🌆 New Skyscraper Approved

🏙️ Cleveland Market & Development Update | October 2025

October 22, 2025

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📬 In today’s edition:

  • 🏗️ Cleveland’s Skyline Expands Again: Meet the 24-Story East Stokes Tower

  • 🏭 Big Win for Highland Hills: 400K SF Manufacturing Hub Coming Soon

  • 🏘️ Townhouses Are Back! Cleveland Builder Marks New Momentum

📰 Cleveland Market Minute

New UC skyscraper approved by city

There’s good news and there’s uncertain news when it comes to the latest skyscraper planned for Cleveland’s booming cultural district, University Circle, and specifically for the megaproject site called Circle Square.

The good news is that the City Planning Commission’s Design Review Committee gave its final approval to designs for a 24-story, 281-unit, for-rent apartment tower dubbed East Stokes.

Highland Hills to gain large advanced manufacturing facilities

An Independence-based development firm yesterday closed on acquiring a large parcel of land in the eastern suburb of Highland Hills and plans to start construction early next year of up to 400,000 square feet of facilities to accommodate one or more manufacturing tenants.

DBL Development, through an affiliate DBL Millcreek LLC, took title yesterday to the former City of Cleveland-owned Cleveland Workhouse penal facility property via a quit-claim deed transfer.

Townhouse construction hits the Marks

In Greater Cleveland, there’s new life in the townhouse market after a recent slump. And in the City of Cleveland, there’s a new builder tapping into that rekindled market interest in new and remodeled townhouses.

To be sure, Marks Building Co. of Painesville, isn’t new. The company was started 36 years ago by Kent Marks who focused on building and remodeling residential and commercial structures in the suburbs.

📍 1951 Columbus Rd, Cleveland, OH 44113

  • 💰 Sale Price: $565,000

  • 📏 Size: 1,676 sq. ft. | 🛏 2 Beds | 🛁 2 Full, 1 Half Baths | 🏠 3 Levels

  • 🏘️ Property Type: Townhouse Condominium (Battery Park Community)

  • 📅 Year Built: 2022

  • 🚗 Garage: Attached 2-Car Garage

  • 🌳 Lot Info: Maintenance-free living | HOA: $172/month + $183 semi-annual

  • 🏫 School District: Cleveland Municipal

  • 📝 Investor Takeaway

This sleek, modern townhome in Cleveland’s premier Battery Park community sold for $565,000, highlighting strong demand for new-construction, tax-abated properties near Lake Erie. Built in 2022, this residence combines upscale finishes, energy efficiency, and a walkable lifestyle just minutes from downtown.

The open-concept main level features a gourmet kitchen with quartz countertops, a large pantry, and premium stainless appliances — flowing seamlessly into the bright great room anchored by a custom gas fireplace. A bonus room on the first floor offers flexibility for a home office or guest suite, while the primary bedroom boasts a tiled ensuite with dual sinks and a custom shower.

Upstairs, the showstopping rooftop patio delivers sweeping city and Lake Erie views, complete with a retractable awning — perfect for entertaining. Smart layout, luxury vinyl flooring, and contemporary lighting complete this urban retreat.

🏡 Neighborhood Insight

  • 📍 Community: Park Place at Battery Park

  • 🏞 Nearby Landmarks: Edgewater Park, Gordon Square Arts District, Towpath Trail

  • 🧾 Tax Abatement: Nearly full 15-year program (significant savings)

  • 🚶 Accessibility: Minutes to Downtown Cleveland, W 76th Marina, and I-90 access

📈 Recent Sales Nearby:

  • 627 Un1259 W 75th St #D1 – $425,000 | 2 Bed | 3 Bath | 1,600 sq. ft.

  • 1257 W 75th St #D-1257 – $500,000 | 2 Bed | 3 Bath | 1,600 sq. ft.

  • 1228 W 74th St (Building B) – $565,000 | 2 Bed | 2 Bath | 1,800 sq. ft.

  • 3705 Clinton Ave #5 – $545,000 | 2 Bed | 3 Bath | 2,100 sq. ft.

📌 Notable Features

  • ✨ Contemporary open-concept layout

  • 🔥 Gas fireplace in great room

  • 🌅 Rooftop patio with Lake Erie and city skyline views

  • 🧺 In-unit laundry with washer & dryer

  • 🚗 Attached garage with direct entry and EV capability

  • 🧱 Energy-efficient design with flat/rubber roof

  • 🐾 Pet-friendly community with dog park and brewery nearby

💡 Insider’s Insight

🏙️ Cleveland Market & Development Update | October 2025

📊 Cleveland Real Estate Market Snapshot (Q3 2025)

🏢 Office Market

  • Net Absorption: 47,048 SF negative (2nd consecutive quarterly loss)

  • Vacancy Rate: 23.3% (up 10 bps QoQ)

  • Leasing Activity: 732,189 SF — one of the strongest third-quarter totals in recent years

  • Average Asking Rent: $21.42/SF (↑ $0.40 from Q2)

  • YTD Rent Growth: +3.3% YoY

📈 Trend: Despite recent absorption declines, leasing momentum remains solid, with rent growth showing steady improvement.

🏭 Industrial Market

  • Absorption: –2.8M SF (steepest drop in recent history)

  • Vacancy Rate: 5.2% (↑ 100 bps QoQ)

  • Leasing Volume: 2.0M SF (slight rebound from historic low)

  • Average Asking Rent: $5.88/SF (–3.9% YoY)

🏗️ Insight: The industrial sector is facing short-term turbulence due to major closures but remains healthy overall with strong underlying demand.

🌊 Cleveland’s Lakefront Transformation

🚧 Major Waterfront Projects Underway

Mayor Justin Bibb is advancing his long-term plan to transform Cleveland’s lakefront and riverfront into connected, mixed-use neighborhoods — a vision backed by billions in public and private investment.

🏟️ Stadium & Waterfront Redevelopment

  • $100M Settlement between Cleveland and Haslam Sports Group clears the way for a new Browns dome stadium in Brook Park by 2029

  • The current lakefront stadium will be demolished, opening 50 acres for mixed-use development between West 3rd and East 9th Streets

  • Part of the city’s “Shore-to-Core-to-Shore” framework linking Lake Erie, downtown, and the Cuyahoga Riverfront

🏗️ Bedrock’s Riverfront Project

  • 35-acre redevelopment with 2,000 residential units, 12 acres of parkland, and 1.4M SF of commercial space

  • Includes a new Cavs training facility (opening 2027)

💰 Financing

Both projects leverage Cleveland’s downtown TIF district, expected to generate $7.5B over 42 years — fueling long-term urban growth.

🌉 Upcoming Milestone

  • Construction of the North Coast Connector pedestrian bridge begins 2027, with $150M combined federal and state funding

  • Ensures accessibility and sustainability as key pillars of the lakefront vision

📍 2467 Tremont Ave, Cleveland, OH 44113

  • 💰 Price: $610,000

  • 📏 Size: 1,578 sq. ft.

  • 📅 Year Built: 2023

  • 🛏 2 Beds | 🛁 2 Full, 1 Half Baths

  • 🚗 2-Car Attached Garage

  • 🌳 Lot Size: 2,199 sq. ft.

  • 🏫 School District: Cleveland Municipal School District

🧘 Vibes: Nestled in the heart of Cleveland’s historic Tremont, this four-story modern townhome blends stylish urban living with quiet comfort. Built in 2023, it’s the perfect fusion of sleek design, quality craftsmanship, and a vibrant neighborhood lifestyle.

Step inside to soaring ceilings, rich hardwood floors, and expansive windows that flood the open-concept living space with natural light. The chef-inspired kitchen features stainless steel appliances, quartz countertops, a large island, and elegant cabinetry — ideal for both everyday cooking and entertaining.

Upstairs, the primary suite offers a peaceful retreat with a walk-in closet and a spa-like en suite bath. The private rooftop terrace takes city living to new heights — unwind with morning coffee or enjoy Cleveland’s skyline at sunset.

Additional highlights include a gas fireplace, bonus flex space, upper-level laundry, and attached two-car garage. The property also benefits from 13 years remaining on Cleveland’s tax abatement, providing substantial long-term savings.

Located just steps from Tremont’s beloved restaurants, art galleries, and boutiques, with easy access to Downtown, Ohio City, and major highways — this is modern city living at its finest.

👉 Listed by: Jessica Jalowiec & Stephanie Blackburn | RE/MAX Edge Realty

📞 216-906-9076 | ✉️ [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

📣 Weekly Wrap-Up

🏙️ Cleveland Real Estate Weekly | October 2025

Cleveland’s market this week highlights urban growth, industrial expansion, and housing momentum — a city evolving through design, redevelopment, and modern living.

🌆 New Heights at University Circle

The city approved East Stokes, a 24-story, 281-unit apartment tower at Circle Square, advancing University Circle’s transformation into a vibrant residential and cultural hub.

🏭 Industrial Expansion in Highland Hills

DBL Development acquired the former Cleveland Workhouse site and plans up to 400,000 sq. ft. of advanced manufacturing facilities — boosting suburban job growth and innovation.

🏘️ Townhouse Comeback

Marks Building Co. is reigniting Cleveland’s townhouse market, reflecting renewed demand for modern infill housing and remodeled urban homes.

📊 Market Snapshot (Q3 2025)

  • Office: –47K SF absorption | 23.3% vacancy | $21.42/SF avg rent (+3.3% YoY)

  • Industrial: –2.8M SF absorption | 5.2% vacancy | $5.88/SF avg rent (–3.9% YoY)

Leasing activity remains strong despite temporary softening — a sign of market resilience.

🌊 Lakefront & Stadium Redevelopment

A $100M settlement clears the way for a new Browns dome stadium in Brook Park, freeing 50 lakefront acres for mixed-use projects. Bedrock’s 35-acre Riverfront plan adds 2,000 residences, 12 acres of parkland, and a Cavs training facility by 2027 — all under Cleveland’s $7.5B downtown TIF framework.

🏡 Just Sold – 7320 Park Place Ct, Cleveland, OH

  • 💰 $565K | 1,676 sq. ft. | 2 Beds | 2.5 Baths | Built 2022

  • A luxury Battery Park townhome with rooftop views and full tax abatement, underscoring continued strength in near-lake urban living.

🏠 House of the Week – 2467 Tremont Ave, Cleveland, OH

  • 💰 $610K | 1,578 sq. ft. | 2 Beds | 2.5 Baths | Built 2023

  • Modern design, rooftop terrace, and walkable Tremont location — city living with long-term value and 13 years of tax savings.

Until next week,

Cleveland Real Estate Investors


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