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Cleveland’s Central-Fairfax: the next hot zone?

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Cleveland’s Central and Fairfax neighborhoods haven’t been a hot zone for new real estate development since the Jazz Age of the 1920s and 30s. Back then, streets like Cedar, Central and Quincy were hopping with jazz clubs, speakeasies, flappers and gangsters. Aside the many night spots were factories that hummed with tens of thousands of jobs during the daytime hours. Most were tightly clustered along the four-tracked Pennsylvania Railroad that was elevated in 1915 to reduce traffic congestion.

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Downtown’s next crane may be MIA for a while

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While the nation’s employment is high and incomes are rising, in many respects, the slowdown in new real estate construction projects is the worst the nation has seen since the credit crunch of 2008-10. Back then, everything stopped. Nothing new was getting built. Things aren’t too different now unless you’re building new data centers, warehouses or small housing projects.

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New Downtown Lakewood plan, grocery store announced

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Sitting dormant since Lakewood Hospital closed in 2016 and was demolished in 2019, a 6-acre city-owned site in Downtown Lakewood has a fresh strategy and a new tenant to finally reactivate it. While that strategy and a new tenant, a neighborhood grocery store, was enthusiastically received by City Council members at a committee meeting tonight, it remains to be seen whether it can overcome financing hurdles affecting it and all other projects nationwide.

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Tower City’s Astro lifts off tomorrow

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Yes, a new restaurant at Tower City Center in Downtown Cleveland really is out of this world. And The Astro Restaurant is going to lift off at 11 a.m. tomorrow, one block from the neighboring RocketMortage offices. But since the restaurant will be open only for dinner, it may prove to be popular for people attending evening events at the RocketMortgage FieldHouse just down the street.

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Sherwin-Williams: already outgrown its new HQ

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With the completion of Sherwin-Williams’ new Downtown Cleveland headquarters tower delayed well into next year, the global coatings giant has a some extra time to consider its options on how to handle various aspects of its unanticipated growth. Since the company has already outgrown its new HQ before it is finished, that means weighing a second HQ tower, expanding remote work, as well as addressing parking and commuting options.

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Cleveland Museum of Art’s $8M lobby reno starts May 1

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Increasingly crowded with students, tour groups and attendees of special events, three lobbies at Cleveland Museum of Art (CMA) are about to be renovated thanks to $8 million worth of donations. Those gifts will help make those gathering locations in one of Cleveland’s most popular museums a place to enjoy rather than deal with.

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Downtown: Huron may close for street market

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Although early in the process, Playhouse Square Foundation is leading an effort in Downtown Cleveland that could result in the closure of Huron Road to vehicles to allow for the expansion of US Bank Plaza and create a venue for a street market of pop-up vendors and artists. The potential closure to cars and trucks could affect a short stretch of Huron that’s closest to Euclid Avenue.

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Progressive Insurance puts offices up for sale

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Although the global insurance provider cautioned that this day was coming, it doesn’t make its arrival any easier. Mayfield Village-based Progressive Insurance has announced that it will offer for sale millions of square feet of office space here in Greater Cleveland and around the country. This comes at a time when nearly every office-based employer is shedding office space in favor of remote work, too.

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Park Place Tech seals HQ deal

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After a year-long search for a new headquarters, Park Place Technologies has closed on its deal to acquire Progressive Direct Insurance’s Alpha Campus in Highland Heights. Consummation of the purchase agreement sets the stage for renovating the multi-building campus and ultimately relocating to it 500 headquarters employees from neighboring Mayfield Heights. Warehouse operations in Solon will also be consolidated on the new site.

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Phase 2 awaits: Innovation Square, Fairfax Market

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Two mixed-market-rate apartment developments that just opened along East 105th Street in Cleveland’s Fairfax neighborhood have phase-two projects proposed. But construction on the pair of follow-on projects may not occur for a year or more as lending remains tight and leasing activity has been uneven. But things could accelerate next year after interest rates fall and hiring starts for thousands of permanent jobs at several large Cleveland Clinic buildings under construction nearby.

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