Ohio

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

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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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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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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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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Sources: Browns want new stadium; Mayor wants community input

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Browns, city deny claims; say focus remains on FirstEnergy Stadium According to several sources, the Cleveland Browns and its majority owner, the Haslam Sports Group, want to move faster than City Hall on what happens before the team’s lease at FirstEnergy Stadium expires at the end of 2028. That reportedly includes a new football/multi-purpose stadium

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Clinic unveils Innovation District buildings

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Two years ago, Gov. Mike DeWine announced hundreds of millions of dollars to launch the Cleveland Innovation District — a program to advance health care, research and related activities in the Greater Cleveland area. This week, one of the largest and most visible outcomes of that initiative will be unveiled in the form of plans for the Cleveland Clinic Foundation’s next phase of its Global Center for Pathogen and Human Health Research at its Main Campus in Cleveland’s Fairfax neighborhood.

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Ohio, planning orgs plan Amtrak expansions

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While Gov. Mike DeWine made the big news this week about Ohio seeking federal money to plan for and pursue Amtrak passenger rail expansion on two Cleveland-based routes, those aren’t the only routes that will be pursued. The Northeast Ohio Areawide Coordinating Agency (NOACA) also confirmed today that it will be seeking funds for similar plans but for several other routes ending in Cleveland. If realized, the services that could result from those expansions would turn downtown Cleveland into a mini-hub for Amtrak.

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Boost in historic tax credits benefits Ohio projects

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Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects.

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