Cleveland West

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

Boost in historic tax credits benefits Ohio projects

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Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects.

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Brownfield grants reveal progress on many projects

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Ohio Gov. Mike DeWine today announced $88 million in state support for 123 brownfield remediation projects that will help clean up hazardous and underutilized sites throughout the state. The Ohio Department of Development is funding the awards through the Ohio Brownfield Remediation Program, which is designed to clean up and prepare hazardous brownfield sites for redevelopment. The projects announced today will impact communities in 35 counties across the state.

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Four NE Ohio projects win TMUD credits

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In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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Bridgeworks seeks options after 2nd TMUD snub

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The development team that has sought to build the high-rise Bridgeworks development, 2429 West Superior Viaduct, in the Hingetown section of Ohio City is left with more questions than answers today after being left off the awards list for Ohio Transformational Mixed Use Development (TMUD) tax credits the second time. The Ohio Tax Credit Authority is making its decision on TMUD award winners and losers today, but information about other applicants was not yet available.

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Up to $10M coming to Irishtown Bend Park

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In a project beset with hurdles — primarily centered around money — the effort to move forward on developing the 23-acre Irishtown Bend Park in Cleveland’s Ohio City neighborhood got a big financial boost today. That boost came from a $5 million challenge grant from the Jack, Joseph and Morton Mandel Foundation. If enough donations are received by the end of 2024 to match the challenge dollar-for-dollar, it could generate up to $10 million.

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Westinghouse plans revealed

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Plans for the Westinghouse redevelopment got a lot clearer this week after NEOtrans was able to secure recent conceptual plans for the project. While a luxury boutique hotel and apartments are likely to be the highest-profile features in a pending redevelopment of the former Westinghouse plant overlooking the West Shoreway, a less sexy land use will be the plan’s bread and butter. That use is a planned warehouse for Cleveland-based McPc, a fast-growing information technology company that helps businesses manage security risks and logistical challenges.

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A Christmas Story House, campus for sale

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That little house on Cleveland Street is on the market just in time for the holiday season and the release of a sequel to the 1983 classic movie “A Christmas Story.” And just like another one of Ralphie’s father’s silly puzzles, “This one could be worth 50,000 bucks.” But the house isn’t on Cleveland Street, it’s not merely the house that’s for sale and the campus of seven properties is likely to fetch multiples of $50,000. Indeed, according to some real estate insiders, it could go for dozens of times more. Dare we say “A major award?”

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Plans revealed for big Tremont site

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Perhaps the largest never-developed piece of land on Cleveland’s near-west side now has a plan for developing it. Tomorrow, a neighborhood-level committee of the City Planning Commission will see and hear a presentation by a development team led by Knez Homes and Property Advisors Group to construct 129 housing units on a 3.65-acre plot of Tremont land Knez acquired last February, a story first reported by NEOtrans.

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Shoreway Tower plan rises

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A conceptual proposal for a residential tower along the West Shoreway, overlooking Edgewater Park, got a little bit taller after it was first introduced to Cleveland’s City Planning Commission last April. Originally proposed at 10 stories, the market-rate apartment building got bumped up to 12 stories and 138 feet tall which puts it over the 115-foot height restriction for that area’s zoning.

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