Shaker Heights

Shaker Hts, developer reach deal for ex-car dealership site

The City of Shaker Heights has entered into a preliminary agreement with a Columbus-based developer interested in constructing an architecturally distinctive, mixed-use building on vacant city-owned land, formerly the Qua Buick-Pontiac car dealership, across Warrensville Center Road from the existing first phase of the Van Aken District.

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Shaker Square commercial district sold

Community developments groups Cleveland Neighborhood Progress and Burten Bell Carr Development have purchased the historic Shaker Square shopping center. The sale keeps the property under local, community-minded ownership and triggers a process by which deferred maintenance issues can be addressed and a strategy can be developed that will stabilize the center short-term and ensure it flourishes long-term.

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Ohio megaproject applications released

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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Van Aken District high-rises may start next month

In a sudden development, a major real estate construction project that was rejected for state financial incentives earlier this year has found its salvation from its host city Shaker Heights. And not only were the planned high-rises in phase two of the Van Aken District blessed with city incentives, a proposed office building in phase three was also a beneficiary of the city’s generosity.

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Megaproject candidates — a partial list

While a complete list of applicants for so-called “megaproject” tax credits won’t be available until sometime next week, NEOtrans has learned who a few of the local applicants are and aren’t, including at least one surprise. The deadline was today at 5 p.m. for submitting applications to the Ohio Department of Development for the second round of Transformational Mixed Use Development (TMUD) tax credits that could total $100 million.

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Megaprojects program gears up for next round

This week, the Ohio Department of Development announced that it is opening round two of its new and popular Transformational Mixed Use Development (TMUD) tax credits program on May 18. Authorized for four years with up to $100 million in tax credits available each year, the deadline for submitting TMUD applications for Fiscal Year 2023 is 4 p.m. July 8.

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Local megaprojects win, miss TMUD awards

Today, the five-member Ohio Tax Credit Authority board awarded $100 million in tax credits to Transformational Mixed Use Developments (TMUD) to 13 applicant projects throughout Ohio. Of the 42 projects statewide and nine from Greater Cleveland that were submitted for credits, four received a total of $53 million in funding.

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TMUDs – taking more time

It’s going to be a little while longer before the developers of 42 projects, many of them megaprojects, across the state learn whether their project is going to win a golden ticket and get a big step closer to their own groundbreaking ceremony.

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