Commercial Real Estate News

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

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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Go Browns! But where?

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One of the most anticipated games in my early Cleveland Browns fandom came three days after Thanksgiving in 1979. The 8-4 Browns faced the hated Steelers at Three Rivers Stadium in Pittsburgh where the Browns had yet to win. The Steelers were going for their fourth Super Bowl in the 1970s and the Browns were trying to get back to their glories of the prior two decades.

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St. Vincent Charity Medical Center to be demolished

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In just three years, St. Vincent Charity Medical Center, 2351 E. 22nd St,, went from planning a major expansion to requesting the demolition of nearly its entire main campus to the southeast of Downtown Cleveland. Plans were submitted to the city’s Building Department on Friday for demolishing all but 18,000 square feet of the 449,338-square-foot campus.

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More changes arriving at Shaker Square

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While a large federal grant was awarded to improve existing conditions at Shaker Square, plans to make long-term changes that reenergize the 95-year-old square are advancing. The short- and long-term work on the square is based on the belief that this historic district can and should be a neighborhood gathering spot rather than try to compete as a regional retail draw.

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