Cleveland West

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

Six local housing projects win tax credits

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Six housing developments in Cuyahoga County won federal Low-Income Housing Tax Credits (LIHTCs) yesterday from the Ohio Housing Finance Agency (OHFA), improving their chances of seeing construction in the near future. Those projects and 23 others elsewhere around the state received conditional LIHTC commitments. Developers will use those awards to leverage additional financing in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.

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It’s a big mystery, project

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Mystery guest: will you enter and sign in, please? In borrowing that phrase from the long-running television show What’s My Line, NEOtrans has learned who the guest is and where they want to be. But we haven’t yet learned the “what” in terms of what they intend to bring. But according to permit applications filed last week with the city of Cleveland’s Building Department, it appears to be a very large project.

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Greyhound station may leave downtown

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Cleveland may soon join the list of medium- and large-sized cities whose central business districts have lost their Greyhound bus stations to less-accessible locations. And that’s of concern to low-income travelers, college students and others trying to save money or avoid the stress of driving while traveling to and from Cleveland’s station at 1465 Chester Ave., downtown.

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Addressing the shortage of for-sale housing

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Despite the rise in interest rates, there continues to be strong demand for new housing in Greater Cleveland, especially in hot sub-markets like where Cleveland’s Detroit-Shoreway neighborhood meets Ohio City. In areas like that, homes sell for about 2 percent above the list price and get an accepted offer within nine days of going on the market, according to real estate analytics form Norada Real Estate Investments of California.

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Cleveland has designs on its waterfronts

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For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But there’s now a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Those funding allocations for nine waterfront projects were all recommended by the City Planning Commission for City Council approval. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.

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Little Italy, Tremont townhouses planned

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A Cleveland real estate firm that has been renovating homes in the metro area is entering the new-construction market by building new homes in Sandusky and seeking to construct new townhomes in two of Cleveland’s hottest neighborhoods. ParaPrin Construction, located on West 105th Street, wants to construct six new townhomes in Little Italy and Tremont if its vision passes muster with the City Planning Commission.

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Hulett Hotel plans make a comeback

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Six years ago, Mark Raymond planned a 25-room boutique inn called the Hulett Hotel with a mix of new construction and renovation at 1452-1468 W. 25th St. in the Hingetown section of Cleveland’s Ohio City neighborhood but the plan faded into memory during the pandemic. Today, he’s raising some eyebrows in the neighborhood by going bigger at a time when many real estate developers are putting construction plans on hold.

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The West Shore also rises

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In the coming weeks and months, the continued metamorphosis of land uses along Cleveland’s West Shoreway from industrial to residential will yield some new features that will show just how much Cleveland is changing. Several projects along the Shoreway-turned-Edgewater Parkway will be under way at roughly the same time and offer some lofty symbols about Clevelanders’ evolving regard for its often-ignored lakefront.

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GCRTA gives final OK to new rail car purchase

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After at least eight years of discussion and planning, the Greater Cleveland Regional Transit Authority (GCRTA) Board Members unanimously voted to approve the Rail Car Replacement Team’s recommendation of Siemens Mobility Incorporated as the preferred vendor to replace their aging rail fleet during today’s GCRTA Board meeting. This follows a detailed presentation and committee recommendation made on April 4.

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Bridgeworks wins financing, start date

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For more than two years, a planned high-rise at the west end of the Detroit-Superior Bridge in Cleveland’s Ohio City neighborhood has sought public funding to fill a financing gap. After missing out twice on tax credits from a statewide program, the developers looked closer to home and found the resources to start and finish construction. This week, the developers united under Bridgeworks LLC were awarded the final pieces of the fiscal puzzle to the $108 million project, allowing them to start work in June, they said.

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