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📬 In today’s edition:

• 🏭 Northeast Ohio just won a $160M federal grant — here's what it means for the region

• 🏪 Home Depot, Marc's, AMC, 95% leased — inside the $28.2M Rocky River retail deal

• 📈 From Hough to University Circle to E. 9th Street — one board session, $285M, three bets on Cleveland

📰 Cleveland Market Minute

NE Ohio wins big, $160M advanced manufacturing grant

Hundreds of regions competed for a large, prestigious grant from the U.S. National Science Foundation (NSF) to boost advanced manufacturing. But it was a 70-member coalition from Northeast Ohio that came out on top today.

The partners in the coalition, led by Case Western Reserve University (CWRU), included private industry, civic and philanthropic organizations, higher education, and state and local government were designated an NSF Engine.

🔗 Read More

Renovations helping to preserve historic Ohio City

A neglected building can drag down an entire block, but restoring an obsolete structure can do the exact opposite, creating renewed activity that cascades to nearby businesses.

In Cleveland’s Ohio City neighborhood, a wave of renovation projects could serve as a model for preserving the city’s dwindling stock of historic buildings.

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Westwood in Rocky River fetches $28.7M

A popular, well-leased, strip-shopping center in Cleveland’s western suburbs was just sold by a local firm to a larger, national company based in New York City.

JLL Capital Markets announced today that it has arranged the $28.2 million sale of Westwood Town Center, a grocery and home improvement-anchored shopping center located in Rocky River.

🔗 Read More

🏠 Just Sold Spotlight – Stylish Detroit Shoreway Townhome with Private Zen Patio, Rooftop Balcony, 10-Ft Ceilings & Tax Abatement Through 2027

📍 8406 Franklin Blvd, Cleveland, OH 44102

• 💰 Sold Price: $280,500

• 📏 Size: 1,591 sq. ft.

• 📅 Year Built: 2005

• 🛏 2 Beds | 🛁 2 Full + 1 Half Bath

• 🚗 Attached 1-Car Garage

• 🌳 Lot Size: 1,263 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $5,200 above its $275,300 Zestimate in a neutral 44102 market (48/100 index), this Franklin Blvd townhome cleared ask comfortably — a signal that well-finished, abatement-eligible product in Detroit Shoreway still attracts competitive interest even as inventory rises.

At $176/sq. ft., this is among the more accessible entry points in the near west urban townhome corridor, where comparable Gordon Square and Battery Park units are now regularly trading in the $259–$271/sq. ft. range. That spread represents genuine upside on appreciation for a patient holder.

With a Rent Zestimate of $2,092/month, no HOA, and tax abatement running through 2027 (payable 2028), the net carrying cost structure is lean. The 44102 market's 21-day median days-to-pending confirms this submarket moves quickly for the right product — and at this price point, re-leasing risk is minimal.

🏡 Neighborhood Insight

• 📍 Community: Detroit Shoreway, Cleveland (44102)

• 🏞 Nearby Landmarks: Gordon Square Arts District, Capitol Theatre, Edgewater Park, Lake Erie, Ohio City, downtown Cleveland

• 🚶 Accessibility: Highly walkable; moments from Gordon Square's coffee shops, restaurants, arts venues, and the lakefront Metroparks system

• 🌿 Lifestyle Appeal: Detroit Shoreway continues to mature as one of Cleveland's most dynamic urban corridors — arts-forward, walkable, and increasingly attractive to young professionals and creatives priced out of Ohio City and Tremont

📈 Recent Sales Nearby:

• 2001 W 58th St – $270,000 | 2 Bed | 3 Bath | 1.6k sq. ft.

• 5513 Saint Stephens Ct – $363,000 | 2 Bed | 3 Bath | 1.5k sq. ft.

• 2092 W 81st St – $230,000 | 3 Bed | 2 Bath | 1.4k sq. ft.

• 1338 W 89th St – $250,000 | 3 Bed | 2 Bath | 2.1k sq. ft.

• 5516 Bridge Ave – $295,000 | 2 Bed | 2 Bath | 1.4k sq. ft.

📌 Notable Features

• 🌿 Private fenced first-floor patio — ideal as a Zen garden, outdoor entertaining space, or dog run with direct garage access

• 🏙 Private second-floor balcony off the kitchen — perfect for morning coffee or evening relaxation

• 💼 Flexible first-floor bonus room with 10-ft ceilings and massive windows — home office, fitness space, media room, or guest retreat

• 🍽 Open-concept main living level with soaring ceilings, expansive windows, and contemporary finishes throughout

• 🍳 Well-appointed kitchen with granite countertops, center island, stainless steel appliances, and breakfast bar

• 👑 Primary suite with walk-in closet and en-suite bath featuring dual vanities, soaking tub, and separate shower

• 🛏 Second bedroom with its own full en-suite bath — ideal for guests or roommates

• 🧺 Second-floor laundry conveniently located between bedrooms

• 🚗 Attached 1-car garage with direct interior access

• 💰 Tax abatement through 2027 (payable 2028) — meaningful near-term carrying cost advantage

• 🏘 No HOA — clean expense structure for investors and owner-occupants alike

Listed by: Geoffrey Hoffman | Howard Hanna

📞 216-496-4212 | [email protected]

Bought by: Anna Lee Rindskopf | RE/MAX Crossroads Properties

💡 Insider’s Insight

🏛 Port of Cleveland Approves $285M in Bonds for Three Major Projects

📍 The Story

• The Port of Cleveland Board just approved financing actions supporting three major development projects that together represent more than $200M in housing and mixed-use investment across Northeast Ohio — from Hough to University Circle to Downtown Cleveland's East 9th Street corridor.

🏘 Gateway 66 — Hough (Up to $25M in Bonds)

• 80 affordable housing units on ~1.6 acres of vacant land on East 66th Street

• Two 4-story elevator apartment buildings totaling 82,000+ sq ft

• Developers: Woda Cooper Development and Frontline Development Group

• Estimated $541,000 in sales tax savings on construction materials

• Site sits within walking distance of University Hospitals, the Midtown Tech Corridor, the Cleveland Foundation, League Park, Fatima Family Center, and Dave's Market

💰 The Financing Stack

• Up to $75M in Port of Cleveland lease revenue bonds (approved last fall)

• Three tax-increment financing (TIF) packages

• 15-year property tax abatement (site designated as a community reinvestment area)

• $5M loan from the City of Lakewood for the parking garage

🏙 Circle Square Phase 2 — University Circle (Up to $140M in Bonds)

• 24-story mixed-use tower totaling nearly 433,000 sq ft

• Located along Stokes Boulevard between Euclid and Chester avenues

• Developer: UC City Center, LLC in partnership with PCP Flow and PCP Voyager

• Estimated $2.7M in sales tax savings

• Builds on Phase 1's The Artisan, which hit 90% occupancy within its first year after opening in 2023

🏡 Thoreau Place

• Developer: Driven 4 Group

• Location: along the railroad tracks between Donald Avenue and Thoreau Road

• Model single-family home nearly complete; up to 10 townhomes planned to follow

• Construction currently slow on the model unit

🏢 Project Scarlet — Downtown Cleveland (Up to $120M in Bonds)

• Adaptive reuse of the historic Rose and Sloan buildings — the former Medical Mutual of Ohio headquarters

• Mixed-use residential and hospitality destination

• City-designated landmark, vacant since 2023

• Demolition permits already issued; redevelopment underway

• Led by Spark GHC III, LLC in partnership with Cleveland Construction, Berardi+ Partners, and Vocon

• Estimated $1.4M in combined sales tax savings for residential and hotel components

• Located on the rapidly evolving East 9th Street and Prospect Avenue corridor

💰 The Composite Deal

• Total bond authorizations approved: up to $285M

• Combined sales tax savings across the three deals: ~$4.64M

• Product mix: affordable rental housing + high-rise mixed-use + adaptive historic reuse

• Geography: one east-side revitalization play, one university-anchored growth corridor, one CBD landmark restoration

🔑 Investor Takeaway

The Port of Cleveland is the single most influential piece of capital infrastructure in Greater Cleveland real estate right now, and this three-project announcement shows exactly how strategically it's being deployed.

🛒 Westwood Town Center Sells for $28.2M — NYC Investor Bets on Rocky River Retail

📍 The Story

JLL Capital Markets just arranged the $28.2M sale of Westwood Town Center, an 18-acre, 23-tenant, grocery-and-home-improvement-anchored shopping center at 21653 Center Ridge Road in Rocky River. Local seller Zeisler Morgan Properties (Orange) sold to KPR Centers of Manhattan.

💰 The Deal

• Price: $28.2M

• Seller: Zeisler Morgan Properties (Cleveland's Orange suburb) — owned since 1997

• Buyer: KPR Centers (New York City)

• Broker: JLL Capital Markets, led by Senior Director Michael Nieder and Director Brian Page

• Sale excludes two outlot parcels for McDonald's and Taco Bell, which are separately owned

🏢 The Asset

• 226,155 sq ft total leasable space

• 18-acre site — most of it parking

• 23 retail spaces across the L-shaped center

• Built 1988; features a landmark clock tower plus faux dormers and chimneys

• 95% occupied at the time of sale

• 10,650 sq ft of vacancy across two units — the immediate value-add opportunity

🏪 The Tenant Roster

• Home Depot — 30% of income; recently extended lease

• Marc's (regional grocer) — 25% of income

• AMC Theatres — operates the only 6-screen theater within a 5-mile radius

• Additional tenants include Dollar Tree, FedEx, and Third Federal Savings & Loan

📊 The Demographics That Justified the Price

• $125,000 average household income within 1 mile

• 215,000+ residents within a 5-mile radius

• 18,000 vehicles per day on Center Ridge Road

• Cleveland MSA population: 2.1 million

🏙 The Regional Retail Context

• Cleveland MSA retail availability: 5.3% — well below pre-pandemic averages

• JLL characterizes conditions as "historically tight"

• This is the second Zeisler Morgan retail sale in Greater Cleveland in the past 12 months (Ridge Park Square sold to Atlanta-based RCG Ventures for a separate figure last August)

• Second Rocky River retail center to sell in 13 months (Westgate Shopping Center, mostly in Fairview Park, sold for $51.5M in June 2025)

🗣 The Political Response

• Mayor Justin Bibb, Council President Blaine Griffin, and Ward 5 Councilman Richard Starr all pledged to attract replacement retailers

• Bibb: "Our commitment to a vibrant downtown remains unwavering".

🔑 Investor Takeaway

$28.2M for a grocery-and-home-improvement-anchored center at 95% occupancy is a real market print, and the buyer profile is the more important part of the story. KPR Centers is a national retail owner based in Manhattan.

🏡House of the Week – Rooftop Deck, Hot Tub, 12-Year Abatement & 2,692 sq ft at $219/sqft in Ohio City

📍 4210 Peach Ct, Cleveland, OH 44113

• 💰 Price: $589,000

• 📏 Size: 2,692 sq ft (1,740 above grade | 952 finished basement)

• 📅 Year Built: 2023 | ~12 Years Remaining on 15-Year Tax Abatement

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

• 🚗 Attached 2-Car Garage

• 🏡 Contemporary Single Family Residence | Ohio City

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: A 2023-built, energy-efficient single family home on a quiet dead-end street in Ohio City — with a rooftop deck, wet bar, hot tub, finished basement, 9-foot ceilings, and roughly 12 years of tax abatement still on the clock. No HOA. At $219 per square foot across nearly 2,700 finished square feet, this is one of the strongest price-per-foot propositions currently active in the 44113 zip code.

The main level sets a clean, modern tone with an open floor plan anchored by a kitchen featuring shaker-style soft-close cabinetry, quartzite countertops, stainless steel appliances, a kitchen island, and recessed lighting throughout. Nine-foot ceilings and hardwood flooring carry through the living and dining areas, with a main-level half bath and first-floor laundry — washer and dryer included — keeping the daily routine efficient. A smart thermostat and ENERGY STAR qualified windows round out the green-build credentials that earned this home Cleveland's Green Home Initiative designation.

👉 Listed by: Christine Barkan | Keller Williams Citywide

📞 216-744-4658 ✉️ [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 | $285M Port Bonds, Rocky River Retail & Detroit Shoreway Entry Value

Cleveland's market continues balancing two realities at once: large-scale redevelopment and expanding inventory. While national housing momentum slows and buyers gain leverage, Cleveland remains active with new investment pipelines, adaptive reuse projects, and strong demand for premium urban housing.

📊 Market Momentum: NSF Engine Designation, Ohio City Preservation Wave & Rocky River Retail Sale

Northeast Ohio's 70-member coalition — led by Case Western Reserve University — landed a $160M NSF Engine grant for advanced manufacturing, one of the most significant federal economic development awards the region has received in years.

🏠 Just Sold Spotlight | Stylish Detroit Shoreway Townhome with Private Zen Patio, Rooftop Balcony, 10-Ft Ceilings & Tax Abatement Through 2027

• 📍 8406 Franklin Blvd, Cleveland, OH 44102

• 💰 $280,500 | 📏 1,591 sq ft

At $176/sq. ft., this is among the more accessible entry points in the near west urban townhome corridor, where comparable Gordon Square and Battery Park units are now trading in the $259–$271/sq. ft. range.

💡 Insider Insight | The Port of Cleveland Just Deployed $285M Across Three Deals — Here's What Each One Signals

The Port of Cleveland Board approved bond financing for three projects in a single action: Gateway 66 in Hough, Circle Square Phase 2 in University Circle, and Project Scarlet in Downtown Cleveland. Together they represent more than $200M in housing and mixed-use investment and cover the full spectrum of Cleveland real estate — affordable rental, high-rise mixed-use, and adaptive historic reuse.

🏡 House of the Week | Rooftop Deck, Hot Tub, 12-Year Abatement & 2,692 Sq Ft at $219/Sq Ft in Ohio City

• 📍 4210 Peach Ct, Cleveland, OH 44113

• 💰 $589,000 | 📏 2,692 sq ft

A 2023-built, energy-efficient single family home on a quiet dead-end street in Ohio City — rooftop deck, wet bar, hot tub, finished basement, 9-foot ceilings, and roughly 12 years of abatement remaining. No HOA. At $219/sq. ft. across nearly 2,700 finished square feet, this is one of the strongest price-per-foot propositions active in the 44113 zip right now.

Cleveland Real Estate Investors

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