Cleveland development: what to look for in 2024 -- Downtown

Two high rises were under construction in Downtown Cleveland through 2023.
It is unlikely we'll see a new one start construction in 2024, but we may
learn of official plans for one or more high rises by the end of this
 year (Adam Greene). CLICK IMAGES TO ENLARGE THEM.

For many in the real estate investment community, 2023 was the year when few new big projects were financed. The projects that were already financed under better, prior market conditions saw their construction advance, making the real estate landscape appear rosier than it really was. Now, however, as we enter 2024, there is a light at the end of the tunnel with developers already reviving or making new plans.

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Cleveland Lake Shore Power Plant land gets new owner

In this westward-looking view, the 62-acre former Lake Shore Power Plant
site is outlined in red. In the foreground  is East 72nd Street and Gordon
Park South at left, Interstate 90 at right, and East 55th Street beyond.
Downtown Cleveland is in the background (Google).
CLICK IMAGES TO ENLARGE THEM.

It seemed too good to be true, and alas, it was. Title to a large, mostly vacant property for the former Lake Shore Power Station, 6800 S. Marginal Rd., in Cleveland, is being transferred to a new owner. The 62-acre site is across Interstate 90 from the bulk of Cleveland Metroparks’ lakefront improvements. But it’s not the Metroparks, the city or even a developer seeking to add recreation, housing or a mix thereof next to Lake Erie.

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Among Ohio real estate blogs, NEOtrans in top 10

Every new day offers new waves of opportunities to cover the news
involving the development of Greater Cleveland (File).
CLICK IMAGES TO ENLARGE THEM.

Feedspot, an international news aggregator, ranked NEOtrans in the top 10 of Ohio real estate news blogs. Feedspot compiles news feeds from online sources so users from all over the world can customize and share them with other social network users.

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Great Lakes Brewing confirms relocation options

Great Lakes Brewing Company has been expanding its footprint in Cleveland’s
Ohio City neighborhood since it here in 1988. That includes acquiring the
Gehring Building with the Chase Bank branch for its expanded offices and
possibly a larger brewpub. But the growth of both the brewer and the neigh-
borhood is prompting the craft brewer to look elsewhere for expansion
(Google). CLICK IMAGES TO ENLARGE THEM.

In a statement issued today by Great Lakes Brewing Company (GLBC), their chief executive officer confirmed NEOtrans’ report from last week that it is considering relocating its production facilities from Cleveland’s Ohio City neighborhood and packaging facility in Strongsville to a site in Avon. The press statement also confirmed it hasn’t ruled out continuing with its plans to relocate them to Scranton Peninsula in Cleveland’s Flats. And it will retain its Ohio City brewpub and gift shop. More than 200 jobs are involved among all of GLBC’s facilities.

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Downtown Cleveland skyscraper sells cheap

Downtown Cleveland’s Huntington Building, also called 200 Public
Square, is the city’s third-tallest skyscraper at 658 feet. The Class-A
office property sold for a discounted amount owing to the challeng-
ing office market in the wake of the pandemic and the growth of
remote working (KJP). CLICK IMAGES TO ENLARGE THEM.

According to a well-placed source, Downtown Cleveland’s third-tallest skyscraper is under a purchase agreement from a New York City-based buyer. The 45-story Huntington Building, also known as 200 Public Square, has seen its share of challenges since the pandemic and the rise of remote working nearly four years ago as other office properties have. That is one reason why the building has reportedly sold for a vastly discounted rate.

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Lowest unemployment rate in 23 years

Greater Cleveland’s largest and fastest-growing job sector is education and
health services, or “eds and meds.” One of the biggest employment drivers
 is the Cleveland Clinic Foundation. Here, at its new Ted Ross Lab at Lerner
Research Institute, Clinic workers help develop vaccines in a tissue culture
room. Ross is Global Director of Vaccine Development at Cleveland
Clinic (CCF). CLICK IMAGES TO ENLARGE THEM.

For many Greater Clevelanders, they had a merry Christmas year thanks to one of the tightest job markets locally in more than two decades. According to preliminary data released late last week by the U.S. Bureau of Labor Statistics (BLS), the unemployment rate for the Cleveland-Elyria-Mentor metropolitan area was the lowest it has been since December 2000.

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Happy holidays to you!

  Photo by KJP (CLICK IMAGE TO ENLARGE).

Merry Christmas and happy holidays to you and yours from NEOtrans!