CLEVELAND CITY HALL AT THE HEART OF REAL ESTATE PROJECTS

CLEVELAND CITY HALL AT THE HEART OF REAL ESTATE PROJECTS

Cleveland City Hall at the heart of real estate projects

The transformation of downtown Cleveland over the past 10 years is no accident. The investments seen to date have been strategically made through a unique combination of public and private partnerships. Indeed, Cleveland City Hall is at the center of numerous real estate projects designed to spur the city's development.

Cleveland City Hall at the heart of real estate projects

City Hall at the heart of Cleveland's development

Positive results

The Downtown Cleveland Alliance has released its 2018 Annual Report, a comprehensive summary of downtown Cleveland's development in the housing, office, retail, innovation, and hospitality markets. The report reinforces the key elements that make downtown Cleveland the fastest-growing neighborhood in Northeast Ohio. It currently has 17,500 homes with 92% occupancy and is the largest employment center in Ohio, with 105,000 workers. The report shows how past, present, and future developments help guide efforts to retain and attract residents, businesses, and talent in 2019.

Moreover, the results are very positive, because in 2018:

Three major companies—Electronic Merchant Systems, NRP Group, and Millennia Companies—have relocated their headquarters to downtown Cleveland, making Northeast Ohio the second-largest concentration of corporate headquarters jobs in the United States.

1,544 residential units were under construction at the end of 2018.

30 new stores and restaurants have been added to the retail market.

Favorable forecasts

Working with Philadelphia-based Urban Partners, DCA has identified housing priorities to meet demand and provide an additional 3,800 housing units, increasing the city center's population to 30,000 by 2030.

“The continued growth and vibrancy of downtown Cleveland is very exciting,” said Michael Deemer, executive vice president of business development at DCA. “The investments we’re making to help businesses relocate, improve mobility by supporting public transit, and create a more pedestrian-friendly city will continue to attract the businesses and talent needed to move downtown Cleveland forward.”

2018 marked the 10th anniversary of the Healthline bus route connecting downtown to University Circle, the first and fourth largest employment hubs in the state. Initially investing $200 million, the Healthline has led to the development of 77 projects totaling $3.58 billion in downtown and 193 projects along Euclid Avenue totaling $9.24 billion in investment.

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Ever more ambitious real estate projects

The Beacon

The Beacon is a skyscraper located in downtown Cleveland. Construction began at 515 Euclid Avenue in late 2017. The 108-meter tower was approved by City Hall, with the maximum allowed being 76 meters. This project was recently completed at a cost of $95 million. The building has 187 apartments and 29 floors. The top floor offers, for residents only, a 300-degree view of Lake Erie and the stadiums.

The Avenue District

A local developer, Geis, has revived a phase of The Avenue District development. It proposes high-end condominiums in the downtown central business district. The project would feature a mix of two- and three-bedroom units spread over five floors. Geis estimates an average selling price of $400,000. The developer knows the demand is there and will likely be self-financing. Once the deal closes, construction is estimated to take between nine and ten months.

The Lumen

With 35 floors and 318 units, the largest apartment complex in downtown Cleveland is under construction. The Cuyahoga County Council (Cleveland) has approved a $10 million loan to the Playhouse Square Foundation for the Lumen project, which is estimated to cost $135 million. Scheduled for completion in spring 2020, the building already has 258 reservations.

To meet the growing population demand, Cleveland City Hall and investors are taking every step to revitalize the city's various neighborhoods. Housing construction, new businesses, road and pedestrian improvements are all designed to meet the demands of the current and future population. In fact, by 2030, the population of Cuyahoga County is estimated to reach 1,154,210.