NEOtrans business, development, real estate, construction and market trend news from the West side of Cleveland
After a developer entered a project design contest recently, it did more than just win some money. It also gave some insights into its next big construction project in Cleveland’s Ohio City neighborhood. But a spokesman for the developer, Harbor Bay Real Estate Advisors, cautioned that the basic design it submitted was merely a study of how the project’s second phase could be built in an innovative way.
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While renovations are well underway on converting the old Brooklyn Masonic Temple into the Lofts On Pearl, Kosta Almiroudis is already planning his next move two doors down. At 3784 Pearl Rd., the founder of Almico Properties and Northern Lights Maintenance LLC plans to redevelop a strip of single-level, historic storefronts into the Flats On Pearl.
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A number of factors have come together to prompt the Great Lakes Brewing Co. to seek a relocation of its production facilities from its longtime location in the heart of Cleveland’s Ohio City neighborhood. Previously, the large craft beer brewer had considered expanding production to properties it acquired over the last four years along the Cuyahoga River on Scranton Peninsula in the Flats. Now it appears that it may move all of its production to the nearly 10-acre site.
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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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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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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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Major design revisions to a large mixed-use building planned for West 25th Street at Columbus Road at the south end of Tremont’s Duck Island’s neighborhood have won the project praise and support from civic groups, especially for redesigning an intersection in front the proposed building.
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The new owner of the old Westinghouse plant next to the West Shoreway in Cleveland says their development team has made great progress on a plan to revive the vacant factory. But while he’s not ready to reveal any specifics yet, NEOtrans has learned the project will feature a luxury hotel, housing, restaurants and possibly other uses.
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Several adaptive reuse development projects in Cleveland’s Ohio City neighborhood are saving older buildings from the wrecking ball. Their developers are using creativity to convert vacant or underutilized structures into new uses that serve present-day needs.
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Two near-West Side Cleveland multi-family properties hit the market this week but for two very different reasons. In the Lincoln Park section of Tremont, the still-under construction Treo was offered for sale today. Tomorrow, it will be The Edison’s turn to test the waters in Gordon Square.
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