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A company owned by billionaire Dan Gilbert has secured a permit from the U.S. Army Corps of Engineers for the reconstruction of bulkheads along the edge of the Cuyahoga River, a federal navigation channel. The approved work will be one of the first tangible pieces of Detroit-based Bedrock Real Estate’s huge Cleveland Riverfront Development Project.
Read MoreBedrock to start riverfront work Read More Âğ
In recent months, the Greater Cleveland Regional Transit Authority (GCRTA) has served notice that its rail system isn’t going anywhere. And that could be interpreted in one of two ways. In one way, GCRTA plans to invest $540 million by the end of this decade to rebuild its 34-mile rail system including a new, standardized light-rail fleet plus rebuilt tracks and stations on the Red, Blue and Green lines. Greater Cleveland’s “Rapid” is sticking around for decades to come. But taking it another way, there are no expansion plans while ridership on GCRTA buses and trains fell nearly 60 percent from 2013 to 2021 “led” by its rail system which fell even farther, from 9.3 million boardings in 2013 to 2.9 million in 2021.
Read MoreGCRTA stations: lots of opportunity Read More Âğ
While Oliva Steakhouse is due to open by the end of the year in downtown’s Warehouse District, and Starting Point child development agency is opening at Link59 in Midtown, old Lido Lounge in Westown is due to be replaced by a Bank of America branch.
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At a press conference this week, Cleveland Browns owners Jimmy and Dee Haslam raised some eyebrows with their comments about the current stadium and where the football team might play in the future. Among other remarks, Jimmy Haslam interjected that “The only thing Dee and I would say for sure is we’re not leaving Northeast Ohio.” According to a team source familiar with its negotiations with the city of Cleveland, that remark was a subtle nudge to the city to resolve an apparent impasse in negotiations. The source added that, if the team doesn’t see more progress, it could leave Cleveland for a new stadium in the suburbs.
Read MoreBrowns Stadium talks tackled for no gain Read More Âğ
All Progressive Insurance employees received a notice this morning announcing that, due to remote working, the company would be slashing the square footage of active office spaces and attempt to sell or lease those it will no longer occupy. As a result, about 850 employees who continue to work in the office will be consolidated into the company’s Campus 2, 300 North Commons Blvd. It will also move the corporate headquarters from Campus 1, 6300 Wilson Mills Rd., but remain in Mayfield Village.
Read MoreProgressive’s office spaces to be slashed Read More Âğ
By the end of this year, Cleveland State University (CSU) officials and their project consultants said they hope to select a development team, financing plan and a proposal for a new multi-purpose, indoor arena on Payne Avenue just east of downtown Cleveland. The arena would serve the athletic and academic needs of CSU as well as the entertainment needs of Greater Cleveland. And depending on the responses from prospective teams, the winning proposal could also include details about developing a neighboring mixed-use district.
Read MoreNew CSU arena in play by year’s end Read More Âğ
In a move that expands its portfolio westward into a new market, East Coast-based Reynolds Asset Management, with financing provided in partnership with Northwest Bank, announced it has closed on the acquisition of a 125-unit multifamily apartment complex in the Greater Cleveland area. It is Reynolds’ first real estate asset acquisition in the Midwest and the first of more deals it is seeking in the Cleveland-area market.
Read MoreReynolds enters Midwest market with local buy Read More Âğ
The city of Cleveland’s Board of Zoning Appeals’ docket regularly sees cases like this. On Monday, Sally Banks LLC will ask the board to allow it add a 1,100-square-foot addition to its popular Treehouse pub, 820 College Ave. in Tremont, without adding off-street parking spaces. It’s the second time the pub is expanding and it’s the second time it has had to go through the process of getting a variance to ignore the city’s zoning laws. Those zoning laws say the pub has to add an off-street parking space for every 100 square feet of new business space. The average cost per parking space to build a surface parking lot is $5,000, city data shows.
Read MoreCity considers re-legalizing the city again Read More Âğ
The desire for new-build projects in downtown Cleveland led to the creation of the state’s Transformational Mixed Use Development (TMUD) tax credit program nearly three years ago. But in the first two years of the four-year TMUD program, no developers of new-construction downtown projects have submitted applications. As the third round of TMUD will start next week, will a new-build project downtown finally be an applicant — or perhaps even a winner — despite of tightening labor and credit markets plus rising interest rates?
Read MoreTMUD round 3 starts next week Read More Âğ
Although the downtown lakefront plans to released publicly on July 27 will be preliminary, they will give more insight into the direction city officials received from prior public input sessions on developing the city’s “front porch” as officials call the lakefront. And since these plans are still preliminary and conceptual, city officials said they want more public input on them before refining them and adding more design details to them.
Read MoreLakefront vision to be unveiled July 27 Read More Âğ
