Residential Real Estate News

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

Downtown’s latest high-rise gets finishing touches

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Fifty weeks ago, NEOtrans got a tour of the Skyline 776 apartment tower just as its first tenants were moving in. But those tenants were moving into a 23-story high-rise that was still under construction and recovering from a sudden transition. Nearly a year later, work is still be done on the building, at 776 Euclid Ave. in Downtown Cleveland. But a lot has been done and there is finally an end-date in sight.

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Ohio City townhomes may be stalled into 2026

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Eleven townhomes in various states of construction progress have been sitting idle since last fall and are becoming a worry to neighbors, based on social media posts and inquiries to NEOtrans. But based on court filings, further construction progress on the Equinox Townhomes, 1420 W. 48th St., in Cleveland’s Ohio City neighborhood may not happen for months.

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Cleveland developments to benefit from HB96

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When sifting through the many development incentives in the state’s newly passed two-year budget, it becomes clear that a lot of Cleveland urban core projects are going to be eligible for them and potentially benefit from them. But, as we saw from a state program to aid megaprojects, a program will only benefit a region if there are projects and their sponsors in that region who will apply for them.

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Hough senior housing tests first new zoning in 96 years

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Cleveland City Planning Commission today approved designs for a 55-unit affordable senior housing development in Cleveland’s Hough neighborhood. While that isn’t such a big story anymore, given the heightened pace of investment in this former poster child enclave of urban decay, it is when you consider the plans for this project were submitted to the city only in May.

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Development near Edgewater Park revived

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Three years ago, a team led by Beachwood-based Property Advisors Group (PAG) planned to build a large residential development at 8400 Lake Ave., overlooking Edgewater Park in Cleveland’s Detroit-Shoreway neighborhood. But with construction costs and interest rates rising, the timing wasn’t right. While costs are still high, the city’s new form-based zoning code may make a scaled-down project achievable and in a timely manner.

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Sinito walks away from running Millennia

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Frank Sinito Sr., founder of Millennia Companies, has stepped away from managing the day-to-day business of one of the nation’s largest owners and managers of affordable housing properties. In announcing this and other leadership changes, the company said it will be selling off parts of its affordable housing portfolio and expanding investments into market-rate housing.

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