As in most Midwest cities, Cleveland’s commercial real estate market is still in recovery mode thanks to the COVID-19 pandemic. But there are plenty of reasons for hope in the Cleveland market, hope that was on full display during REjournals’ recent Cleveland Commercial Real Estate Summit.
The event, held in late July, featured a roster of the biggest names in the Cleveland commercial real estate market. These speakers admitted that working through the COVID-19 pandemic has been a challenge. But they also said that the future in Cleveland looks bright.
And who’s to doubt them? There are plenty of new CRE projects either in the beginning stages of construction of the planning phase that promise to provide a boost to the city and its suburbs. This includes a new proposal by the ownership of the Cleveland Browns to provide a jolt to the lakefront area around the NFL team’s FirstEnergy Stadium. These plans call for enhancing the lakefront area that includes the Browns’ stadium, the Great Lakes Science Center and the Rock and Roll Hall of Fame.
There’s also plenty of hope for the former Ford plant in Brook Park, Ohio, near the Cleveland airport. Weston Inc., DiGeronimo Companies and Scannell Properties earlier this year joined forces to acquire the 210-acre site in a transaction valued at $31.5 million. The buyers have not yet released their final redevelopment plans, but the purchase has generated excitement in the Cleveland area.
Then there’s the Circle Square project in Cleveland’s University Circle neighborhood. Construction crews earlier this year began construction on the first pieces of this development, the Library Lofts and The Artisan residential developments and a new branch for the Cleveland Public Library.
The Artisan will be a 23-story, 298-unit luxury high-rise apartment building with retail on its ground floor. The Library Lofts will be another apartment development, with the new branch of the library on its lower level. The Circle Square project will also include a 13-story office building.
So, yes, Cleveland faces plenty of challenges as it slowly recovers from the pandemic. But the speakers at the summit all agreed that the commercial real estate professionals here are poised to overcome these hurdles.