Commercial Real Estate News

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

Haslams announce Brook Park stadium-area development partner, updated plans

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New details emerged today on the proposed $1.2 billion mixed-use district surrounding the Haslam Sports Group’s (HSG) proposed all-purpose, roofed stadium in the Cleveland suburb of Brook Park. HSG announced that Lincoln Property Company, a global real estate firm, will be the development partner for the Cleveland Browns’ 176-acre mixed-use entertainment district.

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Old Brooklyn structures OK’d for demolition

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In the coming months, the busy intersection of Memphis Avenue and Pearl Road in the heart of Cleveland’s Old Brooklyn neighborhood will look very different. The change is due from the City Planning Commission’s approval on Friday of an application to demolish four buildings at that intersection, each of which are historic structures but in varying stages of decay.

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Shoreway Tower has construction in view for 2025

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There’s been lots of progress lately on the development of a proposed 13-story Shoreway Tower overlooking Edgewater Park in Cleveland’s Gordon Square neighborhood. Revising easements for a sewer right of way, transferring properties for a tax-increment financing (TIF) district, and advancing legislation to authorize that TIF could allow construction to start sometime in 2025.

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Tick Tock Tavern closing after 75+ years

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It’s not often that a restaurant survives more than a few years. Rarer still is the restaurant that lasts nearly eight decades. Tick Tock Tavern, which has been at the same location, 11526 Clifton Blvd., in the Edgewater neighborhood of Cleveland since the year before the last electric streetcars rumbled by in 1948, is set to close its doors forever in just 12 days.

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Gordon Square development wins approval

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Projects can move fast in Cleveland when you coordinate with stakeholders and align with the Planning Commission. That’s what happened with a proposed mixed use development in the Gordon Square neighborhood dubbed the “Soap Site” went from a conceptual plan revealed publicly only a month ago, to unanimous final design approval today by commission members.

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Three vacant drugstores, three possible outcomes

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In Councilman Danny Kelly’s Ward 11 on Cleveland’s West Side, there are three vacant drugstores. Each is facing a different potential outcome. A former CVS on Madison Avenue at West Boulevard may be replaced by a fire station after a gas station was rejected by the neighborhood. An abandoned Rite Aid at West 117th Street and Lorain Avenue may become a senior center. And a vacant Walgreens at West 130th Street and Bellaire Road could turned into a supermarket with a gas station.

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Ex-Leisy Brewery site back on the market again

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Only 18 months after buying the former Leisy Brewery property, 3400 Vega Ave. in Cleveland’s Ohio City neighborhood, an affiliate of Sanctus Capital LLC of Westlake has put the site back on the market again. It’s the second former brewery this year that was put up on the market in this part of town. Across Fulton Road, the closed Platform Brewery was put up for sale in May.

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Haslam’s Brook Park, Berea developments progress

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A small but strategic piece of land that was in the way of the Haslam Sports Group’s (HSG) proposed stadium for its Cleveland Browns football team in suburban Brook Park has sold. Its sale gets it out of the way and into the fold of the overall property transaction for the roofed stadium. And in neighboring Berea, where HSG and its partners plan a Browns-themed mixed-use development, site plans are getting their first airing tonight as part of a rezoning request.

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Downtown Riverfront entertainment complex, Browns Berea site, others seek TMUDs

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The next phase of Bedrock’s Downtown Cleveland Riverfront development is proposed to feature a large, 17-story entertainment complex topped by a hotel. Dubbed Rock and Roll Land, it is the largest of seven Northeast Ohio projects and is seeking the largest award possible in the fourth and final authorized round of the Ohio Department of Development’s Transformation Mixed Use Development (TMUD) tax credits.

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