development

Phase 2 sought for Midtown apartment complex

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With the paint still drying on the first phase of a mixed-use development called The Foundry Lofts, 7240 Euclid Ave., Signet Real Estate Group is asking the city for approvals to begin construction on an apartments-only phase two. The reason for moving forward so quickly on expanding the Midtown Cleveland development is because both residential and commercial leasing activity for the first phase have been strong.

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Odeon, 3 other Flats parcels sold to developer

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The Odeon concert club, 1295 Old River Rd., was among four contiguous parcels on Cleveland’s Flats East Bank that were sold last week to Cleveland-based GBX Group, a real estate development financier which specializes in structuring financing for historic rehabilitation projects. However, when contacted by NEOtrans, a GBX representative said their plans for the site would not be officially announced for at least two months.

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Canon takes aim at Cleveland

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Three years ago, the first rumors of Canon seeking to increase its presence in Cleveland surfaced. NEOtrans couldn’t report all of the gory details back then because it would compromise a source. So some of the information was shared once it became publicly available. But the rest of the information can be shared now that the Japanese imaging company let the cat out of the bag that it’s putting the headquarters for Canon’s newly created Canon Healthcare USA Inc.’s subsidiary in Greater Cleveland.

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Four NE Ohio projects win TMUD credits

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In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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Bridgeworks seeks options after 2nd TMUD snub

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The development team that has sought to build the high-rise Bridgeworks development, 2429 West Superior Viaduct, in the Hingetown section of Ohio City is left with more questions than answers today after being left off the awards list for Ohio Transformational Mixed Use Development (TMUD) tax credits the second time. The Ohio Tax Credit Authority is making its decision on TMUD award winners and losers today, but information about other applicants was not yet available.

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Up to $10M coming to Irishtown Bend Park

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In a project beset with hurdles — primarily centered around money — the effort to move forward on developing the 23-acre Irishtown Bend Park in Cleveland’s Ohio City neighborhood got a big financial boost today. That boost came from a $5 million challenge grant from the Jack, Joseph and Morton Mandel Foundation. If enough donations are received by the end of 2024 to match the challenge dollar-for-dollar, it could generate up to $10 million.

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Stark has new buyer for downtown site

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If it’s December, then there’s a new buyer emerging for the so-called “nuCLEus” properties owned by Cleveland-based Stark Enterprises. But there’s a few differences with the potential sale of downtown land in the Gateway District compared to last year’s deal that fell through. Perhaps the most significant difference this time is that Stark’s CEO isn’t denying it.

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Bedrock’s ambitious Tower City, riverfront plans

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After months of work, Bedrock Real Estate of Detroit and its masterplan architect David Adjaye Associates of Ghana today released their vision for the Cuyahoga Riverfront below Tower City Center in downtown Cleveland. The $3.5 billion vision would add more than 3.5 million square feet of mixed uses next to the former railroad passenger terminal turned shopping center. It’s the latest in a century’s worth of ambitious visions of the waterfront closest to Public Square.

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Police HQ to the ArtCraft Building

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After a competitive request-for-proposals (RFP) process the city has selected the historic ArtCraft Building, located at 2530 Superior Avenue, as the top pick for the new Cleveland Division of Police (CDP) headquarters. The city will begin negotiations for the site with the property owner’s team led by TurnDev Development and expects to have legislation ready for city council in January 2023.

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