A lot of construction projects were successfully financed in Cleveland in 2023. Nowadays, some developers put their construction plans on hold. On the other hand, many developers make new plans. Generally speaking, the current market conditions improved this year. Today, we are going to analyse the current construction projects in Cleveland and let you know how they are doing in 2024.
Riverfront
One of the main goals of these projects is to improve the Cuyahoga River waterfront. It’s also important to note that Riverfront projects would be a good addition to Irishtown Bend Park. The projects were started the last year and it was expected that more than $3.5 billion was spent on the construction. According to the plans, more than 35 acres of land are going to be transformed into the residential buildings. Developers are planning to build even more housing units in the nearest future.
Sherwin-Williams Headquarters
The Sherwin-Williams’ officials continue to build the company’s 616-foot-tall headquarters tower for more than 3500 employees. The Sherwin-Williams’ headquarters have several buildings such as the Higbee Building, the Skylight Building as well as Warrensville Heights and Hinckley Industrial Parkway. The developer is also planning to build the new structured 920-space parking garage.
The Higbee Building will have 212,000 square feet of office space. The Skylight Building will have 100,000 square feet of office space. Warrensville Heights and Hinckley Industrial Parkway will have 200,000 square feet of office space.
It’s worth noting that the company has recently achieved the unexpected sales growth of 15%. And of course, this will help the company to put more money in the headquarters and, therefore, speed up the construction process significantly.
Justice Center
Justice Center is planning to relocate its county jail to a renovated courthouse. It’s expected that the expended building will have 1 million square feet of space. Justice Center is also planning to build the parking structure near the renovated building.
Cleveland Clinic
The Cleveland Clinic has several construction projects as well. The building of Neurological Institute is constructed, Jeffrey and Patricia Cole Building is constructed and the building of the Cole Eye Institute is expanded. The projects will create 2500 construction jobs and will be finished by 2025.
The Cleveland Clinic started its renovation projects in the late spring in 2022. The building of Neurological Institute will have 1 million square feet of space, Jeffrey and Patricia Cole Building will have 150,000 square feet of space. The renovated building of the Cole Eye Institute has 130,000 square feet of space.
Centennial Building Project
The residents of Cleveland have been waiting for this project for a long time. The project has earned the tax credit award from the State of Ohio. More than $40 million will be spent on renovating the Centennial Building and about 500 – 600 construction jobs will be created.
Cleveland State University’s Campus District
Cleveland State University also has construction projects. The new multi-purpose arena is going to be constructed on Payne Avenue and the 19-story 363-foot-tall Rhodes Tower (this building provides housing for 500 students) will be redeveloped.
If you work in the Cleveland real estate market, you should analyse Cleveland OH homes for sale carefully and stay up-to-date with the latest industry trends. This will help you buy and sell properties in the city of Cleveland successfully and increase your profits.
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