Monday, September 18, 2023

Big-name downtown tenants are on the move

Bedrock Real Estate’s red-outlined first phase of its downtown Cleveland
riverfront development has a roughly 20-story office building in the middle
of it that reportedly would feature Rocket Mortgage as its anchor tenant.
 The mortgage firm currently has 1,400 jobs in the Higbee Building

Several major downtown Cleveland tenants are in the market for new homes and where they land could shake up the office market in the central business district. The moves come at a time when many companies are shrinking their office footprints and downtown office building owners are fighting to keep what tenants they have. Interestingly, several major tenants that are on the move are looking for larger space than what they have now.


Friday, September 15, 2023

Surprising sites emerge for Courthouse Tower

Cuyahoga County’s Courthouse project, to be downtown Cleveland’s next mega-
project, is attracting the interest of several major developers including Bedrock
which is already pursuing a megaproject downtown. Bedrock could combine
the courthouse project and its riverfront megaproject (CBRE).

A few notable developers are reportedly offering several prominent, if not surprising downtown properties as options to host what will be a nearly 900,000-square-foot Cuyahoga County Courthouse Consolidation project. The square footage, not including parking which will be extra, represents specialty office space that property owners are desperately trying to fill in this post-pandemic real estate market. The sheer size of the courthouse consolidation project may create a competition that bears watching.


Thursday, September 14, 2023

City picks Watterson-Lake developer

An example of affordable housing built by a real estate firm selected by the
city to develop the Watterson-Lake School  site. The project shown here is
the 36-unit Miller Street Apartments in Pittsburgh that includes a supportive

Following a request for proposals (RFP) process, the city of Cleveland officials selected Bridging the Gap LLC, a minority business enterprise and real estate developer from Pittsburgh, to redevelop the former Watterson-Lake School site in Cleveland’s Detroit-Shoreway neighborhood. New to the Cleveland market, Bridging the Gap has a portfolio of major renovation and new construction projects, including multi-family housing, mixed use, industrial, retail and office space. But this site is likely to be developed with affordable apartments, probably with a ground-floor retail space based on the site’s zoning.


Breakwater Lofts opens this weekend

The finishing touches are still being put on a new apartment building in
Cleveland’s Gordon Square neighborhood. It’s the latest component of
the Krueger Group’s development there, and the latest development in
this fast-growing area (KJP). CLICK IMAGES TO ENLARGE THEM.

A decade ago, the opening of the Breakwater Lofts apartment building on a vacant lot at 1270 W. 58th St. in Cleveland’s Gordon Square neighborhood would’ve been a much bigger story. Instead, today, it’s the latest of many new developments in the surrounding area that has more big projects in the works. It’s a sign of stabilization and maturation of the residential market in this near-west side neighborhood, just off the lake, that continues to host traditional Cleveland haunts like the Parkview Nite Club across the street.


Friday, September 8, 2023

Browns: clock ticking on stadium deal

Sources say the clock is ticking on a deal with the city of Cleveland,
Cuyahoga County and others on renovating  Cleveland Browns Stadium,
the cost of which could approach $1 billion. If there’s no deal by this time
next year, the Browns could start talks with a suburban municipality for a
new stadium whose price tag would likely exceed $2 billion (Google).

Two sources, one a city of Cleveland source and the other a Cleveland Browns source, acknowledge that the clock is ticking down to a deadline that the Browns source termed as “a matter of months, certainly less than a year” for working out a deal that will keep the Browns in the city rather than turning to the suburbs for a new football stadium location. And they both acknowledge the city is offering no direct financial assistance to make major renovations to the city-owned stadium


Thursday, September 7, 2023

NEOtrans partners with Cleveland Magazine

More ways to get what you need to know.

You’ve probably noticed the Cleveland Magazine logo and tag atop our articles in the past week. You’ll be seeing more of them. NEOtrans is excited to announce a new partnership with Cleveland Magazine, one of Greater Cleveland’s most important resources for the latest news on what’s happening around town in business, restaurants, government and from news-making people. It’s an opportunity for both organizations to tap into and share the latest news from veteran journalist and NEOtrans founder Ken Prendergast.


University Circle apartments planned

As shown in this early conceptual site plan, a Cleveland real estate partnership is
considering two new buildings and renovations to two duplexes across East 118th
Street from Case Western University University’s Nobby’s Ballpark in Cleveland's
University Circle (Oliver). CLICK IMAGES TO ENLARGE THEM.

Although still very early on in the development process, a Greater Cleveland real estate partnership is considering building a 24-unit multi-family development in Cleveland’s University Circle and has a target date of next August for breaking ground on it. The potential development site is across East 118th Street from Case Western Reserve University’s Nobby Ballpark and next to the old East Cleveland Township Cemetery.