Commercial Real Estate News – Page 14

Downtown Lakefront buildings no longer for sale

Ken Prendergast / November 17, 2022

Two very visible buildings at downtown Cleveland’s North Coast Harbor that were listed for sale over the past year were just taken off the market this week by owner Cumberland Development LLC. There are several reasons why the Harbor Verandas mixed-use building and the Nuevo Modern Mexican & Tequila Bar are being retained. But one of them is because of the fate of the nearby Burke Lakefront Airport could cause the value of the site to rise in the future.

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A Christmas Story House, campus for sale

Ken Prendergast / November 14, 2022

That little house on Cleveland Street is on the market just in time for the holiday season and the release of a sequel to the 1983 classic movie “A Christmas Story.” And just like another one of Ralphie’s father’s silly puzzles, “This one could be worth 50,000 bucks.” But the house isn’t on Cleveland Street, it’s not merely the house that’s for sale and the campus of seven properties is likely to fetch multiples of $50,000. Indeed, according to some real estate insiders, it could go for dozens of times more. Dare we say “A major award?”

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Cleveland police HQ site search begins anew

Ken Prendergast / November 2, 2022

Officials at Cuyahoga County and now at City Hall are having difficulty deciding where to build their new venues for addressing crime. Three years ago, an effort began in earnest to find a new home for Cuyahoga County’s new jail campus and a new courthouse tower. A steering committee set up to decide that course of action has failed to settle on a site for those facilities in that time. But the city’s efforts to find a new home for its Cleveland Police Department (CPD) Headquarters has been going on for even longer and will continue for at least a few months more, following an announcement today by Mayor Justin Bibb’s administration.

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Historic Vitrolite Building harnesses new future

Ken Prendergast / October 14, 2022

Restoration of the historic Vitrolite Building, 2915 Detroit Ave., in Cleveland’s Ohio City neighborhood moved closer to reality when the city’s Landmarks Commission yesterday approved the project with a unanimous vote, along with a few conditions. The nearly century-old building with its unique terra cotta façade is on the National Register of Historic Places. But it has a new future with a new owner who will take it in a new direction.

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Downtown Cleveland’s ‘office market needs help’

1 Comment / Ken Prendergast / October 7, 2022

This week, global real estate brokerage Newmark released its third quarter office market report for Greater Cleveland and the news wasn’t good, especially for downtown Cleveland. While three of five submarkets in the metropolitan area saw declining occupancies of office spaces in July-September, none suffered a greater loss than the central business district. That district includes everything from Ohio City east through Downtown to Midtown.

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Will Sherwin-Williams’ HQ be a pretty bunker?

1 Comment / Ken Prendergast / October 6, 2022

To sit or not to sit, that was the question that caused the biggest debate today among members of a design-review panel of Cleveland’s City Planning Commission prior to supporting landscaping and site amenity plans for Sherwin-Williams’ (SHW) new global headquarters. The question became a point of debate over concerns of whether adding benches to the outdoor areas of the downtown HQ would attract homeless people to sleep there as is already the case at locations throughout the adjacent Public Square.

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MetroHealth starts West 25th development work

Ken Prendergast / September 30, 2022

MetroHealth System, developer NRP Group and RDL Architects Inc. have begun conversations with the City Planning Commission on the early stages of advancing the development of two large buildings on the west side of West 25th Street, across from the hospital’s main campus. The two buildings, to be located in Cleveland’s Clark-Fulton neighborhood, would provide market-rate apartments and affordable units for seniors, plus a new police station and ground-floor commercial uses along West 25th’s sidewalk.

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Half of ex-Westinghouse plant to be razed

Ken Prendergast / September 27, 2022

Planning documents submitted to the city yesterday reveal that slightly more than half of the former Westinghouse plant overlooking the West Shoreway and Lake Erie could be demolished in preparation for the redevelopment of the surviving structures. According to sources familiar with the project, the surviving portions at the plant at 1200 W. 58th St. in Cleveland are proposed to be redeveloped as a boutique hotel, apartments and leasable commercial spaces plus parking.

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McDonald Hopkins investing $8M in Fifth Third Center

Ken Prendergast / September 6, 2022

After announcing its intentions to stay at its current offices in downtown Cleveland, McDonald Hopkins LLC is doing more than just staying put. Last week it submitted architectural documents to the city’s Building Department for an $8 million renovation of its headquarters site. The 92-year-old law firm had considered relocating to other buildings, both new and planned, real estate insiders said.

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Buckeye neighborhood plan sets goals

Ken Prendergast / August 19, 2022

“That neighborhood has good bones” is often said about an inner-city community as its leaders look for foundations in the area to aid its comeback. Unfortunately, it is not always true the bones are good or if they even exist. But for Cleveland’s Buckeye neighborhood, located on the city’s southeast side, it has a number of features in it or nearby that can be considered good bones on which muscles can be enhanced to regain lost strength.

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