Good morning, Cleveland Real Estate Investors!

Don’t keep us a secret: Share the email with friends (copy URL here)​

📬 In today’s edition:

• 🏫 A quiet land deal on Lorain Ave just blocked a housing project

• 📍 13 signed NDAs for a distressed downtown building

• 📈 $200M, 1,000 employees back five days a week, 166K sq ft coming to market

📰 Cleveland Market Minute

NE Ohio wins big, $160M advanced manufacturing grant

At first glance, the property transaction doesn’t stand out. At less than 1 acre of land, it’s not a big piece of land. And the holding company that purchased the land was created with a unremarkable name the day before the deed transfer was signed.

But it officially ended a proposed housing development and could pay big dividends down the road for the Urban Community School, 4909 Lorain Ave.

🔗 Read More

Clark-Fulton, Stockyards rebuild with new infill

As Ohio City continues to see new construction activity, momentum is edging south into the adjacent Clark-Fulton and Stockyards neighborhoods, where vacant lots are giving way to the types of dense developments that support walkability and transit ridership.

On Clark Avenue, the 52-unit Walton Senior Apartments are helping to bolster the corridor’s residential density.

🔗 Read More

Cleveland Clinic’s Main Campus slide puzzle

If you’re a health system earning $18 billion per year and you want to build a new bed tower where your aging Central Utility Plant sets, you move the utility plant.

But if the place where you want to build a new utility plant has a police station and a neighboring multiple sclerosis care center, you move those uses, too.

🔗 Read More

🏠 Just Sold Spotlight – Luxury Cyan Park Townhome with ~800 Sq. Ft. Rooftop Deck, Hot Tub, Lake & Skyline Views & Full Tax Abatement Through 2034

📍 1320 W 58th St, Cleveland, OH 44102

• 💰 Sold Price: $665,000

• 📏 Size: 2,108 sq. ft.

• 📅 Year Built: 2018

• 🛏 3 Beds | 🛁 2 Full + 1 Half Bath

• 🚗 Attached 2-Car Garage (Finished)

• 🌳 Lot Size: 953 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

After 94 days on market, this Cyan Park townhome closed at $665,000 just $1,100 above its $663,900 Zestimate confirming that correctly priced luxury product in Detroit Shoreway ultimately clears, even when it takes time to find the right buyer.

🏡 Neighborhood Insight

• 📍 Community: Detroit Shoreway / Cyan Park, Cleveland (44102)

• 🏞 Nearby Landmarks: Edgewater Beach, Gordon Square Arts District, Capitol Theatre, lakefront bike path, downtown Cleveland

• 🚶 Accessibility: Steps from the lakefront bike path; short walk to Edgewater Beach and Gordon Square's restaurants and shops

• 🌿 Lifestyle Appeal: Cyan Park is a boutique 21-home community that delivers a level of build quality, amenity, and location rarely found in Cleveland's urban townhome market.

📈 Recent Sales Nearby:

• 2001 W 58th St – $5217 Franklin Blvd – $586,000 | 3 Bed | 3 Bath | 2k sq. ft.

• 4506 Clinton Ave – $617,000 | 3 Bed | 3 Bath | 2.1k sq. ft.

• 5909 Father Caruso Dr – $624,000 | 3 Bed | 3 Bath | 2.8k sq. ft.

• 5861 Father Caruso Dr – $640,000 | 3 Bed | 3 Bath | 2.4k sq. ft.

• 1369 W 74th St – $570,000 | 3 Bed | 3 Bath | 1.8k sq. ft.

Listed by: Evanne Barone | Keller Williams Greater Metropolitan

📞 216-532-3310 | [email protected]

💡 Insider’s Insight

🏛 925 Euclid Draws 13 Interested Buyers as Millennia Fights to Redeem

📍 The Story

• Even for a 1.45-million-square-foot vacant office building in need of major repairs, interest in The Centennial at 925 Euclid Ave. in Downtown Cleveland is unusually strong. Court-appointed receiver John K. Lane of Inglewood Associates LLC has already collected 13 signed non-disclosure agreements from prospective buyers. Whether any of them actually gets a shot depends entirely on what happens by July 30.

⚖️ The Foreclosure Setup

• Owner: Millennia Companies, through its affiliate HH Cleveland Huntington, LP

• Primary lender: Deutsche Bank AG, New York Branch

• Loan in default: $33.4M

• County involvement: Cuyahoga County joined the matter after providing a $5M loan

• Additional balance owed: $2M in unpaid property taxes to the county

• Total redemption amount: $40.4M

• Filing date: January 9, 2026

• Judge: U.S. District Court Judge Charles E. Fleming

📅 The Court-Ordered Sale Timeline

• June 30, 2026: Judge Fleming sets the sale schedule

• July 30, 2026: Deadline for Millennia to redeem its equity by paying the full $40.4M

• October 24, 2026: Deadline for qualified bids

• October 28, 2026: Bidders notified whether an auction will be held

• November 3, 2026: Auction date (if necessary)

• November 10, 2026: Deadline for objections to a sale

🏢 The Building

• 21 stories, built in 1924

• Former Huntington Bank headquarters, vacated throughout the 2010s

• Once housed one of the largest bank atriums in the world

• Millennia acquired it in 2015 and planned a $500M redevelopment as The Centennial

• Planned mix: workforce housing, offices, retail

💰 Existing Public Money in the Project

• $10M Ohio Brownfields Program grant (December 2024) for asbestos, lead paint, and soil gas mitigation

• $70M in combined state and federal historic tax credits previously awarded

• $5M Cuyahoga County loan

🔍 Why Millennia May Actually Redeem

Millennia asked for and received only a 30-day window to exercise its equity of redemption, which is a very short timeline. That request usually signals the borrower already has committed capital lined up, or expects to imminently.

🏙 The Corner's Bigger Story

The Centennial sits at Euclid and East 9th, one of Downtown Cleveland's most consequential intersections right now. Across East 9th, PNC Bank is investing up to $200M into its 35-story PNC Center (see the next story).

🔑 Investor Takeaway

The 13 NDAs are the number to focus on. A vacant, structurally challenging, 1.45-million-square-foot pre-war office asset attracting local, national, and international interest tells you the market has finally priced Cleveland's most stubborn downtown redevelopment problem at a level that clears.

🏢 PNC Commits Up to $200M Over 10 Years to Downtown Cleveland Tower

📍 The Story

PNC Bank confirmed to NEOtrans it will spend big on PNC Center, the 35-story tower at 1900 East 9th Street that it inherited from predecessor National City Bank. Sources close to the plan describe the investment as reaching up to $20M per year over 10 years, or roughly $200M total.

🏙 The Building

• 35 stories, built in 1980

• Tower height: 410 feet (11-foot ceilings)

• Total complex size: 1,037,825 sq ft

• Tower: 744,241 sq ft

• Four-story annex along Euclid: 91,450 sq ft (with 16-foot ceilings)

• 645-space parking garage behind the tower on Vincent Avenue

• PNC occupies roughly half of the tower

👥 The Workforce Behind It

• More than 1,000 PNC employees work at the Cleveland tower

• Bank consolidated much of its Greater Cleveland workforce here in 2018

• Full return-to-office five days a week effective May 4, 2026

🔨 What's Being Renovated

• $8M interior demolition already permitted for floors 5, 6, 7, and 9 (19,100 sq ft per floor)

• New partition layouts, new finishes, new mechanical, electrical, and plumbing systems on those floors

• Follow-on interior buildouts expected to cost more than the demolition phase

• Modernized technology throughout the tower and garage

• Full elevator replacement

• New amenities including conference rooms, enhanced common areas, and new fitness facilities

• Architect: IKM Architecture (founded in Pittsburgh, opened a Downtown Cleveland office in 2024)

🌳 The Ground-Level Transformation

• $2.75M reconstruction of the 14,280 sq ft PNC Plaza at Euclid and East 9th

• New concrete pavement, new pavers, new fountain, new bollards, new landscaping

• General contractor: Rycon Construction Inc. (Cleveland)

• Plaza design: Osborn Engineering (Cleveland)

• Kinetic sculpture "Triple L Excentric Gyratory III" by George Rickey stays in place

🛍 The Retail Play (First Time in 46 Years)

• Three new retail spaces on the ground floor of the annex along Euclid Avenue

• Total: 10,500 sq ft

• These storefronts have never been activated in the building's 46-year history

• Leasing: Cushman & Wakefield | CRESCO Real Estate, led by Senior VP Ryan Fisher

• Sources say PNC executives want a top-notch restaurant to activate one space, including al fresco dining on the plaza

• Former City of Cleveland Planning Director Robert Brown called the original 1980 omission of storefronts on Euclid a mistake that harmed walkability, and called this correction "a good sign for the health of Downtown Cleveland"

🏢 The Big Blocks Coming to Market

• Floors 2 to 4 of the annex will be issued for RFPs

• 166,000 sq ft of tower space on floors 25 through 33 will also come to market

• The upper floors were occupied by law firm BakerHostetler until 2006, when the firm relocated to Key Tower

• That prime space has sat empty ever since, including an unused interior staircase

• PNC will rebuild those floors so they and the annex can be marketed to larger tenants locally and nationally

🔑 Investor Takeaway

Cleveland's Q2 CRE data showed 20.2% overall office vacancy against single-digit vacancy in modern Class A, and PNC just made a $200M bet that its 1980 tower can be repositioned into the Class A tier.

🏡House of the Week – Penthouse-Level Corner Unit with City Views at QUATTRO in Little Italy

📍 2044 Random Rd #505, Cleveland, OH 44106

• 💰 Price: $899,000

• 📏 Size: 2,520 sq ft

• 📅 Year Built: 2018 | Green Certified

• 🛏 3 Beds | 🛁 2 Full Baths + 1 Half Bath

• 🚗 2 Garage Spaces

• 🏡 Penthouse Corner Unit Condominium | Little Italy / University Circle

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Penthouse-level corner unit in Cleveland's most architecturally distinguished Green certified community, perched above Little Italy with city, park, and treetop views in every direction.

👉 Listed by: Sally Stewart | Howard Hanna

📞 216-849-7755 ✉️ [email protected]

🛠 Tools & Resources We Recommend

• PropStream → Lead generation + property comps

• AirDNA → Short-term rental profitability data

• BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

• Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

• Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors