Downtown Cleveland

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

Downtown property owner penalized for tax credit ‘double-dipping’

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A U.S. Tax Court judge in Washington D.C. has agreed with the Internal Revenue Service (IRS) in disallowing a $22.6 million tax deduction claimed by Corning Place Ohio, LLC for not building a 34-story vertical addition on top of its 19th-century Garfield Building, 1965 E. 6th St., in Downtown Cleveland. Senior Judge Albert George Lauber also sustained the IRS commissioner’s imposition of a 40 percent penalty for a “gross valuation misstatement” in seeking the deduction.

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A strategic perspective of the Cleveland Browns Stadium

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The Cleveland Browns have long been a cornerstone of Greater Cleveland, symbolizing community pride and excitement, and contributing to the local economy and cultural identity. While the current debate around the Browns’ future stadium is heavily focused on facility location and financial issues, it is crucial to recognize the team’s non-economic benefits, such as fostering civic pride, quality of life, regional unity, and shared traditions that bring people together.

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Ohio City hotel development revealed

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A successful business finds an unmet need in a market and fills it. According to Places Development founder and Managing Principal Dan Whalen, the lack of a hotel west of Downtown Cleveland to near Hopkins International Airport is just such a gap in the market. To fill that void, he is submitting plans for a new, eight-story boutique hotel at 1960 W. 26th St. in the Ohio City neighborhood.

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Downtown Cleveland Inc. takes over management of Public Square

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Cleveland City Council has passed legislation transferring the management, marketing and programming for Public Square to Downtown Cleveland, Inc., effective upon Mayor Justin Bibb’s signature. This transition underscores Downtown Cleveland’s ongoing commitment to revitalizing the core and builds on the organization’s recent successes in securing significant funding for Public Square enhancements.

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Skyline 776 tower fills while under construction

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When you first walk into the lobby of the Skyline 776 tower, 776 Euclid Ave., you realize you’re not in your usual Downtown Cleveland apartment high-rise anymore. Of the 11 downtown apartment buildings of 20 stories or more that preceded it, each has varying degrees of luxury or lack of same. And most tried to either highlight the architectural era in which they were built, or simply present the most modern appearances possible.

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County officials urge Haslams to keep Browns downtown

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Two Cuyahoga County leaders sent a letter today to Cleveland Browns owners Jimmy and Dee Haslam urging the football team to keep playing at the stadium on the Downtown Cleveland lakefront rather than build a new domed stadium in suburban Brook Park. County Executive Chris Ronayne and Cuyahoga County Council President Pernel Jones Jr. said the Haslams’ Brook Park plan “does not make fiscal sense.”

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Cuyahoga County cleans up with brownfield bucks

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The Cuyahoga County Land Reutilization Corp., known simply as the Cuyahoga Land Bank, has secured multiple funding awards from the Ohio Department of Development’s Brownfield Remediation Program for demolishing more than 1,100 structures, mostly blighted single-family homes in Cleveland and East Cleveland. But there are also multiple funding awards for cleaning up polluted industrial sites so they can be redeveloped for new housing and jobs.

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