Two new mixed-use buildings, historic renovations of others, hundreds of mixed-income apartments and retailers that could include a grocery store are envisioned as part of a $60 million to $70 million redevelopment of the North Broadway Corridor in Cleveland’s Slavic Village neighborhood. And that’s just the first phase envisioned by a development team called The Village Partnership comprised of several of Northeast Ohio’s most prolific developers.
Thursday, May 11, 2023
Greyhound station may leave downtown
Cleveland may soon join the list of medium- and large-sized cities whose central business districts have lost their Greyhound bus stations to less-accessible locations. And that’s of concern to low-income travelers, college students and others trying to save money or avoid the stress of driving while traveling to and from Cleveland’s station at 1465 Chester Ave., downtown.
Tuesday, May 9, 2023
Addressing the shortage of for-sale housing
Despite the rise in interest rates, there continues to be strong demand for new housing in Greater Cleveland, especially in hot sub-markets like where Cleveland’s Detroit-Shoreway neighborhood meets Ohio City. In areas like that, homes sell for about 2 percent above the list price and get an accepted offer within nine days of going on the market, according to real estate analytics form Norada Real Estate Investments of California.
Friday, May 5, 2023
Cleveland has designs on its waterfronts
For much of the city’s 227-year history, public officials have been accused of ignoring Cleveland’s waterfronts and especially its lakefront. But now there’s a flurry of activity to turn conceptual ideas into blueprints which will not only help city officials apply for construction funding but to actually build what’s been proposed. Today, those funding allocations for nine waterfront projects were mostly recommended by the City Planning Commission for City Council approval although one was tabled until the next commission meeting. Several of those funding allocations are for construction or demolition to allow larger projects to go forward.
GCRTA wins $130m for new trains
In 2021, as chair of the U.S. Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction over public transportation, U.S. Senator Sherrod Brown (D-Ohio) championed the creation of a new federal program to fund the replacement of aging rail transit cars. Today, he shared the news that the Greater Cleveland Regional Transit Authority (GCRTA) was awarded $130 million from this program to narrow a funding gap in its $393 million effort to replace its four-decade-old rail car fleet. The award represents the largest single grant to the GCRTA in its 48-year history.
Wednesday, May 3, 2023
Stokes West redesigned
It seems every real estate developer is having similar problems — supply constraints, rising construction materials costs and rising interest rates. Only those projects that are charging top-of-the-market rents, have investors with low expectations for returns on investment, or received a ton of subsidies are getting built. So when Stokes West, which intends to offer apartment rents that are 13-21 percent lower than its peers in and near University Circle, got design approval by City Planning Commission last summer, it was already facing an uphill climb. That changed when the development team joined forces with Geis Construction Inc. and found a way to deliver the project more affordably.
Tuesday, May 2, 2023
North Coast Connector: ready for its close-up
The North Coast Connector — a project that’s considered by many city and community development officials as the key to unlocking the potential of downtown Cleveland’s lakefront — is starting to come together. The state is moving forward on a big piece of funding for its construction. The city is moving forward on funding for detailed architectural designs. And public involvement meetings to help shape those designs will be held starting this week. To quote Gloria Swanson in the 1950 classic movie “Sunset Boulevard,” the proposed land bridge is “ready for its close-up.”