Real Estate News

Data-rich and deep analytical information about Greater Cleveland real estate news

Millennia’s Centennial due this year

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Although a “groundbreaking” ceremony for the start of one of downtown Cleveland’s largest-ever building renovations may not happen until late summer, you may see work crews going in and out of the former Union Trust Bank, 925 Euclid Ave., even earlier. That’s because an interior demolition permit application was submitted to the city this week to prepare for construction work in converting the 1.4-million-square-foot behemoth into The Centennial, featuring nearly 600 apartments, 170 hotel rooms, plus retail, restaurants and a museum.

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Little Italy, Tremont townhouses planned

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A Cleveland real estate firm that has been renovating homes in the metro area is entering the new-construction market by building new homes in Sandusky and seeking to construct new townhomes in two of Cleveland’s hottest neighborhoods. ParaPrin Construction, located on West 105th Street, wants to construct six new townhomes in Little Italy and Tremont if its vision passes muster with the City Planning Commission.

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Weston plans huge warehouse in Euclid

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Keeping Euclid’s industrial facilities modern and competitive to attract new jobs is the goal of a large, new warehouse/light industrial facility called Tech Park 90 that could see construction start as early as June, said a representative of its developer, the Weston Group. Even more impressive is that the project is being pursued as a speculative development, meaning that an anchor tenant hasn’t been secured prior to Weston’s decision to move forward on it.

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Chester 82 gets thumbs up

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When the Cleveland Planning Commission gave final approval of design plans on April 21 for the Chester 82 development, 1898 E. 82nd St., it coincided with the federal government’s release of the latest jobs data for Greater Cleveland. That data offered a reminder of why Chester 82 and other residential developments in Cleveland’s Hough neighborhood are happening.

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Hulett Hotel plans make a comeback

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Six years ago, Mark Raymond planned a 25-room boutique inn called the Hulett Hotel with a mix of new construction and renovation at 1452-1468 W. 25th St. in the Hingetown section of Cleveland’s Ohio City neighborhood but the plan faded into memory during the pandemic. Today, he’s raising some eyebrows in the neighborhood by going bigger at a time when many real estate developers are putting construction plans on hold.

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The West Shore also rises

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In the coming weeks and months, the continued metamorphosis of land uses along Cleveland’s West Shoreway from industrial to residential will yield some new features that will show just how much Cleveland is changing. Several projects along the Shoreway-turned-Edgewater Parkway will be under way at roughly the same time and offer some lofty symbols about Clevelanders’ evolving regard for its often-ignored lakefront.

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Haslams’ major announcement(s)

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Cleveland Browns owners Dee and Jimmy Haslam, Cleveland Mayor Justin Bibb and Berea Mayor Cyril Kleem, Cuyahoga County Executive Chris Ronayne and others are due to make one or more big announcements starting next week that will include the lakefront football stadium, the Browns’ Berea campus, mixed-use developments around both plus a relocated Shoreway. The announcements will be about changes intended to activate the downtown lakefront by the end of this decade in ways it hasn’t been since the 1930s and to create a year-round fan-friendly village around the team’s suburban headquarters and practice facility, according to two sources familiar with the developments.

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Greater Cleveland office market still struggling

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Newmark, one of the world’s leading real estate services firms, issued its first quarter 2023 (23Q1) office market report for Greater Cleveland today and it continues to show a worsening situation in the region’s office sector. While only one submarket within Greater Cleveland showed an increase in office occupancies, none are taking it on the chin more than the central business district (CBD), its retailers, restaurants and transportation providers. But that data may have been disproportionately affected by a major deal.

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Treo opening doors on West 25th

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Treo, named for where Tremont meets Ohio City, is the first of the big, market-rate apartment buildings to come to this no-man’s land part of town. Built on the site of a former auto repair and scrap yard business along a lesser-traveled section of West 25th Street, Treo’s first resident moved into the 171-unit property last week as construction work is substantially completed.

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Haslams envision glitzy new Berea future

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The owners of the Cleveland Browns are trying to keep up with the Jones’. And the Kroenkes, Spanos’ and Wilfs, too. To do that means upgrading the Browns’ football facilities. But that isn’t limited to their downtown Cleveland stadium where the team plays games each Sunday in the Fall. News has been reported for a couple of years by local media outlets that the Browns and their owners the Haslam Sports Group want to expand the pro football team’s practice facilities in the Cleveland suburb of Berea. But what hasn’t been reported until now is the scale and scope of that expansion. According to sources close to the Browns and the Haslams who spoke to NEOtrans on the condition of anonymity, the expansion is may include a hotel, restaurants, shops, conference facilities, plus indoor and outdoor fields with thousands of seats for spectators.

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