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Centennial project downtown wins $15m HUD loan

Ken Prendergast / January 29, 2023

The Centennial, one of downtown Cleveland’s most complicated, expensive and elusive redevelopment projects, got another sign that it is very much alive by winning a $15 million loan guarantee from the U.S. Department of Housing and Urban Development (HUD). The financial assistance will be provided through HUD’s Section 108 Loan Guarantee Program and will be used to help finance the nearly half-billion-dollar conversion of the former Huntington Building, 925 Euclid Ave., from mostly offices into primarily a residential property.

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New Hough housing seeks affordability

Ken Prendergast / January 28, 2023

As market-rate housing developments continue to be built in Hough, this east-side Cleveland neighborhood is facing a challenge it hasn’t had to deal with for a century — remaining affordable. To that end, two new developments are moving forward to offer up to 160 workforce housing units plus a few retailers/restaurants that will offer jobs and services to those new residents. Those would add to hundreds more that were recently completed, are under construction or planned in response to strong job growth in and near University Circle.

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Ohio City apartment project gets ‘The Vibe’

Ken Prendergast / January 26, 2023

Things are starting to come together for new construction on one of Ohio City’s largest development sites. A new developer is at the ready. A project architect was selected and a firm that typically provides construction general contracting has been added to guide the development’s design. The developer even has a name of the development and some basic, preliminary design concepts regarding scale. But what isn’t yet known for certain is the programming for the project and if it will include a ground-floor commercial use, like a restaurant.

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Rock Ventures: First Detroit, now Cleveland

Ken Prendergast / January 24, 2023

Billionaire Dan Gilbert can ride up and down Woodward Avenue in downtown Detroit and admire his work like no one else can. He can point at buildings like a kid checking out baseball cards in a collector’s showcase and say “got it, need it, got it, got it…”

Perhaps he and his real estate company Bedrock might have the opportunity to do that soon in downtown Cleveland, too. And while Euclid Avenue is our main street like Woodward is Detroit’s, most of Gilbert’s acquisitions in Cleveland are along Prospect Avenue and Huron Road. There are some other differences as well, which may offer the opportunity for seeing some more construction workers and cranes in downtown Cleveland. Thankfully, Gilbert can count his properties and his blessings as he is almost fully recovered from a 2019 stroke.

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Commission OKs Tremont rezoning

Ken Prendergast / January 21, 2023

A nearly 25-acre area of land on a hillside at the north end of Tremont was recommended for rezoning by the City Planning Commission yesterday to allow more development closer to the Cuyahoga River. But the rezoning, primarily from general industry to general retail to accommodate new residential, neighborhood shops and restaurants, was opposed by the industries currently using those properties. Planning commission members responded that the rezoning allows existing uses to continue and that the rezoning is consistent with the city’s land use plans, namely its Vision For The Valley.

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Sneak peek at GCRTA’s new trains

Ken Prendergast / January 20, 2023

When the Greater Cleveland Regional Transit Authority (GCRTA) acquired new Italian-built Breda trains for its Blue and Green light-rail lines linking Shaker Heights and downtown Cleveland, Jimmy Carter was still in the White House. It was only a few years later, in Ronald Reagan’s first term, when GCRTA received new Japanese-made Tokyu trains for its heavy-rail Red Line between Cleveland Hopkins Airport and Windermere. GCRTA is still relying on trains that predate the mullet. To say that these trains are due for a replacement is an understatement.

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Huge Tremont hillside development site is in the works

Ken Prendergast / January 18, 2023

A former railroad yard-turned-asphalt plant at the edge of one of Cleveland’s hottest neighborhoods is the location of an emerging, large development site that could add shops, restaurants, other small businesses and hundreds of homes at a riverfront location. The developer leading the charge for this nearly 25-acre site is the same one involved in helping to move forward the 25-acre Thunderbird development on Scranton Peninsula in the Flats.

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Sherwin-Williams seeks “strategic developments” at HQ

Ken Prendergast / January 17, 2023

When Sherwin-Williams (SHW) finalized a deal last month with Florida-based Benderson Realty Development Co. to buy a big stake in its new global headquarters, the conversations reportedly began with different intentions. According to sources who spoke on the condition of anonymity, those intentions were both more modest and more grand, depending on how one looks it, and could play out further over the coming year.

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Seeds & Sprouts XXV — Park Place Tech stays, LaSalle Theater available, Grant Thornton moving

Ken Prendergast / January 13, 2023

Park Place Technologies will stay and expand in Mayfield Heights. Collinwood’s LaSalle Theater, now stabilized, is up for sale. And Grant Thornton, one of the nation’s largest accounting firms, is moving and shrinking its downtown Cleveland office.

Seeds & Sprouts XXV — Park Place Tech stays, LaSalle Theater available, Grant Thornton moving Read More »

Lakefront properties change hands

Ken Prendergast / January 12, 2023

In the past week, two significant property sales occurred near the lakefront in Cleveland’s Gordon Square neighborhood. While both occurred on different sides of Breakwater Avenue, one sale was of a former light-industrial property that was redeveloped with residential a little more than five years ago. The other sale was of a light-industrial property that has been destined for years to become residential and may now be on a faster ride in that direction.

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