Downtown Cleveland – Page 48

Rock Ventures: First Detroit, now Cleveland

Ken Prendergast / January 24, 2023

Billionaire Dan Gilbert can ride up and down Woodward Avenue in downtown Detroit and admire his work like no one else can. He can point at buildings like a kid checking out baseball cards in a collector’s showcase and say “got it, need it, got it, got it…”

Perhaps he and his real estate company Bedrock might have the opportunity to do that soon in downtown Cleveland, too. And while Euclid Avenue is our main street like Woodward is Detroit’s, most of Gilbert’s acquisitions in Cleveland are along Prospect Avenue and Huron Road. There are some other differences as well, which may offer the opportunity for seeing some more construction workers and cranes in downtown Cleveland. Thankfully, Gilbert can count his properties and his blessings as he is almost fully recovered from a 2019 stroke.

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Sneak peek at GCRTA’s new trains

Ken Prendergast / January 20, 2023

When the Greater Cleveland Regional Transit Authority (GCRTA) acquired new Italian-built Breda trains for its Blue and Green light-rail lines linking Shaker Heights and downtown Cleveland, Jimmy Carter was still in the White House. It was only a few years later, in Ronald Reagan’s first term, when GCRTA received new Japanese-made Tokyu trains for its heavy-rail Red Line between Cleveland Hopkins Airport and Windermere. GCRTA is still relying on trains that predate the mullet. To say that these trains are due for a replacement is an understatement.

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Sherwin-Williams seeks “strategic developments” at HQ

Ken Prendergast / January 17, 2023

When Sherwin-Williams (SHW) finalized a deal last month with Florida-based Benderson Realty Development Co. to buy a big stake in its new global headquarters, the conversations reportedly began with different intentions. According to sources who spoke on the condition of anonymity, those intentions were both more modest and more grand, depending on how one looks it, and could play out further over the coming year.

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Seeds & Sprouts XXV — Park Place Tech stays, LaSalle Theater available, Grant Thornton moving

Ken Prendergast / January 13, 2023

Park Place Technologies will stay and expand in Mayfield Heights. Collinwood’s LaSalle Theater, now stabilized, is up for sale. And Grant Thornton, one of the nation’s largest accounting firms, is moving and shrinking its downtown Cleveland office.

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Progressive Field final plans announced

Ken Prendergast / January 12, 2023

The Cleveland Guardians today announced renovation projects that are scheduled to be completed over the next three years as a result of the Cleveland Guardians new lease extension at Progressive Field announced last year. Progressive Field Reimagined will improve and extend the life of Progressive Field, which is the 11th-oldest ballpark in Major League Baseball, and will include renovations to the Upper Deck, Terrace Club, Dugout Club, home and visiting Clubhouses & Service Level, and the Guardians Administrative Offices. The Guardians said they expect all ballpark facility renovations to be completed by the 2025 season.

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Bedrock buys Gateway megaproject site

Ken Prendergast / January 6, 2023

Bedrock and Stark Enterprises today officially announced the acquisition and sale of the former nuCLEus development site, adding 3.17 acres to Bedrock’s growing downtown Cleveland development portfolio. Situated at the intersection of East 4th Street, Prospect Avenue and Huron Road, the site is comprised of a large surface parking lot, a parking garage, and a two-story retail building containing Mr. Albert’s Men’s World.

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What we may see in 2023

Ken Prendergast / January 2, 2023

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

Ken Prendergast / December 27, 2022

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

Ken Prendergast / December 21, 2022

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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