NEOtrans business, development, real estate, construction and market trend news from the West side of Cleveland
An exciting development is in the works for the Hingetown section of Cleveland’s Ohio City neighborhood, according to multiple sources. Although still in a preliminary stage, the development’s concept at this point involves putting the offices for a fast-growing downtown company on the lower floors of a new building with apartments on the upper floors.
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It’s official. Cuyahoga County has put on the market one of the most attractive properties for redevelopment in years. The former Cuyahoga County Engineer’s headquarters at the west end of the Detroit-Superior Veterans Memorial Bridge is expected to fetch the most interest by real estate developers among four sites in the county’s latest disposition of surplus properties.
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A skeptical Clevelander would look at the above map where five potential major real estate developments may rise atop the West Rim of the Cuyahoga River valley and question how many will actually get built. An optimistic Clevelander would be certain that most, if not all, will get built. And an older, lifelong Clevelander would look at that map and be amazed that there are five potential major projects at all.
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Anyone who has tried to buy a high-quality, competitively-priced home in Lakewood in the last year or two knows the drill. The real estate search is one of the most difficult scavenger hunts you’ll play. Unless you’re willing to sacrifice many features you want in a home or make a high, all-cash offer, a Lakewood housing hunt is not a game for the impatient.
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Over the past 30 years, Lakewood has lost more than 1,700 housing units, with only Cleveland, East Cleveland and Euclid losing more. The average age of its housing stock is the second-oldest in the county. At the same time, growing interest in traditional, walkable communities has made Lakewood a hot real estate commodity. It’s why Lakewood had the highest property value rate of increase, 22.5 percent, among all Cuyahoga County communities in 2018.
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More developments are cozying up to the Greater Cleveland Regional Transit Authority’s. Red Line and station in Cleveland’s Ohio City neighborhood. The scope and scale of the planned developments are unlike anything that’s been built along Cleveland’s underutilized rail transit system, outside of the downtown area and University Circle. The lack of dense developments around rail stations has a direct correlation to the usage of the rail system. But that’s starting to change.
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Gentrification and Cleveland aren’t words that have gone together much in recent decades. But they’re mixing more often and, unfortunately, forcing more persons to relocate without them reaping financial windfalls from real estate sales.
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In a follow-up to an earlier posting here at NEOtrans about Lakewood redevelopment, there is new activity to report. Two significant properties for sale are reportedly under contract to buyers who want to redevelop these with new uses.
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Lakewood’s primary commercial district, Detroit Avenue, is becoming a lot more residential. The changeover in land use is due in large part to a change in business preferences, resulting in opportunities to offer contemporary housing in a stable, walkable community. The last time the city had so much land available for development was before the Great Depression of the 1930s.
Read MoreNow that contractors were chosen for $25 million worth of transit and pedestrian enhancements to Clifton Boulevard, a formal groundbreaking ceremony is scheduled for Sept. 13. But after the West …
Enhance Clifton starts Sept 13, merchants fear traffic detours Read More »
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