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Lessons of the Great Recession
As the Great Recession took its toll, project participants had to look long and hard for ways to collect payments. My colleague Mike Frantz, Jr. and I published an article in the most recent issue of Properties discussing the theory of unjust enrichment, which can be a critical remedy for subcontractors of any tier on troubled projects. Except for public entities, project owners that have not paid the general contractor for the work of a subcontractor can be made to pay that subcontractor where the general is unavailable to do so.
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Grand Openings and Groundbreakings in 2013
On East 9th between Euclid and Prospect, the County finally transitioned the Ameritrust Tower (and planned for litigation) in a move that will invigorate a long-dormant chunk of downtown real estate.
Across East 9th street, work resumed after a three-year standstill on the conversion of the Schofield Building into a Kimpton Hotel. This is but one example of the numerous downtown hotel projects.
On Front between West 9th and West 10th, The Wolstein Group and Fairmount properties set the new benchmark for Class A office space with the E&Y Tower and the conclusion of the first phase of the Flats East Bank project.
On Lakeside between Ontario and East Sixth, the County completed work on the Cleveland Convention Center and the Global Center for Health Innovation (fka Medical Mart). Next up, a new hotel next door.
Over the intersection of Ontario and Prospect, Horseshoe Casino Cleveland constructed a sky walk between the casino and the parking garage, sparing its patrons a 150-step walk across that intersection.
At the corner of Carnegie and Ontario, ODOT concluded work on one span of the Voinovich Bridge (fka Innerbelt Bridge).
The Cleveland Museum of Art completed its $350 million expansion and renovation. If you have not yet visited, make plans to do so right away.
The Cleveland Institute of Art began work on the second phase of its expansion in the Uptown area.
The Uptown development (over what used to be the cratered "moon" parking lot) east of Mayfield on Euclid continued to progress.
RTA began work renovating the Cedar-University Circle Station and relocating the Little Italy Station. I struggle to find words to describe the awful condition of both of the old stations. Their replacements will make train travel a consideration for those incredible destinations.
And, while the PNC SmartHome, now in its permanent home in University Circle, gained certification as Ohio's first under Passive House standards, the Near West Theater moved forward with its plans for a new home certified under the same standards.
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