Greater Cleveland

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

One downtown garage down, more to go?

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It’s a tough time for Downtown Cleveland parking garages built in the 1950s and 1960s. Three of them in particular, each with just over 300 parking spaces or 966 total, are having a rough go of it. One already was demolished. Two others were closed due to their worsening condition. Many other downtown garages are of a similar age and may face financial and structural uncertainty in a weak office market.

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It’s official: Board of Elections to ex-Plain Dealer building

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Confirming news first reported here at NEOtrans two weeks ago, Cuyahoga County Executive Chris Ronayne informed county staff that he will introduce plans to Cuyahoga County Council on Tuesday to lease the former Plain Dealer building downtown for the new Board of Elections (BOE) offices. In a memo circulated today to certain county employees, he also outlined plans for additional real estate moves by the county.

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Metroparks buying more Cuyahoga Riverfront land

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Adding 4.5 acres of land along the Cuyahoga River is a relatively small contribution to the 1,000 acres the Cleveland Metroparks has acquired in just the past three years. But this latest addition may be one of its most visible and strategic. The site the Metroparks wants is located in Cleveland on Whiskey Island, between the river and the park system’s new Wendy Park Bridge. Interestingly, no deal has been reached with the property’s current owner, Ontario Stone Corp.

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Cleveland suburban office market ‘bloodbath’

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The numbers are downright ugly. High office vacancy rates and even higher availability rates exceeding 20 percent owing to a big jump in office spaces available for sub-lease. Numerous Class A office buildings are for sale with few if any interested buyers. For those in a buying mood, their lowball interest may be only for the land to hold for a possible conversion to new uses or for the hopes that better days may return to the office market — someday.

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Downtown Cleveland’s recovery accelerated in 2023

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In a data-heavy report released today, Downtown Cleveland, Inc. (DCI) outlined its achievements in continuing the recovery of Cleveland’s business and hospitality center and one of Cuyahoga County’s fastest-growing residential areas. The data, contained in the 2023 Downtown Cleveland Economic Development Report, says the recovery of Cleveland’s central business district is outpacing that of its peer cities in Ohio and the Great Lakes region.

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New design for Cleveland Shoreway tower OK’d

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A desire to make a proposed residential tower overlooking Cleveland’s Edgewater Park more viable produced a design that won for it more praise from a city review panel. The proposed 13-story Shoreway tower grew from 95 apartments to 112 and shrunk its floorspace from 204,400 square feet to 140,000. In so doing, its grid-like exterior gained an intentionally distorted and sculpted appearance that earned it unanimous praise.

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