Real Estate News

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

Getting empowered to shape Cleveland’s landscape

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Fourteen promising entrepreneurs from diverse backgrounds have been selected to participate in an innovative new real estate development program with a clear mission: to break down historical barriers and empower these individuals with the knowledge and tools needed to shape the future of Cleveland’s communities. The Cleveland Equitable Development Initiative, or CLE-EDI, will bolster the ranks of successful minority real estate developers in the region and to stimulate economic growth in the communities from which these entrepreneurs hail.

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Bridgeworks grows by shrinking

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In Cleveland’s Ohio City neighborhood, and in the face of financial headwinds affecting projects nationwide, the long-planned Bridgeworks development underwent a major redesign that would cut costs and add more space by filling land, not the sky. Gone is a 16-story building and separate parking garage, replaced by a single, seven-story building that incorporates parking within a structure that fills out more of the 2.13-acre site at the west end of the Detroit-Superior Bridge. The revised plans will be reviewed by the city’s design-review boards in the coming weeks. Financing from the city, Cuyahoga County and Cleveland-Cuyahoga County Port Authority was arranged last spring.

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Repurposed Greyhound station, tower planned

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Two Connecticut development firms have returned to their state’s Western Reserve with the goal of redeveloping the landmark Greyhound bus station in downtown Cleveland. While their plans are still early on, a basic concept for the plan appears to be taking form and the developers are reaching out to City Hall and Playhouse Square Foundation officials to get their input on that vision that could include a repurposed station and an apartment tower.

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Cleveland, Bedrock OK roles in $3.5B project

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Yesterday, at its regular weekly meeting, Cleveland City Council voted to approve an updated and expanded Master Development Agreement (MDA) between Bedrock Real Estate and the city of Cleveland that serves as a guiding framework for Bedrock’s planned $3.5 billion riverfront development project. As one might expect, with such a large, multi-phase development, the project and its legal and fiscal frameworks are very complex. But the new frameworks helps spell out what is expected of each party.

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Guardians to expand real estate holdings

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The Cleveland Guardians Major League Baseball (MLB) team is exercising an option on acquiring the second of two properties that were offered to it when the team extended its lease on Jan. 1, 2022 to play at Progressive Field for at least another 15 years, a city source said. The property it will acquire this time is the huge Gateway East Garage, 650 Huron Rd. East in downtown Cleveland for $25 million and could set the stage for a full or partial demolition of the 29-year-old garage for a “ballpark village” redevelopment.

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Latest TMUD wish list is NEO-light

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One of the favorite past-times among some Northeast Ohioans is to complain that too much of their state tax dollars are going to the rest of the state and not enough to Northeast Ohio. But if you don’t ask for anything, you don’t get it. That’s the case when it comes to the latest round of Transformational Mixed Use Development (TMUD) tax credits. Northeast Ohio TMUD applications represent only 10.8 percent of the total dollar amount requested statewide for Ohio’s fiscal year 2024 round and only one downtown Cleveland project was submitted. Ironically, the TMUD program was the brainchild of a Cleveland developer to encourage more downtown Cleveland projects.

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Downtown Lakewood project going through phases

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Over the next 60-90 days, the city and its development team will explore the feasibility of breaking up into more achievable pieces or phases the ambitious, $100-million-plus-dollar vision to redevelop the former Lakewood Hospital site in Downtown Lakewood. But city officials and the development team they chose said the basic, long-term vision for the site will remain largely unchanged from what city review boards have approved thus far.

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Cleveland suburb wants to be the next ‘Forest City’

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While Cleveland was once called the Forest City due to the tree-studded neighborhoods it boasted in the 19th century, one of its suburbs might be in a position to claim that title in the coming years thanks to a generous grant from the federal government. The benefits of more trees are simple — they help provide cooling shade in summer, a windbreak in winter, and more attractive business districts and residential areas that can increase property values.

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Cavs, Clinic confirm downtown move

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In a formal announcement made today, the Cleveland Cavaliers, the Cleveland Clinic and Bedrock Real Estate officially unveiled a partnership for and conceptual plans of the Cleveland Clinic Global Peak Performance Center – a first-of-its-kind sports performance center and training facility. Proposed plans include the development of an interdisciplinary training center which would be located on the Cuyahoga River’s waterfront in downtown Cleveland. The center would be the only Cleveland Clinic-backed professional facility to be open to the public.

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West Park area developments emerge

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While big developments in and near Downtown and University Circle continue to be announced, a lot is going on in other Cleveland neighborhoods, too. Among those seeing activity are the West Park and Bellaire-Puritas neighborhoods, with new market-rate housing, jobs and educational projects planned. All three investments are critical to keeping Cleveland’s westernmost neighborhoods fresh and vibrant, said their City Councilman Charles Slife, of Ward 17.

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