Downtown Lakefront buildings no longer for sale

Ken Prendergast / November 17, 2022

Two very visible buildings at downtown Cleveland’s North Coast Harbor that were listed for sale over the past year were just taken off the market this week by owner Cumberland Development LLC. There are several reasons why the Harbor Verandas mixed-use building and the Nuevo Modern Mexican & Tequila Bar are being retained. But one of them is because of the fate of the nearby Burke Lakefront Airport could cause the value of the site to rise in the future.

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groundbreaking ceremony for The Lumos apartments

Hough busily breaking new ground

Ken Prendergast / November 12, 2022

For anyone who has been watching real estate activity in recent years in Hough, they are probably no longer surprised that investment is growing here. But what may be surprising is that the pace of it continues to increase. And, with that, there’s growing interest by local and national investors to make sure that gentrification doesn’t take hold and push away people who need jobs within an easy walk, bike or bus ride of booming University Circle.

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Reactivating downtown Cleveland

Ken Prendergast / November 10, 2022

In the late 20th century, downtown Cleveland rolled up its sidewalks after 5 p.m. Now, on some weekdays, it seems like downtown doesn’t roll out its sidewalks until after 5 p.m. That shows how much downtown has changed in the post-pandemic world from a commercial district to a residential, entertainment and tourism center.

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Shoreway Tower plan rises

Ken Prendergast / November 8, 2022

A conceptual proposal for a residential tower along the West Shoreway, overlooking Edgewater Park, got a little bit taller after it was first introduced to Cleveland’s City Planning Commission last April. Originally proposed at 10 stories, the market-rate apartment building got bumped up to 12 stories and 138 feet tall which puts it over the 115-foot height restriction for that area’s zoning.

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Medical Mutual HQ staff won’t return downtown

Ken Prendergast / November 7, 2022

A spokesperson for health insurance industry giant Medical Mutual confirmed that the company’s headquarters will leave downtown Cleveland in 2023. However most of their roughly 1,000 downtown office employees never returned from remote-working during the pandemic, leaving the historic Rose Building at East 9th Street and Prospect Avenue mostly empty over the past two-plus years. Today’s news has led to some wondering if the building could be converted to residential as with other old office buildings downtown.

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$80 million OK’d for Greater Cleveland development

Ken Prendergast / October 29, 2022

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’s first railroad is history

Ken Prendergast / October 26, 2022

On an early fall day, Sept. 30, 1847, one of the most prominent men in the fast-growing state of Ohio rolled up his sleeves and joined others in starting the construction of Cleveland’s first-ever railroad. It was a ceremonial groundbreaking not unlike those of today where dignitaries flip dirt with golden shovels to commemorate the start of some new construction project. But, in this case, Cleveland’s first village president, its first attorney and the father of the Ohio & Erie Canal had to get his hands dirty pronto or his new railroad company would lose its charter from the state — again.

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Affordable apartments planned at RTA station

Ken Prendergast / October 25, 2022

An Indianapolis-based real estate developer is seeking to build affordable apartments just west of the Greater Cleveland Regional Transit Authority’s (GCRTA) West Boulevard-Cudell rapid transit station on land owned by the transit authority. Today, the GCRTA Board approved giving that developer, Flaherty & Collins LLC, an option to purchase the land for the development of 60 to 80 apartments. The option, priced at $5,000, gives the developer site control so it can nail down financing and city approvals over the next year. If the developer needs more time, RTA can extend the option for another year for another $5,000.

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Cleveland benefits from national migration shift

Ken Prendergast / October 17, 2022

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’

1 Comment / Ken Prendergast / October 7, 2022

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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