In the coming weeks, the owners of the Cleveland Browns will reveal their plans to build a $3.6 billion domed stadium and associated development in the Cleveland suburb of Brook Park. According to public sector sources familiar with the plans, owners Jimmy and Dee Haslam have their capital funding identified for the stadium and a small first phase of development.
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Cleveland Mayor Justin Bibb sent a letter today to Jimmy and Dee Haslam, owners of the Cleveland Browns, urging them to stay in Downtown Cleveland. Bibb also publicized the city’s $461 million contribution to renovate Cleveland Browns Stadium to show to the public that the city has made a strong financial offer to the National Football League team. But that might not be enough to keep the Browns at the deteriorating lakefront stadium.
Read MoreMayor Bibb’s offer to Browns may be last-ditch effort Read More »
Faced with a difficult financial situation involving multiple development projects nationwide, City Club Apartments of Farmington Hills has sold its interest in the nearly completed 23-story mixed-use tower at 776 Euclid Ave. in Downtown Cleveland. The buyer was its primary financial backer, Detroit-based Finance Michigan. And, as a result of the change, the building will be rebranded as “Skyline 776.”
Read MoreCity Club Apts has new owner, Skyline 776 name Read More »
Mayor Justin Bibb and his lakefront development team are inviting the community to a Lakefront Future Forum scheduled for from 4-7 p.m. Aug. 5, on Mall C in Downtown Cleveland. The site is located between City Hall, 601 Lakeside Ave. and the old Cuyahoga County Courthouse, across from the entrance of the Huntington Convention Center of Cleveland.
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Developers of the proposed Downtown Lakewood mixed-use development said it was a mix of good and bad news that a grocery store chain backed out of the project. The good news is that the developers can proceed with a previous plan to offer a larger public plaza facing Detroit Avenue. The bad news was that revising the plans to accommodate the grocer cost the developers eight months of time and inflation in delivering the $100-plus-million project.
Read MoreDowntown Lakewood development to go without grocery store Read More »
City Planning Commission today voted unanimously to recommend that City Council approve a 45-year, project-specific tax-increment financing (TIF) deal with Bedrock Real Estate to generate $400 million for infrastructure to support Bedrock’s $3.5 billion riverfront development. This would create a second, albeit smaller TIF district downtown to support major waterfront and urban core improvements.
Read MoreCleveland, Bedrock seek $1 billion for riverfront development Read More »
Commercial real estate and construction interests hailed Cleveland Mayor Justin Bibb’s signing of an executive order today to simplify and speed up the construction permitting process at City Hall. Bibb was quick to point out that this reform will affect small projects by homeowners as well as downtown skyscrapers. However, it could take up to a year before all of the approved changes are implemented.
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It used to be rare to see a newly constructed Cleveland apartment building filling out at rents of more than $2 per square foot and leasing out in less than two years. But those were the old days — “way back” in the 2010s. Today, it’s common to see luxury buildings, even those that are not downtown skyscrapers, rent out in a year or less. But not at the rents Welleon just commanded.
Read MoreWelleon gets an ‘A’ in testing Cleveland’s market Read More »
One week after the Cuyahoga Land Bank completed a $3.5 million renovation of the Mickey’s building, 12550 Euclid Ave., in East Cleveland, it announced the sale of the building to Verdynt Bio, a Boston-based science facility developer with strong ties to Ohio. Verdynt Bio’s operations partner, SKYLIIT Labs, said it plans to invest more than $12 million into the site to create 100 jobs in a state-of-the-art laboratory and office co-working space.
Read MoreBiotech biz plans $12M investment in East Cleveland Read More »
While it seems like foot traffic is up in Downtown Cleveland since the pandemic four years ago, different organizations that measure the city’s central business district’s economic performance have numbers backing up that perception. And that’s also reflective of increased numbers of workers returning to their offices and more residential conversions and occupancies as well. But those numbers are still far from robust.
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