Greater Cleveland

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

Downtown dealmaking takes time, new approaches

Although the real estate listing for Ohio Savings Plaza, 1801 E. 9th St. and its associated Park Plaza, 1111 Chester Ave., show their transaction status as “under contract,” it’s been that way for many months. It will retain that status for at least two more months. What’s going on behind the scenes reveals the complexities and even creative new ways of pursuing big deals in this market at this time.

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Stockyards nuisance is finally coming down

By the end of this month, a former box factory turned nuisance at 7275 Wentworth Ave. in Cleveland’s Stockyards neighborhood will be visited by the wrecking ball. But crews are already on site cleaning up the long-vacant building that has been used by vagrants, drug users and dealers and reportedly by the property owner’s affiliate for illegally storing millions of fluorescent light bulbs before and after a suspicious 2018 fire.

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Circle East improvements continue, more due

In a 30-acre area of targeted investment called the Circle East District, located in East Cleveland, the Cuyahoga Land Bank announced it has completed major features of its first phase to revive the neighborhood. The multi-phase $95 million effort led by the Cuyahoga Land Bank to rebuild the neighborhood from the sewers up began two years ago. However, a commercial component to the redevelopment has hit a legal snag.

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Downtown occupancy finally rings at The Bell

Despite recent bumps in opening The Bell, the team that converted the former Ohio Bell headquarters into apartments and commercial spaces has hired two Chicago firms to market and manage the property. The announcement comes as the Downtown Cleveland building has received its occupancy permit, effectively declaring the $100-plus-million conversion project as complete.

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Cleveland’s lakefront has something no other major Great Lakes city has

When looking at Chicago’s enviable lakefront, it never had it. Toronto’s did, but not anymore. Same with Milwaukee’s and Hamilton’s but due to different circumstances. Detroit, Buffalo, Toledo and smaller cities like Green Bay and Erie never did. What are we talking about here? A busy mainline freight railroad routed along a major Great Lake city’s downtown waterfront.

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Let’s do another one! Cleveland entrepreneurs of color to compete again

After a successful inaugural effort of the Cleveland Equitable Development Initiative (CLE-EDI), the Cleveland Development Advisors (CDA) didn’t waste any time at all in deciding to pursue a second round of competitions. Applications open today for the CLE-EDI which aims to level the playing field for historically excluded developers of color.

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Watterson-Lake development awarded financing

Key pieces of financing were awarded this week to a significant development planned on the south side of the intersection of Detroit and Lake avenues in Cleveland’s Detroit-Shoreway neighborhood. There, a 136-unit affordable housing project could see construction start by early next year on the site of the former Watterson-Lake Elementary School, 7407 Detroit Ave.

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