Cleveland Suburbs

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

Sherwin-William HQ+R&D rises to $750 million

Sherwin-Williams (SHW) has announced that construction costs for its new headquarters in downtown Cleveland plus its research and development facility in suburban Brecksville have increased from at least $600 million to $750 million. But the cause, according to the global coatings giant, isn’t entirely what’s affecting all other construction projects — inflation and interest rates. Instead, it cited compliance with state, county and municipal regulations in hiring minority- and female-owned subcontractors and suppliers, plus local small businesses. Those regulations were triggered because of public-sector resources SHW tapped for these projects.

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Medical Mutual HQ staff won’t return downtown

A spokesperson for health insurance industry giant Medical Mutual confirmed that the company’s headquarters will leave downtown Cleveland in 2023. However most of their roughly 1,000 downtown office employees never returned from remote-working during the pandemic, leaving the historic Rose Building at East 9th Street and Prospect Avenue mostly empty over the past two-plus years. Today’s news has led to some wondering if the building could be converted to residential as with other old office buildings downtown.

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MetroHealth adding more clinics at CMSD schools

A mix of federal and state funds along with a partnership of MetroHealth System and the Cleveland Metropolitan School District (CMSD) have come together to spur construction of additional health clinics at four Cleveland school sites to increase basic health care services to young people. A wide variety of health care services will be available at these clinics, including treatment of illnesses, mental health, sports injuries and even dental care.

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Solove to start one Lakewood project, abandon another

It’s a case of good news/bad news regarding a Columbus-based real estate developer’s plans for two developments in Lakewood. Both were slated to redevelop former car dealerships plus some adjoining properties with mostly residential uses. The investments by Solove Real Estate were sought in response to strong demand for housing in this walkable inner-ring suburb.

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Money turning Circle East plan to reality

There have been lots of plans over the decades for stopping the decline of East Cleveland. But most were unfunded or lacked the necessary political stability to be implemented over the long haul. A new plan has come to the fore over the past few years to rebuild the west end of the city, closest to University Circle. And now the money is finally coming, too.

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Shaker Hts, developer reach deal for ex-car dealership site

The City of Shaker Heights has entered into a preliminary agreement with a Columbus-based developer interested in constructing an architecturally distinctive, mixed-use building on vacant city-owned land, formerly the Qua Buick-Pontiac car dealership, across Warrensville Center Road from the existing first phase of the Van Aken District.

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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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