real estate

Bedrock: downtown streetscapes coming

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Cleveland was once called the “Forest City” because of its many large, healthy trees along its major thoroughfares. One would never know that today after 150 years of industrialization and then neglect in the city’s post-industrial era. Now, there are many parts of the city that are devoid of mature trees, notably downtown where the lack of vegetation makes the central business feel hotter in summer and more windy in winter. But Bedrock Real Estate of Detroit has released plans to make downtown sidewalks more hospitable, or at least those fronting its own properties in the city’s urban core.

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Ohio megaproject applications released

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When real estate developer Bob Stark thought up the Ohio Transformational Mixed Use Development (TMUD) tax credit several years ago, he envisioned it as a means to transition from tapping historic tax credits for renovating old buildings in downtown Cleveland to afford building new ones. His rationale was that, with the supply of obsolete commercial buildings dwindling to provide new residential inventory, a new financial incentive would be needed to overcome Cleveland’s high construction costs and low rents to satisfy downtown housing demand.

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As the University Circle garage turns

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A proposed demolition of a parking garage at 1980 Ford Rd. in Cleveland’s University Circle area is already causing negative impacts in the area — and the garage hasn’t been razed yet. But officials at University Circle Inc. (UCI) which owns the 54-year-old garage are hoping that a new parking deck to be built in its place will help boost the neighborhood.

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