Cleveland is bursting at the seams with new construction and development projects, as more and more people – particularly millennials – come to this dynamic metropolis to make it their home.
Here are five of these exciting new developments. A mix of commercial and residential spaces, thoroughfares, and attractions, these projects are expected to go a long way toward shaping the Cleveland of tomorrow.
- 1. Quicken Loans Arena transformation
The 23-year-old home of the Cleveland Cavaliers is getting a major facelift. Expected to happen in 2020 at a cost of $140 million, the reconstruction will not only update the facility but also give it more crowd-pleasing amenities, such as dining areas and public gathering places. A modern glass façade is planned, as well as sweeping interior upgrades.
The transformation is expected to enhance the positive branding Cleveland has generated through the arena’s high-profile events, including the NBA finals and the 2016 Republican National Convention.
- 2. nuCLEus
This mixed-use 48-story development is planned to rise between Huron Road and Prospect Avenue in the middle of downtown. It will feature 150,000 square feet of retail space and restaurants, 200,000 square feet of offices, 500 apartment units, and about 1,500 parking spaces. The developer, Stark Enterprises, envisions nuCLEus as a day-to-night hub for residents and visitors, to be created along the principles of a walkable, work-live-play environment that Millennials seek.
While the development has yet to break ground, both the developer and the local government have assured that the project will soon push through. As of February 2017, the entities involved were threshing out funding details, particularly the contribution of schools to the project.
- 3. 95 Lake at Edgewater
Brickhaus Partners is behind this luxury townhome development located at 9508 Lake Road in the neighborhood of Edgewater. In keeping with Brickhaus Partners’ concepts to build near Metroparks facilities, 95 Lake overlooks Lake Erie and is just steps away from Edgewater Park.
This lakeside development features ten 4-story townhomes in the Contemporary style. In addition to the finest finishes and appointments, each unit boasts state-of-the-art energy-efficient features like high-efficiency windows and smart home technology, with the option of installing electric car chargers for free.
- 4. The Van Aken District in Shaker Heights
This ongoing $90 million mixed-use development replaces the two outdated shopping centers at the intersection of Chagrin Boulevard and Warrensville Center Road. The two-phase project will feature low to mid-rise commercial and residential buildings, a park, a network of landscaped streets, and a new multimodal transit hub for the area’s rail and bus services. The development is set to transform the busy six-street junction from an area of shopping strips and parking lots into a dense, walkable town center.
- 5. Opportunity Corridor
Currently, under construction, this new three-mile thoroughfare will run from the junction of East 55th Street and the I-490 to East 105th Street in University Circle. As of February 2017, the first mile of the corridor was nearly complete, and several major constructions along the thoroughfare were already being planned. These include the headquarters of healthcare data analytics company, Explorys, and a park to be developed by the Fairfax Renaissance Development Corporation.
With all these exciting developments, now is a great time to live or invest in Cleveland. Find out more about our communities and get in touch with the Top Realtor in Cleveland Michelle McQuade to explore the opportunities waiting for you in this growing metropolis. Call her at 440.823.2448 or email [email protected].