development

Sources: If Cliffs + US Steel happens, so does a new HQ

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Something is happening inside 200 Public Square that isn’t happening at many other downtown Cleveland office towers — a major tenant is gobbling up more office space. The tenant, Cleveland-Cliffs Inc., is adding hundreds of office workers to the building, a number that could reach 2,000 employees in the next few years if it is able to acquire Pittsburgh-based rival US Steel. If that happens, two sources who are close to Cliffs’ executives say Cliffs will reconsider 200 Public Square as its headquarters of what would become the nation’s largest steelmaker.

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Guardians to expand real estate holdings

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The Cleveland Guardians Major League Baseball (MLB) team is exercising an option on acquiring the second of two properties that were offered to it when the team extended its lease on Jan. 1, 2022 to play at Progressive Field for at least another 15 years, a city source said. The property it will acquire this time is the huge Gateway East Garage, 650 Huron Rd. East in downtown Cleveland for $25 million and could set the stage for a full or partial demolition of the 29-year-old garage for a “ballpark village” redevelopment.

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Latest TMUD wish list is NEO-light

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One of the favorite past-times among some Northeast Ohioans is to complain that too much of their state tax dollars are going to the rest of the state and not enough to Northeast Ohio. But if you don’t ask for anything, you don’t get it. That’s the case when it comes to the latest round of Transformational Mixed Use Development (TMUD) tax credits. Northeast Ohio TMUD applications represent only 10.8 percent of the total dollar amount requested statewide for Ohio’s fiscal year 2024 round and only one downtown Cleveland project was submitted. Ironically, the TMUD program was the brainchild of a Cleveland developer to encourage more downtown Cleveland projects.

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Ohio City’s next big apartment project

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One of Ohio City’s largest development sites is located in this Cleveland neighborhood’s booming Hingetown section. So it was only a matter of time before a large development was proposed for that site at 2828 Clinton Ave., measuring nearly 2 acres. That time is coming next week when the Franklin-Clinton Block Club which includes Hingetown will get a presentation of preliminary plans for the development and offer input on it to the city’s design-review and landmark commissions.

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Downtown Lakewood project going through phases

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Over the next 60-90 days, the city and its development team will explore the feasibility of breaking up into more achievable pieces or phases the ambitious, $100-million-plus-dollar vision to redevelop the former Lakewood Hospital site in Downtown Lakewood. But city officials and the development team they chose said the basic, long-term vision for the site will remain largely unchanged from what city review boards have approved thus far.

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Cavs, Clinic confirm downtown move

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In a formal announcement made today, the Cleveland Cavaliers, the Cleveland Clinic and Bedrock Real Estate officially unveiled a partnership for and conceptual plans of the Cleveland Clinic Global Peak Performance Center – a first-of-its-kind sports performance center and training facility. Proposed plans include the development of an interdisciplinary training center which would be located on the Cuyahoga River’s waterfront in downtown Cleveland. The center would be the only Cleveland Clinic-backed professional facility to be open to the public.

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West Park area developments emerge

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While big developments in and near Downtown and University Circle continue to be announced, a lot is going on in other Cleveland neighborhoods, too. Among those seeing activity are the West Park and Bellaire-Puritas neighborhoods, with new market-rate housing, jobs and educational projects planned. All three investments are critical to keeping Cleveland’s westernmost neighborhoods fresh and vibrant, said their City Councilman Charles Slife, of Ward 17.

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Big-name downtown tenants are on the move

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Several major downtown Cleveland tenants are in the market for new homes and where they land could shake up the office market in the central business district. The moves come at a time when many companies are shrinking their office footprints and downtown office building owners are fighting to keep what tenants they have. Interestingly, several major tenants that are on the move are looking for larger space than what they have now.

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Surprising sites emerge for Courthouse Tower

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A few notable developers are reportedly offering several prominent, if not surprising downtown properties as options to host what will be a nearly 900,000-square-foot Cuyahoga County Courthouse Consolidation project. The square footage, not including parking which will be extra, represents specialty office space that property owners are desperately trying to fill in this post-pandemic real estate market. The sheer size of the courthouse consolidation project may create a competition that bears watching.

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City picks Watterson-Lake developer

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Following a request for proposals (RFP) process, the city of Cleveland officials selected Bridging the Gap LLC, a minority business enterprise and real estate developer from Pittsburgh, to redevelop the former Watterson-Lake School site in Cleveland’s Detroit-Shoreway neighborhood. New to the Cleveland market, Bridging the Gap has a portfolio of major renovation and new construction projects, including multi-family housing, mixed use, industrial, retail and office space. But this site is likely to be developed with affordable apartments, probably with a ground-floor retail space based on the site’s zoning.

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