Cleveland
University Hospitals to Start Two New Construction Projects in Cleveland Area
University Hospitals is busy at work in the greater Cleveland area. It plans to bring a medical office building and a full service outpatient center to Euclid and Solon respectively.
Eaton Corp., Fairmount Minerals On the Move in Greater Cleveland
Two companies in the Cleveland area are changing their current headquarters. Diversified industrial manufacturer Eaton Corp. and Fairmount Minerals, a privately held mining company, are both moving to bigger locations.
Fairlawn Town Centre Sells to Phillips Edison–ARC
Phillips Edison–ARC Shopping Center REIT Inc., a Cincinnati-based public non-traded REIT, has announced on February 4 the purchase of Fairlawn Town Centre, a 447,037 square foot community shopping center located in Fairlawn, Ohio. The acquisition brings Phillips Edison’s total portfolio to 33 properties with 13 leading grocers, in 15 states. The aggregate purchase price is approximately $409.7 million.
Akron’s Key Building to Hit the Auction Block; Canton’s Huntington Plaza Sold to Ameritrust
One of downtown Akron’s landmark office towers will soon hit the auction block. The Key Building will be offered at a public auction in late February through Auction.com.
The 11-story building was constructed in 1911. It sits on 0.42 acres at 159 S. Main St. According to Auction.com, the former KeyBank Building was 29.95% occupied as of October 31, 2012. It has 158,259 square feet of rentable space. In 1988, the building underwent renovations. The property is located next to many city attractions. Lock 3 Park, John S. Knight Center, and Canal Park are all nearby.
MRN Pre-Leases The Lofts at Rosetta Center
Apartment vacancies in downtown Cleveland are becoming harder and harder to find as office workers move in from the suburbs. According to the Downtown Cleveland Alliance, the occupancy rate is at 97% and has been rising steadily over past quarters. Luckily, developers have stepped up to answer this need. One such developer is MRN Ltd. The Cleveland-based developer has started pre-leasing the Lofts at Rosetta Center on January 15.
The 85 apartments are located in the 17-story Rosetta Center building, at 629 Euclid Avenue, just east of East 4th Street in the Gateway District. The cost of the massive renovation project was $17 million. It turned 72,000 square feet of little-used office space on five floors (four through nine) into much-needed housing. The state awarded the project a tax credit of $1.6 million last June.
Westin Cleveland Downtown to Open in Spring 2014
Optima Ventures partnered with Sage Hospitality to buy and renovate downtown Cleveland’s second-largest hotel, The Crowne Plaza Cleveland City Center. They paid $9 million cash for the hotel and parking garage and invested $64 million to turn it into a luxurious Westin. Now,the joint venture has announced an opening date for The Westin Cleveland Downtown: Spring 2014.
Willoughby, Ohio-based Marous Brothers Construction, the project’s general contractor, started remodeling the property at t 777 E. St. Clair Ave. in December. Upgrades include a complete renovation of all guest rooms, of meeting space and all public spaces. The new exterior façade will feature metal panels and LED lighting that rotates through a range of colors.
Construction Loan Secured for $10+M Eco-friendly Townhome Community
Abode, Modern Lifestyle Developers, a real estate development company based in Cleveland, and First Federal Lakewood (FFL) have closed on a construction loan to finance the Clifton Pointe Luxury Ecohomes, a new multi-million-dollar townhome community located in Lakewood, Ohio. It will be one of the first modern ecohome development communities in the Midwest. “First Federal Lakewood was very excited to participate in the Clifton Pointe project,” said Barry N. Ezell , FFL Commercial Loan Officer, in a news release. “This is a quality project adding luxury housing to Lakewood’s diverse housing stock, allowing us to give back to the communities we serve.”
Kent State Board of Trustees Approves $150M in Campus Construction Projects
Kent State University’s Board of Trustees hired the Ruhlin Company to manage the $150 million, four-year construction and renovation project known as the “Foundations of Excellence, Building the Future.” The Sharon Center, Ohio-based company was selected after a competitive bidding and interview process. During the next four years, Ruhlin will manage these four primary projects:
Cleveland Metropolitan School District to Auction Off Headquarters in March
The Cleveland Metropolitan School District’s headquarters building will go up for auction next year.
FirstEnergy Unveils Plans to Build New $45M Facility in Akron
FirstEnergy Corp. (NYSE: FE), a diversified energy company headquartered in Akron, Ohio, has recently unveiled its plans to construct a new transmission control center at the company’s West Akron Complex.