Development News

Construction workers will begin building in August The Beacon apartment tower at Euclid Avenue and East 6th Street in downtown Cleveland. But that’s just the start. Those of us who like to see construction cranes over downtown will probably enjoy the skyline view for the next decade or so.

The reason is that the 28-story Beacon apartments by Stark Enterprises is likely to be the first of many new large buildings to rise downtown. How many is “many”? It could be as few as three or four and as numerous as 10.

During LeBron James’ playing time in Miami, residents and visitors to Cleveland got a brief insight as to the headquarters location of one of this city’s most successful and enduring corporate citizens. However, the street address of that company could soon change and in a very visible way.

The pace of investment in America’s cities has been one of the remarkable stories since the end of the Great Recession. There are few places where that investment is more evident than in Greater Cleveland which in 2014 ranked ninth in the nation in total new construction jobs (not percentage of change).

Many older office buildings in downtown Cleveland are getting converted to apartments and other uses. So many that ALL of the vacant office space may soon be gone — and then some. So many that the time for constructing one or more major new office towers in the central business district is fast approaching.

If it looks like a big real estate development and sounds like a big real estate development, it probably will be a big real estate development.
That’s what a spate of real estate transactions in recent months suggest for an urban enclave close to downtown that’s neither an island or named after ducks. (Some claim it’s named for criminals who used to duck and hide here from the law).