Commercial Real Estate News – Page 6

McCafferty Center site to be senior housing

Ian McDaniel / January 18, 2025

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.

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City seeks future TIF funds for Riverfront work now

Ken Prendergast / January 17, 2025

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.

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Little Italy’s Singer Steel has new owner

Ken Prendergast / January 16, 2025

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

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Downtown Flagstar Bank closing; What does it mean?

Ken Prendergast / January 15, 2025

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?

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Goncalves: a Cliffs-USS HQ would be in Pittsburgh

Ken Prendergast / January 14, 2025

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.

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Ohio City building doesn’t survive the weekend

Ken Prendergast / January 13, 2025

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.

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Cleveland’s Variety Theatre is for sale

Ken Prendergast / January 10, 2025

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.

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Carriage Co. rebirth gets partial OK, start date

Ken Prendergast / January 9, 2025

Redevelopment of a vacant factory complex in Cleveland’s Ohio City neighborhood into a mixed-use property is on an “aggressive” timeline to get underway. But the Landmarks Commission said it needed more design details about new windows and exterior doors before it could sign off on the entirety of The Carriage Co. project.

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Depot on Detroit arriving, traffic calming next?

Ken Prendergast / January 7, 2025

In two weeks, the board of the Greater Cleveland Regional Transit Authority (GCRTA) is expected to approve the sale of land for a planned apartment building just west of the West Boulevard rapid transit station in Cleveland’s Edgewater-Cudell neighborhood. But that development is renewing interest in a neighborhood plan for redesigning streets next to the station to make the area a more comfortable place to walk and could avail more development sites.

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Erieview Tower financing done, work starts ASAP

Ken Prendergast / January 6, 2025

Closing of financing for the $218 million redevelopment of the 38-story Erieview Tower and Galleria redevelopment in Downtown Cleveland was announced today by two advisors to the project. The momentous occasion signals an immediate start for residential construction, although some of the remaining office tenants in the building told NEOtrans that site-prep work is already underway.

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