Real Estate News

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

Bedrock riverfront phase 1 uses ID’d

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Plans for Bedrock Real Estate’s riverfront development alongside Tower City Center in downtown Cleveland are rapidly coming together after recent city approvals of its development masterplan. Those plans, albeit still at a conceptual stage, provide insights into Bedrock’s desires and thinking about what land uses it wants to include in its first phase. From those plans and other new information, it appears that the uses to be included are primarily ones that Bedrock’s owner Dan Gilbert can control.

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New company amassing Cleveland properties

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A deep-pocketed company that’s less than two years old and based in suburban Westlake has been busily acquiring residential properties in Cleveland, primarily on the city’s West Side. And last week, the company, Sanctus Capital LLC, made its biggest purchase yet — a 5-acre parcel at 3400 Vega Ave. sold by Caraustar Recovered Fiber Group Inc. that was home to Leisy Brewing Co., once Cleveland’s largest independent brewery.

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Playhouse Square announces new projects

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First reported by NEOtrans more than two months ago, the Playhouse Square Foundation announced officially today that it will begin work in June on converting half of the Bulkley Building, 1501 Euclid Ave., in downtown Cleveland into market-rate apartments. Additionally, the nonprofit community development organization also said it has converted the fourth floor of the Hanna Building, across the street at 1422 Euclid, into co-working spaces called Backstage at PSQ.

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Downtown project wins financing

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With financing now in hand, look for demolition and construction work to start this summer for the Residences at Bolivar, 1060-1124 Bolivar Rd., in downtown Cleveland’s Gateway neighborhood. The work was made possible by Chicago-based JLL Capital Markets arranging $38.5 million in construction financing and co-general partner equity in the project from an affiliate of another Chicago firm, Leopardo Companies. JLL Capital Markets announced the financing in a written statement this week.

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Brownhoist lifts a new future

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Some buildings are just walls, floors and a roof. Others have architecture, history and modifications that encourage visitors and tenants to crane their head or to look around each corner as they listen to their buildings’ curators tell stories and experiences about them. Its setting is among the reasons why the Brownhoist Building, 4403 St. Clair Ave., in Cleveland’s St. Clair-Superior neighborhood has become an idea-generating co-working space for artists.

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Stokes West gets go-ahead

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Developers of a large apartment complex in Cleveland’s University Circle could start construction of the $40 million project before August if all goes well in the coming weeks. That optimism was earned today after City Planning Commission gave the project final approval of its new, overhauled design and a zoning change to accommodate that design. The development is different from several others nearby because it isn’t trying to brush with or break through the top of the market when it comes to rents. Instead, Stokes West intends to offer smaller, more affordable apartments, many of them already furnished for new arrivals in Cleveland and from across the world.

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As Duck Island fills, Berges goes SOLO

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Don’t tell Matt Berges that new home construction in the U.S. is in a 15-month-long slump. The owner of Cleveland-based housing development firm Berges Home Performance LLC will tell you that success depends on what you’re building and where. The where in this case is the near-West Side, specifically Duck Island, a neighborhood Berges helped rebuild. But it is running out of space for more new homes, prompting the 23-year-old firm to look elsewhere to satisfy an as-yet insatiable housing demand.

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Six local housing projects win tax credits

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Six housing developments in Cuyahoga County won federal Low-Income Housing Tax Credits (LIHTCs) yesterday from the Ohio Housing Finance Agency (OHFA), improving their chances of seeing construction in the near future. Those projects and 23 others elsewhere around the state received conditional LIHTC commitments. Developers will use those awards to leverage additional financing in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.

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Federal Equipment expands in Cleveland’s Kinsman

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Historically, when a company outgrows its aging facilities in the urban core, they tend to move out to a larger, more modern structure in the suburbs. But not Federal Equipment Co. which is expanding its presence in Cleveland’s Kinsman neighborhood that it’s called home for more than six decades. It’s the latest real estate investment along the Opportunity Corridor and the Blue/Green light-rail transit lines in an area of the city derisively dubbed as the Forgotten Triangle, until now.

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Cleveland is seeing ‘brain gain’ – for a change

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For decades, Greater Cleveland has suffered from the loss of its college-educated citizens primarily to star-studded cities on the East and West Coasts. Now, for a change, this former industrial powerhouse on the North Coast is enjoying a net in-migration of more brain than brawn. And while the region is still seeing net outmigration of those without college degrees, the results are at worst uneven.

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