Cleveland Clinic sells, leases back 24 facilities

In Northern Ohio and Florida, 24 Cleveland Clinic properties were sold to MedCraft Health-
Care Real Estate. The Clinic is then leasing back the spaces to continue their operations and
services at those sites (Newmark). CLICK IMAGES TO ENLARGE THEM.

A large-scale sale-leaseback of 24 facilities in Ohio and Florida is underway, and it’s Greater Cleveland’s largest employer that’s initiating it. The sale-leaseback was sought by Cleveland Clinic, and the buyer is MedCraft HealthCare Real Estate. a suburban Minneapolis-based health care real estate company.

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Bedrock teases new downtown towers

Zooming in on a rendering of Bedrock’s Riverfront Cleveland public realm improvements,
the view from West 3rd Street and Eagle Avenue in the Flats reveals massings for two new
downtown towers in Bedrock’s Rock Block, in addition to the next phases of its Riverfront
development at left (MKSK). CLICK IMAGES TO ENLARGE THEM.

As they say in target practice, “pay attention to the background.” That’s also good advice to use when reviewing plans for major urban developments like Bedrock’s Riverfront Cleveland masterplan. But the plans, in this case renderings, opened the door to inquire about Bedrock’s vision for another downtown megaproject.

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West Park developments see progress

At the groundbreaking ceremony for the Parker townhomes were, from left, Cleveland
Ward 17 Councilman Charles Slife, Maverick Building Co. owner Anthony Fiorini and
Brian Salem of the Salem Team at eXp Realty (NEOtrans).
CLICK IMAGES TO ENLARGE THEM.

Long Cleveland’s most stable neighborhood, West Park has been getting a little gray in the 20th century. While several other Cleveland neighborhoods are seeing new housing and businesses get built, that investment has largely eluded West Park. Until now.

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Notable real estate investment firms merge

Legacy RHM Capital was created through the combination of two firms led by these five
men. From left, they are Jim Doyle, Ned Huffman, David St. Pierre, Mitchell Schneider
and John Joyce (Contributed Image). CLICK IMAGES TO ENLARGE THEM.

Legacy RHM Capital, a fully integrated real estate investment platform focused on acquiring, operating and enhancing institutional-quality multifamily properties, announced its formation through the strategic merger of Legacy Capital Partners and RHM Capital Group.

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Downtown garage is coming down

This two-level parking garage has been closed for more than a year due to its poor condition
and is part of a site that’s listed as available for sale or lease. The garage is too frail to support
an overhead vertical development like the Ten60 Bolivar Apartments, seen at far right, which
was built atop a decades-old garage (Google). CLICK IMAGES TO ENLARGE THEM.

A small, decaying parking garage on an available property near Progressive Field in Downtown Cleveland is likely to be demolished soon. The question is, what might replace it now and for the long term?

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Downtown property owners renew special improvement district

On a hazy day in early June, Downtown Cleveland was entering another summer of
special events, activities and programming, plus the usual living, learning, working
and nights out on the town, all of which are supported by Clean & Safe services
provided by Downtown Cleveland Inc. and funded by downtown property
owners (NEOtrans). CLICK IMAGES TO ENLARGE THEM.

Downtown Cleveland, Inc. today announced Cleveland City Council’s approval of the reauthorization of the Downtown Cleveland Improvement District, raising about $43.5 million in dedicated funding through 2032.

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Port of Cleveland names new CEO

Jeff Epstein, who has worked for decades in various economic
development roles in Greater Cleveland, was nominated to
what is arguably the top development position in the region
(Port of Cleveland). CLICK IMAGES TO ENLARGE THEM.

The Port of Cleveland announced today that it has nominated Jeff Epstein to serve as its next president and chief executive officer, pending formal board approval. Epstein brings more than two decades of experience at the intersection of economic development, public-private partnerships, and transformative urban investment.

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