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Cleveland development: what to look for in 2024 — Downtown

For many in the real estate investment community, 2023 was the year when few new big projects were financed. The projects that were already financed under better, prior market conditions saw their construction advance, making the real estate landscape appear rosier than it really was. Now, however, as we enter 2024, there is a light at the end of the tunnel with developers already reviving or making new plans.

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Sherwin-Williams to move Valspar to Greater Cleveland

Within the next few years, Sherwin-Williams reportedly intends to relocate most, if not all of Valspar’s headquarters and research jobs, or up to 700 employees, from Minneapolis to Greater Cleveland, according to a highly placed source. Global coatings giant Sherwin-Williams acquired its former rival in 2017 for $11 billion, setting off a remarkable growth trajectory for both companies. That is resulting in the construction of a Downtown Cleveland office skyscraper, the gobbling up of more existing office space downtown, a new suburban research center and the start of planning for significant additional downtown office space.

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Tremont’s Lincoln Hts apartments start

Hidden away behind houses and trees, construction on another large development in Cleveland’s Tremont neighborhood got under way this week. And while this latest development project is largely shielded from view, it simultaneously reveals the continuing strength of Cleveland’s multi-family market as well as the comparative weakness of its for-sale housing market. That’s especially true in certain neighborhoods that, starting next year, will lose their ability to offer 100 percent property tax abatement for new, for-sale homes.

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Dix & Eaton grows, buys St. Louis PR firm

With a new Downtown Cleveland headquarters in the works, Dix & Eaton will move into it as one of the largest, employee-owned communications companies in the United States. That change in status occurred on Nov. 1 when the 71-year-old strategic communications firm acquired Standing Partnership, a 32-year-old, St. Louis-based marketing communications consultancy. The acquisition was announced today by Dix & Eaton. Terms of the transaction between the two privately owned firms will not be disclosed.

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Hawthorne School conversion starts Monday

While classes aren’t starting on Monday morning at Hawthorne Elementary School, 3575 W. 130th St., in Cleveland Jefferson neighborhood, that is when Sustainable Community Associates (SCA) is going to school. The Cleveland-based real estate development firm has repurposed many an old Cleveland building into apartments, some with shops or restaurants. But this is SCA’s first lesson in converting a school to apartments.

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Sherwin-Williams may advance 2nd tower in 2024

One year from now, as Sherwin-Williams employees are scheduled to begin moving into their new, 616-foot headquarters tower in Downtown Cleveland, there are renewed rumblings that the global coatings giant will pursue the development of the west half of its HQ site. The HQ site is west of Public Square and the west half of the HQ site is along West 6th Street, between Superior and St. Clair avenues. That’s where Sherwin-Williams has proposed a second office tower and a row of low-rise, mixed use buildings extending around the corner of St. Clair to partially wrap its five-level, 920-space parking garage. And based on the company’s employment growth, it’s already outgrown its new headquarters.

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Nela Park may add residential

Many Greater Clevelanders have at least some familiarity with a place that could soon become home to many Greater Clevelanders. The owner of the former General Electric Lighting headquarters, 1975 Noble Rd. in East Cleveland, is preparing plans to convert several office buildings within the 94-acre Nela Park Campus into apartments and make those intentions known at a meeting of local stakeholders, possibly as early as this month, according to a source familiar with the project.

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Cleveland, Maple Hts projects add hundreds of jobs

Tennessee-based laboratory services company LabConnect and local fermented foods producer Cleveland Kitchen Co. were approved this week for a combined $1.1 million in state job creation tax credits for up to 250 new jobs at facilities in Cleveland. Meanwhile, a growing Vendors Exchange International, LLC plans to move its offices and manufacturing facilities from a western suburb to Maple Heights where it will expand to more than 70 jobs, thanks to financial support from Maple Heights.

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