Aging Shaker Square apartment complexes bought

Two eight-story apartment complexes just west of Cleveland’s Shaker
Square and across Shaker Boulevard from each  other were purchased
last week by a Chicago-area investor that typically invests in its pro-
perties to add value to them. One property is The Vista At Shaker
Square seen at far-right and the Shaker North Apartments seen in
the distance at far-left. This August 2021 view is looking east
along Shaker Boulevard toward Shaker Square (Google).
CLICK IMAGES TO ENLARGE THEM

Last week, a large, Chicago-area investment firm that reinvigorates multi-family properties acquired two aging, mid-rise apartment complexes on Shaker Boulevard just west of Cleveland’s Shaker Square for $12.4 million, according to public records. The buyer, AMG Realty Group of Skokie, IL, typically looks for faded, undervalued properties so it can update them and improve their management to boost occupancy and then re-sell them.

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Geis doubling its development activity in Hough

This is one of two 42-unit apartment buildings that Geis Companies
wants to build in Cleveland’s Hough neighborhood. The building
 shown above is proposed to be built at 1830 E. 82nd St., just south
of the parking lot for the Northeast Ohio Neighborhood Health
Center that’s located on Hough Avenue (GLSD).
CLICK IMAGES TO ENLARGE THEM

With development activity increasing in Cleveland’s Hough neighborhood, one of Greater Cleveland’s largest real estate developers is doubling down on its bet that this community has a bright future. It’s a sharp change in fortune for a neighborhood that investors and developers had avoided for decades.

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Seeds & Sprouts XXI – Sweeties Candy, miraculous 86th & Scholar House

This is the Twenty-First edition of Seeds & Sprouts – Early intelligence on Cleveland-area real estate projects. Because these projects are very early in their process of development or just a long-range plan, a lot can and probably will change their final shape, use and outcome.

This former Denny’s restaurant on Brookpark Road will become part
of Sweeties Candy Co., seen next door at 6770 Brookpark. In an ex-
pansion plan, the closed restaurant will become a factory and a new
warehouse will be constructed behind it in Cleveland’s Old Brooklyn
neighborhood (Google). CLICK IMAGES TO ENLARGE THEM

In this article:

Sweeties Candy expanding on Brookpark Road

A miracle on East 86th Street?

Scholar House to start construction by Spring

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Shaker Square apartments project revived

 

Several years ago, Paran Management Co. pursued a 135-unit apartment
building where the Van Aken Plaza now stands next to Shaker Square. This
was a conceptual rendering for it. Now, Paran Management is planning a
mixed-use development by keeping and renovating the curved office
 building and a small commercial structure at the intersection of
Shaker and Van Aken boulevards. Van Aken Plaza will still be
razed but for a slightly smaller apartment building (RDL).
CLICK IMAGES TO ENLARGE THEM

Citing a lack of a modern apartments at Shaker Square, Paran Management Company Ltd. is reviving its plan for constructing a multi-family building next to the historic mixed-use neighborhood center. But the plans come with a new angle — preserving the historic office and commercial structures at the southwest corner of Shaker and Van Aken boulevards.

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New Casa d’Angolo design gets cool reception

Looking north from the bocce courts at Alta House, the Casa d’Angolo
condominiums would rise above Mayfield Road. This conceptual de-
sign received pushback from the City Landmarks Commission which
considered the building monolithic even though it is eight feet shorter
than the La Collina Apartments less than a block away (Maschke).
CLICK IMAGES TO ENLARGE THEM

Conceptual plans for a proposed modern, five-story luxury condominium development called Casa d’Angolo, or “corner house “in Italian, were sent back to the drawing board by the Cleveland Landmarks Commission yesterday. The recommendation came despite a member of the development team predicting the condos would become a Little Italy landmark equal to that of the Holy Rosary Church.

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Gateway megaproject taking shape

In a massing made for NEOtrans, this unofficial view shows what
a pair of significant developments in downtown Cleveland’s Gate-
way District could look like on land sought by Bedrock Real Estate,
left, and the other by Harris Blitzer Sports & Entertainment, right.
Both are shown in a simplified massing with just one principal
tower for each site, although more than two towers total could
be built. They are intended to capitalize on the proximity of
the Gateway Sports & Entertainment Complex that includes
the recently renovated Rocket Mortgage FieldHouse and
the to-be-renovated Progressive Field (Ian McDaniel).
CLICK IMAGES TO ENLARGE THEM

Cleveland Cavaliers owner Dan Gilbert along with potential Cleveland Guardians’ minority owners, partners David Blitzer and Josh Harris, are reportedly joining forces on a huge, coordinated real estate development that would transform downtown Cleveland between its central business district and the Gateway sports facilities.

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Samsel Supply in Flats sells to developer

On Cleveland’s Flats East Bank, the two buildings at the right are only
a part of the Samsel Supply Co.’s properties on Old River Road it sold
to GBX Group LLC. But the red brick building is the largest of them,
and it may be expanded vertically to accommodate apartments atop,
with parking in the four floors above ground-floor retail and res-
taurants (Google). CLICK IMAGES TO ENLARGE THEM

In a few years, a group of 100- to 150-year-old Samsel Supply Co. buildings on both sides of Old River Road on downtown Cleveland’s Flats East Bank, could gain new life, according to several real estate sources. The reason is that Cleveland-based GBX Group LLC, doing business through several affiliates created for the ownership of these properties, acquired the five buildings and intends to redesign at least one of them — possibly significantly.

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