Tower City

Bedrock riverfront offices draw tenants

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Because of their cost and complexity, Downtown Cleveland megaprojects don’t usually have a strong track record of becoming a reality. But Bedrock Real Estate’s vision for the downtown riverfront between Tower City Center and the Cuyahoga River appears to be coming together more quickly as time goes on. And, in recent weeks, NEOtrans has learned that several large tenants are in the works for the major development.

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Cleveland has designs on its waterfronts

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For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But there’s now a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Those funding allocations for nine waterfront projects were all recommended by the City Planning Commission for City Council approval. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.

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Rock Ventures: First Detroit, now Cleveland

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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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Megaproject candidates — a partial list

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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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