mixed-use development

City Club Apts has new owner, Skyline 776 name

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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.”

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Cleveland hosting Lakefront Future Forum Aug. 5

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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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Downtown Lakewood development to go without grocery store

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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.

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Cleveland, Bedrock seek $1 billion for riverfront development

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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.

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CRE industry lauds Bibb’s construction permit overhaul

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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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Welleon gets an ‘A’ in testing Cleveland’s market

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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.

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Biotech biz plans $12M investment in East Cleveland

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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.

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Downtown Cleveland’s glimmers of hope

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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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Erieview, Shoreway towers win financing

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Today, the Cleveland-Cuyahoga County Port Authority’s board approved $144 million worth of financing toward development projects with a combined price tag totaling $206.1 million. The projects include one new-construction residential tower near Edgewater Park, one renovated and converted Downtown Cleveland office tower, and a major expansion and renovation of middle school facilities in Shaker Heights.

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Downtown dealmaking takes time, new approaches

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Although the real estate listing for Ohio Savings Plaza, 1801 E. 9th St. and its associated Park Plaza, 1111 Chester Ave., show their transaction status as “under contract,” it’s been that way for many months. It will retain that status for at least two more months. What’s going on behind the scenes reveals the complexities and even creative new ways of pursuing big deals in this market at this time.

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