NEOtrans business, development, real estate, construction and market trend news from the Greater Cleveland area
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.
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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.
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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.
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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.
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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.
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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.
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The director of the Northeast Ohio Areawide Coordinating Agency (NOACA), a metropolitan planning organization, today said she intends to submit to the Federal Railroad Administration (FRA) multiple proposed passenger rail routes through Cleveland for inclusion in the Biden Administration’s multi-billion-dollar rail development program.
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Citing tremendous growth in the number of patients seeking health care, the Cleveland Clinic Foundation (CCF) today formally announced plans for $1.3 billion worth of facilities expansion worldwide. But most of the new construction is planned for its main campus near University Circle in Cleveland.
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This week, the Ohio Department of Development announced that it is opening round two of its new and popular Transformational Mixed Use Development (TMUD) tax credits program on May 18. Authorized for four years with up to $100 million in tax credits available each year, the deadline for submitting TMUD applications for Fiscal Year 2023 is 4 p.m. July 8.
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Two major development projects in Cleveland’s inner ring suburbs won thumbs up last night but in two different ways. In Lakewood, City Council gave its unanimous approval to the framework for an agreement with a Columbus-based real estate firm for a proposed $90 million development at the former downtown hospital site.
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