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NEOtrans business, development, real estate, construction and market trend news from Ohio

Cabinet-maker MasterBrand to move HQ to Beachwood

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A newly independent corporation with 13,600 employees company-wide in more than 20 manufacturing facilities and offices is relocating its headquarters to Greater Cleveland — specifically, Beachwood. While a 26-year-old, three-story office building at 3300 Enterprise Parkway will be its new corporate headquarters, MasterBrand’s operations center will remain in Jasper, Indiana along with a production facility and training center.

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Amtrak expansions to Cleveland win funding

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U.S. Senator Sherrod Brown announced today that the U.S. Department of Transportation’s Federal Railroad Administration (FRA) has selected four key routes in Ohio as priorities for Amtrak expansion and directed $500,000 to draw up construction-ready plans for each. Once those plans are finalized, then those routes would be eligible to apply for federal construction funding.

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Park Place Tech to buy Progressive’s Alpha campus

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Fast-growing Park Place Technologies, with nearly 500 employees in Greater Cleveland, has found a new, larger home after an extensive search that included expanding into a neighboring building or moving to downtown Cleveland. In fact, the property ultimately favored by the global data center and networking optimization firm matched the company’s requirements almost exactly. However, a title has yet to transfer to Park Place Technologies or any affiliates.

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Next round of Brownfield grants starts Dec. 5

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Several things have long slowed Cleveland’s post-industrial transition to embrace new economic drivers. One of the biggest is the lack of large, clean properties near existing labor. The city recently announced a $50 million land assembly program that could be boosted to $100 million with other funding. While some of that funding could come from the private sector, another source may well come from a new round of state funding to aid redevelopment, announced today.

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Cleveland Clinic unveils next phase of Innovation District

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In the midst of a global pandemic, state, local and Cleveland Clinic officials in 2021 announced the Cleveland Innovation District to expand health care research. Today, as part of that initiative, Cleveland Clinic unveiled the first phase of its expanded research facilities and announced plans to launch major construction of two new research buildings. The state-of-the-art facilities will be dedicated to scientific investigation and will significantly increase laboratory research space on Cleveland Clinic’s main campus.

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Latest TMUD wish list is NEO-light

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One of the favorite past-times among some Northeast Ohioans is to complain that too much of their state tax dollars are going to the rest of the state and not enough to Northeast Ohio. But if you don’t ask for anything, you don’t get it. That’s the case when it comes to the latest round of Transformational Mixed Use Development (TMUD) tax credits. Northeast Ohio TMUD applications represent only 10.8 percent of the total dollar amount requested statewide for Ohio’s fiscal year 2024 round and only one downtown Cleveland project was submitted. Ironically, the TMUD program was the brainchild of a Cleveland developer to encourage more downtown Cleveland projects.

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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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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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