Greater Cleveland

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

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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Did city derail scenic railroad extension?

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While helping Bedrock Real Estate acquire land for its downtown riverfront development, the city of Cleveland may have also “significantly harmed” nascent efforts to extend Cuyahoga Valley Scenic Railroad (CVSR) passenger trains north to downtown. That harm was the apparent result of the city releasing itself from a lien on current and former railroad rights of way along the Cuyahoga River from below Tower City Center south to near Interstate 490.

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NE Ohio wins $26M in historic tax credits

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An ambitious plan to redevelop the mostly vacated Park Synagogue, 3300 Mayfield Rd., and its 28 acres of land in Cleveland Heights was the big winner in today’s awarding of $50.56 million in Ohio Historic Preservation Tax Credits to 38 projects statewide. But Northeast Ohio overall did pretty in this latest round of historic tax credit awards, winning more than $26 million for 11 projects.

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Rebuild Cleveland to assemble new homes

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A new company comprised of local real estate veterans intends to break ground next week on its first new home to address a shortage of quality, affordable workforce housing and to continue neighborhood stabilization efforts. But construction of that home, a modular, manufactured structure, is due to be completed in less than one month. The company that will build this infill housing on vacant lots is called Rebuild Cleveland LLC and the neighborhood where they will start assembling them is the southern part of Cleveland’s Detroit Shoreway.

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Seeds & Sprouts XXIX – CSU to start arena plans, Downtown garage demo, Olde Cedar’s replacement

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Cleveland State University is about to start work on plans for a new arena, a downtown parking garage will be demolished — for a parking lot, and one of the oldest public housing projects in the USA along with the old juvenile justice center will be demolished for a mixed-income housing complex.

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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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