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Good morning, Cleveland Real Estate Investors!

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📬 In today’s edition:

• 📚 51 senior apartments are going above a new library

• 📍 The district is announced. The dollar amounts are not.

• 🏠 $275 monthly carry on an Ohio City end unit

📰 Cleveland Market Minute

Detroit-Shoreway development reaches new levels

While the newly topped-out Naia Noir apartment tower may be the tallest residential development Cleveland’s Detroit-Shoreway neighborhood sees for a little while, plenty of shorter but nearly as impressive new construction projects are following close behind.

At 7918 Detroit Ave., Salus Development LLC of Cleveland is partnering with nonprofit Northwest Neighborhoods Community Development Corp. (NWNCDC) to construct 51 affordable senior apartments above a rebuilt Walz branch of the Cleveland Public Library.

🔗 Read More

Westinghouse site declared ‘unsafe’

Last spring, everything looked rosy with the pending $81.5 million redevelopment of the former Westinghouse plant near Edgewater Park into mixed uses.

Located at 1200 W. 58th St. in the Detroit-Shoreway neighborhood, the project was progressing steadily toward the start of phase one. That involved securing the existing structures to be followed by adding 106 workforce apartments to an eight-story, 1915-built tower and adding a new, five-story, mixed-use building.

🔗 Read More

Stadium demo, lakefront boulevard schedules set

The timetable for the remake of Downtown Cleveland’s lakefront is starting to come together. That includes not only the start of demolition of infrastructure for the new Shoreway boulevard but also for the clearance of Huntington Bank Field to offer a development-ready site.

A progressive design-build timetable for the many moving lakefront puzzle pieces was among the many documents shared yesterday by the City of Cleveland with potential construction contractors.

🔗 Read More

🏠 Just Sold Spotlight

Battery Park End-Unit Townhome with Lake Views, Rooftop Patio, Gas Fireplace & Main-Level Bedroom

📍 1230 W 74th St #1230, Cleveland, OH 44102

• 💰 Sold Price: $665,000

• 📏 Size: 2,054 sq. ft.

• 📅 Year Built: 2015

• 🛏 3 Beds | 🛁 2 Full + 1 Half Bath

• 🚗 2-Car Garage

• 🌳 Lot Size: 2,487 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $100 below its $665,100 Zestimate after 32 days on market, this Battery Park end unit sold at essentially perfect valuation. That is faster than the 57-day median days-to-pending in a 44102 market currently reading as a buyer’s market (33/100 index).

🏡 Neighborhood Insight

• 📍 Community: Battery Park, Cleveland (44102)

• 🏞 Nearby Landmarks: Edgewater Park, Lake Erie, Gordon Square Arts District, Capitol Theatre, Battery Park community brewery, downtown Cleveland

• 🚶 Accessibility: Walkable to Edgewater Park’s trails and beach and to Gordon Square’s dining and arts corridor; minutes to downtown

• 🌿 Lifestyle Appeal: Battery Park pairs lakefront access with a walkable arts district and low-maintenance townhome living. It continues to draw professionals and downsizers who want the lake without leaving the city.

📈 Recent Sales Nearby:

• 1218 W 74th St – $679,677 | 3 Bed | 3 Bath | 2k sq. ft.

• 1208 W 73rd Pl #L1208 – $600,000 | 2 Bed | 3 Bath | 1.8k sq. ft.

• 1320 W 58th St – $665,000 | 3 Bed | 3 Bath | 2.1k sq. ft.

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

• 5217 Franklin Blvd – $586,000 | 3 Bed | 3 Bath | 2k sq. ft.

💡 Insider’s Insight

🏘️ Cleveland Unveils Housing Innovation District With Tax Financing, New Zoning, and Faster Permits

The City of Cleveland announced a Housing Innovation District on October 29, 2026. It combines housing, infrastructure, neighborhood improvements, and economic opportunity into one coordinated strategy. The City says the goal is not only adding units, but also making neighborhoods stronger for the people who live there today.

The district rests on three tools. A tax increment financing (TIF) district reinvests new growth back into streets, utilities, and public spaces. Form based code zones by how buildings look and fit, instead of only by land use, which the City says will make quality housing easier to build. Reduced permit fees and streamlined approvals are meant to speed up projects.

📌 What is already underway

• The Innovative Housing Market Pilot is bringing 32+ modular and stick built homes, plus home repair and storefront renovation, to Hough and St. Clair Superior

• A $10 million investment from the Bezos Earth Fund will turn vacant parcels into “vibrant assets,” and a recent Bloomberg Philanthropies investment aims to speed up housing production

The City release does not say where the district boundaries are, how large the TIF will be, or how much permit fees will drop.

🔑 Investor Takeaway

The tools are stacking up: financing for infrastructure, zoning that is easier to build under, and faster permits. That lowers friction for builders, but nothing here includes boundaries, dollar amounts, or dates yet.

🏭 Diamond Properties Pays $27 Million for Former GE Lighting Warehouse in Ravenna

New York state based Diamond Properties bought the former GE Lighting warehouse at 150 Loomis Parkway in Ravenna for $27 million, according to Portage County records. The 461,000 square foot facility sits on 37.5 acres just off State Route 14. It is now a multi tenant industrial property and is 97.6 percent occupied. Boston Group, a Massachusetts based maker of custom retail displays and fixtures, leases 308,000 square feet.

The deal comes about a month after Diamond bought a 100,000 square foot industrial building at 1120 W. 130th St. in Brunswick for $8 million. CEO Jim Diamond said the Ravenna property’s scale, occupancy, and location reflect “the type of opportunity we continue to pursue.”

📌 Sale history and upgrades

• Built in 1964 by General Electric, GE closed the warehouse and distribution center in 2021 after shuttering an adjacent 172,000 square foot lamp plant

• Solon based Industrial Commercial Properties bought it in 2021 for $10 million, then upgraded lighting, sprinklers, parking, and other items

CBRE’s Will Roberts, Steve Timmel, and Mark Truesdell represented the seller. At $27 million, the price works out to roughly $59 per square foot, versus about $22 per square foot in 2021 by my math.

🔑 Investor Takeaway

A former single user plant that was re-tenanted and upgraded now trades as a nearly full multi tenant asset at 2.7 times its 2021 price. Large, stabilized industrial buildings continue to draw out of state buyers, and Diamond closed two Northeast Ohio deals in about a month. One tenant holds about two thirds of the space, so lease length and renewal terms matter for anyone comparing this to smaller industrial deals.

🏡House of the Week

End-Unit 3-Level Townhome with 12-Year Tax Abatement, 2-Car Garage & Ohio City’s Bailey Bridge Location Steps from W 25th

📍 3607 Bailey Ave, Cleveland, OH 44113

• 💰 Price: $469,900

• 📏 Size: 1,688 sqft

• 📅 Year Built: 2022 | 12-Year Community Redevelopment Tax Abatement (~10 years remaining)

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

• 🚗 Attached 2-Car Garage with Ceiling Storage Rack

• 🏡 3-Level End-Unit Townhome | Ohio City (Bailey Bridge)

• 💵 HOA: $195/mo | Taxes: $964/yr (~$80/mo) | Total Carry: $275/mo

🧘 Vibes: A 2022 built end unit in Ohio City’s Bailey Bridge community new construction quality with upgrades already done: custom wrought iron handrails, LVP stair flooring, updated half bath, custom primary closet system, and window treatments throughout, all completed 2023–2026.

👉 Listed by: Adam T Zimmerman | Engel & Völkers Distinct

📞 440-568-0400 ✉️ [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