Cleveland Suburbs

NEOtrans business, development, real estate, construction and market trend news about Cleveland Suburbs

Ohio megaproject applications released

When real estate developer Bob Stark thought up the Ohio Transformational Mixed Use Development (TMUD) tax credit several years ago, he envisioned it as a means to transition from tapping historic tax credits for renovating old buildings in downtown Cleveland to afford building new ones. His rationale was that, with the supply of obsolete commercial buildings dwindling to provide new residential inventory, a new financial incentive would be needed to overcome Cleveland’s high construction costs and low rents to satisfy downtown housing demand.

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Van Aken District high-rises may start next month

In a sudden development, a major real estate construction project that was rejected for state financial incentives earlier this year has found its salvation from its host city Shaker Heights. And not only were the planned high-rises in phase two of the Van Aken District blessed with city incentives, a proposed office building in phase three was also a beneficiary of the city’s generosity.

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Megaproject candidates — a partial list

While a complete list of applicants for so-called “megaproject” tax credits won’t be available until sometime next week, NEOtrans has learned who a few of the local applicants are and aren’t, including at least one surprise. The deadline was today at 5 p.m. for submitting applications to the Ohio Department of Development for the second round of Transformational Mixed Use Development (TMUD) tax credits that could total $100 million.

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Cleveland looks steady in new office market data

Contrary to the narrative that office markets nationally and especially in Greater Cleveland are dead, two new reports show they are very much alive. And while they’re not fully recovered from the pandemic and remote working, some office markets including Cleveland’s have shown surprising resilience.

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Cleveland, Lakewood rehabs corner historic credits

Several Greater Cleveland redevelopment projects in the works for years got a boost today when they were among the 38 projects awarded nearly $40 million in historic tax credits by the Ohio Department of Development. The awards were part of the Ohio Historic Preservation Tax Credit Program that is administered in partnership with the Ohio History Connection’s State Historic Preservation Office.

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Beachwood is home to apartment boom

While one-third of all apartment demand in Greater Cleveland is downtown, Beachwood appears to be the most active suburb in the development of apartments. And that suburb’s activity was added to in a big way just this past week.

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Megaprojects program gears up for next round

This week, the Ohio Department of Development announced that it is opening round two of its new and popular Transformational Mixed Use Development (TMUD) tax credits program on May 18. Authorized for four years with up to $100 million in tax credits available each year, the deadline for submitting TMUD applications for Fiscal Year 2023 is 4 p.m. July 8.

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Cleveland Hts. monastery site remake revealed

The redevelopment of a former monastery at Lee Road and North Park Boulevard in Cleveland Heights with upscale housing is finally moving forward after nearly three years of planning. Conceptual plans for the project, to be called the Wellington Mews, are scheduled to be presented to Planning Commission at 7 p.m. April 13.

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Lakewood, CASTO reveal hospital site plans

Details of a $90 million proposed development of the city-owned Lakewood Hospital site were announced today by Lakewood Mayor Meghan George. The plan and the terms of the city’s draft agreement with a development team led by Columbus-based CASTO Communities now go to City Council for its review and possible approval.

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