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^Very happy to hear a heavyweight like Dan Gilbert is involved in this... I know less about Harris-Blitzer SE, but understand they have the big bucks as well. We just know Dan well because of the Cavs and his already considerable investment in Cleveland, as well as his nearby interests, including the Bedrock employees that, apparently, have maxed out of the Higbee's building. Stark gave it a shot; he did build the wonderful Beacon Apt tower a block away -- the 1st all-new apartment highrise in downtown in decades -- the gorgeous/gigantic Lumen apt tower in PHS came a few years later.
Love all the growth and excitement downtown as well as close-in core neighborhoods such as Ohio City, Duck Island, and Tremond... keep it rollin'!
This sounds like it will be awesome. It would be great to make League Park and that area a true destination in the city. I also don't know of any other city offhand that has batting cages within city limits. Usually that's relegated to the suburbs.
That would definitely be a cool thing to add to League Park. I plan on going there to visit soon, that should be something that's marketed more to true baseball fans.
Now that 2021 has ended, I have updated my database of residential real estate transfers within the City of Cleveland. The city, like many places, experienced considerable growth in the number of high-end transfers (at least $300,000) in 2021, with a total of 398. This compares to 264 such transfers in 2020, an increase of 134 or just over 50%. Remarkably, more than 70% of all such transfers occurred within just three neighborhoods: Detroit Shoreway, Ohio City-Duck Island and Tremont. I have tracked these sales since January 2016 and during the past six years, this pattern has not changed. There has been a steady increase of high-end transfers within the City, but more than 70% of them have been in these three neighborhoods. This suggests that the number of affluent residents within the city continues to grow, but remains concentrated in just a few pockets, rather than spread evenly across more neighborhoods. If you included University Circle/Little Italy and Downtown/Flats, the share of high-end transfers during the 2016-2021 study period would increase to 90% (all data from the Cuyahoga County Fiscal Office's Real Property Database).
NUMBER OF HIGH-END RESIDENTIAL REAL ESTATE TRANSFERS IN CLEVELAND (+$300,000)
YEAR NUMBER
2016 97
2017 118
2018 175
2019 257
2020 264
2021 398
DISTRIBUTION OF HIGH-END RESIDENTIAL REAL ESTATE TRANSFERS IN CLEVELAND BY NEIGHBORHOOD (2016-2021))
1. Detroit Shoreway 28.5%
2. Tremont 21.3%
3. Ohio City/Duck Is 20.4%
4. University Circle 9.7%
5. Downtown/Flats 9.4%
6. Clifton/Edgewater 5.8%
7. West Park 1.8%
8. Shaker Square 1.6%
Other neighborhoods with less than 2% of all high-end sales combined: Midtown, Old Brooklyn/South Hills, Brooklyn Centre, Cudell/West Boulevard, Glenville, North Collinwood, Fairfax, Hough
It will be interesting to see if 2022 showcases a continuation of these trends under the new administration.
Now that 2021 has ended, I have updated my database of residential real estate transfers within the City of Cleveland. The city, like many places, experienced considerable growth in the number of high-end transfers (at least $300,000) in 2021, with a total of 398. This compares to 264 such transfers in 2020, an increase of 134 or just over 50%. Remarkably, more than 70% of all such transfers occurred within just three neighborhoods: Detroit Shoreway, Ohio City-Duck Island and Tremont. I have tracked these sales since January 2016 and during the past six years, this pattern has not changed. There has been a steady increase of high-end transfers within the City, but more than 70% of them have been in these three neighborhoods. This suggests that the number of affluent residents within the city continues to grow, but remains concentrated in just a few pockets, rather than spread evenly across more neighborhoods. If you included University Circle/Little Italy and Downtown/Flats, the share of high-end transfers during the 2016-2021 study period would increase to 90% (all data from the Cuyahoga County Fiscal Office's Real Property Database).
NUMBER OF HIGH-END RESIDENTIAL REAL ESTATE TRANSFERS IN CLEVELAND (+$300,000)
YEAR NUMBER
2016 97
2017 118
2018 175
2019 257
2020 264
2021 398
DISTRIBUTION OF HIGH-END RESIDENTIAL REAL ESTATE TRANSFERS IN CLEVELAND BY NEIGHBORHOOD (2016-2021))
1. Detroit Shoreway 28.5%
2. Tremont 21.3%
3. Ohio City/Duck Is 20.4%
4. University Circle 9.7%
5. Downtown/Flats 9.4%
6. Clifton/Edgewater 5.8%
7. West Park 1.8%
8. Shaker Square 1.6%
Other neighborhoods with less than 2% of all high-end sales combined: Midtown, Old Brooklyn/South Hills, Brooklyn Centre, Cudell/West Boulevard, Glenville, North Collinwood, Fairfax, Hough
It will be interesting to see if 2022 showcases a continuation of these trends under the new administration.
Questions and comments welcome; thank you!
DR J
I don't want to give you work, but it would be interesting to see data breaking down the neighborhoods vs the 5 years you've collected - not sure if you have that or not. Surprising that downtown does not have a better chunk - or is it primarily rental downtown and not ownership?
Now that 2021 has ended, I have updated my database of residential real estate transfers within the City of Cleveland. The city, like many places, experienced considerable growth in the number of high-end transfers (at least $300,000) in 2021, with a total of 398. This compares to 264 such transfers in 2020, an increase of 134 or just over 50%. Remarkably, more than 70% of all such transfers occurred within just three neighborhoods: Detroit Shoreway, Ohio City-Duck Island and Tremont. I have tracked these sales since January 2016 and during the past six years, this pattern has not changed. There has been a steady increase of high-end transfers within the City, but more than 70% of them have been in these three neighborhoods. This suggests that the number of affluent residents within the city continues to grow, but remains concentrated in just a few pockets, rather than spread evenly across more neighborhoods. If you included University Circle/Little Italy and Downtown/Flats, the share of high-end transfers during the 2016-2021 study period would increase to 90% (all data from the Cuyahoga County Fiscal Office's Real Property Database).
NUMBER OF HIGH-END RESIDENTIAL REAL ESTATE TRANSFERS IN CLEVELAND (+$300,000)
YEAR NUMBER
2016 97
2017 118
2018 175
2019 257
2020 264
2021 398
DISTRIBUTION OF HIGH-END RESIDENTIAL REAL ESTATE TRANSFERS IN CLEVELAND BY NEIGHBORHOOD (2016-2021))
1. Detroit Shoreway 28.5%
2. Tremont 21.3%
3. Ohio City/Duck Is 20.4%
4. University Circle 9.7%
5. Downtown/Flats 9.4%
6. Clifton/Edgewater 5.8%
7. West Park 1.8%
8. Shaker Square 1.6%
Other neighborhoods with less than 2% of all high-end sales combined: Midtown, Old Brooklyn/South Hills, Brooklyn Centre, Cudell/West Boulevard, Glenville, North Collinwood, Fairfax, Hough
It will be interesting to see if 2022 showcases a continuation of these trends under the new administration.
Questions and comments welcome; thank you!
DR J
Given the amount of inflation, especially for housing construction and single family home prices, holding the cut-off level constant limits the value of your calculations. E.g., nationally, single family home prices appear to have increased at least 25 percent since 2016. Perhaps pick some index and use it to adjust the $300,000 annually.
Cleveland Clinic prepares for significant demolition to prepare site for its largest building yet
The Cleveland Clinic appears set to begin the process of constructing a new Neurological Institute building, reportedly at about 1.1 million square feet, the Clinic's largest building yet and bigger than the new Sherwin Williams HQ project downtown.
<<Cleveland Clinic is requesting a demolition permit from the city to make way for the largest building ever to be constructed by the global health care system. The permit requested from the Cleveland Building and Housing Department would allow the Clinic to raze its Surgery Center and adjacent parking garage, at 2083 E. 89th St. at Carnegie Avenue.
A Clinic spokesperson confirmed prior reports published by NEOtrans that the health system’s massive new Neurological Institute will be constructed at the current site of the Surgery Center, called the P Building as well as the PP Building, its associated parking garage.
The 1968-built, eight-story, 160,000-square-foot Surgery Center and its 192,500-square-foot parking garage are located on the north side of Carnegie, between East 89th and 90th streets.>>
<<According to Clinic sources who spoke off the record, the new Neuro complex will measure about 1.1 million square feet — making it larger than the new Sherwin-Williams headquarters under construction just west of Public Square in downtown Cleveland. Yet the new structure is unlikely to exceed 15 stories, the sources said, and it will utilize the existing 4,000-space East 89th Street employee garage. Clinic spokesperson Angela Smith would not comment on the project’s pending scale as planning is still under way.>>
Reportedly, the new building will massively increase employment at the Clinic's Neurological Institute.
Currently, the Clinic employs more than 300 medical, surgical and research specialists in its Neurological Institute on the main campus.>>
The Clinic hopes to demolish at least part of the old Cleveland Play House campus that it has owned for years, according to the article, to use as a construction staging site. But Cleveland preservationists lament the destruction of the Bolton Theatre, the only Cleveland building designed by Cleveland native and renown architect Philip Johnson, who unfortunately lacked the theater design expertise of Peter Van Dijk, the legendary Cleveland architect who designed Blossom Music Center and guided the resurrection of Playhouse Square. The Play House successfully and very happily migrated from the Bolton Theatre complex to its new home at the Allen Theatre complex in Playhouse Square.
Of course, Cleveland has been blessed by the work of Van Dijk and his successor firm of Westlake, Reed, and Leskosky, renowned internationally for their theater design expertise and now submerged into the DLR Group.
The ongoing expansion of the Clinic's main campus, as discussed at the end of the NEOtrans article, likely will spur increased demand for housing nearby in Greater University Circle, Cleveland Heights, Shaker Heights, Midtown, downtown, etc.
<<Cleveland Clinic is about to embark on a busy facilities construction schedule at its main campus. In addition to the huge new Neurological Institute, the Clinic also expects to start construction this year on a 100,000-square-foot expansion of its Cole Eye Institute at Euclid and East 105th Street, according to the State of the Clinic presentation in January. Perhaps as early as next year, the Clinic also intends to construct a 400,0000-square-foot, $500 million Global Center for Pathogen Research & Human Health near East 105th and Cedar Avenue.>>
Say good-bye to that long vista down Superior Ave., and to the downtown surface parking glut
Great picture of the view down Superior Ave. unblocked by skyscrapers, but increasingly fleeting as the new Sherwin Williams HQ project proceeds.
<<Nov. 29, 2021 may be remembered as the day that construction work began on Sherwin-Williams’ $300-plus-million global headquarters. To others, it may be known as the date when one of downtown Cleveland’s largest “parking craters” died....
The new SHW HQ will be the fourth-tallest tower in downtown Cleveland, at 36 stories and 616 feet high, and will be the tallest structure built downtown in 30 years. Key Tower, Ohio’s tallest, was completed in 1991.>>
Renovation of Public Square's Renaissance Cleveland Hotel
I missed this significant project.
<<According to information from a source close to the project who was not authorized to speak about it, the 103-year-old hotel will be renovated from top to bottom for up to $80 million.
Renovation work is already under way on the 431,352-square-foot structure. Additional work will begin later this year and be completed in Fall 2022. The work will include floor-to-ceiling repairs and updates of all hotel rooms, public spaces, 60,000 square feet of ballrooms/meeting spaces, restaurants and retail spaces. There will also be exterior repairs and improvements made, the source said.>>
The hotel reportedly will be rebranded as the Hotel Cleveland, and the price tag on the project reduced to $56 million, as of last October.
<<The Renaissance Cleveland Hotel will be rebranded to the Autograph Collection by Marriott to re-establish the hotel as a destination and increase the usage of the ballroom and event spaces. The 870,000 square-foot building currently includes 34 conference rooms, 491 guest rooms, 300 parking spaces, a banquet kitchen, and lobby/reception.
According to the council, the renovation project would create 166 new full-time jobs in the city of Cleveland, while retaining 69 existing jobs. It is estimated that the project would generate $150,000 in new annual tax revenue for the city.
The project has been awarded federal historic tax credits, which will be purchased by Sherwin-Williams.
I wonder what accounts for the massive increase in employment? Increased utilization? Or is it just hype to get tax credits?
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Cleveland Real Estate Report
