real estate – Page 61

Ohio megaproject applications released

Ken Prendergast / July 28, 2022

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

13 Comments / Ken Prendergast / March 31, 2022

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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Stark has buyer for downtown nuCLEus properties

2 Comments / Ken Prendergast / December 31, 2021

Properties that were part of Stark Enterprises’ ill-fated nuCLEus megaproject are in the process of being sold in a private, off-market transaction. However, the scope of the sale, the buyer’s identity and the buyer’s intentions remain a mystery. Public records emerged this week showing that there is a pending transaction.

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Baker Building to be The Fidelity Hotel, speakeasy

1 Comment / Ken Prendergast / December 23, 2021

The 11-story Baker Building, 1900-1940 East 6th St. in downtown Cleveland, has received a construction permit so crews can begin work to prepare for the next stage in the 102-year-old building’s life — a mix of boutique hotel rooms and suites plus ground-floor retail/restaurants.

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A large property near you may be ripe for a jail

1 Comment / Ken Prendergast / December 10, 2021

Typically, when a government agency needs a property for a new facility, it does an alternatives analysis of all of the properties that meet its criteria. It then ranks them according to that criteria and then pursues acquisition of their preferred property or properties. Not Cuyahoga County.

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Hough tower to be redeveloped, expanded in $34M project

1 Comment / Ken Prendergast / December 4, 2021

A major project to redevelop a vacant and blighted 10-story building, as well as to construct a large community center on Hough Avenue on Cleveland’s East Side was revealed by a city official at today’s City Planning Commission meeting.

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Cleveland Clinic to demolish ex-Cleveland Play House

5 Comments / Ken Prendergast / November 12, 2021

According to two sources, the Cleveland Clinic Foundation will seek to demolish all structures that were once part of the Cleveland Play House (CPH), 8500 Euclid Ave. That includes the adjacent former Sears department store along Carnegie Avenue. Demolition could occur this winter.

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Fairfax Market development wins financing

Ken Prendergast / November 12, 2021

Financing was awarded to the first phase of a mixed-use development on the southeast corner of East 105th Street and Cedar Avenue that aims to capitalize on the many infrastructure, health care and residential developments nearby.

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Developer acquires lakefront industrial site for housing

2 Comments / Ken Prendergast / October 28, 2021

A developer yesterday purchased a large industrial property near Edgewater Park to construct housing. But it wasn’t just the lakefront location that attracted the buyer. A proposed zoning code also proved enticing.

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Data shows downtown residential is hot

1 Comment / Ken Prendergast / September 21, 2021

Downtown Cleveland’s residential market is on fire based on the occupancy and average rental prices of major buildings, the pace of renting and the oft-debated population growth of downtown.

Data shows downtown residential is hot Read More »