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Jobs in Cleveland: 2024 Cleveland Economic Guide

As a key urban player in the Midwest, how is the Cleveland economy performing? For residents exploring new careers, visitors getting the lay of the land, or homebuyers considering moving to Cleveland, taking an in-depth look at the city’s economy is of vital importance. Cleveland’s Economic Landscape Cleveland boasts a diversified economy with key sectors such as healthcare, manufacturing, and aerospace, supported by major Ohio employers like the Cleveland Clinic and initiatives such as the Cleveland Innovation District contributing to job growth and economic stability. Emerging industries in technology, biotechnology, and green energy, with companies like MediView XR and LAND Energy, demonstrate Cleveland’s growth as an innovation hub, attracting investment and talent. The city is home to the headquarters of five Fortune 1000 companies and benefits from strong regional collaboration, economic development initiatives, and the influence of education and research institutions like Case Western Reserve University on workforce development and economic success. Cleveland’s economy is a mosaic of diverse sectors, including education, tourism, technology, healthcare, finance, and manufacturing. Major employers like the Cleveland Clinic and University Hospitals consistently rank amongst the top healthcare institutions in the world, further boosting Cleveland’s economy. Cleveland’s favorable economic climate has led to a competitive unemployment rate in Greater Cleveland. Job growth has been observed in various sectors, including construction and healthcare, positively impacting the local economy. Healthcare Industry The healthcare industry is pivotal to Cleveland’s economy, with Cleveland Clinic and University Hospitals as leading employers. The MetroHealth System, STERIS, HealthSpan, UnitedHealth Group, Maxim Healthcare Services, and Medical Mutual further support the industry, contributing to Cleveland’s strong healthcare sector. Manufacturing Sector Manufacturing remains vital for Cleveland’s prosperity, with firms in this sector seeing a resurgence due to increased demand for domestic goods. Many of these firms have a global footprint, helping to fortify Cleveland’s economy and enabling it to thrive. Aerospace Industry Cleveland’s economy also benefits from the aerospace industry. ZIN Technologies, a longstanding partner with NASA, exemplifies the industry’s contribution to job creation and economic activity in Cleveland. Emerging Industries in Cleveland The city’s economic diversification extends beyond its established sectors. Emerging technology companies like MediView XR and AgileBlue are raising substantial funding and expanding services, proving Cleveland to be a hub for technological innovation. Biotechnology, health technology advancements, and medical equipment are reshaping the landscape, with companies like Abeona Therapeutics and SPR Therapeutics driving further economic growth. Even in green energy, Cleveland is making strides with LAND Energy’s electric transportation focus. Corporate Headquarters in Cleveland Cleveland is home to the headquarters of five Fortune 1000 companies, reflecting its significance as a center for corporate management and operations. Economic Growth Initiatives The city’s economic growth is bolstered by initiatives involving both the public and private sectors. Community development and long-term strategic planning are key to Cleveland’s expansion efforts. The Cleveland Innovation District, backed by university collaborations and JobsOhio, is expected to add 20,000 jobs and create significant economic impact. Over the past 12 years, Cleveland has invested over $430 million in business initiatives and real estate projects, demonstrating its commitment to economic growth. The Role of Education and Research Institutions Educational institutions like Cleveland State University and Case Western Reserve University contribute significantly to workforce development, maintaining a skilled workforce in Northeast Ohio. Approximately 70% of college graduates in Ohio find their first job locally, further fueling economic growth. Regional Collaboration for Economic Development Cleveland’s collaboration with neighboring cities in Northeast Ohio is essential in leveraging shared resources and promoting collective progress. The Northeast Ohio Development Exchange (NODE) provides a platform for regional stakeholders to connect, fostering a shared understanding among the region’s decision-makers. The Robust Cleveland Economy Cleveland’s economy is powered by diverse sectors, from healthcare and manufacturing to aerospace and technology. Major employers, innovative startups, and Fortune 1000 companies shape the economic landscape. Economic growth initiatives, coupled with the influence of education and regional collaboration, strengthen the city’s economic prospects. Cleveland’s real estate market, strong rental demand, and progressive business climate present opportunities for growth and development. With its dynamic economy and promising future, Cleveland shines as a beacon of resilience and innovation in Northeast Ohio and beyond. Frequently Asked Questions What is Cleveland’s economy based on? Cleveland’s economy is based on manufacturing, leading medical centers, and Fortune 1000 company headquarters in finance, advanced manufacturing, and healthcare. What is Cleveland known for producing? Cleveland is known for producing a diverse range of goods, including clothing, iron shapes, and automobiles, along with strong sectors in higher education, manufacturing, financial services, healthcare, and biomedicals. Is Cleveland a thriving city? Yes, Cleveland is a thriving city, with downtown experiencing significant population growth and $9 billion in investment transforming it into a diverse community. What are the key sectors in Cleveland’s economy? Cleveland’s economy is powered by sectors including education, tourism, technology, healthcare, finance, and manufacturing.

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Detroit Housing Market Analysis & Forecast (2024 – 2025)

Overview of the Detroit Housing Market The Detroit housing market in 2024 is characterized by rapid growth, affordability, and evolving demand, making it one of the best places to invest in Real Estate in the US. Home prices continue to rise, though at a more moderate pace than in previous years. Despite this growth, Detroit remains one of the most affordable major cities in the United States. The city’s affordability has attracted both first-time homebuyers and real estate investors, contributing to steady demand. Neighborhoods such as Corktown, Indian Village, and the University District have seen higher-than-average price increases due to their desirable locations and ongoing revitalization efforts. In Corktown, the median home price is around $250,000, reflecting a 5% year-over-year increase. Indian Village, known for its historic homes, has a median price of approximately $220,000, up 4% from last year.   Inventory Levels Detroit faces a persistent inventory shortage, with active listings currently hovering around 3,200 homes. This limited inventory contributes to competitive market conditions, where well-priced homes often receive multiple offers. Homes priced under $100,000 are in short supply, and those that do come on the market tend to sell quickly. This scarcity has created opportunities for investors looking to purchase properties for renovation or rental income.   Days on Market Homes in Detroit are selling faster than they were a year ago, reflecting high buyer interest and limited supply. The average number of days a property stays on the market (DOM) has dropped to about 28 days, down from 35 days the previous year. This rapid pace of sales indicates a competitive environment where well-priced homes are quickly snapped up.   Median Home Prices As of September 2024, the median home price in Detroit is approximately $95,000, reflecting a 4% increase from the previous year’s average. Neighborhoods like Midtown and West Village are experiencing even faster sales, with homes often selling within 20 days of listing. Buyers are acting quickly to secure properties, frequently offering above the asking price to beat out other potential buyers. This speed reflects the urgency among buyers to capitalize on Detroit’s relative affordability and growth potential.   Neighborhood Analysis Detroit is a city of diverse neighborhoods, each with unique characteristics, price points, and market dynamics. Understanding these differences is essential for homebuyers, sellers, and investors navigating the Detroit housing market. The two main areas for investment are on the east and the west of the city. Investors looking for low price property in decent up and coming areas that can be easily rented and produce a strong cash flow have been focusing on the below neighbourhoods on each side of the city: East East english village Morning Side Grose Point Chandler park Yorkshire woods Regent park in Harper woods West Grandale Belmont Warrendale Rosedale park Bagley The university district Boston edison Dearborn   Detroit Rental Market Overview The rental market in Detroit is also experiencing significant shifts, driven by rising home prices, economic factors, and changing buyer dynamics. As more people move to the city or choose to rent rather than buy, demand for rental properties has increased, creating opportunities for landlords and investors.   Average Rent Prices The average rent for a house in Detroit is currently around $1,250 per month for 1-bedroom single family homes and $1,600 for 2-bedroom single family homes would rent for $950 – $1,000 per month. 3-bedroom single family home would rent for between $1,300 – $1,600 per month. Rent prices vary significantly depending on the neighbourhood, property type, and amenities.   Vacancy Rates Detroit’s rental market shows low vacancy rates, reflecting strong demand and limited supply. The current rental vacancy rate stands at approximately 6%, down slightly from the previous year.   Factors Influencing the Detroit Housing Market Several key factors are currently shaping Detroit’s housing market, and they are expected to continue influencing the market’s direction through 2025. These factors include economic conditions, population growth, interest rates, and trends in new construction, all of which contribute to the overall dynamics of the market.

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CLEVELAND HOUSING MARKET FORECAST 2024

Are you considering buying or selling a home in Cleveland? If so, you’re in the right place! This comprehensive report will provide you with valuable insights into the Cleveland housing market, exploring recent trends and future outlook. Let’s delve deep into the latest real estate trends and analyze market forecasts. Cleveland Housing Market Overview Cleveland, Ohio, boasts a rich history and a vibrant cultural scene. The city is known for its affordability compared to other major metropolitan areas, making it an attractive option for both buyers and investors. Cleveland’s housing market has experienced a period of growth and resurgence in recent years. Here are some key aspects of the Cleveland housing market: Affordability: Cleveland offers a relatively affordable housing market compared to other major cities in the United States. The median home price remains significantly lower than national averages, making it an attractive option for budget-conscious buyers. Diverse Neighborhoods: Cleveland is a city with a rich tapestry of neighborhoods, each offering its own unique charm and character. From the bustling urban core to the charming suburbs, there’s a neighborhood to suit every taste and lifestyle. Strong Rental Market: Cleveland’s rental market is robust, with consistent demand for apartments and rental properties. This makes the city an attractive investment opportunity for landlords and property investors. Growing Economy: Cleveland’s economy is experiencing steady growth, driven by sectors such as healthcare, education, and manufacturing. This economic expansion is contributing to a positive outlook for the housing market. Cleveland Housing Market Trends Key Takeaways: Median home prices in Cleveland increased by 10.9% year-over-year as of July 2024. Rental market trends indicate rising rental prices across various neighborhoods. Market Forecast: Moderate stabilization expected, with potential for continued appreciation in certain areas. The current climate of the Cleveland housing market indicates a robust growth phase, particularly in specific neighborhoods. According to Redfin, the median home price in Cleveland in July 2024 reached approximately $215,000, marking a 10.9% increase from the same period last year. This growth can be attributed to increased demand amid relatively low housing inventory, creating a competitive market for buyers. Inventory Dynamics The low inventory levels in Cleveland are a significant driver of price increases. In many neighborhoods, homes are selling quickly, often within a few days of being listed. The demand continues to outpace supply, leading to bidding wars among buyers, particularly for well-maintained homes in desirable areas. Rental Market Trends The rental market in Cleveland is also showing upward trends. According to Zillow, rental prices have been on the rise, reflecting increased demand from newcomers moving to the city and a strong local economy. The multifamily rental units are particularly sought after, driving rental prices higher. Cleveland Housing Market Forecast 2024-2025 Looking ahead, experts predict that the Cleveland housing market will continue on a path of moderate appreciation, although specific trends may vary significantly by neighborhood. The current economic conditions suggest that growth is likely to stabilize, with some regions experiencing stronger performance due to desired amenities and ease of access to urban centers. The outlook for the Cleveland housing market remains positive. Several factors suggest continued growth and stability in the coming years: Strong Economic Fundamentals: Cleveland’s economy is expected to continue its growth trajectory, driven by various sectors. This economic growth will support job creation, income growth, and housing demand. Affordability Advantage: Compared to other major cities, Cleveland offers a more affordable housing market. This advantage continues to attract buyers and investors, contributing to steady demand and price appreciation. Infrastructure Investments: Ongoing investments in infrastructure, such as the Downtown Cleveland Public Square renovation and the Cuyahoga Valley Scenic Railroad expansion, will enhance the city’s appeal and contribute to a thriving housing market. Rising Rental Demand: Cleveland’s rental market remains strong, driven by factors like affordability and a growing population. This healthy rental market supports property investments and contributes to overall housing market stability. Cleveland Real Estate Investment Overview Should you buy investment property in Cleveland? Looking for a home in Cleveland? These up-to-date Cleveland real estate statistics and trends will help you make smart investing decisions. Cleveland is home to just under 400,000 people, and the larger metropolitan area is home to roughly two million people. That makes the Cleveland real estate market the 32nd largest in the country. If you include the Cleveland-Akron-Canton metro area, there are three and a half million people in the “combined statistical area,” making it the 15th largest metropolitan area in the United States. This century-old city is reinventing itself as a medical and BioMed hub. Home prices in Cleveland have been trending up 8.6% year-over-year. Here are the top reasons to invest in Cleveland real estate: Top 10 Job Market for New College Graduates (CNN) Presence by 70% of Fortune 500 companies More than 400 bioscience companies Two new Amazon distribution centers Over 120,000 healthcare professionals Home to 27 area colleges & universities Home to four professional sports teams University Circle & The Western Rim University Circle is one of the hottest neighborhoods in Cleveland. It is seeing a wave of high-end condos and apartments. If you can find single-family rentals or multi-family housing in the vicinity, snap it up. These are among the most desirable properties in the Cleveland housing market. The Redeveloped Lakeshore Cleveland sits on the southern shore of Lake Erie. Cleveland is redeveloping its long waterfront district. Redevelopment includes rehabilitating waterfront infrastructure like bridges, canals, and “made land.” Reinvented lakeside trails create desirable areas that will command a premium on the Cleveland real estate market.

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Why Cleveland is still one of the HOTEST markets for investors

Cleveland, a city with a population of around 380,000 and a huge metro area housing 2 million residents, is still one of the best hotspots for real estate investors. The city’s unique combination of affordability, growth potential, and economic stability offers a compelling case for both local and overseas investors. A Strong Economic Foundation Cleveland’s economy is anchored by key industries such as manufacturing, healthcare, and finance. The city is home to world-renowned institutions like the Cleveland Clinic, University Circle, and University Hospitals, which not only contribute to the local economy but also provide a level of stability that is highly attractive to investors. The Cleveland Clinic, the city’s largest employer, with 38,000 employees, underscores the healthcare sector’s recession-proof nature, making real estate investments in the area particularly appealing. Beyond healthcare, Cleveland is growing as a financial hub, with major companies like Progressive Insurance, Key Bank, and Amazon establishing significant presences. Amazon, for instance, has acquired 2.3 million square feet of office space in the city, while Sherwin-Williams, the global paint manufacturer, is building its new global headquarters and has pledged to invest over $600 million in the area. Real Estate Market Overview   Cleveland’s real estate market offers a unique combination of affordability and growth potential. The average price for a single-family home in 2024 is approximately $211,000, which is 39% lower than the national average. Even more striking, the overall average home price is just $140,000, making it a whopping 60% below the national average. This significant affordability is one of the primary reasons Cleveland has become a hub for investors seeking low-entry housing with the potential for growth and steady cash flow. In certain neighborhoods like North and South Collinwood, prices are even lower, with homes available from $80,000. Despite recent double-digit appreciation—Cleveland home prices rose by an average of 26% between 2023 and 2024—the market remains accessible. Homes are selling faster as well, with average days on market dropping from 41 to 31 earlier in 2024. However, the market’s rising foreclosure rate, currently the highest in the country at 0.6%, has also attracted the attention of savvy investors looking for opportunities to buy properties at a discount. A Thriving Rental Market The rental market in Cleveland is equally promising for investors. In key investment neighborhoods, the average rent is $1,335, about 30% lower than the national average. This lower cost, combined with a favorable price-to-rent ratio of 13, makes buying more attractive than renting, signaling strong cash flow opportunities for property investors. Over the past decade, the average rent in the Cleveland metro area has increased by 39.4%, or 3.77% annually, further enhancing the appeal for buy-to-let investors. Cleveland has also led the nation in single-family rent increases over the past 10 years, with rentals rising by 9.4%. Investment Opportunities Given the market dynamics, Cleveland is ranked as the 8th hottest real estate market for 2024 by numerous top real estate platforms. With prices starting as low as $59,900 for single-family homes and duplexes available from $80,000, investors can expect net returns between 12% and 20%. The city’s combination of affordable entry points, strong rental demand, and consistent appreciation makes it an ideal environment for real estate investors looking to diversify their portfolios and capitalize on growth opportunities. Conclusion Cleveland offers a rare blend of affordability, growth, and economic stability, making it a prime destination for real estate investment in 2024. Whether you’re an out-of-state investor or an overseas buyer, Cleveland’s market dynamics present a lucrative opportunity that ticks all the right boxes. Contact us now for more information on how to take advantage of this booming market!

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Transforming Cleveland’s Riverfront: Land Bank Secures Millions for Brownfield Cleanup

Cuyahoga County is set to undergo a significant transformation as the Cuyahoga Land Bank secures $23 million in state funding to clean up and redevelop long-neglected brownfield sites. These areas, once hubs of industrial activity, have lain dormant for decades, posing environmental hazards and stalling economic growth. With this infusion of funds, Cleveland’s landscape is poised for a revival that will bring new housing, jobs, and public spaces to the community. A Legacy of Industrial Use   The sites earmarked for cleanup have deep historical roots, with some dating back nearly two centuries when Cleveland was a booming industrial center. The land on the Tower City Center side of the Cuyahoga River, now planned for Bedrock’s Riverfront Development, has been used for various industrial purposes, including paint and varnish production, oil works, and scrap iron yards. The result is a landscape riddled with contamination from hazardous materials like arsenic and lead, which must be addressed before any new construction can begin. The Cuyahoga Land Bank, officially known as the Cuyahoga County Land Reutilization Corp., has been a pivotal player in securing multiple funding awards from the Ohio Department of Development’s Brownfield Remediation Program. This program is designed to help communities reclaim hazardous properties and prepare them for new development. The Land Bank has already been active in demolishing over 1,100 blighted structures, primarily abandoned single-family homes in Cleveland and East Cleveland. However, the latest awards focus on larger, more complex industrial sites that require expert remediation. Key Projects Underway   One of the most prominent projects benefiting from this funding is the Bedrock Riverfront Development. With a $10 million grant, this downtown Cleveland project will involve the remediation of three parcels along the riverfront. These properties, currently used as surface parking lots, are contaminated with industrial pollutants. The cleanup will include removing contaminated soil, demolishing existing structures, and replacing the soil with clean fill. Bedrock Real Estate plans to transform the area into a vibrant mixed-use district featuring public recreation spaces, offices, retail outlets, and parking facilities. The redevelopment is expected to generate long-term economic and recreational benefits for the Cleveland community. Another significant project is the former National Acme site, located at the intersection of Cleveland’s Glenville and Collinwood neighborhoods. This historical machine-tool manufacturing facility has become a public nuisance due to illegal waste disposal and unauthorized demolition. With a $7.6 million award, the site will undergo extensive cleanup, including asbestos removal, waste disposal, and the demolition of remaining structures. The goal is to clear the way for new developments that can breathe life back into the surrounding neighborhoods. In Middleburg Heights, the former Sears Southland Shopping Center is also slated for redevelopment, thanks to a $5.6 million grant. This project involves cleaning up two vacant structures, including a large former department store and an automotive shop. The site will be transformed into a mixed-use development with 375 multifamily rental units, retail space, and public park areas. This redevelopment aligns with the Middleburg Heights Community Master Plan and is expected to create 400 new jobs and retain 270 existing positions. A Broader Impact on the Community   The impact of these projects extends far beyond the individual sites. The Land Bank’s efforts are part of a larger strategy to stabilize and revitalize neighborhoods across Cuyahoga County. As Land Bank President and General Counsel Gus Frangos noted, “This award will have a meaningful impact on the individual cities where we demolish blighted properties and on Cuyahoga County as a whole. We are grateful for the continual support from the State of Ohio, Governor DeWine, and the Department of Development. They have been critical partners in our work and the progress land banking has made across our county.” Demolition is a critical tool in the Land Bank’s strategy. Removing blighted properties not only improves the physical appearance of neighborhoods but also helps to restore community pride and increase property values. In East Cleveland, for example, the long-abandoned Huron Place apartment tower has been a magnet for criminal activity since the nearby Cleveland Clinic Huron Hospital closed in 2011. The Land Bank’s plans to demolish this 13-story eyesore are expected to have a transformative effect on the surrounding area, paving the way for new investment and development. Looking Ahead The cleanup and redevelopment of these brownfield sites represent a significant investment in Cleveland’s future. By turning contaminated, underutilized land into thriving communities, the Cuyahoga Land Bank and its partners are helping to reshape the city’s landscape and create opportunities for economic growth. As these projects move forward, residents can look forward to a revitalized Cleveland that honors its industrial past while embracing a more sustainable and prosperous future.

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Gulf Investors Poised to Pour Capital into UK Property Market

In a recent report by Property Industry Eye, it was highlighted that investment in the UK property market by Gulf investors is on the verge of a significant increase. New research from the Bank of London and The Middle East (BLME) reveals that the UK market is approaching a “once-in-a-decade economic alignment.” Factors such as anticipated interest rate cuts later this year, a newly instated government, decreasing inflation, and lower property prices in certain segments are creating a prime opportunity for Gulf Cooperation Council (GCC) investors from Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman to deploy their capital. The report underscores that a staggering 87% of interviewees believe that falling interest rates will be a major driver of GCC investor appetite over the next 12 months. This economic environment is setting the stage for increased investment activities from the Gulf region. Looking ahead, BLME predicts that demographic trends and supply shortages will make the living sector a particularly attractive option for investors, especially those from the GCC. Purpose-built student accommodation stands out as a popular asset, with 68% of respondents indicating their clients’ focus on this sector due to structural shortfalls and low tenant failure rates. This trend is likely to continue as the demand for high-quality student housing persists. Rashid Khan-Gandapur, Director of Real Estate Finance at BLME, commented on the situation: “We anticipate investors from the GCC will look to the UK to diversify their portfolios. They will see profitable opportunities to invest and improve existing building stock, including enhancing ESG credentials as a driver of value. Investment in UK commercial properties as a whole is expected to grow to over $4 billion annually. This figure will be boosted further by investment in the residential sector, with GCC investors showing a growing appetite for undertaking large-scale living sector investments.” Andy Thomson, Head of Real Estate Finance and Private Banking at BLME, added: “The UK has a new government in place, the Brexit decision from 2016 is firmly in the rearview mirror, and the economic and political landscapes have a relatively stable outlook compared to other countries in Europe. In addition, interest rates are forecast to fall during 2024 and 2025, which means the UK is very well placed to attract an increased level of inward investment from the GCC.” The convergence of these factors suggests a robust future for UK property investments from Gulf countries. With interest rates set to decline and the UK market offering stability and attractive opportunities, GCC investors are likely to significantly influence the UK property landscape in the coming years. The anticipated surge in capital from the Gulf region will not only invigorate the property market but also contribute to the broader economic growth and development of the UK’s real estate sector. Here at Global Investments, we have a team on the Ground in Dubai, UAE ready to meet and discuss your needs. Contact us to arrange a meeting.

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Cleveland’s North Coast Connector: $20 Million Boost from State to Transform Lakefront Access

In a significant development for Cleveland’s urban landscape, the state of Ohio has earmarked $20 million for the North Coast Connector project. This funding is part of a comprehensive,  $3.5 billion capital budget signed by Governor Mike DeWine last month. The budget aims to enhance infrastructure, education, and cultural projects across Ohio’s counties. The Significance of the Funding This substantial state contribution is set to catalyze the North Coast Connector project, which has a projected budget of $230 million. The project’s goal is to directly link the Cleveland Convention Center to the lakefront, enhancing accessibility and connectivity in the downtown area. Mayor Justin Bibb highlighted the transformative potential of this initiative, stating, “The North Coast Connector is a game-changer for Cleveland and will have a lasting impact on our city’s economic growth and development.” Broader Impact on Cuyahoga County The capital budget is set to inject over $175 million into projects in and around Cuyahoga County. This investment spans a variety of sectors and aims to stimulate economic growth, improve infrastructure, and enhance cultural facilities. Key Projects Funded in Cuyahoga County: The Bedrock Riverfront Plan: $10 million This project supports Dan Gilbert’s $3.5 billion vision, which includes the Cavs’ Global Peak Performance Center, expected to open before the 2026-27 season. Rock and Roll Hall of Fame Expansion: $7 million The expansion will add 6,000 square feet for administrative offices, a state-of-the-art education center, and a concert venue with a capacity of nearly 3,000 people. Port of Cleveland Bulk Terminal Modernization: $5 million This project will upgrade the terminal to enhance its operational capabilities. West Side Market: $2.4 million The funds will be used to preserve and improve this historic marketplace. Cleveland Metroparks Zoo’s New Primate Forest: $2 million This will create a modern, enriched habitat for the zoo’s primate inhabitants. Irishtown Bend: $2 million The ongoing redevelopment efforts of this area will receive a financial boost. Blue Abyss Astronaut Training Facility in Brook Park: $1.8 million This facility will serve as a cutting-edge training center for astronauts. The North Coast Connector:   The North Coast Connector stands out as a pivotal project within this budget. Its objective is to create a seamless connection between the Cleveland Convention Center and the lakefront, transforming how residents and visitors interact with the city. By improving access to lakefront amenities, the project aims to boost local tourism, enhance property values, and foster economic development in downtown Cleveland. What They’re Saying Local leaders and stakeholders are optimistic about the potential impact of the North Coast Connector. Mayor Justin Bibb’s statement underscores the broader vision for Cleveland’s future growth and development, emphasizing the project’s role in driving economic progress. Conclusion   The $20 million state funding for the North Coast Connector is a crucial step towards realizing a more interconnected and vibrant Cleveland. This project, along with the numerous other initiatives funded by the state’s capital budget, highlights a comprehensive approach to urban development, economic stimulation, and cultural enrichment. As these projects unfold, they promise to reshape the city’s landscape, fostering a dynamic and thriving community.

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Cleveland Seeks $260M Federal Grant for Lakefront Revitalization

Cleveland is forging ahead with its ambitious plans to transform the downtown shoreline, undeterred by the uncertainty surrounding the future location of the NFL Browns’ lakefront stadium. In April, the city applied to the U.S. Department of Transportation for $260 million in funding to help cover the costs of a $440 million overhaul of the downtown section of the Ohio 2 Shoreway and the construction of a lakefront “land bridge” from the Mall to North Coast Harbor. This application marks Cleveland’s first significant effort to secure federal funds to create a more beautiful and accessible downtown lakefront after a century of numerous failed attempts. City officials recently discussed the grant application and other lakefront initiatives to clarify that the uncertainty over Browns Stadium is not hampering their efforts. Jeff Epstein, the city’s chief of integrated development, and Scott Skinner, the first director of the city’s new private, nonprofit North Coast Waterfront Development Corp., highlighted the ongoing work on the lakefront and the plans for the next year. They emphasized that revamping the Shoreway and building the lakefront connector, or land bridge, are critical to the city’s vision, regardless of the stadium’s future location. Key Components of the Project   Enhanced Transportation Networks: A significant portion of the funding will improve connectivity between downtown Cleveland and the lakefront. This includes constructing pedestrian bridges, bike paths, and enhanced public transit routes, making the waterfront more accessible to residents and visitors alike. Public Amenities and Recreational Spaces: The project aims to create new parks, recreational facilities, and public spaces along the lakefront. This will provide more leisure opportunities for the community, attract tourists, and stimulate local businesses. Environmental Sustainability: A focus on green infrastructure is central to the project. Plans include implementing sustainable practices such as stormwater management systems, native landscaping, and creating habitats to support local wildlife. Economic Development: By revitalizing the lakefront, Cleveland aims to attract new businesses, restaurants, and cultural attractions. This economic boost is expected to create jobs, increase property values, and enhance the overall quality of life for residents. Community Impact City officials believe the grant will significantly impact the local community by fostering a sense of pride and ownership among residents. The project aims to create a lakefront that is visually appealing, functional, and beneficial for the entire city. “We are incredibly excited about the potential of this project,” said Cleveland Mayor Justin Bibb. “Securing this federal grant would allow us to make transformative changes that will benefit Clevelanders for generations to come. Our lakefront is one of our greatest assets, and this investment will help us unlock its full potential.” Addressing the Stadium Uncertainty The uncertainty regarding Browns Stadium’s location remains, as the team’s owners, Jimmy and Dee Haslam, have proposed a $2.4 billion domed stadium and entertainment district in suburban Brook Park. This proposal raises questions about the future of the current lakefront stadium, where the team’s lease runs out in 2028. Renovating the existing stadium is expected to cost about $1 billion, with taxpayers contributing a substantial portion. Despite this, the Browns have voiced their support for the city’s ongoing lakefront development efforts. “We have stated continuously how we feel about the lakefront and how we feel something needs to happen down there with our stadium or without,” said Peter John-Baptiste, the Browns’ spokesman. Next Steps The application for the federal grant is a competitive process, with cities nationwide vying for a share of the funding. Cleveland’s proposal has been meticulously crafted to highlight the city’s unique strengths and the broad benefits of the project. Community leaders and stakeholders have been actively involved in the planning process, ensuring that the project reflects the needs and desires of Cleveland’s residents. Public meetings and feedback sessions have been held to gather input and build a vision that is inclusive and forward-thinking. Conclusion Cleveland’s pursuit of the $260 million federal grant represents a significant step toward reshaping the city’s lakefront. If successful, this project will not only transform the physical landscape but also invigorate the local economy and improve the quality of life for all Clevelanders. The city’s commitment to innovation, sustainability, and community engagement makes this an exciting chapter in Cleveland’s ongoing development story.

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Cleveland’s Circle East District: A Hub of Green Innovation

The Circle East District in Cleveland is rapidly becoming a beacon of sustainability, showcasing a variety of innovative efforts aimed at promoting environmental stewardship and community well-being. As urban areas worldwide grapple with the challenges of climate change and resource management, Circle East is setting an inspiring example of how local initiatives can drive substantial, positive change. Green Spaces and Urban Agriculture One of the most visible transformations in the Circle East District is the expansion of green spaces and urban agriculture projects. Community gardens and urban farms have sprung up, providing residents with access to fresh, locally grown produce. These spaces not only improve food security but also foster a sense of community and provide educational opportunities about sustainable farming practices. The district’s green spaces are carefully designed to support biodiversity. Native plants and trees have been strategically planted to create habitats for local wildlife, helping to restore ecological balance in the urban environment. These green corridors also contribute to improved air quality and provide natural cooling, reducing the urban heat island effect. Renewable Energy Initiatives Circle East is also at the forefront of renewable energy adoption. Solar panels have been installed on numerous buildings, from residential homes to commercial properties. These installations are part of a broader effort to reduce the district’s carbon footprint and reliance on fossil fuels. In addition to solar energy, the district is exploring wind and geothermal energy options, making it a model of diverse renewable energy use. Energy-efficient building designs are another critical component of Circle East’s sustainability strategy. New constructions and retrofitted buildings incorporate advanced insulation, energy-efficient windows, and smart energy management systems. These measures significantly reduce energy consumption and enhance the overall sustainability of the built environment. Water Management and Conservation Effective water management is a cornerstone of Circle East’s sustainability efforts. The district has implemented innovative solutions to manage stormwater and reduce runoff, which is crucial in preventing flooding and protecting water quality. Permeable pavements, green roofs, and rain gardens are just a few examples of the techniques used to capture and filter rainwater naturally. Water conservation programs encourage residents and businesses to reduce water usage. These programs include incentives for installing low-flow fixtures, educational campaigns on water-saving practices, and initiatives to recycle greywater for non-potable uses. By prioritizing water conservation, Circle East is safeguarding this vital resource for future generations. Community Engagement and Education Central to the success of Circle East’s sustainable initiatives is the strong emphasis on community engagement and education. Regular workshops, seminars, and community events are held to raise awareness about sustainability issues and solutions. These educational efforts empower residents to take an active role in the district’s green transformation. Local schools and universities are key partners in these educational initiatives. Students participate in hands-on projects and research that contribute to the district’s sustainability goals, fostering a culture of environmental responsibility among the younger generation. This collaboration between educational institutions and the community ensures that sustainability remains a priority well into the future. Economic and Social Benefits The sustainable efforts in Circle East are not only environmentally beneficial but also economically and socially advantageous. Green jobs have been created in areas such as renewable energy installation, urban farming, and environmental education. These jobs provide local employment opportunities and support the district’s economic growth. Socially, the emphasis on sustainability has strengthened community bonds. Shared green spaces and community projects bring residents together, fostering a sense of collective ownership and pride. The improved quality of life resulting from cleaner air, better access to fresh food, and enhanced recreational spaces contributes to the overall well-being of the district’s residents. Looking Ahead As Circle East continues to evolve, its commitment to sustainability serves as a powerful example for other urban areas. The district’s comprehensive approach, integrating environmental, economic, and social dimensions, highlights the potential of local initiatives to drive significant progress in the fight against climate change and resource depletion. The journey of Circle East is a testament to the impact of community-driven efforts and innovative thinking. By embracing sustainability, this vibrant district in Cleveland is not only enhancing its own resilience and livability but also inspiring other communities to follow in its footsteps toward a greener, more sustainable future.

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Detroit City Corktown Stadium: The New Heart of Soccer in Detroit

Detroit City Football Club (DCFC) has announced a significant milestone in its journey to establish a permanent home for soccer in Detroit. The club has acquired the site of the former Southwest Detroit Hospital at the corner of Michigan Avenue and 20th Street, with plans to open a state-of-the-art soccer-specific stadium by the 2027 season. “This is a huge step for our organization to build a modern venue to serve our club and community,” said CEO Sean Mann. “As longtime residents of the city, the leaders and founders of the Club view this project not only as an opportunity to grow our organization and sport, but as a civic endeavor to give back to the city we love.” The new stadium will replace the long-abandoned hospital site, transforming it into a vibrant center for soccer and community activities. The project is expected to revitalize the area, creating a positive impact on local businesses and residents. “A DCFC home match is a can’t-miss stop for any true sports fan in the US,” said Alex Wright, Co-Owner and Chief Creative Officer. “Our players, staff, and supporters deserve a stadium with modern amenities that retains the best elements of Keyworth while putting the club on firmer financial footing.” Strategically located near major highways and the re-opened Michigan Central Station, the new stadium will enhance accessibility and convenience for fans. Its proximity to Corktown and Mexicantown will allow DCFC to integrate seamlessly with the existing community, adding to the area’s growing vibrancy. The move is seen as a unique opportunity for DCFC to create a distinct identity, separate from other professional sports teams concentrated in downtown Detroit. By situating the stadium in Southwest Detroit, the club aims to stand out and offer a unique sports experience. “We’re tying into Mexicantown, we’re tying into Corktown,” Mann said. “We want the matchday to be fun, special, unique. It’s an experience, that’s what sports are.” While the new stadium is being developed, DCFC will continue to play at Keyworth Stadium in Hamtramck, preserving the fervent energy of its fanbase. The club remains committed to engaging with supporters, city residents, and community leaders to ensure the new stadium reflects the community’s needs and aspirations. This new development marks a monumental step forward for DCFC and the city of Detroit, promising to deliver a lasting home for soccer and a boost to the local community. If you would like more information on our Detroit properties please email invest@globalinvestmentsicnorproated.com

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