Looking at this former department store building development from the outside may bring feelings of excitement and hopes of boosting Cleveland’s economy. But looking at the larger picture, it shows how much Gilbert owns.
In Cleveland, Gilbert’s companies own a large stake of the city’s wealth. His holdings include, in addition to Jack Casino, a number of significant properties including the Ritz-Carlton Hotel, and shops and offices in the Tower City Center complex. He also owns the Cleveland Cavaliers.
Just two days ago, the Metro Times reported that $618 million of Detroit taxpayers’ money — some of which should go toward improving local schools — got approved to use toward four new Gilbert real estate projects. The Quicken Loan Arena’s renovation also caused a huge controversy last summer.
The fact that Gilbert said his 2018 New Year’s resolution was, “to never give in to the urge to respond to reporters’ questions or inquiries” doesn’t make us feel any calmer, especially when Scene Editor Vince Grzegorek points out that, at this rate, Gilbert’s companies hold the futures of two major midwestern cities:
… While Gilbert has no actual responsibility to respond to reporters, his vast influence and empire, with all its commingled interplay with the public’s business (here and in Detroit), beg for transparency and communication. After all, his businesses are on the receiving end of hundreds of millions of dollars of public funds…The downtown Cleveland May Company department store, established in 1899, was at one time the third largest store in the country. It was shoppers’ one stop for everything they wanted and needed: clothes, furniture, a salon, cooking demonstrations, the city’s largest soda fountain, a playground area and more. The store branched out to multiple other locations, but ultimately closed its doors in 1993.
It’s not necessarily a bad thing that the current boarded up windows on the huge and now less-than-gorgeous building on Public Square has an end in sight. It’s what another addition to Gilbert’s local real estate portfolio means that keeps us on our toes. We’ll be keeping our eyes peeled for anymore of Gilbert’s big developments that could be benefiting his companies more than our city.
This video further explains Gilbert’s plans for the May Company Building.
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This article appears in May 23-29, 2018.
“It’s not necessarily a bad thing that the current boarded up windows on the huge and now less-than-gorgeous building on Public Square has an end in sight. It’s what another addition to Gilbert’s local real estate portfolio means that keeps us on our toes. Well be keeping our eyes peeled for anymore of Gilberts big developments that could be benefiting his companies more than our city”
I’m I ready the onion right now? It’s “not necessarily a bad thing” that Gilbert bought a property that has sat empty in the middle of downtown for 25 years and is investing over $200M to make it a productive part of our city that can provide economic value??? How many other developers have bought this property and sat on it for years and now someone buys it and actually starts working on it immediately and Scene decides to criticize this? How exactly does this development not benefit Cleveland? And the point of private enterprise is to turn a profit, so yes if Gilbert is going to invest $200M he should be able to profit off of this investment….and why is that bad for Cleveland???
You do realize all of the buildings that were built downtown were erected under the purpose of making a profit. SMH
Gilbert only came to the table with Tower City Center and Higbee Building after the Ratner Family’s Real Estate Trust decided to cash in on their investments of the 1970’s and 1980’s, because tax abatements were expiring, they’re a “public” company now, and a new generation of Ratner grand-children have no desire to live, work, or play in Cleveland as their parents, and grand-parents did.
Much as the Gund’s abandoned their investments here in the 1990’s when family members moved away, permanently, most Billionaires don’t prefer a concentration of real estate assets in the Midwest if they’re looking for double-digit annual returns, and if they do, Chicago is where their action is at.
Let’s just Mr. Gilbert isn’t overextended as interest rates rise against the background another real estate frenzy, and doesn’t get pinched for some more serious Casino/Politician graft shenanigans.
Of course Gilbert could have left the building vacant which would produce nothing. Scene editors, do you ever see anything positive in developing vacant abandoned properties or would you rather they stay vacant and abandoned?