apartments

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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City considers re-legalizing the city again

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The city of Cleveland’s Board of Zoning Appeals’ docket regularly sees cases like this. On Monday, Sally Banks LLC will ask the board to allow it add a 1,100-square-foot addition to its popular Treehouse pub, 820 College Ave. in Tremont, without adding off-street parking spaces. It’s the second time the pub is expanding and it’s the second time it has had to go through the process of getting a variance to ignore the city’s zoning laws. Those zoning laws say the pub has to add an off-street parking space for every 100 square feet of new business space. The average cost per parking space to build a surface parking lot is $5,000, city data shows.

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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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city-owned land is proposed for parking lot

Lakefront vision to be unveiled July 27

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Although the downtown lakefront plans to released publicly on July 27 will be preliminary, they will give more insight into the direction city officials received from prior public input sessions on developing the city’s “front porch” as officials call the lakefront. And since these plans are still preliminary and conceptual, city officials said they want more public input on them before refining them and adding more design details to them.

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Seeds & Sprouts 30 – Apartments at Bolivar starting, Slavic Village school site reuse, Glenville apartment to get reno

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In downtown Cleveland, the Apartments at Bolivar are scheduled to break ground by the end of the month after demolition work. Reuse of Fullerton School site in Slavic Village is in works. And a Glenville apartment building is proposed to be renovated.

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Seeds & Sprouts 30 – Apartments at Bolivar starting, Slavic Village school site reuse, Glenville apartment to get reno Read More »

Downtown Lakefront projects flow

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Several large-scale projects along downtown Cleveland’s lakefront are moving forward thanks to developments in recent days. In addition to multi-million-dollar grants being awarded for lakefront projects, the City Planning Commission approved plans for the $100 million expansion of the Rock & Roll Hall of Fame. Also, a national nonprofit that promotes racial equity revealed it is partnering with the city on designing an inclusive lakefront. And plans for converting the Shoreway highway into a boulevard are crystalizing but may complicate Amtrak’s passenger rail expansion plans.

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Bedrock buys SHW HQ, R&D for $48.5 million

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Newly available public records show that Bedrock Real Estate of Detroit paid $48.5 million total for Sherwin-Williams’ soon-to-be-vacated Landmark Building and John Breen Technology Center, both in downtown Cleveland. Although the sale of those properties closed last week, their sale amounts weren’t public available until today. The Landmark Building is currently Sherwin-Williams’ global headquarters and the Breen Technology Center is the global coatings giant’s primary research and development (R&D) facility for another year or so.

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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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Hough developments keep on coming

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Multiple construction projects are underway at the east end of Hough, closest to University Circle, and more are about to begin. While work is rapidly progressing on the apartments and townhomes for Park Lamont, two more projects are about to begin and a third is waiting in the wings for more financing to be awarded to it. All are in response to the growing number of University Circle-area jobs and students. Even affordable senior housing is being added in response to this growth, with the goal to make sure seniors don’t get squeezed out of a neighborhood experiencing rising rents.

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