Cleveland may soon join the list of medium- and large-sized cities whose central business districts have lost their Greyhound bus stations to less-accessible locations. And that’s of concern to low-income travelers, college students and others trying to save money or avoid the stress of driving while traveling to and from Cleveland’s station at 1465 Chester Ave., downtown.
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Despite the rise in interest rates, there continues to be strong demand for new housing in Greater Cleveland, especially in hot sub-markets like where Cleveland’s Detroit-Shoreway neighborhood meets Ohio City. In areas like that, homes sell for about 2 percent above the list price and get an accepted offer within nine days of going on the market, according to real estate analytics form Norada Real Estate Investments of California.
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For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But there’s now a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Those funding allocations for nine waterfront projects were all recommended by the City Planning Commission for City Council approval. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.
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It seems every real estate developer is having similar problems — supply constraints, rising construction materials costs and rising interest rates. Only those projects that are charging top-of-the-market rents, have investors with low expectations for returns on investment, or received a ton of subsidies are getting built. So when Stokes West, which intends to offer apartment rents that are 13-21 percent lower than its peers in and near University Circle, got design approval by City Planning Commission last summer, it was already facing an uphill climb. That changed when the development team joined forces with Geis Construction Inc. and found a way to deliver the project more affordably.
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The North Coast Connector — a project that’s considered by many city and community development officials as the key to unlocking the potential of downtown Cleveland’s lakefront — is starting to come together. The state is moving forward on a big piece of funding for its construction. The city is moving forward on funding for detailed architectural designs. And public involvement meetings to help shape those designs will be held starting this week. To quote Gloria Swanson in the 1950 classic movie “Sunset Boulevard,” the proposed land bridge is “ready for its close-up.”
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Although a “groundbreaking” ceremony for the start of one of downtown Cleveland’s largest-ever building renovations may not happen until late summer, you may see work crews going in and out of the former Union Trust Bank, 925 Euclid Ave., even earlier. That’s because an interior demolition permit application was submitted to the city this week to prepare for construction work in converting the 1.4-million-square-foot behemoth into The Centennial, featuring nearly 600 apartments, 170 hotel rooms, plus retail, restaurants and a museum.
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A proposed Interdisciplinary Science and Engineering Building with a construction budget roughly equal to that of the new Sherwin-Williams headquarters’ original tab is no longer just an idea for administrators, staff and students at Case Western Reserve University (CWRU). The university is already making moves to relocate classes and other services and activities out of Yost Hall, 2049 Martin Luther King Jr. Dr., so it can be demolished this summer to make way for the new research center.
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Keeping Euclid’s industrial facilities modern and competitive to attract new jobs is the goal of a large, new warehouse/light industrial facility called Tech Park 90 that could see construction start as early as June, said a representative of its developer, the Weston Group. Even more impressive is that the project is being pursued as a speculative development, meaning that an anchor tenant hasn’t been secured prior to Weston’s decision to move forward on it.
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When the Cleveland Planning Commission gave final approval of design plans on April 21 for the Chester 82 development, 1898 E. 82nd St., it coincided with the federal government’s release of the latest jobs data for Greater Cleveland. That data offered a reminder of why Chester 82 and other residential developments in Cleveland’s Hough neighborhood are happening.
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Six years ago, Mark Raymond planned a 25-room boutique inn called the Hulett Hotel with a mix of new construction and renovation at 1452-1468 W. 25th St. in the Hingetown section of Cleveland’s Ohio City neighborhood but the plan faded into memory during the pandemic. Today, he’s raising some eyebrows in the neighborhood by going bigger at a time when many real estate developers are putting construction plans on hold.
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