Cleveland
Two More Hotels Planned for Cleveland Area
2013 was a good year for hotel construction in the Greater Cleveland area, as developers started work on an important number of projects expected to deliver hundreds of new rooms to the region in the near future. And it seems that this hotel construction boom will continue into 2014. Work will soon start on two more projects in the metro area, one in downtown Cleveland, the other in Avon.
Westin Cleveland Downtown to Open in May
The Westin Cleveland Downtown hotel will open this May in Cleveland’s downtown financial district following a $64 million renovation. It will have a new look and a new general manager. Recently, the ownership has hired Mark Anderson to lead the hotel in operations and guest services.
BakerHostetler to Move to Cleveland’s Key Tower in 2016
Prime office spaces continue to be in high demand in Downtown Cleveland. BakerHostetler is just the most recent name added on the growing list of companies looking to do or to continue doing business in the CBD. Ranked 65th on the AmLaw 100 (American Lawyer, 2013, by gross revenue), the global law firm has recently signed a 15-year lease for space in Downtown Cleveland’s iconic Key Tower. Currently it is located in the PNC Center, at East Ninth Street and Euclid Avenue.
Marcus & Millichap Arranges Sale of North Olmsted Towne Center for $17.8M
Large retail properties in the Greater Cleveland area have seen a lot of action in the final quarter of 2013. Recently, Devonshire REIT, Inc. has paid $8 million for the Great Lakes Plaza in Mentor, while the Starwood Capital Group has acquired two shopping centers in North Olmsted and Canton, as part of a $1.6 billion, seven-property portfolio.
Ohio Development Services Agency Awards $20M in Ohio Historic Preservation Tax Credits to Five Northeast Ohio Projects
On Dec. 20, the Ohio Development Services Agency awarded $33 million in Ohio Historic Preservation Tax Credits to rehabilitate 31 historic buildings in 10 communities across the state. Five of these projects are located in Northeast Ohio.
Arhaus Furniture to Move 230 Employees to New Corporate HQ in Boston Heights
Arhaus Furniture, one of the fastest growing furniture retailers in the United States, has announced it plans to build a new, $43 million corporate headquarters and distribution center in the Village of Boston Heights. Construction is slated to start in March 2014. Arhaus Furniture hopes to move into the new building by April 2015.
CSU Breaks Ground on $45M Center for Innovation in Health Professions
Cleveland State University broke ground on December 9 on a new health sciences building. Called The Center for Innovation in Health Professions, it will be the place where students will learn and work together in interdisciplinary collaboration. The project is expected to cost $45 million.
Devonshire REIT Buys Mentor’s Great Lakes Plaza for $8M
Another Cleveland-area shopping center has changed hands. A few weeks ago, Starwood Capital Group has completed the acquisition of two Northeast Ohio shopping centers, as part of a seven-property portfolio for which the Greenwich, Conn.-based investment firm has paid $1.6 billion to the Sydney, Australia-based Westfield Group. Now, Devonshire REIT, Inc. Has announced it has closed the purchase of Great Lakes Plaza.
Cleveland City Council Approves Financing for FirstEnergy Stadium Modernization Project
It’s been a rough couple of weeks for Cleveland Browns fans, as their team recently lost to two long-time rivals, the Cincinnati Bengals and the Pittsburgh Steelers, in the 2013 NFL regular season. But the Cleveland team did manage to score one important victory. On Monday, November 25, the Cleveland City Council has approved a financing plan for the FirstEnergy Stadium modernization project.
Starwood Buys Two Northeast Ohio Malls as Part of $1.6B Deal
Starwood Capital Group, a Greenwich, Conn.-based investment firm, has completed last week the acquisition of seven dominant regional malls in four states, on the West Coast and in the Midwest. The deal was announced in September. Two Northeast Ohio shopping centers are also included in the portfolio.