mixed-use development

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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Downtown occupancy finally rings at The Bell

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Despite recent bumps in opening The Bell, the team that converted the former Ohio Bell headquarters into apartments and commercial spaces has hired two Chicago firms to market and manage the property. The announcement comes as the Downtown Cleveland building has received its occupancy permit, effectively declaring the $100-plus-million conversion project as complete.

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Cleveland’s lakefront has something no other major Great Lakes city has

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When looking at Chicago’s enviable lakefront, it never had it. Toronto’s did, but not anymore. Same with Milwaukee’s and Hamilton’s but due to different circumstances. Detroit, Buffalo, Toledo and smaller cities like Green Bay and Erie never did. What are we talking about here? A busy mainline freight railroad routed along a major Great Lake city’s downtown waterfront.

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