development

Cleveland, Bedrock seek $1 billion for riverfront development

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City Planning Commission today voted unanimously to recommend that City Council approve a 45-year, project-specific tax-increment financing (TIF) deal with Bedrock Real Estate to generate $400 million for infrastructure to support Bedrock’s $3.5 billion riverfront development. This would create a second, albeit smaller TIF district downtown to support major waterfront and urban core improvements.

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CRE industry lauds Bibb’s construction permit overhaul

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Commercial real estate and construction interests hailed Cleveland Mayor Justin Bibb’s signing of an executive order today to simplify and speed up the construction permitting process at City Hall. Bibb was quick to point out that this reform will affect small projects by homeowners as well as downtown skyscrapers. However, it could take up to a year before all of the approved changes are implemented.

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Bridgeworks design evolves again – minus hotel

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An ever-changing lending market has caused designs to change again for the proposed Bridgeworks development, 2429 W. Superior in Cleveland’s Ohio City neighborhood. Some things were noticeably different in the plans — no hotel, no retail/restaurants, a big increase in the number of apartments, and a variety of colors and materials in the façade which, at first glance, makes the long building look like five or six structures.

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Welleon gets an ‘A’ in testing Cleveland’s market

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It used to be rare to see a newly constructed Cleveland apartment building filling out at rents of more than $2 per square foot and leasing out in less than two years. But those were the old days — “way back” in the 2010s. Today, it’s common to see luxury buildings, even those that are not downtown skyscrapers, rent out in a year or less. But not at the rents Welleon just commanded.

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EPA gives Greater Cleveland $129.4M for five solar arrays, reforestation

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The U.S. Environmental Protection Agency (USEPA) today awarded $129.4 million in federal funding to the Greater Cleveland area to produce cheaper, more competitive, cleaner electricity locally. The funded work includes constructing five solar arrays in four communities, closing a coal-fired power plant in Painesville and supporting reforestation efforts in a community once called the Forest City.

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Biotech biz plans $12M investment in East Cleveland

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One week after the Cuyahoga Land Bank completed a $3.5 million renovation of the Mickey’s building, 12550 Euclid Ave., in East Cleveland, it announced the sale of the building to Verdynt Bio, a Boston-based science facility developer with strong ties to Ohio. Verdynt Bio’s operations partner, SKYLIIT Labs, said it plans to invest more than $12 million into the site to create 100 jobs in a state-of-the-art laboratory and office co-working space.

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West 73rd Apartments site on the market

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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

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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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