Commercial Real Estate News

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

Hough senior housing tests first new zoning in 96 years

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Cleveland City Planning Commission today approved designs for a 55-unit affordable senior housing development in Cleveland’s Hough neighborhood. While that isn’t such a big story anymore, given the heightened pace of investment in this former poster child enclave of urban decay, it is when you consider the plans for this project were submitted to the city only in May.

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Cleveland Clinic to nearly double Avon Hospital’s size

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To meet the growing demand for patient care on Cleveland’s west side, a growing Cleveland Clinic announced plans to significantly expand both Avon Hospital and Richard E. Jacobs Family Health Center. The $340 million project would nearly double the size of the campus, which is located just north of the Interstate 90-Nagel Road interchange in Avon.

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Ohio teams support DeWine’s stadium funding plan

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Fifteen of Ohio’s professional sports teams from among the major and minor leagues joined together in sending a letter to state leadership, expressing support for Gov. Mike DeWine’s proposed process to allocate funding for sports facility projects through House Bill 96 and the Ohio Unclaimed Funds proposal. But, noticeably absent were the two teams with the largest stadium funding requests.

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Midtown Lofts advances with support, concerns

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Asiatown was a neighborhood that was on the upswing 20 years ago. There were new restaurants, shopping venues like Asia Plaza, Tyler Village and other commercial developments, multiple new housing offerings such as the Asian Evergreen and Body Block Arcade apartments, plus several longstanding grocers including Dave’s Market, 3301 Payne Ave., had renovated their properties.

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Port OK’s $92M for Cleveland, Brecksville projects

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A trio of projects — two in Cleveland and one in Brecksville — got a total of $92 million in financing approved by the Port of Cleveland to help get them closer to construction. Two are mixed-use housing developments in Cleveland totaling 355 residential units. The third is a new, 136-room AC Marriott hotel at Valor Acres, the former Veterans Administration (VA) Hospital site in Brecksville.

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Bedrock to add steam plant site to Riverfront plans

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If you like what Bedrock Real Estate has planned for its huge Riverfront Development in Downtown Cleveland, expect more of it at the site currently occupied by closed Cleveland Thermal steam heating plant, 2274 Canal Rd. That’s what public records reveal in the application for Ohio Brownfields Program funding that was awarded last week. But not all of the steam plant may be affected.

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