Early intelligence on Cleveland-area real estate projects. Because these projects are very early in their process of development or just a long-range plan, a lot can and probably will change their final shape, use and outcome.
Downtown moves may signal historic renovation project
In the coming months, look for two downtown Cleveland tenants to switch addresses. And they’re moving from one historic to another historic building, according to a tweet last week by the Downtown Cleveland Alliance.
Dave’s Cosmic Subs and Souper Market will both move from the Baker Building, 1900 E. 6th St., to the Standard Apartments, 99 W. St. Clair Ave. At the Standard, they will join Simply Fresh Market CLE, a small grocer offering fresh and prepared foods. The Standard was renovated in 2018 for $60 million by the Weston Group into 287 apartments with ground-floor retail.
Other Baker Building tenants have moved or closed in the past few years. They include Moriarity’s Pub which closed in December after 100 years in business and Sapporo Sushi which moved to Lakewood. The 11-story Baker Building was constructed in 1919 as the Fidelity Mortgage Building
The moves, according to a source who spoke off the record, are to get out of the way of a pending renovation and conversion of the Baker Building. The Baker Building was acquired in early 2020 by Walton Enterprises of WalMart fame.
The most recent reports are that the Baker Building could be converted into a boutique hotel, possibly a 21c Museum Hotel. However, no building permit or other applications have been submitted to the city for any work on the structure. The building is roughly 50 percent occupied by office tenants.
There is an application for federal historic tax credits pending for the Baker Building. No progress has been made to advance them to final approval since Walton Enterprises updated the owner of record for the property in March 2020, public records show.
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