Flats East Bank

Cleveland development: what to look for in 2024 — Downtown

For many in the real estate investment community, 2023 was the year when few new big projects were financed. The projects that were already financed under better, prior market conditions saw their construction advance, making the real estate landscape appear rosier than it really was. Now, however, as we enter 2024, there is a light at the end of the tunnel with developers already reviving or making new plans.

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Odeon, 3 other Flats parcels sold to developer

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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Flats-East-Bank-vision

New Flats East Bank tower to be shorter, groundbreaking delayed

In addition to a spate of high-rise developments on the horizon, there are also new low- to mid-rise developments just around the corner, too. One of them is a project that was originally proposed to be a mid- to high-rise building.
Instead, a mixed-use building representing the first salvo for the second half of the Flats East Bank development will be reduced from 11 or 12 stories down to seven or eight stories. And, as NEOtrans learned this week, its construction timeline will be pushed back by about five or six months.

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