Greater Cleveland

NEOtrans business, development, real estate, construction and market trend news from the Greater Cleveland area

Campaign arrives to expand Cleveland Amtrak service

The Northeast Ohio Areawide Coordinating Agency (NOACA), Downtown Cleveland Alliance (DCA) and Cleveland Neighborhood Progress (CNP) are advocating to expand Cleveland’s Amtrak service into a central passenger rail line. As the economic powerhouse of Northeast Ohio, Downtown Cleveland is home to the state’s largest jobs hub and residential downtown area, making it central to business, housing and events, and a critical access route within the region and beyond. The organizations are joining forces to seek community input and support for the initiative through a survey, running through the month of August.

Read More

PearlBrook shopping center to be razed

An historic retail strip where Cleveland meets Parma, but was often better known for its cinematic and musical neighbors, is due to be demolished. In place of the PearlBrook shopping center will be a Sheetz gas station and convenience store, plus some identified future development just north of it. The center, located at its namesake Pearl and Brookpark roads, has been the space between two places ever since it was built.

Read More

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.

Read More

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.

Read More

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.

Read More

Cleveland, Lakewood rehabs corner historic credits

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.

Read More

Browns leaning toward new stadium

According to two sources close to the Cleveland Browns and its owner the Haslam Sports Group, the National Football League (NFL) team is leaning toward building a new stadium versus renovating the existing FirstEnergy Stadium. And the sources say the team already has at least two sites picked out as options for a new stadium that will likely cost in excess of $1 billion.

Read More
Beachwood-Icon-apartments-rendering

Beachwood is home to apartment boom

While one-third of all apartment demand in Greater Cleveland is downtown, Beachwood appears to be the most active suburb in the development of apartments. And that suburb’s activity was added to in a big way just this past week.

Read More

Next for Hough: Chester 82 Apartments

A site that’s been on Marous Development Group’s to-do list for 15 years is finally on its getting done list. Located on the north side of Chester Avenue, between East 81st and 82nd streets, a 1.6-acre piece of vacant land is proposed for the construction of another modern apartment building for Upper Chester in Cleveland.

Read More

Treo, Edison for sale for different reasons

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.

Read More