A brief summary of the most relevant and major commercial real estate news in Greater Cleveland
The City of Bedford has reached a settlement agreement with University Hospitals (UH) that includes the transfer of the former Bedford Hospital site and surrounding properties to the city and a $2.1 million payment. This settlement ends a two-and-a-half year legal dispute stemming from UH’s controversial August 2022 hospital closure.
Read MoreBedford, UH reach settlement over hospital site Read More »
Faucet and fixture maker Moen Inc. is relocating is corporate headquarters from the western Cleveland suburb of North Olmsted to the northern Chicago suburb of Deerfield, IL by the summer of 2026, according to a press release and affected employees. It is not known how many of Moen’s 600-plus HQ employees are making the move but it appears that a significant number of them will.
Read MoreMoen moving its HQ to Chicagoland Read More »
Projects that have languished for half as long as the redevelopment of the Warner & Swasey factory, 5701 Carnegie Ave., were ultimately abandoned. But not this one and the reason is because just about anyone who follows redevelopment locally wants its catalytic reactivation for the benefit of Cleveland’s Midtown neighborhood.
Read MoreLong-sought Midtown developments have a pulse Read More »
Affordable housing developer Pennrose, LLC. is looking to build on the success of its other Cleveland-area projects with its next venture, this time on the city’s west side. The national developer is partnering with Ohio City Incorporated (OCI) to construct a 72-unit apartment building geared towards seniors and charging rents between 30 percent and 70 percent of the area’s median income.
Read MoreMcCafferty Center site to be senior housing Read More »
Mayor Justin Bibb’s administration is requesting an important amendment to the city’s riverfront tax increment financing (TIF) district that would do three things. One spells out exactly what infrastructure work would be done. A second would extend the 30-year TIF to 42 years. And the third and perhaps most controversial is that it would pledge undefined future TIF revenues to start infrastructure work now.
Read MoreCity seeks future TIF funds for Riverfront work now Read More »
Developer has no immediate plans for site Passersby took note of a new sign that has gone up this week on the old Singer Steel building, 2100 Random Rd. in Cleveland’s Little Italy. The sign is for an active local developer named TurnDev of Beachwood, leading those passersby to wonder what’s next for the former
Read MoreLittle Italy’s Singer Steel has new owner Read More »
Customers who have accounts at Flagstar Bank’s Downtown Cleveland branch received letters this week saying that the branch will be closing at the end of March and that all accounts will be moving to Flagstar’s Ohio City branch. But the $2.6 billion question is: why?
Read MoreDowntown Flagstar Bank closing; What does it mean? Read More »
The headquarters of steelmaker Cleveland-Cliffs could move from its namesake city to Pittsburgh if Cliffs is successful in acquiring US Steel, Cliffs CEO Lourenco Goncalves said. But a Cleveland City Hall source today said Mayor Justin Bibb spoke with Goncalves who reportedly reassured him that relocating Cliffs 1,000-plus staffpersons from Cleveland at this stage is just speculation.
Read MoreGoncalves: a Cliffs-USS HQ would be in Pittsburgh Read More »
An historic building on Detroit Avenue in Cleveland’s Ohio City neighborhood was there when commuters on the adjacent West Shoreway went home on Friday evening for the weekend. When they went past the site this morning during their return to work, the building was gone.
Read MoreOhio City building doesn’t survive the weekend Read More »
The Variety Theatre, 11816 Lorain Ave. in Cleveland’s Westown neighborhood, has had multiple owners and uses in its 98-year history. It’s about to have a new one as its owner has put the property up for sale this week.
Read MoreCleveland’s Variety Theatre is for sale Read More »
