Development plans and projects picked up the pace in 2024 as inflation got back under control, interest rates stabilized, construction supplies became more readily available and lending became more liquid. But no Greater Cleveland story dominated the news more than a proposed stadium for a certain football team.
Cleveland Browns Stadium Saga
The story took a sudden and dramatic turn on Feb. 8. NEOtrans broke the story that the Browns’ owners, the Haslam Sports Group, sought a $2.4 billion roofed stadium for their Cleveland Browns in suburban Brook Park. They will also partner with Lincoln Property Co. on a $1.2 billion mixed-use development. Half of the stadium cost would be funded by the public to which Cuyahoga County leaders said, “no,” and Cleveland city officials offered to close Burke Lakefront Airport for stadium/development instead. To that, the Haslams said, “no,” due to its uncertainty.
Outlook: This will be resolved in 2025 because time-wise, it has to. The Browns’ lease at the current lakefront stadium ends after the 2028 football season. The Haslams will probably get their way because billionaires usually do.
Sherwin-Williams HQ and R&D facilities
Structural work topped out in 2024 on both of Sherwin-Williams’ megaprojects: its 36-story, 1.1-million-square-foot headquarters skyscraper, the fourth-tallest in Downtown Cleveland, and its 600,000-square-foot research center in suburban Brecksville, part of the still-growing, huge Valor Acres mixed-use development by DiGeronimo Cos. at Interstate 77 and Miller Road. Employees will move in throughout 2025.
Outlook: Although overdue and over budget, both projects changed the face of Greater Cleveland and represent a big commitment to the region by one of its oldest and fastest growing companies. That growth could portend more construction in the near future, but the conservative company will likely wait to see how it fills out its new digs.
Downtown Cleveland Lakefront
Despite the uncertainty of the existing football stadium on the lakefront, Cleveland city officials are pressing ahead with plans and projects to reshape Downtown's lakefront. They secured significant funding from federal and state governments, created a huge tax-increment financing district and established a development corporation to oversee it all despite local politics.
Outlook: Political changes in Washington DC could threaten the flow of federal funding for major infrastructure projects involving the lakefront and elsewhere in Greater Cleveland.
Downtown Cleveland Riverfront
Billionaire Dan Gilbert and his Bedrock Real Estate have started realizing a multi-billion-dollar riverfront development vision, supported at the local, state and federal levels. First step within the framework of that vision is the $200 million-plus Cleveland Clinic Global Peak Performance Center athletic health and Cleveland Cavaliers practice facility. Next is a 15-story “Rock and Roll Land” hotel and entertainment complex on Huron Road near Ontario Street.
Outlook: The Rock and Roll Land complex depends on winning a Transformational Mixed Use Development tax credit. If it falls short, there are other pots of money to pursue.
Cleveland Browns Berea development
Although the Browns aren’t winning on the field this year, they are actively trying to make their mark elsewhere on Greater Cleveland’s landscape. In addition to the Brook Park stadium/development, the Haslams are joining forces with DiGeronimo Cos. on the District 46 mixed-use development next to the Browns’ Berea headquarters and practice facility.
Outlook: This project has little controversy, much community support and an experienced development team. Look for construction to get started in 2025.
Cleveland Clinic Megaprojects
If you’re in or near Cleveland’s University Circle/Fairfax District and you don’t see construction cranes, you might want to visit the Cole Eye Institute. In fact, Cole’s expansion is one of the Clinic’s $1.3 billion worth of construction projects under way. So is the 1-million-square-foot Neurological Institute and the two-structured Mubarak Global Center for Pathogen Research. In Cleveland Kamm's Corners, work will start on building Fairview Hospital’s North Campus.
Outlook: The Clinic is facing growing pains, with parking, transportation and housing constraints to be diagnosed and treated by the Clinic and community officials.
Circle Square and More in UC
The growth of the Clinic and other employers in and near University Circle is putting a strain on housing. One of the biggest megaprojects is Circle Square. Next will be UC’s tallest tower — East Stokes. It will eclipse the 24-story Artisan, another Circle Square tower.
Outlook: As work wraps up on the 11-story Library Lofts, it will allow the old MLK Branch Library to be razed, unlocking more development potential including a hotel atop a retail podium.
Downtown Cleveland’s Conversions
In the wake of the pandemic, Downtown Cleveland’s strong record of converting obsolete office buildings to other uses, primarily residential, gained national attention. It will have to flex those muscles some more as there are new and pending projects — Electric Building, Ohio Bell HQ, Ohio Savings Plaza, Erieview Tower, 800 Superior, the old Medical Mutual HQ, Rhodes Tower, the old Sherwin-Williams HQ, The Centennial and The Rockefeller Building.
Outlook: Despite historic tax credits being the key to most Downtown office building conversions, many of the currently pending projects are much larger and more costly than what the historic tax credits could unlock by themselves. The pace of conversions is likely to slow down and leave some obsolete buildings vacant longer.
Cleveland Hopkins International Airport
Lots of planning work has been completed on Hopkins’ Terminal Modernization Development Program (TMDP), laying out a $3 billion masterplan. But either the slow pace of the planning or the two-decade-long delivery of what it promises has muffled community excitement for this megaproject. But the project is actually getting underway with the creation of an office building on Cargo Road for architects, civil engineers and contractors to kickstart the work.
Outlook: Once the new office building opens in 2025, look for the TMDP project to increase in activity and public excitement.
Reshoring Manufacturing Projects
Reversing deindustrialization in America advanced with the 2022 federal CHIPS and Science Act and is continuing with the threat of tariffs by the incoming Trump Administration. Cleveland is cleaning up and consolidating its brownfields to compete with greenfields at the suburban fringe for large, job-ready sites. Opportunity Corridor is also a potential growth area for production and assembly facilities.
Outlook: Look for large foreign manufacturers to pursue local facilities to provide domestically made products. In addition to local hires, these companies need visas to bring their manufacturing experts to the USA. But the largest facilities are still going to be built in outer suburbs where land is more plentiful but labor isn’t.
Multiple housing projects
The number of recent, underway and planned housing developments in Greater Cleveland is too large to identify all of them here. Most are multifamily projects in the urban core and the latest ones filled up fast despite rents of $3 to $5 per square foot. The largest and latest were the Skyline 776 high-rise Downtown, Driftwood in Tremont, Welleon in Gordon Square, Raye high-rise at the Van Aken District, Woodhill Station West in Buckeye, Library Lofts in University Circle and more.
Outlook: Successful stories have sequels. Among the follow-on projects are Skyline on Stokes plus Stokes East high-rise in University Circle, Soap Site, Breakwater Residences and Shoreway Tower in Gordon Square, and office conversions will continue to supply most of Downtown’s residences. Some long-lingering projects may finally see construction like Bridgeworks and Clifton House/Hanover House in Ohio City, while new residential markets are being created on Scranton Peninsula, in Old Brooklyn and in Slavic Village.
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