Residential Real Estate News

A brief summary of the most relevant and major residential real estate news in Greater Cleveland

McCafferty Center site to be senior housing

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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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First Interstate to renovate UC apartment building

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This summer, an aging but well-located building in the heart of Cleveland’s booming University Circle will get a needed refreshing to help it compete with new apartment buildings nearby. The University East Building, 11308-11330 Euclid Ave., will get that attention now that it is under the long-term management of a prominent local real estate developer.

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Ohio City housing emerging south of tracks

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An early indicator of an emerging real estate development is to see a request for unused public rights of way to be vacated. Another is a mass of properties being acquired by the same company in the same area. Yet another is to see decaying structures in that area be demolished. All three of those conditions are occurring on Barber Avenue at West 30th Street, where Cleveland’s Ohio City neighborhood meets Clark-Fulton.

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Bridgeworks gets green light from Landmarks

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Typically, the third time’s a charm, but Bridgeworks needed more times than that to earn the approval of the Cleveland Landmarks Commission. Ultimately, the proposal passed unanimously today. The go-ahead allows developers to move forward with constructing all of the $84 million project, located at 2429 W. Superior St. in Cleveland’s Ohio City neighborhood.

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North Collinwood ‘historic’ modular townhomes OK’d

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Six townhomes may not sound like much, but their builder says they’re an “historic” next step toward increasing the amount of modular housing in Cleveland. City officials and some home builders say more modular homes are needed here to address shortages in quality, affordable housing, fill vacant lots, repopulate the city, increase homeownership in Cleveland and build equity.

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Ohio City townhomes project gets 2nd shot

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A long-planned and contentious townhomes development at 4705 Bridge Ave. in Cleveland’s Ohio City neighborhood is seeing signs of construction activity after being on hold for nearly three years. The project’s revival is due to several factors including an improved for-sale housing market of lower interest rates, more fluid financing for construction and a new construction contractor that was hired.

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Cleveland riverside neighborhood opens for tours

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For much of the past 50 years, Scranton Peninsula, across the curving Cuyahoga River from Downtown Cleveland, had become an increasingly desolate place. It saw its two largest industrial employers — Northern Ohio Lumber and Republic Steel’s Upson Nut Division — depart, leaving the 75-acre peninsula scarred and mostly vacant. But a residential future is rising.

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