Just when you thought Cleveland couldn’t get any better, developers are breaking ground and announcing some exciting new real estate projects to revitalize the city. These developments will provide quality housing and change the face of the city for the better.
Apartment and condo buildings
Thousands of new residential units are constructed in the Greater Cleveland Area each year. Construction has not slowed despite the pandemic and the recession that hit the economy last year. New buildings are being built and old ones are being renovated with several real estate projects in the pipeline.
Recent data from real estate analytics service provider CoStar indicates that developers added 1,460 units to the Cleveland area last year. This area includes Cuyahoga, Lake, Geauga, Medina, and Lorain counties. The number of new residential units coincides with low vacancy rates as demand for new units remains steady.
The following real estate developments have just been recently completed or are currently under construction:
Many of the newer apartment buildings in the Cleveland area are mixed-use developments with retail and co-working spaces for a vibrant live-work-play lifestyle.
Single-family and townhome developments
Cleveland offers an excellent selection of single-family homes and townhomes by reputable builders. Planned projects and new additions to the housing market include:
- Carter Road
- West 12th Street
- North Park Place Townhomes
- Park Place Townhomes at Battery Park
- Nautica Waterfront District
- Infinium
These projects include custom built homes designed by some of the country’s leading architects, with high-end finishes and appliances.
Commercial real estate developments
The Cleveland area also offers world-class commercial space. Some of the most exciting developments on the horizon include:
- Rock & Roll Hall of Fame and Museum Expansion – This $100M renovation and expansion project will add a new band shell and over 50,000 square feet of programming space to the museum. Construction is expected to start in early 2022.
- Flats East Bank Riverfront Restaurants – The project includes the construction of two buildings that will house three boardwalk restaurants on the Cuyahoga River’s East Bank.
- Sherwin-Williams Global Headquarters – The office tower encompasses roughly one million square feet of office and parking space on Public Square.
These developments will have a positive impact on the area, giving residents access to stellar career opportunities in addition to recreational and lifestyle options. Property investors, entrepreneurs, and job seekers looking for a fresh start are bound to benefit from the completion of these massive projects.
The pandemic hasn’t slowed down millennials entering the job market and renting or buying their own homes for the first time, which has driven demand for housing in major cities like Cleveland. Access to low-interest rates have also made it possible for developers to plan and secure financing for new projects.
Discover everything the housing market has to offer when you work with a top Realtor in Cleveland. Contact me, Michelle McQuade for more information on new residential developments in the area. I’d be happy to help you find your new home in this exciting city and its neighboring communities.