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| The fourth and final round of the Transformational Mixed Use Development tax credits is now available and could help realize large building projects in Ohio’s largest cities or their nearest suburbs (Google). CLICK IMAGES TO ENLARGE THEM. |
Developers looking to transform their Ohio communities can now apply for funding opportunities through the Ohio Department of Development’s Transformational Mixed-Use Development (TMUD) program that awards up to $100 million in tax credits per round.
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| A sample of Gothic architecture in Cleveland can be found on Scranton Road at the old St. Michael School, which is now in the process of being converted into senior apartments called The Arch at St. Michael. The start of renovations yesterday co- incided with the 50th anniversary of the funding program that helped make the renovations possible (Google). CLICK IMAGES TO ENLARGE THEM. |
Renovation work for The Arch at St. Michael is a day old. The funding program to pay for the renovations is 50 years old. And the Gothic Revival beauty located in Cleveland’s South Tremont neighborhood that will gain new life from the work is 118 years old. Combined, the milestones involved a lot of celebrating.
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| Highlighted in red, the property at 2208 Superior Viaduct was acquired by Stella Maris to allow for its expansion. The second floor will become administrative offices and the first floor will be for storage and warehousing, including donated items (Cresco). CLICK IMAGES TO ENLARGE THEM. |
After nearly eight years on and off the market, a small parcel at 2208-2210 Superior Viaduct at the west edge of Cleveland’s Flats District has sold to a growing stakeholder in the neighborhood. Addiction treatment center Stella Maris Inc. acquired the property last week and proposes to renovate an historic building on the site to expand the scope of its services. The site was twice proposed for a residential tower but neither advanced past the conceptual stage.
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| The 25-unit Market District Lofts in Cleveland’s Ohio City could soon add another 17 apartments by converting another floor of offices at the United Bank Building at Lorain Avenue and West 25th Street (Market Districts Lofts). CLICK IMAGES TO ENLARGE THEM. |
On most other plots of land, adding 17 homes to it would be noticeable from the street. But if a proposed expansion of the Market District Lofts in Cleveland’s Ohio City neighborhood happens, it might be the most below-the-radar residential development in the urban core since The Residences at The Guardian condominiums opened downtown. And the same developer is involved in both.
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| The Garfield on Euclid Avenue in Downtown Cleveland was built in 1895 as an 11-story office building. In 2016, while it was getting renovated as apartments, its owner claimed a $22.6 million tax deduction on the property for not building a 34-story addition above it. That apparently improper deduction may prove costly to the owner (Google). CLICK IMAGES TO ENLARGE THEM. |
A U.S. Tax Court judge in Washington D.C. has agreed with the Internal Revenue Service (IRS) in disallowing a $22.6 million tax deduction claimed by Corning Place Ohio, LLC for not building a 34-story vertical addition on top of its 19th-century Garfield Building, 1965 E. 6th St., in Downtown Cleveland. Senior Judge Albert George Lauber also sustained the IRS commissioner’s imposition of a 40 percent penalty for a “gross valuation misstatement” in seeking the deduction.
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| What is the regional game plan for building and sustaining a new or renovated Cleveland Browns Stadium? This contributed commentary takes a research- based look in that question (iStock). CLICK IMAGES TO ENLARGE THEM. |
The Cleveland Browns have long been a cornerstone of Greater Cleveland, symbolizing community pride and excitement, and contributing to the local economy and cultural identity. While the current debate around the Browns’ future stadium is heavily focused on facility location and financial issues, it is crucial to recognize the team’s non-economic benefits, such as fostering civic pride, quality of life, regional unity, and shared traditions that bring people together.
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| A massing of a proposed hotel for Cleveland’s Ohio City neighborhood on Lorain Avenue at West 26th Street. While details of the proposed concept are still being worked out, the planning for the hotel has advanced far enough that its deve- loper, Places Development, is presenting it to the community (Places). CLICK IMAGES TO ENLARGE THEM. |
A successful business finds an unmet need in a market and fills it. According to Places Development founder and Managing Principal Dan Whalen, the lack of a hotel west of Downtown Cleveland to near Hopkins International Airport is just such a gap in the market. To fill that void, he is submitting plans for a new, eight-story boutique hotel at 1960 W. 26th St. in the Ohio City neighborhood.
