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Cleveland development: what to look for in 2024 — Downtown

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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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Three big county projects about to advance

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Fifteen years ago, when the Great Recession could let someone go bowling down East 9th Street without hitting anyone, three major construction projects were about to get started and provide the city of Cleveland with much-needed economic stimulus. Back then, construction of the new Huntington Convention Center, the Flats East Bank redevelopment, and the new Inner Belt highway bridges represented a total public works investment of nearly $1.5 billion.

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County Courthouse project gets seven proposals

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While the specific proposals for a new or renovated Cuyahoga County courthouse haven’t been publicly released yet by the county, a list of who submitted the proposals was provided to NEOtrans as a result of a public records request. And the list of seven respondents provides some insight as to who has presented what for the county’s nearly 900,000-square-foot courthouse facility that could cost $400 million to $700 million to build or renovate.

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Surprising sites emerge for Courthouse Tower

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A few notable developers are reportedly offering several prominent, if not surprising downtown properties as options to host what will be a nearly 900,000-square-foot Cuyahoga County Courthouse Consolidation project. The square footage, not including parking which will be extra, represents specialty office space that property owners are desperately trying to fill in this post-pandemic real estate market. The sheer size of the courthouse consolidation project may create a competition that bears watching.

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A dozen high-rises in the works downtown

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Last week, NEOtrans wrote about three high rises in a single development — the first phase of Bedrock’s riverfront site — that could see construction start by this time next year. But that is by no means the only downtown high-rise development in the works. NEOtrans is aware of 13 high-rise projects of 10 stories or more in various stages of development, not including those already under construction downtown. This inventory includes only potential new-construction high-rises, not major renovation projects like The Centennial, redevelopment of the Rose Building and others.

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Cleveland police HQ site search begins anew

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Officials at Cuyahoga County and now at City Hall are having difficulty deciding where to build their new venues for addressing crime. Three years ago, an effort began in earnest to find a new home for Cuyahoga County’s new jail campus and a new courthouse tower. A steering committee set up to decide that course of action has failed to settle on a site for those facilities in that time. But the city’s efforts to find a new home for its Cleveland Police Department (CPD) Headquarters has been going on for even longer and will continue for at least a few months more, following an announcement today by Mayor Justin Bibb’s administration.

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