Law firm Benesch, Friedlander, Coplan & Aronoff LLP may expand into Key Tower rather than relocate to nuCLEus, dealing a major blow to the long-planned downtown Cleveland development.
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The more things change, the more they stay the same. A century ago, the city of Cleveland was eager to work with the private railroads to replace its undersized, outdated lakefront train station with a glamorous new downtown terminal. The new lakefront station would be a key component of its ambitious Group Plan designed by Daniel Burnham to remake the central business district into a setting of beautiful public buildings built along a park-like mall.
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Cleveland Construction Inc. has established a permanent field office in downtown Cleveland — a sign of good times ahead for downtown construction.
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Developers of Bridgeworks, a proposed 16-story tower at the northeast corner of West 25th Street and the Detroit-Superior Bridge, are seeking demolition permits for one structure, parts of another, plus parking lots and a sidewalk at the Ohio City site.
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State lawmakers overwhelmingly passed a compromise two-year budget bill tonight that included a provision to double the dollar amount and duration of a new tax credit program to boost real estate megaprojects in Ohio’s largest urbanized areas.
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According to sources who spoke off the record, the former Ohio Bell Telephone headquarters now called 45 Erieview Plaza has a buyer with a plan. While the details of the project are still being developed, it reportedly will be a mixed-use development with 280 residential units, a couple floors of offices and some retail.
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After nearly five months since Senate Bill 39 was signed into law by Gov. Mike DeWine, the so-called megaprojects tax credit it authorized still isn’t a functioning program. Worse, it won’t be functioning before the end of the state’s current fiscal year ending June 30, a state official confirmed today.
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In Cleveland, there are 17 buildings of more than 10 stories tall that could see their construction start in the next year. And with out-of-town developers showing greater interest in Greater Cleveland, especially after the state passed the Transformational Mixed-Use Development (TMUD) tax credit, there may be another building or two that comes out of nowhere and surprises us in the next 12 months.
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One of the most impactful actions to boost downtown Cleveland in the New Year and beyond was made in recent weeks and months 125 miles to the south in our state capital. It culminated with Gov. Mike DeWine signing a piece of legislation last week. In a state legislature that has gained a reputation for harming Ohio’s largest urban centers, it actually helped them this time.
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Ohio Senate voted 28-2 to concur with the Ohio House of Representatives’ changes to Sub. SB39, the Transformational Mixed-Use Developments tax credit. The bill has been forwarded to Gov. Mike DeWine for his signature to become law.
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