Downtown Cleveland skyscraper sold to NY firm with big retail portfolio

In a sale due to close next month, a New York-based real estate investment
firm is near to taking possession of downtown Cleveland’s third-tallest sky-
scraper, 200 Public Square. Separately, a parking company is buying the
tower’s garage, not visible behind the building (Adam Greene).
CLICK IMAGES TO ENLARGE THEM.

According to two sources, Downtown Cleveland’s third-tallest skyscraper has been sold to a New York-based company that has more than its share of cheap or faded retail properties including many in Ohio. But the parking garage for the skyscraper, 200 Public Square, was reportedly sold separately to a buyer in Chicago that owns downtown parking properties nationwide, one of the sources said.

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Flats luxury finally coming home

A dozen luxury townhomes in Cleveland’s Flats are planned at the bottom
of the hillside along Carter Road just east of Columbus Road. This view is
looking west from the existing Lake Link Trail, toward Columbus Road and
the Regional Transit Authority viaduct. The Cuyahoga River is at right, just
out of view (Horton Harper). CLICK IMAGES TO ENLARGE THEM.

It’s the type of housing development that could not be achieved in Cleveland’s Flats until now. And the proof of that statement rests with the multiple prior attempts at developing this site. While there’s still a ways to go, a big step forward was made on Friday when City Planning Commission’s Design Review Committee approved the construction of luxury housing and a retaining wall along Carter Road.

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Sherwin-Williams parked its HQ parking options

Looking east along what used to be Frankfort Avenue, the new Sherwin-
Williams headquarters tower is at right or south and its new parking garage
is at left. Future phases of the headquarters campus will be built in the
 foreground (KJP). CLICK IMAGES TO ENLARGE THEM.

When brainstorming the next phase of Sherwin-Williams’ global headquarters in Downtown Cleveland, a big question is what to do with all of those big metal boxes that people bring to work with them each morning. On average, each one weighs 2 tons and to park one requires at least 300 square feet of storage space, including driveways and ramps. Like health care, the cost of community transportation falls onto American corporations unlike their European and Asian counterparts.

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Cleveland’s Watterson-Lake redevelopment evolves

An updated but low-resolution rendering that was submitted to the Ohio
Housing Financing Agency shows the evolution of the Watterson-Lake
redevelopment project. It includes some design refinements like bigger
corner balconies, civic gardens and more detail for the proposed town-
homes at left. In this northwest-looking view, West 74th Street is in the
foreground and Detroit Avenue is on the other side of the proposed
large building (Stantec). CLICK IMAGES TO ENLARGE THEM.

More details are emerging for the proposed Watterson-Lake redevelopment in Cleveland’s Detroit-Shoreway neighborhood including the project’s growing size, parking situation, how it will be funded and who will manage the property. According to a project funding application posted earlier this month by the Ohio Housing Finance Agency (OHFA), the answer to the last question is the Cuyahoga Metropolitan Housing Authority (CMHA).

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NE Ohio wins two transformational tax credits

Playhouse Square Foundation was Cleveland’s only applicant for a Trans-
formational Mixed Use Development tax credit. It won nearly $2 million
to pay for recent and ongoing redevelopment projects in the theater
district (Google). CLICK IMAGES TO ENLARGE THEM.

Out of eight Northeast Ohio development projects that applied for Transformational Mixed Use Development (TMUD) tax credits from the state, only two of them received the awards, the Ohio Department of Development announced today. This was the third year of the four-year TMUD program with $100 million available in TMUD tax credits each year.

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Flats East Bank sets the stage for more

A new $500,000 live performance stage was unveiled today at the Flats East
Bank in Downtown Cleveland. Construction had advanced on the stage by
November 2023 to be able to see its final form. The bandstand-style stage in-
cludes metal framing that can add a performer’s lighting as well as electrical
outlets for lighting, amplifiers and other equipment and instruments (Ethan
Molinar). CLICK IMAGES TO ENLARGE THEM.

With construction now complete, Downtown Cleveland, Inc. and Flats East Bank today unveiled a new performance stage on the Flats East Bank boardwalk, adjacent to the Cuyahoga River and The Flats at East Bank Apartments. But that could set the stage for more to come on the Flats East Bank.

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Cleveland-based NRP Group names new CFO

George Currall was named chief financial officer of Cleveland-based
NRP Group (NRP). CLICK IMAGES TO ENLARGE THEM.

Cleveland-based NRP Group, one of the nation’s top-10 largest developers and managers of multifamily housing, has a new executive to guide the company’s strong finances through some challenging market headwinds. The change in leadership comes as a result of the retirement of the company’s longtime top financial manager.

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