Commercial Real Estate News

A brief summary of the most relevant and major commercial real estate news in Greater Cleveland

Midtown Lofts advances with support, concerns

Asiatown was a neighborhood that was on the upswing 20 years ago. There were new restaurants, shopping venues like Asia Plaza, Tyler Village and other commercial developments, multiple new housing offerings such as the Asian Evergreen and Body Block Arcade apartments, plus several longstanding grocers including Dave’s Market, 3301 Payne Ave., had renovated their properties.

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Port OK’s $92M for Cleveland, Brecksville projects

A trio of projects — two in Cleveland and one in Brecksville — got a total of $92 million in financing approved by the Port of Cleveland to help get them closer to construction. Two are mixed-use housing developments in Cleveland totaling 355 residential units. The third is a new, 136-room AC Marriott hotel at Valor Acres, the former Veterans Administration (VA) Hospital site in Brecksville.

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Bedrock to add steam plant site to Riverfront plans

If you like what Bedrock Real Estate has planned for its huge Riverfront Development in Downtown Cleveland, expect more of it at the site currently occupied by closed Cleveland Thermal steam heating plant, 2274 Canal Rd. That’s what public records reveal in the application for Ohio Brownfields Program funding that was awarded last week. But not all of the steam plant may be affected.

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Great Lakes Brewing Co. looks to the suburbs, again

In the latest episode of “where are they looking now,” Great Lakes Brewing Company (GLBC) reportedly has its eye on a site in suburban Westlake near the Interstate 90-Columbia Road interchange for a new production facility. But the deal isn’t done and the city of Cleveland reportedly is striving to keep one of Ohio’s largest craft brewers in the city.

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Downtown steam plant to be razed, redeveloped

Eight redevelopment project sites won a total of nearly $18 million from the Ohio Department of Development’s Brownfield Program so the sites can be cleaned up and, in some cases, their existing structures are to be demolished. One of those where demolition is planned is the former Cleveland Thermal steam plant, 2274 Canal Rd., in Downtown Cleveland.

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Two new Hough developments sell for $30M

In a $30.6M deal, a national real estate investment firm added 119 newly constructed apartments in Cleveland’s Hough neighborhood to its growing portfolio. New Jersey-based Reynolds Asset Management acquired Park Lamont, 9606 Lamont Ave., and The Lumos, 1866 E. 93rd St. Both are located a short walk or bike ride from jobs and classrooms in booming University Circle.

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Glenville Job-Ready Site more than doubles in size

Too much is never enough. When you’re marketing land to new end-users, you can’t have enough clean, developable land in the urban core. And one of the largest, if not the largest in the city of Cleveland has just been assembled by the Cuyahoga Land Bank. The site is located at 12610 Kirby Ave. in Cleveland’s Glenville neighborhood, bordering on Collinwood.

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Walz Library-Karam Senior Living groundbreaking set

Following up on a story first reported by NEOtrans a month ago, the long-planned Walz Branch of the Cleveland Public Library (CPL) and Karam Senior Living apartments will indeed see construction start in June. In fact, a groundbreaking ceremony is scheduled at 10 a.m. this Friday at the project site, 7910 Detroit Ave., to officially kick off the project.

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