Greater Cleveland

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

Four NE Ohio projects win TMUD credits

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In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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Cleveland to get MLS NEXT Pro team

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The reserve league of top-tier Major League Soccer is expected to announce on Monday that it will expand to Cleveland as the next city to gain a professional soccer team, according to sources who spoke off the record. The announcement will be made at 1 p.m. Nov. 21 at Pins Mechanical on West 25th Street in Ohio City by Michael Murphy. He is leading the effort locally to land the MLS NEXT Pro (MLSNP) team.

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$80 million OK’d for Greater Cleveland development

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Yesterday in Baltimore, Treasurer of the United States Chief Lynn Malerba awarded $5 billion worth of New Market Tax Credits (NMTC) nationwide, with $80 million of that to support real estate development projects Greater Cleveland. The projects are intended to be transformative by attracting private investment to create jobs in underserved communities.

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Cleveland benefits from national migration shift

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One of North America’s next big migrations may already be underway. And according to early data, it appears that Cleveland and other Great Lakes cities are among those benefitting from it. What’s driving this new migration? The basics — low cost, proximity to family, abundant fresh water and peace of mind from not worrying about your neighborhood catching on fire or washing out to sea.

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Downtown Cleveland’s ‘office market needs help’

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This week, global real estate brokerage Newmark released its third quarter office market report for Greater Cleveland and the news wasn’t good, especially for downtown Cleveland. While three of five submarkets in the metropolitan area saw declining occupancies of office spaces in July-September, none suffered a greater loss than the central business district. That district includes everything from Ohio City east through Downtown to Midtown.

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It’s official: Cleveland-Dublin flights start May 19, 2023

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With backing from Cleveland’s civic and business community, Irish flag carrier Aer Lingus has made it official today — Cleveland-Dublin nonstop flights were added to the airline’s reservation system and direct trips to Europe can now be purchased. The nonstop flights, the first to Europe from Cleveland since before the pandemic, will start Friday, May 19, 2023, according to the airline.

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GCP’s new web tool gives development insights

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A new Web-based development tool went live today to give prospective real estate investors more information on where and what is going on around sites in which they may be interested. The tool, developed by the Greater Cleveland Partnership and City Architecture of Cleveland, is available to the public free of charge and without any registration required.

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Greater Cleveland TOD initiative on track

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A new initiative has started that, if successful, could reverse decades of urban sprawl, a hollowing out of Greater Cleveland’s urban core and an erosion of its transit system. Those conditions create a wide variety of problems that hurt the region’s environment, safety, economy, human health and exacerbates poverty. The new initiative would reverse that course by encouraging more pedestrian-friendly, mixed-use developments along high-frequency transit corridors in Cleveland and Cuyahoga County.

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