real estate

Bedrock buys SHW HQ, R&D for $48.5 million

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Newly available public records show that Bedrock Real Estate of Detroit paid $48.5 million total for Sherwin-Williams’ soon-to-be-vacated Landmark Building and John Breen Technology Center, both in downtown Cleveland. Although the sale of those properties closed last week, their sale amounts weren’t public available until today. The Landmark Building is currently Sherwin-Williams’ global headquarters and the Breen Technology Center is the global coatings giant’s primary research and development (R&D) facility for another year or so.

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West 117th’s fast-food makeover

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The sites of three fast-food restaurants in a short stretch of the Cleveland side of West 117th Street are about to get a new look. But only one of them isn’t going to be slinging its quick, cheap chow anymore. The other two will continue to offer fast food and to make it easy, if not easier to grab the grub and go without having to get out of your car. And all three sites will continue the practice of building single-use structures along a busy thoroughfare whose car-dependent land-use patterns have more in common with outer suburbia than being in the midst of one of Greater Cleveland’s most densely populated areas.

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Did city derail scenic railroad extension?

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While helping Bedrock Real Estate acquire land for its downtown riverfront development, the city of Cleveland may have also “significantly harmed” nascent efforts to extend Cuyahoga Valley Scenic Railroad (CVSR) passenger trains north to downtown. That harm was the apparent result of the city releasing itself from a lien on current and former railroad rights of way along the Cuyahoga River from below Tower City Center south to near Interstate 490.

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NE Ohio wins $26M in historic tax credits

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An ambitious plan to redevelop the mostly vacated Park Synagogue, 3300 Mayfield Rd., and its 28 acres of land in Cleveland Heights was the big winner in today’s awarding of $50.56 million in Ohio Historic Preservation Tax Credits to 38 projects statewide. But Northeast Ohio overall did pretty in this latest round of historic tax credit awards, winning more than $26 million for 11 projects.

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Rebuild Cleveland to assemble new homes

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A new company comprised of local real estate veterans intends to break ground next week on its first new home to address a shortage of quality, affordable workforce housing and to continue neighborhood stabilization efforts. But construction of that home, a modular, manufactured structure, is due to be completed in less than one month. The company that will build this infill housing on vacant lots is called Rebuild Cleveland LLC and the neighborhood where they will start assembling them is the southern part of Cleveland’s Detroit Shoreway.

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Hough developments keep on coming

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Multiple construction projects are underway at the east end of Hough, closest to University Circle, and more are about to begin. While work is rapidly progressing on the apartments and townhomes for Park Lamont, two more projects are about to begin and a third is waiting in the wings for more financing to be awarded to it. All are in response to the growing number of University Circle-area jobs and students. Even affordable senior housing is being added in response to this growth, with the goal to make sure seniors don’t get squeezed out of a neighborhood experiencing rising rents.

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City Club tower tenants announced

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Detroit-based City Club Apartments, a 104-year-old private real estate owner, developer and operator, held a Topping-Off event today on the 18th floor of its 23-story City Club Apartments-Cleveland mixed-use apartment and penthouse community. Mayor Justin Bibb and City Club Apartments Chairman and CEO Jonathan Holtzman were among the speakers at the event that celebrated the construction milestone, opening of the residential pre-leasing center nearby at 313 Euclid Ave. and the announcement of four café/restaurant/bar venues at the new 250-foot-tall tower.

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Seeds & Sprouts XXIX – CSU to start arena plans, Downtown garage demo, Olde Cedar’s replacement

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Cleveland State University is about to start work on plans for a new arena, a downtown parking garage will be demolished — for a parking lot, and one of the oldest public housing projects in the USA along with the old juvenile justice center will be demolished for a mixed-income housing complex.

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Bibb appoints interim director

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Less than a week after Tessa Jackson left her post as Cleveland’s economic development director, Mayor Justin Bibb has found a replacement — at least temporarily. This morning, Bibb named Terri Hamilton Brown as the city’s interim director of economic development. She was sworn in and began work today following the departure of Tessa Jackson on June 15. The city expects to open the application process for the permanent position later this week.

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Erieview Tower project gains potent partner

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Despite recent departures from the project, development team members assured NEOtrans that the $100 million redevelopment of the Tower at Erieview in downtown Cleveland is still going forward. A big reason why is because the development team has gained a potent new member — an influential Cleveland-based law firm tied into active developer TurnDev and its financing arm TurnCap.

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