NE Ohio wins two transformational tax credits

Playhouse Square Foundation was Cleveland’s only applicant for a Trans-
formational Mixed Use Development tax credit. It won nearly $2 million
to pay for recent and ongoing redevelopment projects in the theater
district (Google). CLICK IMAGES TO ENLARGE THEM.

Out of eight Northeast Ohio development projects that applied for Transformational Mixed Use Development (TMUD) tax credits from the state, only two of them received the awards, the Ohio Department of Development announced today. This was the third year of the four-year TMUD program with $100 million available in TMUD tax credits each year.

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Flats East Bank sets the stage for more

A new $500,000 live performance stage was unveiled today at the Flats East
Bank in Downtown Cleveland. Construction had advanced on the stage by
November 2023 to be able to see its final form. The bandstand-style stage in-
cludes metal framing that can add a performer’s lighting as well as electrical
outlets for lighting, amplifiers and other equipment and instruments (Ethan
Molinar). CLICK IMAGES TO ENLARGE THEM.

With construction now complete, Downtown Cleveland, Inc. and Flats East Bank today unveiled a new performance stage on the Flats East Bank boardwalk, adjacent to the Cuyahoga River and The Flats at East Bank Apartments. But that could set the stage for more to come on the Flats East Bank.

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Cleveland-based NRP Group names new CFO

George Currall was named chief financial officer of Cleveland-based
NRP Group (NRP). CLICK IMAGES TO ENLARGE THEM.

Cleveland-based NRP Group, one of the nation’s top-10 largest developers and managers of multifamily housing, has a new executive to guide the company’s strong finances through some challenging market headwinds. The change in leadership comes as a result of the retirement of the company’s longtime top financial manager.

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Sherwin-Williams hits pause on HQ worker videos

These are screenshots from videos taken by a construction worker from near
the top of the new Sherwin-Williams’ headquarters tower. The footage made
a Cleveland ex-pat feel pride in his native city — so much that he compiled a
video from them that he wanted to share publicly. But Sherwin-Williams’ exe-
cutives didn’t agree with his decision. They told him to remove the video and
barred workers’ onsite photography (Holden Gibbons).
 CLICK IMAGES TO ENLARGE THEM.

After a construction worker’s videos from the top of the new Sherwin-Williams’ headquarters tower in Downtown Cleveland were posted on YouTube by a friend, the global coatings giant told the friend to delete the video and has clamped down on workers taking pictures of views from the construction site. This comes at a time when tradespeople complained to NEOtrans of an oppressive work environment and harkened back to a paint-mixing TikTok star who was fired four years ago by Sherwin-Williams.

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Ohio City, Tremont developments advance

Dalad Group is bullish on Cleveland’s West Side. Not only is it moving forward
with plans for Franklin Yard on the south side of Franklin Avenue at West 32nd
Street in Ohio City, it’s planning to expand it to the north side with this 29-unit
apartment on the north side of Franklin. And it has plans for a new Tremont apart-
ment building, too (Horton Harper). CLICK IMAGES TO ENLARGE THEM.

While it’s tough to get financing for larger development projects anywhere these days, it is possible to add a meaningful number of housing units by dividing them up among smaller projects. That’s what Dalad Group of Independence and partner Property Advisors Group (PAG) of Beachwood are doing by pursuing more than 100 apartments on Cleveland’s near-West Side among a mix of new-construction and renovation projects.

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Lakefront megasite – for housing or distribution hub?

The 62-acre former Lake Shore Power Plant property, now owned by a site
clean-up firm, offers a significant lakefront development opportunity what
with the $300 million Cleveland Metroparks recreation area planned across
Interstate 90, just east of downtown Cleveland. But it remains to be seen
how the clean-up firm intends to reposition the old power plant site
(Google). CLICK IMAGES TO ENLARGE THEM.

A company that acquired a large piece of prime Cleveland lakefront land in December is a bit of an enigma if for no other reason because of its youth. This company, IDA Power LLC, is getting its hands on some very problematic yet high-potential properties around the country. It is engaged in a lengthy process of cleaning up those sites and turning them into productive properties again. But the company’s young life may give some insight into what we might expect here.

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West Park GCRTA station housing planned

Three Red Line stops away from the West Park train station is the West Boulevard-
Cudell station where Flaherty & Collins plans to build the Depot on Detroit
apartments. The same developer now is planning a similarly sized apart-
ment development at the West Park station, too (City Architecture).
CLICK IMAGES TO ENLARGE THEM.

Four days after receiving City Planning Commission approval for one transit-oriented development project, an Indianapolis-based developer will ask to buy land from the Greater Cleveland Regional Transit Authority (GCRTA) for its next proposed apartment building at a west-side train station. This time, Flaherty & Collins Development LLC wants to build at GCRTA’s West Park station, 14510 Lorain Ave.

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