Development News

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Getting Tower City on track

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When you have an opportunity to expend the same or similar effort and money that would achieve the better of two outcomes, why not pursue the better outcome? That’s the decision Greater Cleveland has yet to make when looking at a transportation ingredient to two major waterfront development masterplans. One is the downtown lakefront development led by the Haslam Sports Group. The other is the Tower City Riverfront development led by Bedrock Real Estate. Both are supported by civic organizations and all levels of government.

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Voss factory conversion comes into focus

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Legislation was introduced this week by several Cleveland City Council members to help finance the conversion of the abandoned Voss Industries plant, 2168 W. 25th St., in Cleveland’s Ohio City neighborhood into a mixed-use complex. The projected price tag to carry out the redo is at least $62 million. While the property’s owner and developer MRN Ltd. has been kicking around various ideas for reusing the property for the last couple of years, none of those concepts have advanced as far as this stage of nailing down its financing for a specific program.

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Downtown project wins financing

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With financing now in hand, look for demolition and construction work to start this summer for the Residences at Bolivar, 1060-1124 Bolivar Rd., in downtown Cleveland’s Gateway neighborhood. The work was made possible by Chicago-based JLL Capital Markets arranging $38.5 million in construction financing and co-general partner equity in the project from an affiliate of another Chicago firm, Leopardo Companies. JLL Capital Markets announced the financing in a written statement this week.

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Greater Cleveland: poverty amid plenty

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Amid the good news in Ohio and especially in Greater Cleveland that unemployment has fallen to pre-pandemic lows is the harsh reality that inner-city joblessness remains high. This is despite thousands of jobs made available by economic growth and retiring Baby Boomers. Meanwhile, three-fourths of all available jobs are beyond the reach of public transportation or, where public transportation is fast and frequent, there are many jobs but few quality housing options.

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Stokes West gets go-ahead

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Developers of a large apartment complex in Cleveland’s University Circle could start construction of the $40 million project before August if all goes well in the coming weeks. That optimism was earned today after City Planning Commission gave the project final approval of its new, overhauled design and a zoning change to accommodate that design. The development is different from several others nearby because it isn’t trying to brush with or break through the top of the market when it comes to rents. Instead, Stokes West intends to offer smaller, more affordable apartments, many of them already furnished for new arrivals in Cleveland and from across the world.

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Six local housing projects win tax credits

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Six housing developments in Cuyahoga County won federal Low-Income Housing Tax Credits (LIHTCs) yesterday from the Ohio Housing Finance Agency (OHFA), improving their chances of seeing construction in the near future. Those projects and 23 others elsewhere around the state received conditional LIHTC commitments. Developers will use those awards to leverage additional financing in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.

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CWRU institute replacing BioEnterprise

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After announcing last month that it will join others in acquiring BioEnterprise Corp.’s assets, Case Western Reserve University (CWRU) has developed plans to remake a portion of the nonprofit business incubator’s University Circle property into a home for a nascent research effort for improving human-machine interaction. Called the Human Fusions Institute (HFI), the national effort based in Cleveland at CWRU to advance socially responsible innovations in prosthetics, robotics and even gaming could see renovation work start later this year.

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It’s a big mystery, project

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Mystery guest: will you enter and sign in, please? In borrowing that phrase from the long-running television show What’s My Line, NEOtrans has learned who the guest is and where they want to be. But we haven’t yet learned the “what” in terms of what they intend to bring. But according to permit applications filed last week with the city of Cleveland’s Building Department, it appears to be a very large project.

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Big plans for reviving Slavic Village

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Two new mixed-use buildings, historic renovations of others, hundreds of mixed-income apartments and retailers that could include a grocery store are envisioned as part of a $60 million to $70 million redevelopment of the North Broadway Corridor in Cleveland’s Slavic Village neighborhood. And that’s just the first phase envisioned by a development team called The Village Partnership comprised of several of Northeast Ohio’s most prolific developers.

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Cleveland has designs on its waterfronts

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For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But there’s now a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Those funding allocations for nine waterfront projects were all recommended by the City Planning Commission for City Council approval. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.

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