NEOtrans business, development, real estate, construction and market trend news from the East side of Cleveland
Cleveland State University is about to start work on plans for a new arena, a downtown parking garage will be demolished — for a parking lot, and one of the oldest public housing projects in the USA along with the old juvenile justice center will be demolished for a mixed-income housing complex.
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Less than a week after Tessa Jackson left her post as Cleveland’s economic development director, Mayor Justin Bibb has found a replacement — at least temporarily. This morning, Bibb named Terri Hamilton Brown as the city’s interim director of economic development. She was sworn in and began work today following the departure of Tessa Jackson on June 15. The city expects to open the application process for the permanent position later this week.
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Another leading indicator of potential population growth in Greater Cleveland was published this week by Bank of America (BofA), one of the nation’s Big Four banking institutions, serving more than 10 percent of all bank deposits of the United States. In a BofA June report, it put Greater Cleveland among the top metro areas benefitting from pandemic-instigated domestic migration trends, with its positive inflow-over-outflow rate ranking up there with the likes of Austin, Tampa, Orlando and Dallas.
Read MoreBofA: they’re coming to Cleveland Read More »
Case Western Reserve University (CWRU) President Eric Kaler yesterday announced the details of the university’s new, 200,000-square-foot research center intended to promote collaborative discovery and innovation. Called the Interdisciplinary Science and Engineering Building (ISEB), the $300 million investment represents the university’s largest-ever project on the Case Quad, northeast of Euclid Avenue and Martin Luther King Jr. Boulevard.
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Some buildings are just walls, floors and a roof. Others have architecture, history and modifications that encourage visitors and tenants to crane their head or to look around each corner as they listen to their buildings’ curators tell stories and experiences about them. Its setting is among the reasons why the Brownhoist Building, 4403 St. Clair Ave., in Cleveland’s St. Clair-Superior neighborhood has become an idea-generating co-working space for artists.
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Amid the good news in Ohio and especially in Greater Cleveland that unemployment has fallen to pre-pandemic lows is the harsh reality that inner-city joblessness remains high. This is despite thousands of jobs made available by economic growth and retiring Baby Boomers. Meanwhile, three-fourths of all available jobs are beyond the reach of public transportation or, where public transportation is fast and frequent, there are many jobs but few quality housing options.
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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 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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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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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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