Construction

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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Federal Equipment expands in Cleveland’s Kinsman

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Historically, when a company outgrows its aging facilities in the urban core, they tend to move out to a larger, more modern structure in the suburbs. But not Federal Equipment Co. which is expanding its presence in Cleveland’s Kinsman neighborhood that it’s called home for more than six decades. It’s the latest real estate investment along the Opportunity Corridor and the Blue/Green light-rail transit lines in an area of the city derisively dubbed as the Forgotten Triangle, until now.

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Cleveland is seeing ‘brain gain’ – for a change

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For decades, Greater Cleveland has suffered from the loss of its college-educated citizens primarily to star-studded cities on the East and West Coasts. Now, for a change, this former industrial powerhouse on the North Coast is enjoying a net in-migration of more brain than brawn. And while the region is still seeing net outmigration of those without college degrees, the results are at worst uneven.

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CWRU institute replacing BioEnterprise

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After announcing last month that it will join others in acquiring BioEnterprise Corp.’s assets, Case Western Reserve University (CWRU) has developed plans to remake a portion of the nonprofit business incubator’s University Circle property into a home for a nascent research effort for improving human-machine interaction. Called the Human Fusions Institute (HFI), the national effort based in Cleveland at CWRU to advance socially responsible innovations in prosthetics, robotics and even gaming could see renovation work start later this year.

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It’s a big mystery, project

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Mystery guest: will you enter and sign in, please? In borrowing that phrase from the long-running television show What’s My Line, NEOtrans has learned who the guest is and where they want to be. But we haven’t yet learned the “what” in terms of what they intend to bring. But according to permit applications filed last week with the city of Cleveland’s Building Department, it appears to be a very large project.

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Big plans for reviving Slavic Village

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Two new mixed-use buildings, historic renovations of others, hundreds of mixed-income apartments and retailers that could include a grocery store are envisioned as part of a $60 million to $70 million redevelopment of the North Broadway Corridor in Cleveland’s Slavic Village neighborhood. And that’s just the first phase envisioned by a development team called The Village Partnership comprised of several of Northeast Ohio’s most prolific developers.

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Addressing the shortage of for-sale housing

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Despite the rise in interest rates, there continues to be strong demand for new housing in Greater Cleveland, especially in hot sub-markets like where Cleveland’s Detroit-Shoreway neighborhood meets Ohio City. In areas like that, homes sell for about 2 percent above the list price and get an accepted offer within nine days of going on the market, according to real estate analytics form Norada Real Estate Investments of California.

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Cleveland has designs on its waterfronts

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For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But there’s now a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Those funding allocations for nine waterfront projects were all recommended by the City Planning Commission for City Council approval. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.

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Stokes West redesigned

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It seems every real estate developer is having similar problems — supply constraints, rising construction materials costs and rising interest rates. Only those projects that are charging top-of-the-market rents, have investors with low expectations for returns on investment, or received a ton of subsidies are getting built. So when Stokes West, which intends to offer apartment rents that are 13-21 percent lower than its peers in and near University Circle, got design approval by City Planning Commission last summer, it was already facing an uphill climb. That changed when the development team joined forces with Geis Construction Inc. and found a way to deliver the project more affordably.

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North Coast Connector: ready for its close-up

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The North Coast Connector — a project that’s considered by many city and community development officials as the key to unlocking the potential of downtown Cleveland’s lakefront — is starting to come together. The state is moving forward on a big piece of funding for its construction. The city is moving forward on funding for detailed architectural designs. And public involvement meetings to help shape those designs will be held starting this week. To quote Gloria Swanson in the 1950 classic movie “Sunset Boulevard,” the proposed land bridge is “ready for its close-up.”

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