The City of Cleveland Heights and its development partner, Flaherty & Collins Properties, announced the real estate and financial “closing” for the Cedar Lee Meadowbrook project, clearing the way for construction to commence in the coming weeks. It’s the second major project for the Indianapolis-based developer in the eastern inner-ring suburb of Cleveland.
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New data from a leading North American real estate services firm shows that Greater Cleveland had the smallest number of new apartment units under construction in the USA in the fourth quarter of 2022. That snapshot of construction activity in America’s multi-family rental market shows that, not only is Greater Cleveland lagging way behind the nation’s largest metropolitan areas in adding new apartments, it’s also lagging behind many of its peer metros. The report comes as the City of Cleveland considers reducing its financial incentives for new developments.
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Chicago-based Leopardo Companies is already making a name for itself in Cleveland by serving as the construction manager of two major development projects in downtown. But while some construction companies might be content with overseeing a couple of big building projects in a secondary market like Cleveland before moving on to the next opportunity somewhere else in the country, Leopardo has different ideas.
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Symbolism comes in many forms. A compelling symbol for the University Circle-area economy is seeing a building which housed people at the end of their working lives be turned into one for people preparing to start their careers. That’s the plan for the McGregor At Overlook, 2187 Overlook Rd., which Case Western Reserve University (CWRU) wants to buy and convert into student housing. When you need space for a growing number of students, you do what you can to accommodate them.
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At the start of 2024, the city of Cleveland’s new tax abatement policy will go into effect. While the policy will remain basically unchanged for much of the city, it will become less supportive of developments in neighborhoods where construction has been most active — University Circle, Ohio City, Tremont and parts of downtown. So, in those areas, developers are trying to expedite the delivery of projects before the 15-year property tax abatement on new developments declines from 100 percent to 85 percent. But there’s something standing in the way of that acceleration: a lack of city staff to get projects approved in time.
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Cuyahoga County Council’s approval yesterday of a property sale to a New York City-based developer could lead the way toward a “significant” development in the heart of East Cleveland. The site, at Euclid and Superior avenues, is just one-half-mile from the eastern edge of University Circle and set between stations on the HealthLine bus and Red Line rail rapid transit routes.
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Continued redevelopment of Cleveland’s Hough neighborhood was put into play last week following the acquisition of 4.45 acres of property which has hosted the Martin Luther King Jr. Plaza, 9300 Wade Park Ave., since 1972. Purchasing the MLK Plaza on Feb. 6 for $2.75 million was an affiliate of Northern Real Estate Urban Ventures (NREUV), according to Cuyahoga County records.
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Two years ago, Gov. Mike DeWine announced hundreds of millions of dollars to launch the Cleveland Innovation District — a program to advance health care, research and related activities in the Greater Cleveland area. This week, one of the largest and most visible outcomes of that initiative will be unveiled in the form of plans for the Cleveland Clinic Foundation’s next phase of its Global Center for Pathogen and Human Health Research at its Main Campus in Cleveland’s Fairfax neighborhood.
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CedarTech and Cumberland Development reveal office building plans. The Cleveland chapter of Entrepreneurs’ Organization is opening an office downtown. And concrete wholesaler Tech Ready Mix is acquiring a large property in Kinsman for what may be a new production facility.
Read MoreSeeds & Sprouts XXVI – UC tech building, EOC going downtown, Tech Ready Mix buys land Read More »
As market-rate housing developments continue to be built in Hough, this east-side Cleveland neighborhood is facing a challenge it hasn’t had to deal with for a century — remaining affordable. To that end, two new developments are moving forward to offer up to 160 workforce housing units plus a few retailers/restaurants that will offer jobs and services to those new residents. Those would add to hundreds more that were recently completed, are under construction or planned in response to strong job growth in and near University Circle.
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