Downtown Cleveland

NEOtrans business, development, real estate, and construction news from the Downtown Cleveland area

What we may see in 2023

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When it comes to business, real estate and community investment, there’s a lot to look forward to in Greater Cleveland in 2023. Look no further than the new Canon Healthcare headquarters, Bedrock real estate’s riverfront plans, Midtown Cleveland developments, booming University Circle and its spillover into long-neglected neighborhoods, the next artist district in Cleveland, ballpark villages around our city’s sport venues, lakefront plans and projects, transit-oriented developments, plus the skyscrapers under construction downtown.

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Postmortem on Medical Mutual’s HQ decision

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The decision for Medical Mutual of Ohio to abandon its downtown Cleveland headquarters for suburban Brooklyn was apparently less of a strategic move and more of a matter of which city’s public incentives got used first. And according to a local real estate insider, it was a short-term decision that could end up biting the Fortune 1000 company and downtown in their hind ends in the long term.

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Boost in historic tax credits benefits Ohio projects

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Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects.

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Plans for $49M renovation, expansion of convention center revealed

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Plans for renovating, expanding and converting the ill-fated Global Center for Health Innovation into additional meeting and event spaces for the Huntington Convention Center of Cleveland were made publicly available this week. They were released ahead of their scheduled review Thursday by the Cleveland Landmarks Commission. Those plans show Cuyahoga County would increase the size of the 120,000-square-foot, former global center, aka Medical Mart, by more than 23,000 square feet.

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Brownfield grants reveal progress on many projects

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Ohio Gov. Mike DeWine today announced $88 million in state support for 123 brownfield remediation projects that will help clean up hazardous and underutilized sites throughout the state. The Ohio Department of Development is funding the awards through the Ohio Brownfield Remediation Program, which is designed to clean up and prepare hazardous brownfield sites for redevelopment. The projects announced today will impact communities in 35 counties across the state.

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Amtrak Ohio expansion may bypass state government

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Several initiatives that are in their early stages may instigate passenger rail expansion to Cleveland before the state of Ohio decides to get on board. That could be welcome timing considering the Federal Railroad Administration will solicit applications next week for funding to begin the process for developing new and expanded passenger rail services.

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Dog daycare chain eyeing downtown

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A national dog daycare chain is eyeballing the Greater Cleveland area and may start by planting its flag in downtown Cleveland. Dogtopia franchisee and self-described dog lover Alex Mazzenga of Cleveland Heights is seeking to open a dog daycare business at the City Club Apartments, 776 Euclid Ave, according to a building permit application filed with the city this week. The investment necessary to build out the space, estimated by the permit at up to $1 million, shows there’s some serious puppy love involved.

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Odeon, 3 other Flats parcels sold to developer

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The Odeon concert club, 1295 Old River Rd., was among four contiguous parcels on Cleveland’s Flats East Bank that were sold last week to Cleveland-based GBX Group, a real estate development financier which specializes in structuring financing for historic rehabilitation projects. However, when contacted by NEOtrans, a GBX representative said their plans for the site would not be officially announced for at least two months.

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Four NE Ohio projects win TMUD credits

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In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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