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

In the first Cleveland Equitable Development Initiative, real estate developers of
color competed for financial prizes to support their projects and were mentored
along the way. Everyone who competed gained awards and insights so no one
went home empty-handed (Cleveland Development Advisors).
CLICK IMAGES TO ENLARGE THEM.

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 for 2024-25. Applications open today for the CLE-EDI which aims to level the playing field for historically excluded real estate developers of color.

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Watterson-Lake development awarded financing

Public financing was awarded by the state for the Watterson-Lake development, a
five-story apartment building over a large ground-floor community-service space
plus a dozen townhomes between West 74th and 75th streets, south of Detroit
Avenue at the Lake Avenue intersection. This evolving design shows the
building expanded up to the corner of Detroit and West 74th (Stantec).
CLICK IMAGES TO ENLARGE THEM.

Key pieces of financing were awarded this week to a significant development planned on the south side of the intersection of Detroit and Lake avenues in Cleveland’s Detroit-Shoreway neighborhood. There, a 136-unit affordable housing project could see construction start by early next year on the site of the former Watterson-Lake Elementary School, 7407 Detroit Ave.

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Haslam’s mini-downtown – at Brook Park or Burke?

City and county officials reportedly are near to announcing a plan to close Burke Lake-
front Airport next to the Downtown Cleveland. The question is, what replaces it? There
are rumors that the owners of the Cleveland Browns are considering it as a site for a
new domed stadium and more than $1 billion worth of supportive development (KJP).
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The Haslam Sports Group plans more than a billion dollars worth of new development surrounding their proposed new domed stadium. But is that necessarily going to be in the Cleveland suburb of Brook Park? With an emerging effort by city officials to close and redevelop Burke Lakefront Airport, look for that site to be offered up as a location for the stadium and supportive development. Rumors are circulating that both could happen.

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Severance Center remake in the works

Entrance to Severance Town Center on Mayfield Road. Just beyond is the vacant
Front Stage Multiplex Theater and several large, vacant retail spaces. Following
the signing of a master development agreement, it’s possible that some or all of
Severance Town Center may be demolished and turned into a mixed-use, pede-
strian-friendly neighborhood of housing, retail and restaurants (Google).
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Severance Town Center is considered by Cleveland Heights Mayor Kahlil Seren as his community’s greatest development opportunity and challenge. That challenge has been taken on by MPACT Collective of Long Island, NY by signing a master developer agreement with Namdar Realty Group which owns much of the underutilized property.

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Ohio Capital Budget’s Cuyahoga County projects

Cuyahoga County’s biggest winner dollar-wise in the Ohio capital budget was
the North Coast Connector land bridge. It got a $20 million boost for the $230
million project that could improve linkages between Downtown Cleveland, its
Lake Erie waterfront, a future multimodal transportation hub and possibly a
renovated stadium (FO). CLICK IMAGES TO ENLARGE THEM.

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, NE Ohio projects win historic tax credits

K&D Group’s renovation of The Electric Building, 700 Prospect Ave. in Downtown
Cleveland, was among 43 winners statewide today in nailing down millions in
Ohio Historic Preservation Tax Credits. This building will be renovated
with apartments (LoopNet). CLICK IMAGES TO ENLARGE THEM.

From Downtown Cleveland to the suburbs to outlying cities in Northeast Ohio, nearly a dozen planned redevelopments of aging buildings were blessed with historic tax credits from the state. They were among 35 awards totaling more than $68 million to preserve dozens of historic buildings in 12 communities across Ohio.

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