Good morning, Cleveland Real Estate Investors!

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

📬 In today’s edition:

• 🔨 Demolition is underway at Ridge Road's most familiar structure

• 🔑 Historic tax credits, a new tenant, and a 107-year-old plant — the Midline is officially activating

• 📈 State job credits just unlocked $7M in new payroll across two Northeast Ohio cities

📰 Cleveland Market Minute

Cleveland landmark to fall

A large, familiar landmark that has stood along Ridge Road at the south end of Cleveland’s Stockyards neighborhood since 1919 won’t be standing much longer.

Demolition crews have already cordoned off the site of FirstEnergy’s vacated Brooklyn Service Center, 3601 Ridge Rd., and begun cleaning and dismantling it so that heavy-duty equipment can safely take down the main, 84,000-square-foot structure.

🔗 Read More

Housing maker finds home in Midline

The first manufacturer to locate in Cleveland’s new Midline Priority Investment Area on the city’s near-East Side was named today.

It followed last week’s award of historic tax credits for the revival of the historic Wellman-Seaver-Morgan Engineering plant, 7000 Central Ave. where Cleveland’s Fairfax and Central neighborhoods meet.

🔗 Read More

Euclid, Solon to land new biz, 115 jobs

Two companies plan to hire 115 employees, generating nearly $7 million in new payroll while investing nearly $700,000 in renovating facilities for their businesses in two Greater Cleveland communities.

That’s the result of two Ohio Job Creation Tax Credit awards approved today by the Ohio Tax Credit Authority, a unit of the Ohio Department of Development.

🔗 Read More

🏠 Just Sold Spotlight – Spacious Battery Park Townhome with Expansive Rooftop Deck, Lake & Terminal Tower Views, and Brand-New Decking at Closing

📍 1268 W 74th St, Cleveland, OH 44102

• 💰 Sold Price: $370,000

• 📏 Size: 1,632 sq. ft.

• 📅 Year Built: 2009

• 🛏 2 Beds | 🛁 2 Full + 1 Half Bath

• 🚗 Attached 2-Car Garage

• 🌳 Lot Size: —

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

At $227/sq. ft. and closing just $1,200 above its $368,800 Zestimate, this Battery Park townhome priced efficiently in a market sitting at near-neutral (49/100 index) with a brisk 21-day median days-to-pending — one of the faster absorption rates in the 44102 corridor.

The property has appreciated 149% over six years, a standout trajectory even by Cleveland near west standards. With a Rent Zestimate of $3,155/month and a well-structured HOA at $455/month covering grounds, structure, insurance, snow removal, and reserves (plus a $400 annual master fee), the expense stack is predictable.

Seller-installed new rooftop decking before closing eliminates a common deferred maintenance flag and strengthens the case for a premium hold or immediate rental positioning.

🏡 Neighborhood Insight

• 📍 Community: Battery Park, Cleveland (44102)

• 🏞 Nearby Landmarks: Edgewater Park, Lake Erie, Terminal Tower, Detroit Shoreway, Gordon Square Arts District, Towpath Trail, downtown Cleveland

• 🚶 Accessibility: Highly walkable; moments from Edgewater Park, community brewery, dog park, and public transit

• 🌿 Lifestyle Appeal: Battery Park's rare blend of lakeside access, arts culture, and urban amenities — including an on-site community brewery and dog park — continues to attract buyers and renters who want Cleveland's best quality of life at a compelling price point

📈 Recent Sales Nearby:

• 7311 Father Frascati Dr – $390,000 | 2 Bed | 3 Bath | 1.6k sq. ft.

• 7311 Father Frascati Dr #K7311 – $390,000 | 2 Bed | 3 Bath | 1.6k sq. ft.

• 1245 W 75th St #D – $434,000 | 2 Bed | 3 Bath | 1.6k sq. ft.

• 1262 W 74th St #C – $378,300 | 2 Bed | 3 Bath | 1.6k sq. ft.

• 1262 W 74th St – $378,300 | 2 Bed | 3 Bath | 1.6k sq. ft.

📌 Notable Features

• 🏙 Expansive rooftop deck with sweeping views of Lake Erie, Terminal Tower, and Battery Park — new decking installed by seller before closing

• 🍽 Open-concept second-floor kitchen with walk-in pantry, breakfast bar, dining room, and balcony overlooking tree-lined street

• 🔥 Fireplace on the main living level for added warmth and character

• 👑 Both third-floor bedrooms feature ensuite baths and walk-in closets for maximum privacy

• 🧺 Tucked-away in-unit laundry area on the third floor for everyday convenience

• 💼 Flexible first-floor entry space — ideal as home office, workout area, or flex lounge

• 🎨 Interior professionally painted in March 2026 — truly move-in ready

• 🚗 Attached 2-car garage with direct interior access

• 🌿 Community amenities include an on-site brewery, dog park, and common green space

• 🏘 HOA covers grounds, structure, insurance, snow removal, and reserve fund — $455/month plus $400 annually

💡 Insider’s Insight

🏗 Warehouse District Buyer Emerges — Soil Samples Hint at Low-Rise Play

📍 The Story

• A 2.3-acre parking lot at the southeast corner of West 9th Street and St. Clair Avenue in Downtown Cleveland's Warehouse District is officially under a purchase agreement — after being listed twice since 2019. Crews are now on-site conducting geotechnical core sampling, a strong signal the buyer intends to build, not park.

🏢 The Site

• Address: 1365 W. 9th St.

• 2.3 acres with 350 parking spaces

• Currently owned by an affiliate of Stark Enterprises; operated by LAZ Parking

• Zoning: Limited Retail Business — allows structures up to 600 feet tall

• Located within the Victorian-era Historic Warehouse Landmark District (National Register, 1982)

💰 The Money Trail

• Stark's West 9th Street Parking LLC paid $9.5M in 2014 — and never proposed a development

• Current parking revenue: $1.1M–$1.3M/year (per CRESCO)

• Potential purchase price: ~$5M per acre

• Lead broker: Rico Pietro of Cushman & Wakefield CRESCO — declined to name the buyer

• A prior deep-pocketed out-of-town suitor walked in late 2025

🔍 What the Drill Depths Reveal

The most interesting clue in this story isn't who's buying — it's how deep they're drilling.

• Soil samples pulled to only ~20 feet

• Construction experts (speaking anonymously) say that depth suggests spread footers — the foundation of a shorter, lighter structure

• A 3–4 story building on decent soils typically requires 25–30 feet of sampling

• For context: Sherwin-Williams' 616-foot tower required caissons sunk to bedrock 200+ feet down

• Skyline 776 (23 stories, no parking) used a 5–7-foot-thick concrete mat foundation

🏙 4005 Detroit Ave. — Ohio City (Still in the Plan)

• 5-story new-construction apartment building (originally proposed as 7 stories in late 2010s)

• On hold while two renovation projects finish: a 97-unit community and the 25-unit 12065 Edgewater Dr. building in Lakewood

🏙 What Might Fit the Neighborhood

Buildings surrounding the site range from 4–5 stories (historic W. 6th Street) to 9 stories (Perry-Payne) to 17 stories (Rockefeller). A low-rise residential build would fit the 4–5-story pattern west of West 9th.

🔗 The Rockefeller Connection

• Same CRESCO listing had originally packaged this lot with the neighboring Rockefeller Building

• Rockefeller was ultimately bought by K&D Group (Willoughby)

• K&D is demolishing the obsolete Rockefeller garage and rebuilding as a 500-space garage topped with an amenity deck for residential redevelopment

• The decorative arch from the 1925 garage was saved to be incorporated into the new design

• A new 500-space garage next door significantly changes the parking math for whoever's buying the W. 9th lot

🔑 Investor Takeaway

Every signal points the same direction: low-rise, likely residential, mixed-use, and rate-sensitive. Soil samples at 20 feet don't lie — nobody spends money on due diligence for a foundation depth that won't support what they're building. This is the third meaningful Warehouse District parking-crater conversion in the current cycle (following Sherwin-Williams' 5-acre lot and Stark's 3-acre Gateway lot to Bedrock for Cosm), and the pattern is clear: surface parking is finally being priced out even inside a Historic Landmark District. The Rockefeller garage next door absorbing 500 spaces changes the underwriting math meaningfully — a developer next door no longer needs to solve parking on-site. For Warehouse District investors, the read is that any remaining surface lot in this cluster now has a live comp for adaptive vertical redevelopment. Watch for zoning studies filed on adjacent parcels within 6 months.

🛒 Heinen's Downtown Closing After 11 Years — What It Means for the CBD

📍 The Story

Heinen's grocery announced its iconic downtown location at East 9th Street and Euclid Avenue — housed in the former Cleveland Trust Bank Rotunda and often called America's most beautiful grocery store — will close permanently on July 31. Closure rumors had circulated since March.

📅 The Timeline

• Opened 2015 in the 1908-built Cleveland Trust Rotunda (banking operations there closed in 1996)

• Briefly closed during COVID; reopened Oct. 7, 2020 at reduced size

• Rumored to be closing since March 2026 — retailer declined to confirm at the time

• Officially announced closure June 26; final day July 31

• Heinen's had until Aug. 1 to extend its lease with Geis Companies

💼 The Corporate Impact

• Heinen's operates 24 stores total (18 in Northeast Ohio, 5 in Chicago suburbs) — will drop to 23

• Downtown employees to be transferred to other locations — no layoffs

• No other closures anticipated

🏙 The Downtown Context

• Pre-pandemic, Heinen's did brisk lunchtime business as hundreds of office workers crowded the rotunda for prepared foods

• That volume faded with the post-pandemic office decline

• Most of the store's products actually sit in the less-glamorous 1010 Euclid Building next door, not the rotunda itself

• Property is owned by Geis Companies (Streetsboro-based; also owns The 9 tower next door)

• Geis reportedly began exploring alternative tenants when Heinen's went silent — no new tenant secured yet

• City had provided ~$250,000 in incentives to support Heinen's operations under Mayor Bibb's administration

📈 What Downtown Cleveland Inc. Is Working With

• 21,000+ downtown residents (population has grown steadily since 2015)

• $5B+ in planned and underway investment

• Transformational waterfront development already in motion

• DCI President Michael Deemer says the priority is affordable, convenient grocery access

• Interim recommendation: shoppers redirected to Constantino's Market on West 9th Street in the Warehouse District (a 20-year-old family-owned operator with a loyal base)

🏘 Belle Oaks Marketplace — Richmond Heights ($285M)

• Redevelopment of the former Richmond Town Square mall

• ~800 residential units total across 12 buildings

• First 3 residential buildings have risen above ground

• Already open: Meijer, Firestone, CLEAN Express Auto Wash

• Project expected to support ~1,400 construction jobs and 500 permanent retail/service jobs

• Amenities include a 5-acre nature and hiking park, 20,000-sq-ft community center

• Developer: DealPoint Merrill LLC (Los Angeles); recent additional Port of Cleveland bonds

🗣 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

Downtown grocery is a residential density indicator, not a downtown health indicator, and the two get conflated constantly. Heinen's closure is real news, but the underlying signal is more nuanced than "downtown is struggling." The store was structurally overbuilt for pandemic-era foot traffic — the rotunda depended on office-worker lunch crowds that never returned, while the actual grocery footprint sits in an adjacent building most residents don't associate with the store.

For real estate investors, three things to price in:

(1) The 1908 rotunda is one of the most architecturally significant retail spaces in the Midwest and will attract creative reuse proposals (event venue, food hall, flagship experiential retail) rather than sit vacant. Its next tenant is a story worth tracking.

(2) DCI's push to attract another grocer confirms downtown residential demand is real — 21K+ residents is a viable grocery catchment on paper, and the closure is essentially a signal to specialty and mid-scale grocers that the anchor slot is open.

(3) Constantino's Market in the Warehouse District just inherited most of Heinen's residential shoppers overnight — real tailwind for the operator and for surrounding W. 9th Street residential comps. The next 12 months of downtown grocery announcements will tell us more about the CBD's residential trajectory than any office vacancy number.

🏡House of the Week – Brand New Construction, Rooftop Deck & 15-Year Full Tax Abatement at Gramercy Townhomes

📍 4707 Bridge Ave #3, Cleveland, OH 44102

• 💰 Price: $450,000 (Units starting in the $400s — 3 remaining)

• 📏 Size: 1,473 sq ft

• 📅 Year Built: 2026 | New Construction (15-Year Full Tax Abatement)

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

• 🚗 Attached 2-Car Garage

• 🏡 New Construction Townhouse | Gordon Square / Detroit Shoreway

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Brand new brick and cement siding construction in 2026, a full 15-year City of Cleveland tax abatement, a private rooftop deck, and a two-car garage — all within a short stroll of Lorain Avenue retail, Gordon Square, and the Red Line Greenway trailheads. Three units remain at the Gramercy Townhomes, and for buyers who understand what a 15-year abatement does to the true cost of ownership, the window here is worth moving on.

Every unit at Gramercy comes standard with the features west-side buyers consistently prioritize: rooftop deck, two-car attached garage, two bedrooms, and 2.5 baths across three thoughtfully designed levels. Larger units add a first-floor bonus room — a meaningful upgrade for buyers who need a dedicated home office, gym, or flex space without sacrificing bedroom count. Two cabinet and hardware finish packages give buyers genuine personalization input on a new-construction purchase, a detail that matters for buyers who want to put their mark on a home before they move in rather than after.

👉 Listed by: Allie Carr | Berkshire Hathaway HomeServices Professional Realty

📞 216-952-8884 | ✉️ [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 | Warehouse District Signals, Heinen's Exit & Battery Park Strength

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: Downtown Grocery Out, Warehouse District Development In

Heinen's confirmed its July 31 closure at the iconic Cleveland Trust Rotunda — ending an 11-year run as downtown's anchor grocer and redirecting 21,000+ CBD residents toward Constantino's Market on West 9th.

🏠 Just Sold Spotlight | Spacious Battery Park Townhome with Expansive Rooftop Deck, Lake & Terminal Tower Views, and Brand-New Decking at Closing

• 📍 1268 W 74th St, Cleveland, OH 44102

• 💰 $370,000 | 📏 1,632 sq ft

Closing just $1,200 above its $368,800 Zestimate in a near-neutral market (49/100 index) with a brisk 21-day median days-to-pending, this Battery Park townhome priced efficiently and moved fast.

💡 Insider Insight | What 20-Foot Soil Samples and a Grocery Closure Are Actually Telling Downtown Investors

At 1365 W. 9th St., the geotechnical cores pulled to just 20 feet are the most important data point in the Warehouse District right now. Construction experts say that depth indicates spread footers — the foundation type for a shorter, lighter structure, not a tower. A 3-to-4-story building on decent soils requires 25-to-30 feet of sampling.

🏡 House of the Week | Brand New Construction, Rooftop Deck & 15-Year Full Tax Abatement at Gramercy Townhomes

• 📍 4707 Bridge Ave #3, Cleveland, OH 44102

• 💰 $450,000 (Units starting in the $400s — 3 remaining) | 📏 1,473 sq ft

Brand new brick and cement siding construction in 2026 with a full 15-year City of Cleveland tax abatement, private rooftop deck, and two-car garage — a short walk from Lorain Avenue retail, Gordon Square, and the Red Line Greenway trailheads.

Cleveland Real Estate Investors

📩 Don’t keep us a secret: Share the email with friends Forward the newsletter.