their new life as…
Update: Interstate Land Sales Full Disclosure Act of 1968
Back when this Blog was in its infancy our partner, Kristin Boose, reported on the then legislative environment relating to the Interstate Land Sales Full Disclosure Act of 1968. As many of you already know the Act is broad in its application and can be dangerous to a developer if not complied with to…
Top 10 Things You Should Know About Historic Tax Credits
Earlier this fall, the National Park Service celebrated the 35th anniversary of the popular Federal Preservation Tax Incentives Program, which has helped in the preservation of historic structures across the U.S. and particularly in Ohio with its wealth of historic buildings. Because of the program’s numerous possible benefits and its important role in fueling …
Ulmer Berne 13th Annual Commercial Real Estate Deal Maker Forum
The End of the Suburbs – Where the American Dream is Moving. That’s the title of the newest book by Leigh Gallagher, Assistant Managing Editor of FORTUNE Magazine, and the topic of much interest at the 13th Annual Commercial Real Estate Deal Maker Forum held this morning in Cleveland. The event was co-sponsored by Ulmer…