TOP OF THE HILL CITY COUNCIL PRESENTATION - Cleveland Heights
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CITY COUNCIL PRESENTATION
TOP OF THE HILL
Collaboration
Fairmount Properties is never so bold as to say
we know your community better than you
do. Creating a world class destination is about
bringing our strengths to the table,
seeking feedback and engaging
a team of local thought leaders to
compose a single unified strategy
Transparency
We believe that lifelong partnerships begin
and end with trust. We pride ourselves on
that commitment and do so through a unique
willingness to share, include and work as one.
Certainty of Execution
The single most important aspect of selecting
Fairmount Properties a development partner is knowing that their
vision will be delivered. We have proven time
and time again, and in some of the most
We are both excited and proud to have the opportunity to present our difficult markets and situations, that we can
and will bring your project and your vision
firm and our commitment to delivering the Top of The Hill Project. to life.
SOPHISTICATED
ICONIC
SUSTAINABLE
DESTINATION ORIENTED
RETENTION
RECRUITMENT
CITY WIDE PRIDE
CATALYTIC
One University Circle
LUXURY RESIDENTIAL
OPENING 2018
5 - 10 MIN PROXIMITY
$115 MILLION DOLLAR DEVELOPMENT
280 LUXURY APARTMENT UNITS
TARGET MARKET IS HIGH EARNING PROFESSIONALS AND EMPTY NESTERS
ESTIMATED RENTAL COST PER SQUARE FOOT - $2.80
Lot 45 - Centric
GRADUATE STUDENT
YOUNG PROFESSIONAL HOUSING
OPENING 2018
5 - 10 MIN PROXIMITY
$65 MILLION DOLLAR DEVELOPMENT
270 LUXURY APARTMENT UNITS
TARGET MARKET IS UPPER CLASS AND GRADUATE STUDENTS AND YOUNG PROFESSIONALS
ESTIMATED RENTAL COST PER SQUARE FOOT - $2.25
Hazel 8
HOSPITAL PROFESSIONALS
OPEN 2015
15- 20 MIN PROXIMITY
$35 MILLION DOLLAR DEVELOPMENT
59 APARTMENT UNITS
TARGET MARKET IS PROFESSIONALS ASSOCIATED WITH HOSPITALS
ESTIMATED RENTAL COST PER SQUARE FOOT - $1.70
Innova Living
HOSPITAL PROFESSIONALS
OPEN JUNE 2015
5- 15 MIN PROXIMITY
$90 MILLION DOLLAR DEVELOPMENT
96 APARTMENT UNITS
TARGET MARKET IS PROFESSIONALS ASSOCIATED WITH HOSPITALS
ESTIMATED RENTAL COST PER SQUARE FOOT - $2.23
Van Aken District
EMPTY NESTERS
PROFESSIONALS
OPENING 2018
10 - 15 MIN PROXIMITY
$90 MILLION DOLLAR DEVELOPMENT
100 APARTMENT UNITS
TARGET MARKET IS PROFESSIONALS AND EMPTY NESTERS
ESTIMATED RENTAL COST PER SQUARE FOOT - $2.10
DISTRICT COMPETITION COVENTRY CEDAR LEE UNIVERSITY CIRCLE OHIO CITY GORDON SQUARE
WITHIN MINUTES OF TOP OF THE HILL - 790 new class-A apartments recently open, under construction or recently announced - 1000 + hotel rooms - More than a dozen great districts compete for the same residential, retail, dining and entertainment dollars Cedar Lee Shaker Square Eton Collection Coventry Gordon Square University Circle Hingetown Flats East Bank Van Aken Ohio City Tremont Little Italy How will Top Of The Hill Compete and Thrive?
PRECISION EXECUTION AND ON TARGET DELIVERY We will create value by telling the story of Top of the Hill and Cleveland Height’s unique brand Our core competency is not just designing buildings, but creating destinations with heart and soul Our strategy is centered around both retaining existing residents AND recruiting net new members into this community, not simply “moving around the deck chairs” The underpinning of our strategy focuses on selling an intellectual, culturally rich, diverse, progressive and experiential lifestyle to the broader northeast OH region This neighborhood today is not a destination but it should be. We have all the required core skill sets and passion to participate in creating a more notable pedestrian district to live, work, dine, shop and recreate.
FAIRMOUNT PROPERTIES
Founded in 1997 by Randy Ruttenberg and Adam Fishman
Four Managing Partners with a combined 100 plus years of experience
23 full time professional employees with local, regional, national and international experience
Fully integrated real estate development enterprise
Design, Finance, Legal, Leasing, Construction, Management and Marketing
Past - $1.3 Billion of Mixed-use Development open and operating
Present - $295 Million Under Construction
Future - Significant leadership and human/financial capital available beginning Q3 2016
Core Skill Sets
Public / Private Partnerships Housing Geared Towards Professional and Empty Nesters
Community Engagement Creating First To Market Destination Developments
Best in Class Retail Leasing Creative Capitol Stack Constructs
Navigate Complex Projects Significant Track Record of MBE/FBE inclusionFLATS EAST BANK MOLORRO MODI
QUOSTIBUSA
CLEVELAND, OHIO
TOP OF THE HILL PROJECT COMPONENTS $600 MILLION MIXED-USE URBAN WATERFRONT DEVELOPMENT
23 STORY 500,000 SF CLASS A OFFICE - 97% LEASED
150 ROOM ALOFT HOTEL - OPERATING OVER 85%
550 CAR GARAGE
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE 243 SOPHISTICATED APARTMENTS - 90% LEASED
15 NEW RESTAURANTS - 100% LEASED
FLATS EAST BANK DEVELOPMENT PROJECT COMPONENTS
COMPLEX 34 LAYER CAPITAL STACK
PEDESTRIAN FRIENDLY WITH COMMUNITY GREEN SPACE
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE
COMPARATIVE SCOPE - 100%FIRST & MAIN MOLORRO MODI
QUOSTIBUSA
HUDSON, OHIO
TOP OF THE HILL PROJECT COMPONENTS $42 MILLION MIXED-USE DEVELOPMENT
200,000 SF RETAIL, OFFICE, AND RESIDENTIAL - 100% LEASED
BOUTIQUE HOTEL
PARKING GARAGE
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE ADJACENT TO UNIQUE HISTORIC MAIN STREET
PEDESTRIAN FRIENDLY WITH COMMUNITY GREEN SPACE
FIRST & MAIN DEVELOPMENT PROJECT COMPONENTS
FIRST AND MAIN PLAYS HOST TO MANY OF HUDSON’S CENTRAL EVENTS
AWARD WINNING RESTAURANTS AND A BLEND OF LOCAL
BOUTIQUES AND NATIONAL RETAILERS
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE
COMPARATIVE SCOPE - 100%DOWNTOWN KENT
KENT, OHIO
TOP OF THE HILL PROJECT COMPONENTS $100 MILLION MIXED-USE DEVELOPMENT
2012 NAIOP MIXED-USE PROJECT OF THE YEAR
150 ROOM BOUTIQUE HOTEL
INCLUDES HOTEL, OFFICE, RETAIL, RESIDENTIAL, GREENSPACE, PARKING
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE A TRUE “TOWN GOWN” COLLABORATION
DOWNTOWN KENT DEVELOPMENT PROJECT COMPONENTS
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE
COMPARATIVE SCOPE - 100%COLLEGE TOWN ROCHESTER
ROCHESTER, OHIO
TOP OF THE HILL PROJECT COMPONENTS $100 MILLION URBAN MIXED-USE DEVELOPMENT
500,000 SF OF RETAIL, OFFICE, HOTEL, GARAGE AND RESIDENTIAL
LOCATED AT THE FRONT DOOR TO THE UNIVERSITY OF ROCHESTER
1,600 CAR PARKING DECK, HILTON GARDEN INN
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE COMPLEX CAPITAL STACK, PRIVATE PUBLIC PARTNERSHIP
COLLEGE TOWN ROCHESTER DEVELOPMENT PROJECT COMPONENTS
DINING RETAIL HOUSING HOTEL OFFICE PARKING PUBLIC SPACE
COMPARATIVE SCOPE - 100%TOP OF THE HILL
TARGET MARKET AND RESIDENTIAL ANALYSIS
New Product Geared to:
Empty nesters & downsizers
Young professionals and starter families
Residential Analysis:
$2.15+ PSF multi-family rents
150-250 multi-family units
Focus on in-migration and internal mobility options
Appropriate mix, SF and amenities
For-sale Townhomes starting in $300’s
Different absorption expectations by product type
Comprehensive marketing strategy to optimize rent/prices and absorption of multi-family and for-sale unitsMARKET ANALYSIS
Cleveland Heights has the demography we look for in a rental market. It contains a high percentage of
Cleveland Heights and Periphery renters, a high concentration of household under 34, and an excellent base of higher rent properties to
Median HH Income 2534 by Block Groups
provide support for new rental development.
Popular as rental housing location – 47.6% of occupied households rent per ESRI
Contains high concentrations of prime rental demographics (under 34)
o Contains 38% more under-25 households than the US Average (ESRI)
o Contains 24% more age 25-34 households than the US Average (ESRI)
Distribution of Households by Age
Indexed (USA =100) [ESRI]
160
138138
140
123124
120 105105
99 99 101
100 90 89 92
83
78
80
60
40
20
0RESIDENTIAL
EXPERIENCE
900,000 sf of Residential
(860 Residences)
387,000 sf under construction
(340 Residences)
TOWNHOMES
CONDOS
APARTMENTS
SINGLE FAMILYTOP OF THE HILL
RETAIL
CREATING EXCITEMENT AT STREET LEVEL
OUTDOOR PATIOS AND PUBLIC SPACES
ONE OF A KIND AND BEST IN CLASS MERCHANTS
COMPLEMENTARY NOT COMPETITIVE TO THE REGION
DESTINATION DRIVEN
SALES AUDIT / SUPPLY DEFICIT OF CURRENT MARKETPLACECOVENTRY ROAD DISTRICT: CURRENT TENANTS AND VACANCYS
La Cave Du Vin Chipotle bd’s Mongolian BBQ Winking Lizard Rec Rev Coventry Food Avalon Exchange
Inn on Coventry Grog Shop Kiwi Spoon SpyngaFlows Key Bank American Apparel
B Side Liqour Lounge In The 216 Dave’s Cosmic Subs Crazy Mullets Heights Hardware
Bon Apettit Vacant Bodega Diamonds Flowers Tommys Sunshine Head Quarters
City and East Hookah Bar Guys Pizza Mac’s Books Grum’s Sub Shop
Gateway Heights Church The Exchange Big Fun Big Fun
Cle Candle Company Pho and Rice
Next Next
Passport to Peru Passport to Peru
Hunan Coventry Hunan Coventry
Next
Marc’s
Huntington Bank Panini’s Grill City Buddha High Thai’d Cafe Coventry Shoe/Leather Repair
Heights Cleaners and Shirts Jimmy John’s Tree Country Bistro Houde School of Acting
Marc’s Focused Tattoos Attenson”s Antiques
Eddie’s Barber Shop Pacadilly
Phoenix Coffee Blush
Eddy’s on Coventry
Pacific EastLEE ROAD DISTRICT: CURRENT TENANTS AND VACANCYS
True North Dentist Healing Arts S’ Wonderful Gifts The Rib Cage
Shell Anatolia Cafe Christian Science Reading Room New Heights Grill
Dobama Theatre The Tavern Company Myron’s Beverage Lopez
Leonardo’s Arts and Sciences Dewey’s Pizza
Revive Heights Music
Heights Uptown Barber Vacant
Zoma Sanctuary By Joyce
Cle Running Co. Cle Urban Winery
Mama Joyce’s CVS
Subway Culture
Cleveland University Atma Yoga Bussy’s Black Box Fix Brennans Colony The Stone Over US Bank Rudy’s Pub Cedar Lee Theater
Heights Library Center Vaccum Repair State Farm The Wine Spot Nail Mama Vacant Height’s Arts
Marotta The Social Room Two Brothers Parnell’s Pub
Mitchell’s Chocolates Buhda Center Momos Kebab Boiling Seafood
Phoenix Coffee Best Gyro’s Joeys
Bill’s Dry Cleaning
VacantCEDAR/ FAIRMOUNT DISTRICT: CURRENT TENANTS AND VACANCYS
Nighttown Zoss Bakery Fifth Third Bank Starbucks Ten Thousand Villages Brugger’s bagels Buffalo Wild Wings
CL Barber Salon Liquid Planet Aladdin’s
Vacant KW Realty
Appletree Books AT&T
Pavilion
Reflections
Vero Pizza
Cedar Fair Antiques
Howard Hannah
Chase Bank Sunoco Cleveland Heights Church Firestone Complete Western Union Subway Mad Greek
Auto Care Daves Market Fairmount Cocktail bar Luna
Red Box Dry Cleaner
Cedar Fairmount Specials - Yoga
Abstract HairRETAIL
EXPERIENCE
758,500 sf of Retail
400,000 sf under construction
5 full time in house leasing
professionals with over
100 years of combined
national, regional and local
experienceTOP OF THE HILL
OFFICE
Metro Cleveland is becoming smarter and more educated (Brain Gain)
Cleveland area college graduates are increasingly choosing to stay local after graduation
Firms today are increasingly basing their location decisions on where their talent pool chooses to be
Today’s talent are seeking cool, new, walkable, amenity-rich urbane environments; i.e., precisely what is envisioned for Top of
the Hill
Those communities which create this vibrant environment, conducive to attraction, will be best positioned to capture net new
office demand
Up To 25,000 sf - Tenants could include Wealth Management, Architectural and other Design firms, Lawyers, Accountants and
Home office AlternativesOFFICE
EXPERIENCE
First New Construction Office
Building in over 20 years
900,000 sf completed
150,000 sf under construction
Class A Tenants
Building Security
Operations
DesignTOP OF THE HILL
HOSPITALITY
BOUTIQUE STYLE HOTEL
OASIS FOR UH/ CLINIC FAMILIES
PART OF A WALKABLE DISTRICT
GUESTS OF CLEVELAND HEIGHTS FAMILIESHOSPITALITY EXPERIENCE Aloft Hotel Marriott AC Solaire Inn Hilton Garden Inn Kent Hotel
˝WE ARE NEVER SO BOLD AS TO THINK WE
COMMUNITY ENGAGEMENT KNOW YOUR COMMUNITY BETTER THAN
YOU˝
RANDY RUTTENBERG, FOUNDING PRINCIPAL
COMMUNITY OUTREACH WE ALWAYS GIVE BACK
WE PRIDE OURSELVES ON BEING GOOD LISTENERS AND TRANSPARENT COMMUNICATORS HEIGHTS HIGH INTERNSHIP OPPORTUNITIES
SOLICITING AND ENCOURAGING COMMUNITY INPUT IS A VITAL PART OF FAIRMOUNT’S PROCESS MONTHLY BOOK CLUBS WITH APPLE BOOKS
WE UNDERSTAND AND EMBRACE THE DYNAMICS OF THE CLEVELAND HEIGHTS COMMUNITY DRY CLEANING CONCIERGE BY BILLS ON LEE
PROVEN ABILITY TO TRANSLATE FEEDBACK CUMULATIVELY INTO PROJECT DESIGN AND GOALS PROJECT LANDSCAPING BY BREMEC
MONTHLY LOBBY FLOWERS BY DIAMONDS
MODEL AND LOBBY FURNISHED BY PAVILION HOME
RESIDENT ART SHARING PROGRAM WITH CMA
LIVE / LEARN OPPORTUNITIES WITH CWRU
PASSPORT TO THE HEIGHTSEVENTS AND PROMOTIONS SUSTAINING THE MOMENTUM WHILE STRENGTHENING THE DISTRICT FAIRMOUNT PROPERTIES IS NOT JUST A BUILDING OWNER, WE’RE AN INVOLVED NEIGHBOR COMMITMENT OF $25,000 ANNUALLY TOWARD CEDAR FAIRMOUNT DISTRICT MARKETING AND PROGRAMMING EFFORTS WE HAVE FOUR FULL TIME MARKETING PROFESSIONALS - ONE WHO WILL BE ASSIGNED, AT NO COST, TO AUGMENT DISTRICT WIDE EVENTS AND PROGRAMMING SIGNIFICANT HISTORY OF ESTABLISHED OR GROWING COMMUNITY / PROJECT EVENTS WITH ADJACENT DISTRICTS - HUDSON, KENT AND FLATS ON GOING INVOLVEMENT AT THE VP OR PRESIDENT LEVEL ON COMMUNITY BOARDS AND FOUNDATIONS WITHIN HOST COMMUNITIES FAIRMOUNT PROPERTIES CONDUCTS OVER 100 EVENTS EVERY YEAR THROUGHOUT ITS PORTFOLIO. INCLUDING LIVE PERFORMANCES, ART FESTIVALS, FASHION SHOWS, CHARITY RACES AND SEASONAL CELEBRATIONS TAILORED TO EACH INDIVIDUAL MARKETPLACE EVENTS BENEFIT THE ENTIRE DISTRICT, NOT JUST A SINGLE PROJECT
TOP OF THE HILL
CLEVELAND HEIGHTS
MIXED - USE MULTI FAMILY BUILDING WITH GROUND FLOOR POCKET PARK. THE CURRENT PLANNING STRATEGY IS TO DELIVER A
A RETAIL USE. THIS BLDG WILL TAKE AESTHETIC CUES FROM E VIBRANT MIXED USE DISTRICT ALONG THE MAIN VEHICULAR ARTERIES
THE SURROUNDING NEIGHBOURHOOD. AND A MORE RESIDENTIAL PROGRAM WITHIN THE HEART OF THE
DEVELOPMENT. THE POCKET PARK WILL SERVE AS A RESIDENTIAL
SINGLE STORY SIGNATURE RESTAURANT USE. LOWER AMENITY AS WELL AS A PROGRAMMING SPACE FOR THE GREATER
B LEVEL BUILDING PROVIDES OPEN GATEWAY INTO THE DEVELOPMENT
DEVELOPMENT
FOR SALE TOWN HOME USE. THIS WILL RESPOND IN SCALE AND
LARGE PATIO AND PUBLIC GATHERING SPACES F USE TO THE SURROUNDING NEIGHBOURHOOD AND SERVE TO
C PROVIDE VIEW CORRIDORS INTO THE INTERIOR OF BLUR THE BOUNDARIES BETWEEN THIS PROJECT AND THE EXISTING
G THE DEVELOPMENT AND ALLOW FOR PUBLIC ART AND
ACTIVITY.
COMMUNITY.
MULTIFAMILY BUILDING. THE MULTIFAMILY BUILDINGS HAVE BEEN
D
LARGE MIXED USE BUILDING INCLUDING MULTIFAMILY G STRATEGICALLY POSITIONED TO ALLOW FOR ACCESS TO AND FROM
RESIDENTIAL, GROUND FLOOR RETAIL, LOWER LEVEL
THE GARAGE. THIS BUILDING WILL TAKE AESTHETIC INSPIRATION
PARKING AND POTENTIAL HOTEL USE GROUPS. THIS
F BUILDING IS THE ICONIC STATEMENT PIECE OF THE PROJECT
FROM THE SURROUNDING COMMUNITY
THE GARAGE IS ONE OF THE MOST IMPORTANT AND CONCEPTUALLY
H UNIQUE PORTIONS OF THE PROJECT. AS IT WILL HAVE A SIGNIFICANT
VISUAL IMPACT ON THE STREETSCAPE, WE PROPOSE WRAPPING
PORTIONS OF THE GROUND LEVEL WITH 2 STORY MEWS TOWN
HOMES AND ALLOWING THE GARAGE TO HIDE BOTH BEHIND AND
E H ABOVE. THIS WILL DE-CONSTRUCT THE DOMINANCE OF THE GARAGE
AND PRESENT A HISTORICALLY UNIQUE RESIDENTIAL USE GROUP.
A ROW OF FOR SALE TOWN HOMES WOULD BE A GREAT ADDITION
I
D TO THE ADJACENT STREETSCAPE AND CREATE A BOOKEND TO THE
DEVELOPMENT.
C
B
A
D
IPEDESTRIAN CIRCULATION VEHICULAR CIRCULATION By distinguishing areas of high, mid and low density pedestrian circulation, through specific use group allocations, we The goal of any urban mixed-use development is to safely, logically and efficiently control the flow of vehicular traffic create a variety of streetscape experiences. Highly trafficked areas are distinguished by retail storefronts, restaurant while at the same time supporting retail brand visibility and minimizing pedestrian/ vehicular interaction. patios, hardscape and landscape vehicular separation zones and higher density mixed-use buildings. Mid and Low den- sity circulation zones begin to adopt a more residential feeling as sidewalks and landscape zones become more intimate in scale. These zones are defined by a reduction in building density towards a more residential size and aesthetic.
Townhomes
8 Units
New Entry
Drive
Townhomes
21 Units Apartments
8 Levels
Pocket Park
40 Units
Parking Structure Parking Structure
Exist.
6 Levels Plaza / 6 Levels
Apartment
500 Spaces Plaza / Art Open Space
500 Spaces
Tower
Plaza / Art
Apartment Tower
10-12 Levels Parking
Service Drive
Service Drive 200 Units
Retail Apartment Tower
15K Plaza / Art Retail Exist. Retail
Plaza / Art 10-12 Levels Retail Exist. Retail 5K Retail 6K
200 Units Retail
5K Retail 6K Plaza / Art
15K
Plaza / Art
Patios / Dining
Patios / Dining New Entry
Drive
New Entry
Drive
Top of the Hill RFQ/RFP Masterplan Scheme C
Top of the Hill RFQ/RFP Masterplan Scheme B Cleveland Heights, Ohio
Cleveland Heights, Ohio
May 11, 2016
May 11, 2016TOP OF THE HILL
LARGEST HURDLES
Consensus building
P3 structuring
Public infrastructure funding and coordination
Execution of the vision requires a realistic approach
Overcoming Community self-doubtTOP OF THE HILL
P3 EXPECTATIONS
Yes, the public infrastructure which enables private development is often costly
But Public-Private Partnership (P3) is about working together
Successful Post-Recession, 21st century development is always within the context of P3
Every mixed-use development Fairmount Properties has executed has been a P3
EXAMPLE: Flats East Bank = 35+ sources of financing
Together, we will identify Sources to match the project’s Uses and bring the budget into balanceTOP OF THE HILL
TESTIMONIALS
“I can unequivocally recommend Fairmount Properties and the company’s principals, Adam Fishman and Randy Ruttenberg, for
any development project where there is a concern for meeting important architectural design standards and a need for direct
communication with City officials and abutting property owners.” - Michael E. Morton, City Manager - City of Hudson, Ohio
“We are pro-actively partnering in downtown development. Linked to the university through our Esplanade, this complex will
breathe new life into our campus and the city of Kent. It will undoubtedly create an environment that draws students, university
and city employees, residents and visitors here to live, work and play.” – Dr. Lester Lefton, President, Kent State University
“I commend Fairmount Properties for their tremendous effort in bringing this project to fruition. With College Town, we are har-
nessing the economic development might of Rochester’s largest employer to turn 14 acres of dilapidated land into a showcase
of shops, restaurants, offices, apartments, and at long last a new neighborhood grocery store, Constantino’s Market. College
Town is now one of the City’s largest redevelopment projects, creating over 900 construction jobs, and 320 permanent jobs.” —
Charles Schumer, US Senator
“COLLEGE TOWN HAS BEEN LAUNCHED! Soon, thousands of students, residents, Medical Center patients, and campus visitors
will start visiting College Town. The project is the product of extraordinary collaboration among development partners Fair-
mount Properties, Gilbane Development, and the City of Rochester, as well as the University.” – Joel Seligman, President, Univer-
sity of RochesterBELIEVE Fairmount Properties We are both excited and proud to have the opportunity to present our abilities, experiences and insights with you.
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