Some developers focus on building homes in all-residential neighborhoods. Others focus on building and renovating commercial spaces on busy streets. It’s not often that a developer pursues both with the goal of each supporting the other. But that’s what a new development firm comprised of experienced real estate professionals is pursuing in Cleveland’s Old Brooklyn neighborhood.
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Due to funding policy changes at the U.S. Department of Housing and Urban Development (HUD) since January, backers of the Memphis & Pearl development in Cleveland’s Old Brooklyn neighborhood have had to scramble to save the project from a suddenly large, $15 million funding gap.
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In the coming months, the busy intersection of Memphis Avenue and Pearl Road in the heart of Cleveland’s Old Brooklyn neighborhood will look very different. The change is due from the City Planning Commission’s approval on Friday of an application to demolish four buildings at that intersection, each of which are historic structures but in varying stages of decay.
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A new and growing business is seeking to move from its rented space in Cleveland’s Old Brooklyn neighborhood to put down stakes somewhere. And it found that somewhere in a faded brick building at 5363 Broadway Ave. in Slavic Village.
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A Parma real estate investor and his development team won conceptual approval yesterday from a local design review panel to convert the vacant, century-old Independent Order of Odd Fellows Temple at 3409 Broadview Rd. in the heart of Cleveland’s Old Brooklyn neighborhood into 10 loft-style apartments. The team will then refine their plans into more detail schematic designs for review by the Planning Commission’s citywide design-review committee prior to construction.
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Financing could be secured this spring for the redevelopment of the northwest corner of Pearl and Memphis in the heart of Cleveland’s Old Brooklyn. But a casualty of the investment would be the 119-year-old St. Luke United Church of Christ.
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