Greater Cleveland

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

BofA: they’re coming to Cleveland

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Another leading indicator of potential population growth in Greater Cleveland was published this week by Bank of America (BofA), one of the nation’s Big Four banking institutions, serving more than 10 percent of all bank deposits of the United States. In a BofA June report, it put Greater Cleveland among the top metro areas benefitting from pandemic-instigated domestic migration trends, with its positive inflow-over-outflow rate ranking up there with the likes of Austin, Tampa, Orlando and Dallas.

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Getting Tower City on track

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When you have an opportunity to expend the same or similar effort and money that would achieve the better of two outcomes, why not pursue the better outcome? That’s the decision Greater Cleveland has yet to make when looking at a transportation ingredient to two major waterfront development masterplans. One is the downtown lakefront development led by the Haslam Sports Group. The other is the Tower City Riverfront development led by Bedrock Real Estate. Both are supported by civic organizations and all levels of government.

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Greater Cleveland: poverty amid plenty

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Amid the good news in Ohio and especially in Greater Cleveland that unemployment has fallen to pre-pandemic lows is the harsh reality that inner-city joblessness remains high. This is despite thousands of jobs made available by economic growth and retiring Baby Boomers. Meanwhile, three-fourths of all available jobs are beyond the reach of public transportation or, where public transportation is fast and frequent, there are many jobs but few quality housing options.

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Six local housing projects win tax credits

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Six housing developments in Cuyahoga County won federal Low-Income Housing Tax Credits (LIHTCs) yesterday from the Ohio Housing Finance Agency (OHFA), improving their chances of seeing construction in the near future. Those projects and 23 others elsewhere around the state received conditional LIHTC commitments. Developers will use those awards to leverage additional financing in the creation or rehabilitation of rental housing for low- to moderate-income Ohioans.

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Cleveland is seeing ‘brain gain’ – for a change

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For decades, Greater Cleveland has suffered from the loss of its college-educated citizens primarily to star-studded cities on the East and West Coasts. Now, for a change, this former industrial powerhouse on the North Coast is enjoying a net in-migration of more brain than brawn. And while the region is still seeing net outmigration of those without college degrees, the results are at worst uneven.

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GCRTA wins $130m for new trains

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In 2021, as chair of the U.S. Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction over public transportation, U.S. Senator Sherrod Brown (D-Ohio) championed the creation of a new federal program to fund the replacement of aging rail transit cars. Today, he shared the news that the Greater Cleveland Regional Transit Authority (GCRTA) was awarded $130 million from this program to narrow a funding gap in its $393 million effort to replace its four-decade-old rail car fleet. The award represents the largest single grant to the GCRTA in its 48-year history.

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$208m Shaker Rapid rebuild down the line

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Starting next year and continuing until 2028, the Greater Cleveland Regional Transit Authority (GCRTA) plans to completely rebuild its two rail rapid transit lines in Shaker Heights, east of Cleveland’s Shaker Square. Called the Blue and Green lines, this would be their first major infrastructure rebuilding since 1980. But not everyone is on board with this $208.2 million initiative that is included in GCRTA’s proposed capital budget, scheduled to get its first hearing May 2.

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Little Italy, Tremont townhouses planned

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A Cleveland real estate firm that has been renovating homes in the metro area is entering the new-construction market by building new homes in Sandusky and seeking to construct new townhomes in two of Cleveland’s hottest neighborhoods. ParaPrin Construction, located on West 105th Street, wants to construct six new townhomes in Little Italy and Tremont if its vision passes muster with the City Planning Commission.

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Weston plans huge warehouse in Euclid

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Keeping Euclid’s industrial facilities modern and competitive to attract new jobs is the goal of a large, new warehouse/light industrial facility called Tech Park 90 that could see construction start as early as June, said a representative of its developer, the Weston Group. Even more impressive is that the project is being pursued as a speculative development, meaning that an anchor tenant hasn’t been secured prior to Weston’s decision to move forward on it.

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GCRTA gives final OK to new rail car purchase

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After at least eight years of discussion and planning, the Greater Cleveland Regional Transit Authority (GCRTA) Board Members unanimously voted to approve the Rail Car Replacement Team’s recommendation of Siemens Mobility Incorporated as the preferred vendor to replace their aging rail fleet during today’s GCRTA Board meeting. This follows a detailed presentation and committee recommendation made on April 4.

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