Two months from tomorrow, Cuyahoga County officials hope to get some ideas and cost estimates from private-sector development groups on whether to rebuild and expand the existing, 47-year-old courthouse tower at the Justice Center or build a new one. A new courthouse, which could be built next to the existing tower at 1200 Ontario St. or somewhere else downtown, was recommended four years ago as the least expensive option for providing expanded court facilities over the long term by the Justice Center Steering Committee.
Monday, July 24, 2023
Reynolds enters Midwest market with local buy
In a move that expands its portfolio westward into a new market, East Coast-based Reynolds Asset Management, with financing provided in partnership with Northwest Bank, announced it has closed on the acquisition of a 125-unit multifamily apartment complex in the Greater Cleveland area. It is Reynolds’ first real estate asset acquisition in the Midwest and the first of more deals it is seeking in the Cleveland-area market.
Saturday, July 22, 2023
City considers re-legalizing the city again
The desire for new-build projects in downtown Cleveland led to the creation of the state’s Transformational Mixed Use Development (TMUD) tax credit program nearly three years ago. But in the first two years of the four-year TMUD program, no developers of new-construction downtown projects have submitted applications. As the third round of TMUD will start next week, will a new-build project downtown finally be an applicant — or perhaps even a winner — despite of tightening labor and credit markets plus rising interest rates?
Friday, July 21, 2023
TMUD round 3 starts next week
The desire for new-build projects in downtown Cleveland led to the creation of the state’s Transformational Mixed Use Development (TMUD) tax credit program nearly three years ago. But in the first two years of the four-year TMUD program, no developers of new-construction downtown projects have submitted applications. As the third round of TMUD will start next week, will a new-build project downtown finally be an applicant — or perhaps even a winner — despite of tightening labor and credit markets plus rising interest rates?
Tuesday, July 18, 2023
Lakefront vision to be unveiled July 27
Although the downtown lakefront plans to be released publicly on July 27 will be preliminary, they will give more insight into the direction city officials received from prior public input sessions on developing the city’s “front porch” as officials call the city’s Lake Erie waterfront. And since these plans are still preliminary and conceptual, city officials said they want more public input on them before refining them and adding more design details to them.
Monday, July 17, 2023
Seeds & Sprouts 30 – Apartments at Bolivar starting, Slavic Village school site reuse, Glenville apartment to get reno
In downtown Cleveland, the Apartments at Bolivar are scheduled to break ground by the end of the month after demolition work. Reuse of Fullerton School site in Slavic Village is in works. And a Glenville apartment building is proposed to be renovated.
Friday, July 14, 2023
CentroVilla25 project starts
A $12 million project to redevelop a vacant warehouse as the cultural and business center of Cleveland’s Latino community got underway today after many years of planning and fundraising led by the Northeast Ohio Hispanic Center for Economic Development (NEOHCED). Their unceasing efforts were rewarded with a groundbreaking ceremony at the former H.J. Weber warehouse, 3140 W. 25th St., that is due to reopen as CentroVilla25 in Fall 2024.