Cleveland
Local Investors Buy Historic Aurora Inn, Plan Full Renovation
A group of local investors has acquired the historic Aurora Inn this month. Led by Dan Bliss, Stephen Mansfield and Matt Lopatin, Aurora Hotel Partners, LLC plans to invest into this well-known fixture in the center of Aurora’s historic district and give it a full makeover.
Akron’s Newest Luxury Student Housing Community to Open in August
In May, 2013, the Cleveland-based NRP Group, one of the largest multifamily developers in the nation, started work on a 624-bed, four-story luxury student housing community in Akron. Called the Depot, the project is now nearing completion. It is scheduled to open for residents this August.
Developers Plan $130M, 28-Story Apartment Tower in University Circle
Cleveland is getting ready to say hello to a new residential tower, the first to be developed in the city in more than 40 years. The new high-rise will cost $130 million and will be located in the city’s University Circle neighborhood.
American Greetings Prepares to Start Construction on New HQ, Crocker Park’s Third Phase
American Greetings Corp. has taken another important step towards moving from Brooklyn, Ohio, to Westlake’s Crocker Park. Along with Stark Enterprises and the city of Westlake, the greeting card company finalized last week the transaction to relocate its world headquarters.
Value Place Reopens Cleveland-Area Hotels Following $500,000 in Renovations
Value Place, an extend stay hotel chain in the United States, has recently completed the renovation of two of its hotels in the Cleveland area. The two properties are located in Akron and Mentor, and are now ready to receive guests. The hotel brand has spent $500,000 for each of the two renovation projects.
City of Cleveland Selects Lakefront Developers
Cleveland’s lakefront has seen little major construction since the late 1990s. However, this is about to change. Last week, Mayor Frank G. Jackson’s Lakefront Development Advisory Committee has selected a developer for the 28 acres at the water’s edge. The project is expected to breathe new life into the area and provide an economic boost for the city.
Noble Investment Group Buys Four Residence Inn by Marriott Hotels in Greater Cleveland
Noble Investment Group announced last week the acquisition of four Residence Inn by Marriott hotels in the greater Cleveland metro area. The Atlanta-based company did not disclose how much it paid for the properties.
Victory Center Prepares to Receive Tenants in Health-Tech Corridor
Garson Victory LLC, a partnership led by real estate broker Scott Garson, purchased the old, vacant building at 7012 Euclid Avenue in late 2010 for $2.7 million. Soon after the acquisition, it started work on a redevelopment project to transform the property into the Victory Center, a mixed-use complex with offices, labs and research facilities. With all construction now finished, the new building is ready to welcome tenants.
W.P. Carey Buys, Leases Back Air Enterprises Warehouse Facility
A Northeast Ohio industrial property recently changed hands. The Air Enterprises Manufacturing/Warehouse Facility in Streetsboro, Ohio, has been acquired by W. P. Carey Inc., a publicly-traded REIT, for a total price of approximately $7 million.
Buffalo Lodging Associates to Manage Hilton Garden Inn Akron
The Hilton Garden Inn Akron is scheduled to open this fall. The hotel is currently under development on three acres of land, on the former Goodyear world headquarters campus, at the corner of East Market Street and Kelly Avenue. It will be the first hotel constructed in Akron since 1980 and it will be managed by Buffalo Lodging Associates, LLC.