Partners working together on the transformational Irishtown Bend project have reached a tentative settlement agreement following a lawsuit by an affiliate of the George family against the use of eminent domain to acquire their land for the project. Terms of the deal were not fully disclosed at this time.
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A big retailer is opening at Steelyard Commons, renovations work for AJ Rocco’s new restaurant are about to progress, Hemingway Development bets on Midtown offices, and the inside of a West Side leather shop is about to be renovated.
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A significant building in downtown Cleveland’s theater district is proposed to undergo a transformation that would convert nearly half of the structure to residential and add a high-profile office tenant. The Bulkley Building, or simply The Bulkley, 1501 Euclid Ave., is not only owned by the Playhouse Square Foundation but is also the site of the foundation’s offices.
Read MoreHalf of Bulkley Building to be residential Read More »
New data from a leading North American real estate services firm shows that Greater Cleveland had the smallest number of new apartment units under construction in the USA in the fourth quarter of 2022. That snapshot of construction activity in America’s multi-family rental market shows that, not only is Greater Cleveland lagging way behind the nation’s largest metropolitan areas in adding new apartments, it’s also lagging behind many of its peer metros. The report comes as the City of Cleveland considers reducing its financial incentives for new developments.
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Chicago-based Leopardo Companies is already making a name for itself in Cleveland by serving as the construction manager of two major development projects in downtown. But while some construction companies might be content with overseeing a couple of big building projects in a secondary market like Cleveland before moving on to the next opportunity somewhere else in the country, Leopardo has different ideas.
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Three legal and financial service firms in downtown Cleveland are on the move to new addresses in the central business district, with two firms seeking smaller spaces as part of an ongoing trend by many office-based employers to downsize their work spaces after the pandemic. The third firm moved to accommodate significant new growth in Cleveland. And each firm is staying downtown, investing in their new office locations, with none of the three seeking a reduction in employment. Indeed, even as some office spaces shrink, the number of employees at those tenants’ aren’t shrinking. Instead, they are taking advantage of remote working and web-based contact with clients.
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On March 28, Cuyahoga County Council is expected to vote on a proposed $2 million loan that could finally close a persistent funding gap on the planned $103.7 million Bridgeworks development. The investment would allow site demolition and construction to start as early as this spring, putting a 15-story building at the west end of the Detroit-Superior Bridge in the booming Hingetown section of Cleveland’s Ohio City neighborhood.
Read MoreOhio City high-rise may get loan, start date Read More »
Browns, city deny claims; say focus remains on FirstEnergy Stadium According to several sources, the Cleveland Browns and its majority owner, the Haslam Sports Group, want to move faster than City Hall on what happens before the team’s lease at FirstEnergy Stadium expires at the end of 2028. That reportedly includes a new football/multi-purpose stadium
Read MoreSources: Browns want new stadium; Mayor wants community input Read More »
Groundbreaking is due in mid-March for The Apartments At Bolivar in downtown Cleveland. A former factory on East 45th Street in Asiatown is being renovated into the Belden Building artist studios. And the Pizza Hut at Detroit Avenue and West 117th Street will be demolished for an Urgent Care Center.
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At the start of 2024, the city of Cleveland’s new tax abatement policy will go into effect. While the policy will remain basically unchanged for much of the city, it will become less supportive of developments in neighborhoods where construction has been most active — University Circle, Ohio City, Tremont and parts of downtown. So, in those areas, developers are trying to expedite the delivery of projects before the 15-year property tax abatement on new developments declines from 100 percent to 85 percent. But there’s something standing in the way of that acceleration: a lack of city staff to get projects approved in time.
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