BofA: they’re coming to Cleveland

More than 4 million people live within a one-hour drive of downtown Cleveland.
That population supports big-city amenities that are available at small-town prices.
And to the north of downtown is one of the Great Lakes, an ecosystems that
contains 84 percent of North America’s freshwater. If you want it, you have
to come here to get it. And growing numbers of  people are doing just that
(ClevelandWater.com). CLICK IMAGES TO ENLARGE THEM.

Another leading indicator of potential population growth in Greater Cleveland was published this week by Bank of America (BofA), one of the nation’s Big Four banking institutions, serving more than 10 percent of all bank deposits of the United States. In a BofA June report, it put Greater Cleveland among the top metro areas benefitting from pandemic-instigated domestic migration trends, with its positive inflow-over-outflow rate ranking up there with the likes of Austin, Tampa, Orlando and Dallas.

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Miketo’s Lorain Ave stake growing

Jim Miketo’s latest development along Lorain Avenue in Cleveland’s Ohio
City neighborhood is a mixed-use, retail-residential project called 4732 Lorain
comprised of new construction, at center-right, and an historic renovation, at left.
The site is across the street from MetroHealth’s family health center and the Urban
Community School (Horton Harper). CLICK IMAGES TO ENLARGE THEM.

A 28,000-square-foot mixed-use development called 4732 Lorain is proposed at the west end of Cleveland’s Ohio City neighborhood offer to expand the densification and neighborhood vibrancy west along Lorain Avenue. And, it would expand real estate developer and owner Jim Miketo’s investments west along that rapidly redeveloping thoroughfare.

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Downtown Cleveland seeks post-pandemic boost

In 2015, Perk Park in downtown Cleveland was filled with people enjoying a
break from work during lunch. Now, tens of thousands of former downtown
office employees are working from home, straining restaurants and shops,
some of which have closed. A strategy to boost downtown from being
dependent on office workers was adopted (KJP).
CLICK IMAGES TO ENLARGE THEM.

The City of Cleveland and Downtown Cleveland Alliance (DCA), in partnership with Cuyahoga County, Destination Cleveland and Greater Cleveland Partnership (GCP), today unveiled Reimagining Downtown Cleveland. Over the next one to five years, this series of short- and intermediate-term strategies will accelerate the evolution of Downtown Cleveland from a 9-to-5 central business district into a diverse, vibrant, and accessible mixed-use, 18-hour, 15-minute neighborhood.

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CWRU reveals research center details

A preliminary rendering of Case Western Reserve University’s proposed $300
million Interdisciplinary Science and Engineering Building as seen from the
commons of Case Quad (HGA). CLICK IMAGES TO ENLARGE THEM.

Case Western Reserve University (CWRU) President Eric Kaler yesterday announced the details of the university’s new, 200,000-square-foot research center intended to promote collaborative discovery and innovation. Called the Interdisciplinary Science and Engineering Building (ISEB), the $300 million investment represents the university’s largest-ever project on the Case Quad, northeast of Euclid Avenue and Martin Luther King Jr. Boulevard.

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Bedrock riverfront phase 1 uses ID’d

Bedrock Real Estate’s phase one of its Tower City Riverfront development
is becoming clearer. According to sources and other data, the buildings in
phase one are identified as (A) Cleveland Cavaliers’ practice facility, (B) a
hotel possibly Shinola brand, (C) office building likely for Rocket Mortgage,
and (D) a residential building,  possibly condominiums (Adjaye Associates).
CLICK IMAGES TO ENLARGE THEM.

Plans for Bedrock Real Estate’s riverfront development alongside Tower City Center in downtown Cleveland are rapidly coming together after recent city approvals of its development masterplan. Those plans, albeit still at a conceptual stage, provide insights into Bedrock’s desires and thinking about what land uses it wants to include in its first phase. From those plans and other new information, it appears that the uses to be included are primarily ones that Bedrock’s owner Dan Gilbert can control.

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New company amassing Cleveland properties

Once the site of the Leisy Brewing Co. and known more recently as the
Caraustar recycling plant, this property at the northeast corner of Fulton
Road and Vega Avenue in Cleveland has sold to a new, enigmatic com-
pany called Sanctus Capital LLC that apparently has deep pockets. It is
one of many property acquisitions by Sanctus in the past year (Google).
CLICK IMAGES TO ENLARGE THEM

A deep-pocketed company less than two years old and based in suburban Westlake has been busily acquiring residential properties in Cleveland, primarily on the city’s West Side. And last week, the company, Sanctus Capital LLC, made its biggest purchase yet — a 5-acre parcel at 3400 Vega Ave. sold by Caraustar Recovered Fiber Group Inc. that was home to Leisy Brewing Co., once Cleveland’s largest independent brewery.

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Playhouse Square announces new projects

Playhouse Square Foundation announced projects it is undertaking in two
buildings it owns. The first, which NEOtrans reported about in March, is
the renovation and partial conversion of the Bulkley Building into apart-
ments. The Bulkley, immediately left of the chandelier, will also gain a
new office tenant. Across Euclid Avenue is the Hanna Building which
had its fourth floor converted to co-working spaces (Google).
CLICK IMAGES TO ENLARGE THEM.

First reported by NEOtrans more than two months ago, the Playhouse Square Foundation announced officially today that it will begin work in June on converting half of the Bulkley Building, 1501 Euclid Ave., in downtown Cleveland into market-rate apartments. Additionally, the nonprofit community development organization also said it has converted the fourth floor of the Hanna Building, across the street at 1422 Euclid, into co-working spaces called Backstage at PSQ.

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