Cleveland
Ten Northeast Ohio Rehabilitation Projects Receive More Than $20M In Historic Tax Credits
Round 12 of the Ohio Historic Preservation Tax Credit program has brought good news to 35 rehabilitation projects in 13 communities across the state of Ohio. They will receive a total of $37.7 million in tax credits. According to the Ohio Development Services Agency, these 35 projects are expected to leverage nearly $ 250 million in private investments.
Devonshire REIT Buys Beachwood’s Pavilion Shopping Center for $35M
Devonshire REIT, Inc. announced on Monday, June 16, the addition of a new grocery-anchored power center to its 44-property portfolio. The real estate investment trust paid $35 million to acquire the Pavilion Shopping Center, located in the Cleveland suburb of Beachwood. Huntington Bank provided financing for the transaction.
Cleveland Clinic, Select Medical to Build New Adult Inpatient Rehabilitation Hospital in Avon
The Cleveland Clinic has recently formed a joint venture with Select Medical, one of the nation’s largest providers of specialized acute and post-acute care. The two organizations plan to enhance inpatient rehabilitation services in Northeast Ohio and build a new 60-bed adult inpatient rehabilitation hospital in Avon.
Q&A with Bellwether, Cumberland Execs on $700M Cleveland Lakefront Project
Ross Halloran, senior vice president of Bellwether, and Dick Pace, president of Cumberland Development, chat with Commercial Property Executive about taking on one of the largest multi-family construction projects in Cleveland.
Cleveland City Council Approves $700M Lakefront Development
Cleveland’s lakefront is getting a makeover. The city has recently approved plans to develop over 20 acres of lakefront property close to Cleveland’s central business district.The project is expected to cost $700 million.
Joint Venture Buys Large Cleveland Industrial Portfolio
A joint venture has recently acquired a large industrial portfolio in the Cleveland area. Alex. Brown Realty, Inc., a real estate investment firm headquartered in Baltimore, teamed up with Biynah Industrial Partners, LLC, a Minneapolis-based real estate private equity firm, to buy the Great Lakes Industrial Portfolio. The seller was a joint venture between Virginia’s Harbor Group International and local investors.
Cleveland’s Victory Center Wins 2014 Preservation Achievement Award
Victory Center is the result of a $26.6 million redevelopment of the almost 100-year-old four-story building at 7012 Euclid Avenue. This new, mixed-use complex is located in the core of Cleveland’s Health-Tech Corridor, and is now ready to house the city’s growing incubator and accelerator growth-stage companies.
Trulia Study Ranks Ohio Cities High for Affordable Housing
Are you a middle-class American looking to buy a home? Head to the Midwestern United States and make sure you stay away from California. In a recently released study, real estate research firm Trulia took a look at the 100 largest metros in the country and listed the least and most expensive housing markets for today’s middle class.
Developers Plan to Break Ground This Fall of Phase I of Intesa
In March 2012, University Circle Inc., a nonprofit corporation established in 1957, announced it had hired the Coral Co. of Cleveland and Panzica Construction Co. of Mayfield Village to develop the Intesa, a mixed-use project, one of the largest to be constructed in Cleveland’s University Circle neighborhood. Ground breaking was scheduled for early 2013, but the project was delayed and many people started to wonder if it will ever happen. The answer is: it will.
Developers Break Ground on $272M, 600-Room Hilton Cleveland/Downtown Convention Center Hotel
Cleveland is getting ready to say hello to a new skyscraper. On Monday, April 28, ground was broken on the new Hilton Cleveland/Downtown Convention Center Hotel, a massive structure, standing 32 stories tall. Cuyahoga County Executive Ed FitzGerald and Cleveland Mayor Frank Jackson joined Ted Ratcliff, Senior Vice President of Operations for Hilton Worldwide, for the groundbreaking ceremony.