Residential Real Estate News

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

Downtown Lakewood project nears final approval

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To finally repurpose the site of the former Lakewood Hospital that was closed in 2016, plans for a proposed major development have one more hurdle at the city of Lakewood to clear before crossing the finish line. That last hurdle, City Council, will take up those plans next month. If they’re approved by the end of this year, construction could start by Spring 2025 on the $100-plus million development.

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Fairview Hospital-North final concept presented

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After presenting plans for the new North Campus of Fairview Hospital, 18101 Lorain Ave., to Cleveland’s Kamms Corners community, Cleveland Clinic officials and their design team will now submit the project to the city’s design-review process. Proposed timelines for the project were also revealed, showing the Clinic wants to move forward quickly on this major project.

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Cleveland launches affordable housing fund

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Last evening, a new Cleveland Housing Investment Fund (CHIF) was launched when Cleveland City Council passed legislation that requires the city to provide financing to the new fund. The city’s $18 million commitment leverages $20 million pledged by Cleveland-based KeyBank to boost the development of mixed-income rental housing and home ownership opportunities.

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Bridgeworks can finally build – up to two stories

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After four years of going through multiple design iterations, it somehow seems natural that Bridgeworks finally got the OK today from the city to start construction — but only up to the second floor. To build above that, the project’s development team is going to have to come back to the city for design approval of the building’s top five floors. The team pledged it would do so — quickly.

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Library Lofts turning next page at Circle Square

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With a partial occupancy permit from the city awarded, arriving residents are opening the book on Library Lofts — the latest building to be offered at the Circle Square district of Cleveland’s University Circle. Like a novel with a thick plot, progress on the apartment building-over-public library has taken lots of turns, though it’s not done yet. But this page-turner is almost there. And what a poetic conclusion it may turn out to be.

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Bridgeworks – one more review ’til they’re through?

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It’s been said before — many times; many ways. No, not “Merry Christmas.” But “We hope this is the final design for Bridgeworks.” And the Bridgeworks development team hopes to start site preparations by the end of next month with construction to follow — perhaps by the time chestnuts are roasting on an open fire at Christmas, by the way.

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East Stokes skyscraper concept wins approval

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Cleveland’s City Planning Commission today gave unanimous support to the conceptual design of a proposed mixed-use high-rise in the University Circle neighborhood. If the project is able to move swiftly through the design-review process, the proposed 24-story East Stokes Tower at the southeast corner of Chester Avenue and Stokes Boulevard could see construction start as early as spring 2025.

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Asiatown mixed-use development plan revived

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Three years after a development team planned a mixed-use project at the closed Dave’s Market, 3301 Payne Ave., in Cleveland’s Asiatown, some members of that development team are back to invest in that site again. This time, a $42.3 million development is proposed with a more focused approach on affordable housing atop ground-floor commercial and community uses.

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New skyscraper planned for University Circle

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The development team for Circle Square, a district bringing more than one million square feet of mixed-use development to market in Cleveland’s booming University Circle, is about to introduce its latest addition to this booming district. And that addition, at the southeast corner of Chester Avenue and Stokes Boulevard, will challenge Circle Square’s The Artisan for the tallest building in Cleveland’s “second downtown.”

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Two apartment buildings in Hub 27’s first phase

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A revised plan is moving forward to fill in more of the development gap along West 25th Street between Cleveland’s booming Ohio City neighborhood to the north and the growing La Villa Hispana community to the south. In between is where the latest development, Hub 27, is poised to rise and join other existing, underway and planned developments at the north end of the Clark-Fulton neighborhood.

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