Over $4 billion goes into downtown development (Cleveland, Euclid: real estate market, 2011, condos)

[Traveler87]

Downtown Cleveland currently has one of the fastest growing downtown populations in the country, new projects are going up left and right. New mid-rise condos are going up all over downtown. The Warehouse, Flats, and Avenue Districts are seeing hundreds of millions of dollars go into them. Now the Euclid Corridor Project has pushed development over $4.3 billion. It also has some plans of expansion.

cleveland.com: Everything Cleveland

[121804]

I want to see the Flats emerge the way it did in the late 80s & 90s until things started getting stupid. My wedding reception was on Windows & I never want to see that place turn into a dump b/c it holds many good memories for me.

It is an affordable place to live.

Cleveland is not for everyone, but it does have a lot going for itself.

[costello_musicman]

Originally Posted by 121804

I want to see the Flats emerge the way it did in the late 80s & 90s until things started getting stupid. My wedding reception was on Windows & I never want to see that place turn into a dump b/c it holds many good memories for me.

It is an affordable place to live.

Cleveland is not for everyone, but it does have a lot going for itself.

Well I think you're in luck...Wolstein's investment numbers have been steadily expanding...I believe it has went from $170 million to $400-$500 million. They pretty much have Eaton and Ernst and Young signed...and for sure have Ellis and West. Although it will not be what it was in the past two decades, and it have a brand new with a mix of offices, residental, etc.

All the companies mentioned above need to be moved into their new locations by 2011, which hopefully means a majority of the Flats East Bank will be rebuilt by then.

[Traveler87]

Originally Posted by 121804

I want to see the Flats emerge the way it did in the late 80s & 90s until things started getting stupid. My wedding reception was on Windows & I never want to see that place turn into a dump b/c it holds many good memories for me.

It is an affordable place to live.

Cleveland is not for everyone, but it does have a lot going for itself.

True. Downtown living can be expensive, but all the new condo units that are being built, are selling like crazy. That explains the rapid population growth downtown.

The Avenue District looks great:

.:: The Avenue District ::.:Great video too.

[BelieveInCleve]

Its good to see Cleveland going in the right direction. The crime rate seems to be down since last year this time. Also its good to see that downtown is getting better and hopefully the flats will also improve.

[Traveler87]

The Flats currently has 3 phases completed, (condo units that is), there are currently 7 more proposed. Also, the Flats East Bank which offers, restaurants, condos, and some nice marinas along the river. Good idea of projects being done in Cleveland:
CLEVELAND | Project Rundown - SkyscraperPage Forum

[Traveler87]

Look at the Avenue District, coming alone nicely, over 200 million dollars in the mixed use project. This is right next to Erieview Tower and The Galleria. The first tower in the Avenue District has been topped off. The facade is beginning to be put on.

.:: The Avenue District ::.

Live construction:
.:: The Avenue District ::. (broken link)

[NUman]

I really do not think Residential Development is what Cleveland needs to be doing right now. What Cleveland needs to be doing is attracting employers, like big corporations and high-tech industrial businesses. Cleveland cannot afford more residential development amid this credit and mortgage crisis. Especially since Cleveland was hit the worst. In Crains Chicago Business there was an article discussing why the commercial real estate market is so hot right now. Cleveland should build more light industry too, away from the waterfronts. When there is more demand for employees that there are available we can begin building residential projects in the city so that Young Urban Proffesionals can live close to work and all Cleveland has to offer. Cleveland could also use more parks, etc.

[costello_musicman]

Originally Posted by NUman

I really do not think Residential Development is what Cleveland needs to be doing right now. What Cleveland needs to be doing is attracting employers, like big corporations and high-tech industrial businesses. Cleveland cannot afford more residential development amid this credit and mortgage crisis. Especially since Cleveland was hit the worst. In Crains Chicago Business there was an article discussing why the commercial real estate market is so hot right now. Cleveland should build more light industry too, away from the waterfronts. When there is more demand for employees that there are available we can begin building residential projects in the city so that Young Urban Proffesionals can live close to work and all Cleveland has to offer. Cleveland could also use more parks, etc.

Downtown was not hit by the morgage crisis--and new housing is still being contructed/selling extremely well than any other part of the city. I pretty much completely disagree with you--more downtown residents is exactly what Cleveland needs. More people=more energy=more business/concentrated money=more safety(more sets of eyes)=more attractive downtown for businesses to want to relocate.

Basically, every current mega-project right now is incorporating business with residental, since the city has finally learned this after the mostly terrible 70's and 80's "urban renewal" projects. Believe me, Cleveland is more involved in commerical real estate right now, maybe more so than in recent years past, but it is just linking up more residental so you may not notice as much.

And no more parks! Especially downtown.

Originally Posted by NUman

When there is more demand for employees that there are available we can begin building residential projects in the city so that Young Urban Proffesionals can live close to work and all Cleveland has to offer.

I don't understand. Generally anyone who lives downtown has a job...

[NUman]

It is not the correct time to flood Cleveland with inventory. Downtown residential needs to grow at about half the pace it currenty is. In Chicago we have a new construction project in the loop area where half the buildings units are in forclosure. That is what will happen to downtown Cleveland if they continue. Commercial real estate is selling big. That is what developers need to focus on right now. I actually own a new construction business in Chicago and my father-in-law operates a real estate brokerage and he also flips houses in Shaker Heights and Cleveland Heights. Right now he has a large home $985,000 way below market value and he cannot move it. The market in Cleveland cannot hold anymore residential development. Also, before they build new they should renovate existing structures in Downtown, East Side, The Heights, everywhere. This will drive up demand and give people less choices and cause bidding wars over the nicest existing units or homes.