Cleveland East

NEOtrans business, development, real estate, construction and market trend news from the East side of Cleveland

Stokes West gets go-ahead

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Developers of a large apartment complex in Cleveland’s University Circle could start construction of the $40 million project before August if all goes well in the coming weeks. That optimism was earned today after City Planning Commission gave the project final approval of its new, overhauled design and a zoning change to accommodate that design. The development is different from several others nearby because it isn’t trying to brush with or break through the top of the market when it comes to rents. Instead, Stokes West intends to offer smaller, more affordable apartments, many of them already furnished for new arrivals in Cleveland and from across the world.

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Six local housing projects win tax credits

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Six housing developments in Cuyahoga County won federal Low-Income Housing Tax Credits (LIHTCs) yesterday from the Ohio Housing Finance Agency (OHFA), improving their chances of seeing construction in the near future. Those projects and 23 others elsewhere around the state received conditional LIHTC commitments. Developers will use those awards to leverage additional financing in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.

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Federal Equipment expands in Cleveland’s Kinsman

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Historically, when a company outgrows its aging facilities in the urban core, they tend to move out to a larger, more modern structure in the suburbs. But not Federal Equipment Co. which is expanding its presence in Cleveland’s Kinsman neighborhood that it’s called home for more than six decades. It’s the latest real estate investment along the Opportunity Corridor and the Blue/Green light-rail transit lines in an area of the city derisively dubbed as the Forgotten Triangle, until now.

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CWRU institute replacing BioEnterprise

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After announcing last month that it will join others in acquiring BioEnterprise Corp.’s assets, Case Western Reserve University (CWRU) has developed plans to remake a portion of the nonprofit business incubator’s University Circle property into a home for a nascent research effort for improving human-machine interaction. Called the Human Fusions Institute (HFI), the national effort based in Cleveland at CWRU to advance socially responsible innovations in prosthetics, robotics and even gaming could see renovation work start later this year.

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Big plans for reviving Slavic Village

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Two new mixed-use buildings, historic renovations of others, hundreds of mixed-income apartments and retailers that could include a grocery store are envisioned as part of a $60 million to $70 million redevelopment of the North Broadway Corridor in Cleveland’s Slavic Village neighborhood. And that’s just the first phase envisioned by a development team called The Village Partnership comprised of several of Northeast Ohio’s most prolific developers.

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Cleveland has designs on its waterfronts

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For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But there’s now a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Those funding allocations for nine waterfront projects were all recommended by the City Planning Commission for City Council approval. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.

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Stokes West redesigned

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It seems every real estate developer is having similar problems — supply constraints, rising construction materials costs and rising interest rates. Only those projects that are charging top-of-the-market rents, have investors with low expectations for returns on investment, or received a ton of subsidies are getting built. So when Stokes West, which intends to offer apartment rents that are 13-21 percent lower than its peers in and near University Circle, got design approval by City Planning Commission last summer, it was already facing an uphill climb. That changed when the development team joined forces with Geis Construction Inc. and found a way to deliver the project more affordably.

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$208m Shaker Rapid rebuild down the line

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Starting next year and continuing until 2028, the Greater Cleveland Regional Transit Authority (GCRTA) plans to completely rebuild its two rail rapid transit lines in Shaker Heights, east of Cleveland’s Shaker Square. Called the Blue and Green lines, this would be their first major infrastructure rebuilding since 1980. But not everyone is on board with this $208.2 million initiative that is included in GCRTA’s proposed capital budget, scheduled to get its first hearing May 2.

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CWRU’s $300m research center moves forward

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A proposed Interdisciplinary Science and Engineering Building with a construction budget roughly equal to that of the new Sherwin-Williams headquarters’ original tab is no longer just an idea for administrators, staff and students at Case Western Reserve University (CWRU). The university is already making moves to relocate classes and other services and activities out of Yost Hall, 2049 Martin Luther King Jr. Dr., so it can be demolished this summer to make way for the new research center.

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Little Italy, Tremont townhouses planned

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A Cleveland real estate firm that has been renovating homes in the metro area is entering the new-construction market by building new homes in Sandusky and seeking to construct new townhomes in two of Cleveland’s hottest neighborhoods. ParaPrin Construction, located on West 105th Street, wants to construct six new townhomes in Little Italy and Tremont if its vision passes muster with the City Planning Commission.

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