Downtown Cleveland

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

Cleveland development: what to look for in 2024 — Downtown

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For many in the real estate investment community, 2023 was the year when few new big projects were financed. The projects that were already financed under better, prior market conditions saw their construction advance, making the real estate landscape appear rosier than it really was. Now, however, as we enter 2024, there is a light at the end of the tunnel with developers already reviving or making new plans.

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Cleveland Lake Shore Power Plant land gets new owner

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It seemed too good to be true, and alas, it was. Title to a large, mostly vacant property for the former Lake Shore Power Station, 6800 S. Marginal Rd., in Cleveland, is being transferred to a new owner. The 62-acre site is across Interstate 90 from the bulk of Cleveland Metroparks’ lakefront improvements. But it’s not the Metroparks, the city or even a developer seeking to add recreation, housing or a mix thereof next to Lake Erie.

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Downtown Cleveland skyscraper sells cheap

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According to a well-placed source, Downtown Cleveland’s third-tallest skyscraper is under a purchase agreement from a New York City-based buyer. The 45-story Huntington Building, also known as 200 Public Square, has seen its share of challenges since the pandemic and the rise of remote working nearly four years ago as other office properties have. That is one reason why the building has reportedly sold for a vastly discounted rate.

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Record Rendezvous building among historic renovation awards

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An historic building in Downtown Cleveland that housed Record Rendezvous, where the term “rock and roll” was reportedly first used to describe the genre, was awarded tax credits to aid in its restoration. It was among dozens of historic buildings across the state that were awarded credits today by the Ohio Department of Development.

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Three big county projects about to advance

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Fifteen years ago, when the Great Recession could let someone go bowling down East 9th Street without hitting anyone, three major construction projects were about to get started and provide the city of Cleveland with much-needed economic stimulus. Back then, construction of the new Huntington Convention Center, the Flats East Bank redevelopment, and the new Inner Belt highway bridges represented a total public works investment of nearly $1.5 billion.

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BrandMuscle opens new Cleveland hub

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The bad news is that a Downtown Cleveland employer has reduced its office footprint. The good news is the company, BrandMuscle, a mid-sized marketing technology firm, opened a new office yesterday downtown. The better news is that BrandMuscle kept Cleveland as one of its two remaining office hubs along with Chicago, while closing other offices in Austin, TX and Kansas City, MO after switching to a largely remote-work culture.

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