Progressive’s office spaces to be slashed

A small glimpse of Progressive Insurance’s huge Campus 2 in Mayfield
Village will become the company’s new headquarters after employees
from other eastern suburban office locations, including Campus 1 on
the other side of Interstate 271 are consolidated here (Google).
CLICK IMAGES TO ENLARGE THEM.

All Progressive Insurance employees received a notice this morning announcing that, due to remote working, the company would be slashing the square footage of active office spaces and attempt to sell or lease those it will no longer occupy. As a result, about 850 employees who continue to work in the office will be consolidated into the company’s Campus 2, 300 North Commons Blvd. It will also move the corporate headquarters from Campus 1, 6300 Wilson Mills Rd., but remain in Mayfield Village.

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New CSU arena in play by year’s end

By the end of this year, Cleveland State University officials said they hope
to choose a developer and proposal for a proposed new 5,000-seat arena
on Payne Avenue overlooking Interstate 90 on the east side of down-
town Cleveland (Sasaki). CLICK IMAGES TO ENLARGE THEM

Before the end of this year, Cleveland State University (CSU) officials and their project consultants said they hope to select a development team, financing plan and a proposal for a new multi-purpose, indoor arena on Payne Avenue just east of downtown Cleveland. The arena would serve the athletic and academic needs of CSU as well as the entertainment needs of Greater Cleveland. And depending on the responses from prospective teams, the winning proposal could also include details about developing a neighboring mixed-use district.

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County issues RFP on 800K SF courthouse

The 26-story courthouse tower at the Justice Center complex faces an
uncertain future as a result of request for proposals to be issued tomor-
row by Cuyahoga County’s Public Works Department. It could be re-
built and expanded or a new, larger courthouse facility built elsewhere
downtown. At left the police headquarters is likely to be demolished in
a couple of years, but the historic county courthouse in the background
will likely remain (Google). CLICK IMAGES TO ENLARGE THEM.

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.

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Reynolds enters Midwest market with local buy

In the first of more deals Reynolds Asset Management is seeking in Greater
Cleveland, the New Jersey-based company acquired the Park Place Apart-
ments on Brookpark Road in the city of Brook Park near Hopkins Inter-
national Airport, (Reynolds). CLICK IMAGES TO ENLARGE THEM

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.

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City considers re-legalizing the city again

The Farnsleigh Apartments, left, at the Van Aken District in Shaker Heights
was left out of the Transformational Mixed Use Development tax credit pro-
gram despite applying in each of the first two rounds. Instead it found financial
salvation from the city via tax-increment financing and loans. That allowed  the
18- and 15-story towers to start construction last year. Other local projects that
have both won and lost out on TMUD credits have yet to start construction
(Harrison Whittaker). CLICK IMAGES TO ENLARGE THEM.

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?

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TMUD round 3 starts next week

The Farnsleigh Apartments, left, at the Van Aken District in Shaker Heights
was left out of the Transformational Mixed se Development tax credit pro-
gram despite applying in each of the first two rounds. Instead it found fi-
nancial salvation from the city via tax-increment financing and loans.
That allowed the 18- and 15-story towers to start construction last year.
Other local projects that have both won and lost out on TMUD credits
have yet to start construction (Harrison Whittaker).
CLICK IMAGES TO ENLARGE THEM.

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?

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Lakefront vision to be unveiled July 27

A vision for turning downtown Cleveland’s under-developed and under-
utilized lakefront into a more enjoyable place will be unveiled July 27 by
city officials. It will reportedly include preliminary designs for the North
Coast Connector, remake of the Shoreway into a boulevard, phases of
mixed-use developments, and possibly some cost-benefit data associated
with a closing and repurposing of Burke Lakefront Airport (Google).
CLICK IMAGES TO ENLARGE THEM

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.

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