Greater Cleveland

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

Haslams acquire Brook Park land for stadium

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Although the deed transfer was signed June 24, the document transferring 179 acres of land to an affiliate of the Haslam Sports Group for a new stadium in Brook Park didn’t become public until today. Nonetheless, this is the deal that helps set the stage for the construction of a new $3.6 billion enclosed stadium and proposed supportive development for the new home of the Cleveland Browns.

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Cleveland Clinic to nearly double Avon Hospital’s size

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To meet the growing demand for patient care on Cleveland’s west side, a growing Cleveland Clinic announced plans to significantly expand both Avon Hospital and Richard E. Jacobs Family Health Center. The $340 million project would nearly double the size of the campus, which is located just north of the Interstate 90-Nagel Road interchange in Avon.

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Sinito walks away from running Millennia

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Frank Sinito Sr., founder of Millennia Companies, has stepped away from managing the day-to-day business of one of the nation’s largest owners and managers of affordable housing properties. In announcing this and other leadership changes, the company said it will be selling off parts of its affordable housing portfolio and expanding investments into market-rate housing.

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Ohio teams support DeWine’s stadium funding plan

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Fifteen of Ohio’s professional sports teams from among the major and minor leagues joined together in sending a letter to state leadership, expressing support for Gov. Mike DeWine’s proposed process to allocate funding for sports facility projects through House Bill 96 and the Ohio Unclaimed Funds proposal. But, noticeably absent were the two teams with the largest stadium funding requests.

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Warner & Swasey faces $2M gap, needs help

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Perhaps as early as Monday, affordable housing developer Pennrose LLC of Philadelphia will get a deed and the keys to the hulking mass of brick. concrete, steel and memories that is the Warner & Swasey Co. factory, 5701 Carnegie Ave. The hope since 2018 has been to turn this long-vacant site into affordable housing. But if money was as abundant as hope for this property, its redevelopment wouldn’t have experienced a new, $2 million setback.

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Port OK’s $92M for Cleveland, Brecksville projects

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A trio of projects — two in Cleveland and one in Brecksville — got a total of $92 million in financing approved by the Port of Cleveland to help get them closer to construction. Two are mixed-use housing developments in Cleveland totaling 355 residential units. The third is a new, 136-room AC Marriott hotel at Valor Acres, the former Veterans Administration (VA) Hospital site in Brecksville.

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Capitol Theatre may need a new plot written

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It’s a tough time for the film industry, and an even tougher time for historic theaters like the Capitol Theatre, 1390 W. 65th St., trying to pay its bills. The 104-year-old venue in Cleveland’s Gordon Square Arts District has an uncertain future regardless of its owner trying to spin the creation of a Capitol Theatre Stewardship Board as “an exciting new chapter” in a press release issued today.

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