Commercial Real Estate News

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

Shaker Square sees $4.5M in updates, more planned

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Two years ago this month, Cleveland Neighborhood Progress (CNP) and Burten, Bell, Carr, Inc. (BBC) acquired Cleveland’s historic but faded Shaker Square mixed-use district. Today, the new owners outlined what they considered to be significant work and investment in making capital improvements to the property and carrying out a retail strategy to restore vibrancy to the square.

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Bedrock starts Downtown Riverfront phase one

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Construction permit applications were filed this week with the city of Cleveland’s Building Department so contractors can start digging and installing foundations for the first phase of Bedrock’s Downtown Riverfront development. That first phase is the Cleveland Clinic/Cleveland Cavaliers Global Peak Performance Center, touted as one of the world’s largest training facilities.

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Stella Maris buys Flats site to expand

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After nearly eight years on the market, a small parcel at 2208-2210 Superior Viaduct at the west edge of Cleveland’s Flats District has sold to a growing stakeholder in the neighborhood. Addiction treatment center Stella Maris Inc. acquired the property and proposes to renovate an existing building on the site to expand the scope of its services. The site was twice proposed for a residential tower but neither advanced past the conceptual stage.

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Ohio City hotel development revealed

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A successful business finds an unmet need in a market and fills it. According to Places Development founder and Managing Principal Dan Whalen, the lack of a hotel west of Downtown Cleveland to near Hopkins International Airport is just such a gap in the market. To fill that void, he is submitting plans for a new, eight-story boutique hotel at 1960 W. 26th St. in the Ohio City neighborhood.

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Glenville-Collinwood site may finally get new life

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It’s a factory name that conjures thoughts from classic Road Runner cartoons. But few are laughing from the enduring health and economic burdens that the long-closed National Acme plant, 170 E. 131st St., is having on Cleveland’s East Glenville and Collinwood residents. Once one of Cleveland’s largest blue collar employers, its fate is similar to that of other aging industrial properties across the city.

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Elections board to the ex-Plain Dealer building?

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While not as controversial or as impactful as the county’s pending moves of its consolidated jail or courthouse facilities, the new site of the Cuyahoga County Board of Elections (BOE) could boost its new surroundings. With up to 200 permanent employees, hundreds more at election time and many more visitors for early voting, the positive and negative impacts on the BOE’s new surroundings could be significant.

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Browns continue to add land in Berea

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Property acquisitions in the Cleveland suburb of Berea appear to be nearly wrapped up for a large, mixed-use development featuring an expanded headquarters for the Cleveland Browns and its ownership, the Haslam Sports Group. Only one or two homes need to be acquired to make way for a new headquarters office building, the professional football team’s practice facility, hotel, shops, restaurants and community recreation facilities, first reported by NEOtrans.

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Royal Docks Brewing comes to Cleveland

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In a couple of months, Stark County-based brewpub chain Royal Docks Brewing Company plans to expand to Cleveland by opening a location in Ohio City’s booming Hingetown neighborhood. Ohio City is a community with a half-dozen brewpubs already in operation. But with their planned Royal Docks Tied House + Kitchen, the proprietors are confident they can offer something the others don’t.

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Jones Day’s downtown offices on the move?

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Aside from a few rarities like Sherwin-Williams, not many corporate citizens stay in one office building for multiple decades. They are constantly growing or shrinking, their buildings get new owners, their corporate culture changes, or their biggest clients move. Another rarity is Cleveland’s largest law firm, Jones Day, which is entering its fourth decade in the same building, 901 Lakeside Ave., called North Point I.

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