University Circle

CRE industry lauds Bibb’s construction permit overhaul

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Commercial real estate and construction interests hailed Cleveland Mayor Justin Bibb’s signing of an executive order today to simplify and speed up the construction permitting process at City Hall. Bibb was quick to point out that this reform will affect small projects by homeowners as well as downtown skyscrapers. However, it could take up to a year before all of the approved changes are implemented.

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Biotech biz plans $12M investment in East Cleveland

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One week after the Cuyahoga Land Bank completed a $3.5 million renovation of the Mickey’s building, 12550 Euclid Ave., in East Cleveland, it announced the sale of the building to Verdynt Bio, a Boston-based science facility developer with strong ties to Ohio. Verdynt Bio’s operations partner, SKYLIIT Labs, said it plans to invest more than $12 million into the site to create 100 jobs in a state-of-the-art laboratory and office co-working space.

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Circle East improvements continue, more due

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In a 30-acre area of targeted investment called the Circle East District, located in East Cleveland, the Cuyahoga Land Bank announced it has completed major features of its first phase to revive the neighborhood. The multi-phase $95 million effort led by the Cuyahoga Land Bank to rebuild the neighborhood from the sewers up began two years ago. However, a commercial component to the redevelopment has hit a legal snag.

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Let’s do another one! Cleveland entrepreneurs of color to compete again

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After a successful inaugural effort of the Cleveland Equitable Development Initiative (CLE-EDI), the Cleveland Development Advisors (CDA) didn’t waste any time at all in deciding to pursue a second round of competitions. Applications open today for the CLE-EDI which aims to level the playing field for historically excluded developers of color.

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Ohio Capital Budget’s Cuyahoga County projects

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Ohio Gov. Mike DeWine said he is eager to sign the largest capital budget in the state’s history. This $4.2 billion goody bag of Senators’ and Representatives’ gifts to their constituents was passed yesterday, resulting from a strong economy and robust tax revenues that fed a record budget surplus. In that goody bag are things ranging in size from $2,250 for the Solon Innovation Center to $20 million for Downtown Cleveland’s North Coast Connector land bridge.

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Cleveland-area affordable housing wins financing

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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

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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

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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?

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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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