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Cleveland Clinic Cleveland Clinic announces $1.3 billion in projects, including new Neurological Institute on its main campus in Cleveland

Located in Cleveland, Ohio, Cleveland Clinic is a nonprofit, multi-specialty academic medical centre that integrates clinical and hospital care with research and education. The Cleveland Clinic announced on Friday that it will invest $1.3 billion in capital projects including new buildings and renovation of facilities in Ohio, Florida, and London. To help make way for one of the biggest projects, a new, 1-million-square-foot Neurological Institute between East 86th Street and East 90th Street on its main campus in Cleveland, the Clinic said it would demolish the historic Cleveland Play House complex at East 85th Street and Euclid Avenue. The Play House includes the theatre’s original 1926 building and a 1983 expansion designed by architect Philip Johnson, a Cleveland native who became one of America’s most important 20th-century architects. The Clinic acquired the Play House property in 2009 when the theatre company moved to Playhouse Square in downtown Cleveland. In the Clinic’s announcement, CEO and President Tom Mihaljevic said that “our services have never been in greater demand.’’ He said the new construction projects “reflect the needs of our organisation and will ensure cutting-edge care for the next generation of patients. By building, partnering, and innovating with technology, we are preparing current and future caregivers to deliver the best care.” The Clinic released a rendering of the Neurological Institute building, which will be designed by London-based Michael Hopkins Architects and Cleveland-based Stantec. On the main campus, in addition to the Neurological Institute building, Clinic plans to expand its Cole Eye Institute building and expand research facilities through its commitment to the Cleveland Innovation District.   The district is a joint project of the Clinic, MetroHealth System, University Hospitals, Case Western Reserve University, and Cleveland State University to collaborate on research and job creation. The State of Ohio and JobsOhio invested $200 million in the project, and the Clinic invested $300 million. The new projects announced by the Clinic will be funded in large part by philanthropy, and will add more than 2,000 indirect and 7,500 direct jobs, the institution said. The Clinic’s news release stated that the Neurological Institute will provide inpatient and outpatient care, along with imaging and surgical services and research laboratories. The building’s mission will include investigating the function of the human brain and developing new neurological treatments. Neurological services are currently located at several locations on the main Clinic campus, which stretches across 165 acres between the Midtown neighbourhood and University Circle. The new facility is intended to bring neurological caregivers and services together in a single place to facilitate collaboration. The design and planning of the project are supported by a $10 million donation from the Charles L. Shor Foundation, the Clinic said. In honour of the gift, the Clinic is naming its epilepsy centre The Charles Shor Epilepsy Centre. Work on the project will begin this year with the first patient expected to be seen in 2026. The Cole Eye Institute at the Cleveland Clinic, a Cesar Pelli building, will soon be expanded. The area to be cleared by the demolition of the Play House complex “will initially be used to support the building of the new neurological building where all equipment and vehicles will be contained on Cleveland Clinic property during construction,’’ the news release said. “This will ensure that local residents have uninterrupted access to parking in their neighbourhood during this time.” Architect Philip Johnson brought together old and new elements in his 1983 design of the Cleveland Play House complex at 8500 Euclid Ave. The Clinic said in its news release that potential long-term plans for the Play House site could include “a new mixed-use neighbourhood development project.” Further east on the main campus, at Euclid Avenue, between E. 100th and E. 105th streets, the Clinic plans to add 150,000 square feet to its Cole Eye Institute building, plus additional renovations. The project will add additional operating rooms and procedure rooms. Donors Jeffrey A. Cole and his wife Patricia O’Brien Cole have made a $31 million commitment for the expanded clinical and surgical capabilities at the Cole Institute, and to enhance research and education there. The expansion will be named the Jeffrey and Patricia Cole Building, the Clinic said. An additional $10 million grant from the Timken Foundation of Canton helped support the planning for the Cole expansion and established The Louise Timken Ophthalmic Education Center, the Clinic said. A groundbreaking ceremony for the project will be held on Friday, May 20, and the completion of the institute’s expansion is expected at the end of 2025. The Clinic called the project the largest research effort in its history. Its goals include positioning “Northeast Ohio at the forefront of pathogen research and preparing for the next pandemic.”

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The Detroit housing market is not cooling down !

Detroit had a rollercoaster year last year with many ups and downs, it seen the re-opening of nightlife and restaurants but also seen the closure of many small business due to the after math of the pandemic. 2022 is full steam ahead for Detroit, with the revitalization of long-abandoned historic landmarks to affordable housing developments, safer streetscapes, urban forests and exciting new projects across the city, there is a lot to look forward to in 2022. Detroits new development projects include. Joe Louis Greenway:  A 27-mile loop for biking and hiking, starting at the Detroit Riverfront and passing through Dearborn, Hamtramck, and Highland Park. Ford’s Mobility Innovation District: A walkable 30-acre Corktown campus next to the renovated Michigan Central Station that will serve as the automaker’s hub for research and development for a range of new mobility products, from self-driving cars to non-gas vehicles. Love Building: Once this space is completed, the Allied Media Projects will share it with Detroit Community Technology Project, Detroit Disability Power, Detroit Justice Center, Detroit Narrative Agency, and Paradise Natural Foods to promote unity and social justice in the community. Dreamtroit: A mixed-use development with 81 apartments and 38,000 square feet of commercial space. Osi Art Apartments: A colorful, four-story, 30-unit housing complex in Woodbridge, half the units are set aside for people with household incomes of less than $60,000 and commercial space is available for rent. Former Michigan State Fairgrounds turn to Amazon Distribution Center: 142 acres, 78 of which are currently being leased to Amazon, will be turned into a distribution center that will employ approximately 1,200 workers. All of these new developments are having a positive impact on the housing market,  the Detroit housing market is seeing traditional seasonal trends, which may present a window of opportunity for buyers looking to invest in rental property in Detroit. Of the 180 neighborhoods in Detroit, the most expensive neighborhood to buy a home is Boston Edison West where the median listing price is $305,000. The highest residential sale in Detroit was recently recorded, the Fisher Mansion at 1771 Balmoral in Palmer Woods recently sold for $4.9 million to Stellantis North America COO Mark Stewart and Antonio Gamez Galaz. But we do need to take into consideration the soaring inflation rates, we see a 8.5% inflation rate, being the highest seen in the past 41 years. There also has been an increase in interest rates,  in just the past 60 days we have seen mortgage rates for a 30 year fixed climb from an average of 3% all the way up to 5.13% for a new mortgage. But no matter how you look at it 5.13% is still a decent inters rate, it has risen to nearly 7% , there might be a  slight decrease in buyers in the real estate market, but not enough to cause any sort of a ‘bubble burst like we seen in the past. This is why now is the time to buy in Detroit, with so many developments taking place its attracting new residents to the City, this is pushing up rent prices, even with interest rates beginning to rise, by waiting a year for rates to drop back down near 4%, the increase in home values will cost you more than the increased interest rate. In fact, higher rates could be contributing to a sense of urgency for buyers to find a house before rates rise further, although one different than the “fear of missing out” urgency that was more common last year and the year before following the initial surge of COVID-19. “The fact is for every house that hits the market, there are at least four or five buyers that are attempting to get it,” said Realtor Teri Spiro, president of the Greater Metropolitan Association of Realtors. “The shortage of entry-level housing is really almost catastrophic If you would like to see any of great Detroit properties please invest@globalinvestmentsincorporated.com

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