An affiliate of the Cleveland Guardians baseball team has exercised one of two property acquisition options that were offered when the team extended its lease on Jan. 1 to play at Progressive Field for at least another 15 years. The property acquired is a half-acre parcel next to the ballpark and located at the southwest corner of East 9th Street and Bolivar Road.
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Cleveland Cavaliers owner Dan Gilbert along with potential Cleveland Guardians’ minority owners, partners David Blitzer and Josh Harris, are reportedly joining forces on two huge, coordinated real estate developments that would transform downtown Cleveland between its central business district and the Gateway sports facilities.
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A Stark Enterprises executive has confirmed that the firm’s dramatic nuCLEus development planned for downtown Cleveland is on hold after seven years of planning and searching for the right public subsidy to overcome Cleveland’s high construction costs and low rents.
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Cleveland-Cliffs’ logo may not be on the façade of 200 Public Square in downtown Cleveland for much longer. In several years, the HQ of the Fortune 500 firm will reportedly be elsewhere. But where? And will it be in a new or existing building?
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Two births were noted in 2014. Ideas for a pair of major urban core real estate developments in Cleveland — nuCLEus and Circle Square — were set into motion, leading to much excitement and debate by everyone from urbanistas to media to fellow developers to elected officials.
Since those births six years ago, neither project has turned a shovel of dirt for new construction. Yet nuCLEus gets publicly criticized and doubted while Circle Square doesn’t. Is that fair? Let’s take a look at that….
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