Should it stay or should it go? That’s the question about the location of Cuyahoga County’s Consolidated Courthouse facilities which could lead to one of the largest and most expensive real estate projects in Greater Cleveland. But county officials don’t appear to be in a hurry to answer that question, according to a source who spoke to NEOtrans on the condition of anonymity.
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Cuyahoga County and its real estate consultant are getting closer to making a recommendation for a Consolidated Courthouse proposal in downtown Cleveland. NEOtrans has learned that one or more proposals were eliminated from further consideration in part because the timeline for delivering a new or renovated/expanded courthouse facility is apparently an overriding factor for county officials. In this era of high construction costs, the aphorism “time is money” couldn’t be more true.
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For many in the real estate investment community, 2023 was the year when few new big projects were financed. The projects that were already financed under better, prior market conditions saw their construction advance, making the real estate landscape appear rosier than it really was. Now, however, as we enter 2024, there is a light at the end of the tunnel with developers already reviving or making new plans.
Read MoreCleveland development: what to look for in 2024 — Downtown Read More »
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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Cleveland State University is about to start work on plans for a new arena, a downtown parking garage will be demolished — for a parking lot, and one of the oldest public housing projects in the USA along with the old juvenile justice center will be demolished for a mixed-income housing complex.
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After sitting empty for seven years, the space at Tower City Center that housed Hard Rock Cafe in downtown Cleveland finally will have a new restaurant with a new theme, possibly as early as this September. But it took an invitation from Bedrock Cleveland to consider the site at 230 W. Huron Rd. before the new restaurant’s partners decided to splashdown there.
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Last week, NEOtrans wrote about three high rises in a single development — the first phase of Bedrock’s riverfront site — that could see construction start by this time next year. But that is by no means the only downtown high-rise development in the works. NEOtrans is aware of 13 high-rise projects of 10 stories or more in various stages of development, not including those already under construction downtown. This inventory includes only potential new-construction high-rises, not major renovation projects like The Centennial, redevelopment of the Rose Building and others.
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The City of Cleveland and Downtown Cleveland Alliance (DCA), in partnership with Cuyahoga County, Destination Cleveland and Greater Cleveland Partnership (GCP), today unveiled Reimagining Downtown Cleveland. Over the next one to five years, this series of short- and intermediate-term strategies will accelerate the evolution of Downtown Cleveland from a 9-to-5 central business district into a diverse, vibrant, and accessible mixed-use, 18-hour, 15-minute neighborhood.
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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.
Read MoreGetting Tower City on track Read More »
The end of the year is a good time to look back and take stock of everything that’s happened in the past 12 months. For a local journalism outlet like NEOtrans, that means taking a measure of what articles resonated with the community the most. This year-end top-10 list of our most-read articles is how we’re measuring what resonated.
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