real estate

Erieview, Galleria redo: steps forward, back

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A $193 million redevelopment of half-empty Erieview Tower and its associated and similarly vacated Galleria shopping mall, 1301 E. 9th St.,  is the first big project to request a scaled-down tax abatement from the city under Mayor Justin Bibb’s new abatement policy. That policy reduces the amount of tax abatement for new construction or renovation in stable, wealthier neighborhoods in Cleveland, including downtown.

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GCRTA stations: lots of opportunity

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In recent months, the Greater Cleveland Regional Transit Authority (GCRTA) has served notice that its rail system isn’t going anywhere. And that could be interpreted in one of two ways. In one way, GCRTA plans to invest $540 million by the end of this decade to rebuild its 34-mile rail system including a new, standardized light-rail fleet plus rebuilt tracks and stations on the Red, Blue and Green lines. Greater Cleveland’s “Rapid” is sticking around for decades to come. But taking it another way, there are no expansion plans while ridership on GCRTA buses and trains fell nearly 60 percent from 2013 to 2021 “led” by its rail system which fell even farther, from 9.3 million boardings in 2013 to 2.9 million in 2021.

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Seeds & Sprouts 31 – Oliva Steakhouse on downtown’s menu; Starting Point center opening at Link59; Lido Lounge stripped by George, BofA

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While Oliva Steakhouse is due to open by the end of the year in downtown’s Warehouse District, and Starting Point child development agency is opening at Link59 in Midtown, old Lido Lounge in Westown is due to be replaced by a Bank of America branch.

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City reveals its lakefront vision

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A preliminary design for downtown lakefront improvements was unveiled yesterday by the city and its consulting team at the Great Lakes Science Center to advance the project development process. The process would then move into final design, fundraising and environmental permitting so construction could begin possibly in the next two years. But there are some notable differences in the city’s lakefront vision when compared to one commissioned and released two years ago by the owners of the Cleveland Browns football team, The Haslam Group.

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Browns Stadium talks tackled for no gain

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At a press conference this week, Cleveland Browns owners Jimmy and Dee Haslam raised some eyebrows with their comments about the current stadium and where the football team might play in the future. Among other remarks, Jimmy Haslam interjected that “The only thing Dee and I would say for sure is we’re not leaving Northeast Ohio.” According to a team source familiar with its negotiations with the city of Cleveland, that remark was a subtle nudge to the city to resolve an apparent impasse in negotiations. The source added that, if the team doesn’t see more progress, it could leave Cleveland for a new stadium in the suburbs.

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Progressive’s office spaces to be slashed

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All Progressive Insurance employees received a notice this morning announcing that, due to remote working, the company would be slashing the square footage of active office spaces and attempt to sell or lease those it will no longer occupy. As a result, about 850 employees who continue to work in the office will be consolidated into the company’s Campus 2, 300 North Commons Blvd. It will also move the corporate headquarters from Campus 1, 6300 Wilson Mills Rd., but remain in Mayfield Village.

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New CSU arena in play by year’s end

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By the end of this year, Cleveland State University (CSU) officials and their project consultants said they hope to select a development team, financing plan and a proposal for a new multi-purpose, indoor arena on Payne Avenue just east of downtown Cleveland. The arena would serve the athletic and academic needs of CSU as well as the entertainment needs of Greater Cleveland. And depending on the responses from prospective teams, the winning proposal could also include details about developing a neighboring mixed-use district.

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County issues RFP on 800K SF courthouse

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Two months from tomorrow, Cuyahoga County officials hope to get some ideas and cost estimates from private-sector development groups on whether to rebuild and expand the existing, 47-year-old courthouse tower at the Justice Center or build a new one. A new courthouse, which could be built next to the existing tower at 1200 Ontario St. or somewhere else downtown, was recommended four years ago as the least expensive option for providing expanded court facilities over the long term by the Justice Center Steering Committee.

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Reynolds enters Midwest market with local buy

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In a move that expands its portfolio westward into a new market, East Coast-based Reynolds Asset Management, with financing provided in partnership with Northwest Bank, announced it has closed on the acquisition of a 125-unit multifamily apartment complex in the Greater Cleveland area. It is Reynolds’ first real estate asset acquisition in the Midwest and the first of more deals it is seeking in the Cleveland-area market.

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City considers re-legalizing the city again

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The city of Cleveland’s Board of Zoning Appeals’ docket regularly sees cases like this. On Monday, Sally Banks LLC will ask the board to allow it add a 1,100-square-foot addition to its popular Treehouse pub, 820 College Ave. in Tremont, without adding off-street parking spaces. It’s the second time the pub is expanding and it’s the second time it has had to go through the process of getting a variance to ignore the city’s zoning laws. Those zoning laws say the pub has to add an off-street parking space for every 100 square feet of new business space. The average cost per parking space to build a surface parking lot is $5,000, city data shows.

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