University Circle

Cleveland-area affordable housing wins financing

While only one proposed affordable housing development in Cuyahoga County was awarded the coveted 9 percent Low Income Housing Tax Credits (LIHTC) from the state, four others in the county got conditional approval, putting them in a good position to get financing in the near future. All five developments, if built, would add 247 total units of affordable housing in the county.

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Biotech startup moving HQ to Cleveland

A partnership with the Cleveland Clinic has prompted a four-year-old biotech startup to relocate its headquarters to Cleveland from Durham, NC, one of the points of the Research Triangle. However, Lamassu Pharma, LLC, has yet to identify the location of its offices. The small firm hopefully will one day grow into a force for positive change in the pharmaceutical industry.

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A ‘skinny-tall’ may rise in University Circle

A local company with much development experience intends to deliver 52 apartments and multiple retail spaces among two buildings — an historic structure and a new building up to nine stories high at 11619 Euclid Ave. in Cleveland’s University Circle. WXZ Development Inc. of Fairview Park intends to build the new mixed-use structure on a tiny parking lot behind a renovated, landmark Monmouth Building.

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Cleveland: a target of rail competitors?

Last week, two things happened in the rail world that are probably related. They have been brewing in the background for a while, but they finally appeared in public almost simultaneously. Federal corporation Amtrak and private-sector company Brightline showed their hands that they may compete for Ohio passenger rail expansions and real estate developments. And Cleveland may end up the winner.

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Downtown’s next crane may be MIA for a while

While the nation’s employment is high and incomes are rising, in many respects, the slowdown in new real estate construction projects is the worst the nation has seen since the credit crunch of 2008-10. Back then, everything stopped. Nothing new was getting built. Things aren’t too different now unless you’re building new data centers, warehouses or small housing projects.

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Cleveland Museum of Art’s $8M lobby reno starts May 1

Increasingly crowded with students, tour groups and attendees of special events, three lobbies at Cleveland Museum of Art (CMA) are about to be renovated thanks to $8 million worth of donations. Those gifts will help make those gathering locations in one of Cleveland’s most popular museums a place to enjoy rather than deal with.

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Phase 2 awaits: Innovation Square, Fairfax Market

Two mixed-market-rate apartment developments that just opened along East 105th Street in Cleveland’s Fairfax neighborhood have phase-two projects proposed. But construction on the pair of follow-on projects may not occur for a year or more as lending remains tight and leasing activity has been uneven. But things could accelerate next year after interest rates fall and hiring starts for thousands of permanent jobs at several large Cleveland Clinic buildings under construction nearby.

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Fairfax, Glenville, Hough developments unveiled

The economic development boom in Cleveland’s University Circle continues to be felt in the neighborhoods surrounding this epicenter of the local eds-and-meds jobs sector. Four new apartment development plans were revealed this week as they go on the design review docket at the City Planning Commission. Combined, all four projects could add more than 150 workforce housing units with many more in later phases.

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Cleveland’s Select Medical Fairhill Hospital to see major rehab

Just uphill from the Cleveland Clinic’s main campus, Select Medical Fairhill Hospital is seeking a significant renovation and partial conversion of its recovery-care hospital to provide rehabilitation services. The fate of this facility was unknown after Select Medical recently closed another facility near Downtown Cleveland.

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