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West 73rd Apartments site on the market

In a move that came as a surprise to some members of its development team, a New York-based developer has decided to sell one of the last-remaining open development sites in Cleveland’s hot Gordon Square neighborhood near Lake Erie. The offering of 1321-1357 W. 73rd St. comes after its owner, Joe Zagelbaum of Brooklyn, NY, went through a year-long process to get plans approved by the city for a 196-unit apartment complex.

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Downtown Cleveland’s glimmers of hope

While it seems like foot traffic is up in Downtown Cleveland since the pandemic four years ago, different organizations that measure the city’s central business district’s economic performance have numbers backing up that perception. And that’s also reflective of increased numbers of workers returning to their offices and more residential conversions and occupancies as well. But those numbers are still far from robust.

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Erieview, Shoreway towers win financing

Today, the Cleveland-Cuyahoga County Port Authority’s board approved $144 million worth of financing toward development projects with a combined price tag totaling $206.1 million. The projects include one new-construction residential tower near Edgewater Park, one renovated and converted Downtown Cleveland office tower, and a major expansion and renovation of middle school facilities in Shaker Heights.

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Downtown dealmaking takes time, new approaches

Although the real estate listing for Ohio Savings Plaza, 1801 E. 9th St. and its associated Park Plaza, 1111 Chester Ave., show their transaction status as “under contract,” it’s been that way for many months. It will retain that status for at least two more months. What’s going on behind the scenes reveals the complexities and even creative new ways of pursuing big deals in this market at this time.

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Downtown occupancy finally rings at The Bell

Despite recent bumps in opening The Bell, the team that converted the former Ohio Bell headquarters into apartments and commercial spaces has hired two Chicago firms to market and manage the property. The announcement comes as the Downtown Cleveland building has received its occupancy permit, effectively declaring the $100-plus-million conversion project as complete.

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Let’s do another one! Cleveland entrepreneurs of color to compete again

After a successful inaugural effort of the Cleveland Equitable Development Initiative (CLE-EDI), the Cleveland Development Advisors (CDA) didn’t waste any time at all in deciding to pursue a second round of competitions. Applications open today for the CLE-EDI which aims to level the playing field for historically excluded developers of color.

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Watterson-Lake development awarded financing

Key pieces of financing were awarded this week to a significant development planned on the south side of the intersection of Detroit and Lake avenues in Cleveland’s Detroit-Shoreway neighborhood. There, a 136-unit affordable housing project could see construction start by early next year on the site of the former Watterson-Lake Elementary School, 7407 Detroit Ave.

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