Greater Cleveland

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

For sale: The Justice Center

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All five above-ground buildings in downtown’s Justice Center complex, plus a below-ground parking garage, are being offered for sale by Cuyahoga County as a result of other efforts that could partially or completely vacate the entire 2-million-square-foot facility. The sale includes a three-year leaseback with four additional one-year renewal options so the county and city of Cleveland will have time to carry out those vacating efforts. No sale price was listed for the property but if you have to ask, you probably can’t afford it anyway.

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GCRTA stations: lots of opportunity

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In recent months, the Greater Cleveland Regional Transit Authority (GCRTA) has served notice that its rail system isn’t going anywhere. And that could be interpreted in one of two ways. In one way, GCRTA plans to invest $540 million by the end of this decade to rebuild its 34-mile rail system including a new, standardized light-rail fleet plus rebuilt tracks and stations on the Red, Blue and Green lines. Greater Cleveland’s “Rapid” is sticking around for decades to come. But taking it another way, there are no expansion plans while ridership on GCRTA buses and trains fell nearly 60 percent from 2013 to 2021 “led” by its rail system which fell even farther, from 9.3 million boardings in 2013 to 2.9 million in 2021.

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Seeds & Sprouts 31 – Oliva Steakhouse on downtown’s menu; Starting Point center opening at Link59; Lido Lounge stripped by George, BofA

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While Oliva Steakhouse is due to open by the end of the year in downtown’s Warehouse District, and Starting Point child development agency is opening at Link59 in Midtown, old Lido Lounge in Westown is due to be replaced by a Bank of America branch.

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Seeds & Sprouts 31 – Oliva Steakhouse on downtown’s menu; Starting Point center opening at Link59; Lido Lounge stripped by George, BofA Read More »

Browns Stadium talks tackled for no gain

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At a press conference this week, Cleveland Browns owners Jimmy and Dee Haslam raised some eyebrows with their comments about the current stadium and where the football team might play in the future. Among other remarks, Jimmy Haslam interjected that “The only thing Dee and I would say for sure is we’re not leaving Northeast Ohio.” According to a team source familiar with its negotiations with the city of Cleveland, that remark was a subtle nudge to the city to resolve an apparent impasse in negotiations. The source added that, if the team doesn’t see more progress, it could leave Cleveland for a new stadium in the suburbs.

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Progressive’s office spaces to be slashed

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All Progressive Insurance employees received a notice this morning announcing that, due to remote working, the company would be slashing the square footage of active office spaces and attempt to sell or lease those it will no longer occupy. As a result, about 850 employees who continue to work in the office will be consolidated into the company’s Campus 2, 300 North Commons Blvd. It will also move the corporate headquarters from Campus 1, 6300 Wilson Mills Rd., but remain in Mayfield Village.

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New CSU arena in play by year’s end

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By the end of this year, Cleveland State University (CSU) officials and their project consultants said they hope to select a development team, financing plan and a proposal for a new multi-purpose, indoor arena on Payne Avenue just east of downtown Cleveland. The arena would serve the athletic and academic needs of CSU as well as the entertainment needs of Greater Cleveland. And depending on the responses from prospective teams, the winning proposal could also include details about developing a neighboring mixed-use district.

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County issues RFP on 800K SF courthouse

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Two months from tomorrow, Cuyahoga County officials hope to get some ideas and cost estimates from private-sector development groups on whether to rebuild and expand the existing, 47-year-old courthouse tower at the Justice Center or build a new one. A new courthouse, which could be built next to the existing tower at 1200 Ontario St. or somewhere else downtown, was recommended four years ago as the least expensive option for providing expanded court facilities over the long term by the Justice Center Steering Committee.

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Reynolds enters Midwest market with local buy

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In a move that expands its portfolio westward into a new market, East Coast-based Reynolds Asset Management, with financing provided in partnership with Northwest Bank, announced it has closed on the acquisition of a 125-unit multifamily apartment complex in the Greater Cleveland area. It is Reynolds’ first real estate asset acquisition in the Midwest and the first of more deals it is seeking in the Cleveland-area market.

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TMUD round 3 starts next week

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The desire for new-build projects in downtown Cleveland led to the creation of the state’s Transformational Mixed Use Development (TMUD) tax credit program nearly three years ago. But in the first two years of the four-year TMUD program, no developers of new-construction downtown projects have submitted applications. As the third round of TMUD will start next week, will a new-build project downtown finally be an applicant — or perhaps even a winner — despite of tightening labor and credit markets plus rising interest rates?

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TMUD round 3 starts next week Read More »

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