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Downtown soccer stadium project takes a time-out

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A 10,000-seat soccer stadium proposed to be built in downtown Cleveland is on hold until pandemic-hurt finances improve among backers of the project so they can acquire a site for it.

Last spring, the Ohio Department of Transportation began soliciting responses from prospective real estate brokers or auctioneers to help it dispose of at least 30 acres of land it owns immediately south of the Inner Belt section of Interstate 90 next to Ontario Street. The goal was to put the land on the market in November.

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Cleveland-area offices shrinking, growing, moving and uncertain

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The real estate market is divided into four basic end-users — residential, hospitality, retail and office. Although the retail market has been shrinking for years, it is basically on hold during the pandemic with some exceptions. The hospitality market is pretty much in a coma but it will probably return healthy once it regains consciousness. Only the residential market has shown a great deal of resiliency throughout the pandemic.

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Lots of good long-term economic news for Greater Cleveland

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As jobs start to come back following the pandemic-related economic shutdown, there are also new jobs coming online for Greater Cleveland. These aren’t restored jobs; they are jobs resulting from economic growth in sectors that were either unaffected by the shutdown or they are structural changes from employers seeking lower-cost ways of doing business.

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