Monday, June 18, 2018: The EA team recently met with Bedrock VP Ken Till to learn more about Bedrock’s plans for Downtown Cleveland. Bedrock probably sounds familiar to most Northeast Ohioans as it is a real estate company co-founded by Cleveland Cavaliers owner Dan Gilbert. Bedrock has been steadily purchasing some iconic Downtown Cleveland real estate. Although based in Detroit, Mr. Gilbert and his related companies employ about 4,500 team members in Cleveland and own 3.4 M square feet of real estate in Ohio.
Ken gave us a quick overview of Bedrock’s Cleveland ventures. Several years ago, Bedrock purchased and renovated the Higbee Building, which houses JACK Cleveland Casino, Quicken Loans, and KeyBank. This Cleveland gem was built in 1931, and everyone in America knows this building because it is prominently featured in the 1983 classic Christmas movie A Christmas Story. Bedrock also owns the newly-renovated Ritz-Carlton, Cleveland (more details on this gorgeous hotel in a bit!).
Bedrock has made two more recent purchases in downtown Cleveland and Ken gave us a bit of insight into how his team is approaching these massive projects that could influence housing and retail in downtown for a generation.
Bedrock purchased the mall at Tower City, plus its underground parking garage, and 18 riverfront acres in 2016. Bedrock is currently analyzing all of its options for the portions of Tower City that they own and expect a redevelopment plan to be in place by the end of 2018 (K & D maintains ownership of Terminal Tower). This plan will most likely include retail, entertainment, restaurants, a sports component, office space, and an educational component. The plans for the riverfront acreage will be in the second phase of this project. And while we are all anxious to hear tenant names and more specifics on what will happen with the iconic Tower City, a project this large has to be done right, and we have fingers crossed that all of the thoughtful work Bedrock put into its plans to revitalize downtown Detroit will influence how they tackle the Tower City reimagining.
Bedrock also purchased the May Co. Building in 2017. They will renovate the property as needed to create over 300 market-rate rental units with retail and restaurant offerings on the ground floor and a parking garage for tenants. The renovated May Co. Building will also have a public food and beverage component on its rooftop.
As both Tower City and the May Co. Building are historical landmarks, careful attention will be paid to maintaining their exterior facades.
After our Downtown Cleveland development discussion, Ken took the EA team over to the Ritz, where General Manager Yael Ron, Director of Sales & Marketing Lynn Coletto, and Busines Travel Sales Manager Hollie Ksiezyk greeted us and treated EA to a peak into all the renovations and amenities. We stopped by TURN Bar + Kitchen, a variety of rooms and lounges, the fitness facility, and the Presidential Suite! The art collection at the hotel is very impressive with many of the pieces available for purchase through HEDGE Gallery.
The EA team is very excited to hear more about Bedrock’s final plans. We’ll keep you posted!
The EA team is always in the know about Northeast Ohio’s real estate development news. We understand how our region’s commercial real estate developments, offerings, and amenities are important to recruits and new hires. Call us if your company could use some help showcasing the vibrancy and variety of Cleveland and Akron: 216.231.9311.