Odeon, 3 other Flats parcels sold to developer

The Odeon concert club and three other parcels on Old River Road on Cleve-
land’s Flats East Bank were sold to local real estate development financier
GBX Group. The same company is part of ambitious plans for several
neighboring buildings which belonged to the Samsel Supply Co. (KJP).
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The Odeon concert club, 1295 Old River Rd., was among four contiguous parcels on Cleveland’s Flats East Bank sold last week to Cleveland-based GBX Group, a real estate development financier which specializes in structuring financing for historic rehabilitation projects. However, when contacted by NEOtrans, a GBX representative said their plans for the site would not be officially announced for at least two months.

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Canon takes aim at Cleveland

Opportunity Corridor, in Cleveland’s University Circle and the Cleveland
Clinic’s main campus, appears to be the favored location for the new Canon
Healthcare USA headquarters. And if rumors from several years ago remain
true, it is also the favored site for Canon Healthcare’s research, production
and warehouse facilities. This view looks north on East 105th Street at Frank
Avenue with the mostly vacant IBM Explorys building at right (Google).
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Three years ago, the first rumors of Canon seeking to increase its presence in Cleveland surfaced. NEOtrans couldn’t report all of the gory details back then because it would compromise a source. So only some of the information was shared once it became publicly available. But the rest of the information from back then can be shared now that the Japanese imaging company let the cat out of the bag that it’s putting the headquarters for Canon’s newly created Canon Healthcare USA Inc.’s subsidiary in Greater Cleveland.

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Four NE Ohio projects win TMUD credits

One of the most significant developments underway in Northeast Ohio
is the Circle Square megaproject between Euclid and Chester avenues
at Stokes Boulevard. At left is Library Lofts. Behind it is The Artisan
apartments, now the tallest building in University Circle. Front and
center is the historic and recently renovated Fenway Manor Apart-
ments. Behind it is a future hotel. The two buildings to the right
are also future projects — an office building in the foreground
with an apartment tower in the background. (Bialosky).
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In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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Bridgeworks seeks options after 2nd TMUD snub

Rendering of the planned Bridgeworks mixed-use development in the
Hingetown section of Cleveland’s Ohio City neighborhood. The deve-
lopment was turned down a second time by the state for a so-called Mega-
projects tax credit (Mass/LDA). CLICK IMAGES TO ENLARGE THEM

The development team that has sought to build the high-rise Bridgeworks development, 2429 West Superior Viaduct, in the Hingetown section of Ohio City is left with more questions than answers today after being left off the awards list for Ohio Transformational Mixed Use Development (TMUD) tax credits the second time. The Ohio Tax Credit Authority passed over Bridgeworks in awarding TMUD credits to other projects statewide.

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Up to $10M coming to Irishtown Bend Park

If enough funding can be found, Irishtown Bend Park would line the east
edge of West 25th Street in Ohio City, north of the Riverview Towers
Apartments toward the Detroit-Superior Bridge seen in the distance.
If a challenge grant announced today is matched by 2024, half of
the funding will be in place to start building the park (Plural).
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In a project beset with hurdles — primarily centered around money — the effort to move forward on developing the 23-acre Irishtown Bend Park in Cleveland’s Ohio City neighborhood got a big financial boost today. That boost came from a $5 million challenge grant from the Jack, Joseph and Morton Mandel Foundation. If enough donations are received by the end of 2024 to match the challenge dollar-for-dollar, it could generate up to $10 million.

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Making waves on Cleveland’s lakefront

This is one of the ideas for improving the East 55th Marina area on
Cleveland’s lakefront. This concept is for a new multi-use facility
on North Marginal Road at the marina, which is being considered
by the Cleveland Metroparks. This and other ideas are being con-
sidered as part of a larger vision called the Cleveland Harbor
Eastern  Embayment Resilience Strategy (Contributed).
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Depositing of fill dirt, removal of a pedestrian bridge and plans for a combined restaurant, event center and boat launch are all in the works along Cleveland’s lakefront. And these activities are early, yet tangible indications of potential next steps for even larger changes along where the city meets its greatest natural asset.

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Stark has new buyer for downtown site

Stark Enterprises reportedly has a new buyer for the nearly 3 acres of land
on which it publicly sought to build the high-rise, mixed-use development
called nuCLEus. Considering the likely high sale price, the buyer is some-
one with deep pockets who will want to develop the site quickly with
large buildings to recoup its big investment (Stark).
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If it’s December, then there’s a new buyer emerging for the so-called “nuCLEus” properties owned by Cleveland-based Stark Enterprises. But there’s a few differences with the potential sale of downtown land in the Gateway District compared to last year’s deal that fell through. Perhaps the most significant difference this time is that Stark’s CEO isn’t denying it.

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