Starting Sunday, the Greater Cleveland Regional Transit Authority (GCRTA) will restart regular service on the light-rail Waterfront Line in Downtown Cleveland, a 2.2-mile extension of the Blue/Green lines from Shaker Heights. But the service will be limited to weekends and most federal holidays only, and then from just 9 a.m. to 7 p.m.
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For many in the real estate investment community, 2023 was the year when few new big projects were financed. The projects that were already financed under better, prior market conditions saw their construction advance, making the real estate landscape appear rosier than it really was. Now, however, as we enter 2024, there is a light at the end of the tunnel with developers already reviving or making new plans.
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The desire for new-build projects in downtown Cleveland led to the creation of the state’s Transformational Mixed Use Development (TMUD) tax credit program nearly three years ago. But in the first two years of the four-year TMUD program, no developers of new-construction downtown projects have submitted applications. As the third round of TMUD will start next week, will a new-build project downtown finally be an applicant — or perhaps even a winner — despite of tightening labor and credit markets plus rising interest rates?
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Billionaire Dan Gilbert can ride up and down Woodward Avenue in downtown Detroit and admire his work like no one else can. He can point at buildings like a kid checking out baseball cards in a collector’s showcase and say “got it, need it, got it, got it…”
Perhaps he and his real estate company Bedrock might have the opportunity to do that soon in downtown Cleveland, too. And while Euclid Avenue is our main street like Woodward is Detroit’s, most of Gilbert’s acquisitions in Cleveland are along Prospect Avenue and Huron Road. There are some other differences as well, which may offer the opportunity for seeing some more construction workers and cranes in downtown Cleveland. Thankfully, Gilbert can count his properties and his blessings as he is almost fully recovered from a 2019 stroke.
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Bedrock Real Estate is making small improvements to Tower City Center in effort to attract more retail and other commercial tenants, but a much larger, promised makeover to the downtown Cleveland railroad station-turned-shopping mall has yet to be announced.
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