mixed-use development

Lakefront properties change hands

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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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Bedrock buys Gateway megaproject site

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Bedrock and Stark Enterprises today officially announced the acquisition and sale of the former nuCLEus development site, adding 3.17 acres to Bedrock’s growing downtown Cleveland development portfolio. Situated at the intersection of East 4th Street, Prospect Avenue and Huron Road, the site is comprised of a large surface parking lot, a parking garage, and a two-story retail building containing Mr. Albert’s Men’s World.

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What we may see in 2023

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When it comes to business, real estate and community investment, there’s a lot to look forward to in Greater Cleveland in 2023. Look no further than the new Canon Healthcare headquarters, Bedrock real estate’s riverfront plans, Midtown Cleveland developments, booming University Circle and its spillover into long-neglected neighborhoods, the next artist district in Cleveland, ballpark villages around our city’s sport venues, lakefront plans and projects, transit-oriented developments, plus the skyscrapers under construction downtown.

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Health Tech Corridor and University Circle

Cleveland Clinic sees a busy 2023

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For several years, NEOtrans has been following the emergence, planning and development of major projects at the Cleveland Clinic Foundation’s Main Campus on the city’s East Side. In 2023, shovels will go into the ground for several of those projects which, in total, will rival the global health system’s last big building boom that occurred about 15 years ago. NEOtrans interviewed two Cleveland Clinic leaders to learn more about the Clinic’s $1.3 billion construction program.

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Postmortem on Medical Mutual’s HQ decision

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The decision for Medical Mutual of Ohio to abandon its downtown Cleveland headquarters for suburban Brooklyn was apparently less of a strategic move and more of a matter of which city’s public incentives got used first. And according to a local real estate insider, it was a short-term decision that could end up biting the Fortune 1000 company and downtown in their hind ends in the long term.

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Circle Square: looking ahead

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When Circle Square won a megaprojects tax credit earlier this month from the state, it helped set the financial foundations for the next structures in the massive undertaking in Cleveland’s University Circle. Already, Circle Square’s developers have forever changed the skyline of Cleveland’s second downtown. But more is about to come along Stokes Boulevard, between Euclid and Chester avenues.

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Old Brooklyn development plan wins support

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Plans for redeveloping the northwest corner of Pearl Road and Memphis Avenue in the heart of Cleveland’s Old Brooklyn neighborhood were set in motion yesterday when a Pittsburgh-based architecture and development firm and its conceptual plan were selected by the Old Brooklyn Community Development Corp. (OBCDC). Desmone, OBCDC and other neighborhood stakeholders pledged to work together in the first quarter of 2023 to turn the proposal into an real project.

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Boost in historic tax credits benefits Ohio projects

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Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects.

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Brownfield grants reveal progress on many projects

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Ohio Gov. Mike DeWine today announced $88 million in state support for 123 brownfield remediation projects that will help clean up hazardous and underutilized sites throughout the state. The Ohio Department of Development is funding the awards through the Ohio Brownfield Remediation Program, which is designed to clean up and prepare hazardous brownfield sites for redevelopment. The projects announced today will impact communities in 35 counties across the state.

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