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Cleveland still going strong after 5 years & 1700 sales

As a company Global Investments Incorporated have been selling houses in the USA for over a Decade and have over 6000 sales under there belt. For the past 5 years the companies most demanded and best selling product has by far been Cleveland Ohio. Like when the company sold in Detroit after this period of time in one market it would be normal for new markets to emerge with maybe a lower price point and higher CAP Rates or expected ROI. This is however not the case with Cleveland and after 5 years and over 1700 sales the demand for the city is bigger than ever and right now Cleveland Ohio still provides some of the best valued houses with solid CAP rates and returns for both the overseas and Domestic investors. Coupled with great on the ground management companies that Global have been working with for many years these types of buy to let houses really do tick a lot of boxes for most seasoned or new investors. As a company we would have probably expected that after prices have increased over the past 5 years and investors can sometimes get bored seeing the same product or sometimes think they have missed the boat etc that we would have had to ventured into a different market. We did try a few areas like Chicago and Memphis etc but surprisingly enquiries and demand is still highest in Cleveland. With the average single family home selling at around the $58-60k mark and Duplex’s around $70-80k and net returns anywhere between 15%-20% there are still great opportunities for investors and we expect to at least get another 2-3 years selling in the city before prices hit a high and we have to look elsewhere. I also believe that unlike areas like maybe Detroit,  the investment into the city is still pouring in and investors still see after this period of time that the city still has a long way to go and prices will continue to rise giving not only a solid ROI but potential growth as well.  Companies like Key Corp, Morgan Stanley, Sherwin-Williams and individuals like Dan Gilbert are still investing heavily in the city.  The City itself also spending millions of dollars improving the lower income neighbourhoods. All of these factors making Cleveland still a hot investment area for this year and into 2024. Mike Moodie CEO Global Investments Incorporated.    The Future is bright and strong for CLEVELAND OHIO.    If you would like more information on what is going on in Cleveland or any of our current opportunities please email Mike or any of the team at Global at invest@globalinvestmentsincorporated.com

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Cleveland is No. 2 on Zillow’s list of hot housing markets in 2023

Cleveland has a prime spot on Zillow’s annual predictions for the hottest housing markets of the year. The tech-driven real estate marketplace just released its top 10 for 2023, and Cleveland is at No. 2, behind only top-ranked Charlotte, North Carolina. The rest of the top 10, in order: Pittsburgh; Dallas; Nashville; Jacksonville, Florida; Kansas City, Missouri; Miami; Atlanta; and Philadelphia. Zillow said its list is “based on an analysis of forecast home value growth, recent housing market velocity and projected changes in the labor market, home construction activity and number of homeowner households.” Pushing Charlotte to the top of the list, Zillow said, is its “forecasted annual home price growth,” while Cleveland’s second-place rank “can be attributed to its high market velocity and job growth.” Anushna Prakash, economic data analyst at Zillow, said in a statement, “This year’s hottest markets will feel much chillier than they did a year ago. The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work.” There are only four holdovers — Charlotte, Nashville, Jacksonville and Atlanta — from last year’s Zillow top 10, which the firm said is “an indicator of how much the housing market has changed in just one year.” Some previous high-flyers — San Jose and Sacramento, California; Minneapolis–St. Paul; Denver; and San Francisco — make up the five coolest large markets in Zillow’s 2023 projections.     Home Values In Cleveland Have Increased 18.8% Yoy The Cleveland, real estate market has seen steady appreciation in recent years.  According to the latest Akron Cleveland Association of Realtors report, the average home value is $236,873. The current inventory of available homes is 1.3 months, down 7.9% from the same period a year ago. As a result, rental property is in high demand. Over half of the housing units in Cleveland are occupied by renters. This trend has created a huge demand for single-family rental properties. Rental property can offer both cash flow and appreciation over the long term. Downtown Cleveland has seen rapid growth over the past several years. $19 billion in development has been completed or planned downtown since 2010. The city recently redeveloped a ten-acre green space. Additionally, there are many jobs in the Cleveland metropolitan area. Many of them pay well, but there are not enough qualified candidates to fill them. It seems the investment potential for Cleveland is still going strong and shows no signs of letting up. If you would like more information and may be interesting in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com  

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Slavic Village’s Broadway News

The five-way intersection of Broadway Avenue, East 55th Street and Hamlet Avenue is the traditional centre of Slavic Village, once called Little Bohemia for its large Czech population. It retains all of its pre-World War I buildings. Reviving this area as part of the Broadway transit corridor is the goal of new planning and development by the Greater Cleveland Regional Transit Authority and Slavic Village Development Inc. The Broadway Avenue corridor in Cleveland’s Slavic Village could soon see new signs of life thanks to a federal grant that was awarded last week to the Greater Cleveland Regional Transit Authority (GCRTA). The $432,000 grant will allow the transit agency to develop plans to redesign the Broadway corridor from the Turney-Ella bus loop near Calvary Cemetery to downtown as a bus rapid transit (BRT) route with enhanced pedestrian and bicycle infrastructure. Once those plans are complete, it can then apply for federal funds to build that infrastructure. The planning work will also help guide land use decisions involving zoning, parking policies and public incentives to support local transit-oriented development ( TOD ). The city of Cleveland and Slavic Village Development Inc is a nonprofit community development corporation. On Nov. 17, the Federal Transit Administration announced the award of approximately $13.1 million from its Pilot Program for TOD to 19 projects in 14 states for 2022. The TOD planning grants support community efforts to improve access to public transportation. The grants help organisations plan for transportation projects that connect communities and improve access to transit and affordable housing. “The Greater Cleveland Regional Transit Authority will receive funding to plan for TOD along the proposed Broadway Avenue Corridor project, a multi-modal planning project that will incorporate bus rapid transit with bike and pedestrian infrastructure,” said the FTA in awarding the grant. “The TOD plan will increase bicycle and pedestrian access to transit hubs, recommend ways to incorporate green infrastructure, and analyse ways to revitalise commercial and housing opportunities near transit stations.” This is the second time GCRTA has been awarded funding from the FTA’s Pilot Program for TOD which has been in existence since 2015. In 2018, GCRTA won $336,000 to plan for TOD along the MetroHealth Line, a planned BRT line connecting downtown Cleveland with the city’s Old Brooklyn neighbourhood via West 25th Street to serve MetroHealth’s expanded health facilities plus growing residential and employment areas. The NOACA report also stressed the importance of TOD investment in what it called “the village centre” — the core of Slavic Village, which is an historic district surrounding the intersection of Broadway East 55th. This five-leg intersection including Hamlet Avenue is a traditional mixed-use neighbourhood centre, with commercial buildings, many featuring apartments above storefronts, fronting the main streets. Global Investments currently have 2 amazing properties currently for sale matching this criteria. Please see the following links : https://globalinvestsinc.com/property/cleveland-174900/ https://globalinvestsinc.com/property/cleveland-474900/ NOACA’s report noted this is one of only two intersections in Cleveland with pre-World War I buildings on all of its corners. This crossroads has 50 businesses and institutions, a post office, the offices of Slavic Village Development, Inc., and several churches, including the landmark Our Lady of Lourdes. The construction of multiple distribution centres nearby that will offer more than 1,000 jobs. One is already under construction — the $30 million, 156,775-square-foot Cleveland Cold Storage food warehouse at East 75th Street and Opportunity Corridor Boulevard. Another — the 182,000-square-foot Reserve Premier warehouse at 3000 E. 55th — is getting its site cleared in preparation for construction. Another big project is the possibility that the Cleveland Browns may seek to move the football stadium off the lakefront so it can be developed with year-round uses. Team owner the Haslam Sports Group reportedly has shown interest in building a new stadium on the current site of the Main Post Office along Broadway or possibly another site just south of the Municipal Parking Lot. The stadium would apparently be part of a “ballpark village” development district. If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

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Cleveland Metroparks announcing major progress on two East Side Cuyahoga County trail and park projects

EUCLID, Ohio — Cleveland Metroparks has been busy in recent years planning and building marquee trails and park amenities along Cleveland’s lakefront, on the city’s West Side, and in southern portions of Cuyahoga County. Now, the regional park agency serving Greater Cleveland has progress to announce on trails and parks on the East Side of the county. Metroparks held a groundbreaking for the first section of a four-phase project to extend the Euclid Creek Greenway north from the southern portion of the Euclid Creek Reservation to the reservation’s northern section, which includes the Euclid Beach, Villa Angela, and Wildwood parks on the Cleveland lakefront. The first phase of construction, along with a planned second phase, will bring the all-purpose trail north to Chardon Road about a quarter mile north of Euclid Avenue by the summer of 2023. The project will include reforestation and enhancements to the 17-acre former site of the Euclid School District’s Central Middle School on the north side of Euclid Avenue, which has reverted to Metroparks’ ownership after decades in which it was owned by the school district. In a second event, October 27 at 10:30 a.m., Metroparks will hold a ribbon cutting marking the completion of the mile-long Eastern Ledge Trail within the Euclid Creek Reservation. The event will take place at the Welsh Woods Picnic Area. The new Eastern Ledge trail provides new access to the southern portion of the Euclid Creek Reservation, where Metroparks added 63 acres in 2019. The $300,000 project includes a new pedestrian bridge over Euclid Creek, connecting the Welsh Woods Picnic Area to the eastern side of the gorge, where an overlook offers panoramic views to the west. The announcements also follow a raft of recently completed or ongoing projects either led by Metroparks or involving the agency as a partner. They include: – The 2021 completion of the $6 million, 2-mile Red Line Greenway on Cleveland’s West Side. The 2021 completion of the $6 million Wendy Park Bridge, joining Wendy Park on Whiskey Island to Cleveland’s Ohio City neighbourhood, plus the associated, $3 million Whiskey Island Trail. – The 2021 completion of the $1.5 million, 25-acre Brighton Park in Old Brooklyn. – The 2021 completion of the five-mile, $54 million section of the Towpath Trail in Cleveland. The project was undertaken in collaboration with Cuyahoga County, the City of Cleveland, the nonprofit Canalway Partners, and NOACA, the Northeast Ohio Areawide Coordinating Agency. – The recent launch of a $5.75 million project to create a shovel-ready design for the CHEERS project, which will add 70 to 80 acres of new parkland on Cleveland’s East Side lakefront. CHEERS stands for Cleveland Harbor Eastern Embayment Resiliency Strategy. Metroparks is undertaking the project with the Port of Cleveland, the City of Cleveland, and other partners. “Building better connections between community amenities including the lake, our parks, and our neighbourhoods has been a priority for the City of Euclid,’’ she said in a statement provided by Metroparks. “We truly appreciate the longstanding partnership and investment by the Cleveland Metroparks.” While building the first two sections of the Euclid Creek Greenway extension, Metroparks will develop a plan to complete the next 1.5 miles in phases III and IV of the project, which will bring the greenway north to the lakefront. In late 2021, Cleveland Metroparks was awarded $950,000 by the U.S. Department of Transportation to advance the planning and design of four trail and bicycle projects on Cleveland’s East Side including phases III and IV of the Euclid Creek Greenway. The continued Metropark’s investment on the East Side of Cleveland is great news for property owners in the surrounding areas. Popular suburbs Global Investments sell in such as such as North Collinwood, South Collinwood, Euclid, Richmond Heights, South Euclid & Cleveland Heights. If you would like more information and may be interesting in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com 

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10 Suburbs in Cleveland to find great investment properties

Cleveland is ranked as one of the best places to buy a rental property this year for investors seeking a balanced blend of cash flow and appreciation. Home values have increased nearly 23% year over year as of December 2021, according to Zillow, and many of the best neighbourhoods in Cleveland have more residents who rent rather than own. Although Cleveland used to be known as a manufacturing town, the economy has evolved into a well-balanced blend of high-tech, service, and blue- and white-collar employment. Home prices in Cleveland have increased by nearly 23% over the past year, which may be one reason more people rent than own in many neighbourhoods. In popular neighbourhoods, such as Downtown Cleveland, over 90% of homes are occupied by renters. Although housing prices have increased, popular neighbourhoods like North Collinwood and South Broadway still have median home sale prices of less than $100,000. A recent study by the Cleveland Foundation revealed that Cleveland has a fast growing population, including recent graduates. According to Zumper (as of February 2022), 55% of the housing units in Cleveland are renter-occupied, with rents for 3-bedroom homes up 12% year over year. Cleveland is home to over 2 million residents living in 40 neighbourhoods, so it can be difficult to know where to look first.  To ease your search, Global Investments have listed 10 of the most popular suburbs of Cleveland that investors should seriously consider when properties become available. Specific data on each neighbourhood comes from Realtor.com, Niche.com, and Redfin as of December 2021 : Old Brooklyn Located south of Downtown Cleveland, Old Brooklyn is a highly ranked good neighbourhood for investors. The neighbourhood a very desirable area in Cleveland where new construction single family homes fetch over $400,000  Old Brooklyn’s most notable landmark, the Cleveland Metroparks Zoo is a 145-acre park and is one of the 16 nature preserve reservations of the Cleveland Metroparks system. Population : 32,813 Median sale price : $133,500 Change in sales price (year over year) : up 11.3% Renter-occupied households : 44% Median household income : $41,233 ZIP codes : 44109, 44144, 44134 North Collinwood North Collinwood is a unique Cleveland neighbourhood situated on the shores of Lake Erie. Residents enjoy miles of parks along the lake bluffs, which are adjacent to streets lined with beautiful old homes and charming cottages. North Collinwood’s commercial district has become a burgeoning artists’ colony, with the transformation of Waterloo Road and the growing Waterloo Arts and Entertainment District, a highly demanded area for investors : Population : 16,602 Median sale price : $128,000 Change in sales price (year over year) : up 6.0% Renter-occupied households : 59% Median household income : $31,646 ZIP code : 44110 South Collinwood The South Collinwood neighbourhood is a historical area on the East Side of Cleveland, Ohio. Originally a village in Euclid Township along the lakefront, prices have increased considerably due to the popularity and proximity of North Collinwood : Population : 10,076 Median sale price : $60,000 Change in sales price (year over year) : up 21.4% Renter-occupied households : 62% Median household income : $26,569 ZIP codes : 44110, 44119 Glenville Glenville is a popular neighbourhood on the East Side of Cleveland. To the north, it borders the streetcar suburb of Bratenahl and the Cleveland Memorial Shoreway. Glenville is very popular for renters due to the proximity of The University Circle.  With its neighbouring town “ Hough “ Glenville has some of the nicest large detached single family homes available in Cleveland.  Population : 14,456 Median sale price : $67,500 Change in sales price (year over year) : up 9.9% Renter-occupied households : 57% Median household income : $31,391 ZIP code : 44108 South Broadway / Slavic Village Located south of the city along I-77, the South Broadway neighbourhoods home prices are relatively affordable, and more residents rent than own. This area has been a hotspot for new build projects. Many houses were abandoned back in 2007 and since then been removed one by one. Capital appreciation in this area has been significant and investors willing to look long term will not be disappointed.  Population : 16,415 Median sale price : $71,000 Change in sales price (year over year) : up 34.0% Renter-occupied households : 55% Median household income : $26,986 ZIP codes : 44105, 44109, 44125, 44127 Edgewater Edgewater is located along the lakefront, adjacent to the Detroit-Shoreway neighbourhood and just west of Downtown. Home to Edgewater park which features 9000 feet of shoreline, dog and swim beaches, boat ramps, fishing pier, picnic areas and grills. The neighbourhood is highly rated and has a very high percentage of renters: Population : 8,873 Median home value : $214,400 Change in sales price (year over year) : up 5.4% Renter-occupied households : 73% Median household income : $42,703 ZIP code : 44102 Detroit-Shoreway Located between Edgewater and Ohio City, the Detroit-Shoreway neighbourhood is ranked as one of best neighbourhood in Cleveland and It also has a high percentage of renter-occupied households. The Gordon Square Arts District is the hub of growth in this west Cleveland neighbourhood. life is centred around its anchor building—the Gordon Square Arcade, the cultural and artistic centre of western Cleveland.  Population : 16,303 Median sale price : $246,000 Change in sales price (year over year) : up 20.6% Renter-occupied households : 64% Median household income : $32,167 ZIP codes : 44102, 44109, 44113 West Boulevard The West Boulevard neighbourhood is located just south of the I-90/Northwest Freeway, adjacent to the popular Jefferson neighbourhood. Bordering on popular neighbourhoods such as Edgewater, Detroit Shoreway, Clark-Fulton & Brooklyn. The area has a dense urban feel, and is another neighbourhood where more people rent than own. Population : 17,070 Median sale price : $108,000 Change in sales price (year over year) : up 22.0% Renter-occupied households : 54% Median household income : $35,441 ZIP codes : 44102, 44111 Mount Pleasant Mount Pleasant is a neighbourhood on the East Side of Cleveland, Ohio. It borders the neighbourhoods of Buckeye–Shaker

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Cleveland’s 2022 Capital plan

The historical Euclid Beach arch, which still stands at the previous entryway to the previous lakefront theme park on Cleveland’s northeast side, will quickly discover a brand-new location.  The City of Cleveland means to bring back the century-old archway and move it to a lower place of the old Euclid Beach theme park, now mainly inhabited by the Cleveland Metroparks in North Collinwood. Mayor Justin Bibb means to utilise $54 million in bond profits on about 25 particular tasks, in addition to lots of other regular yearly jobs such as fixing roofing systems on city structures, changing harmed play ground devices, and fixing tree-damaged ones, in his very first year of preparation capital tasks walkways. Officials have actually not selected a precise place for the arch, however council member Mike Polensek stated it is anticipated to be someplace within Metroparks’ lake home, which jointly consists of Euclid Beach Park, Villa Angela Park and Wildwood Park. The relocation will likely occur at some point next year, he stated. “We all concur that it requires to be moved over a walkway [or bicycle path] so that individuals can take a look at it, go through it and appreciate it,” stated Polensek. The arch has actually long been a tip of the theme park, which drew in countless Clevelander’s till it closed in 1969.  The Cleveland Landmarks Commission provides the building and construction date as 1895, while Cleveland State University’s history blog site, Cleveland Historical, states it was integrated in the 1920s to change an earlier structure. The arch carefully covers East 159th Street, where traffic, consisting of large  emergency vehicles consistently pass under it. This setup has actually led to several falls and resulting damage.  The city’s resettlement efforts intend to protect the arch for future generations. The taking apart is an obstacle, Polensek stated, however a beneficial undertaking since of its historic significance. Future associated work might consist of widening East 159th Street. And with the Western Reserve Land Conservancy’s current purchase of a mobile house park surrounding to the Metroparks home, a redesign of the surrounding Lakeshore Boulevard passage is likewise in the works, although strategies are still in the early phases, Polensek stated. The arch is presently anticipated to cost $800,000 to bring back and move, however that number might alter. Moving of the Arch is just part of a $54 million capital strategy for Cleveland and here is a summary of a few of the bigger tasks allocated for the funds: West Side Market: $4.6 million for roofing system repair work and 3 replacement elevators Fire Station: $5.9 million for a brand-new fire station to change the present one on Kinsman Road Sterling Recreation Center: $4.7 million for a total remodelling Clark Recreation Center: $2.7 million for a total remodelling Woodland Recreation Center: $2.6 million for remodelling Police Stables: $2 million to prepare the website for future building and construction of brand-new stables and a park JFK Recreation Center demolition: $1.6 million. (The structure closed in December after the brand-new Frederick Douglass entertainment centre opened.) Calgary Park: $1 million for a total park remodelling at West 23rd Street and Calgary Avenue. Canal Basin Park: $750,000, covering part of the cash required for a structure and other enhancements  Woodhill Choice: $6.8 million to build roadways for brand-new public real estate  Circle Square: $1.5 million to reconstruct Euclid Avenue and the Reserve Court around the University Circle advancement Other roadway tasks, the majority of which are approximated at about $1 million each, will likewise be moneyed with the bonds. These areas consist of: Carnegie Avenue, in between East 55th and East 79th Streets East 140th Street, in between St. Clair and Lakeshore Avenue East 79th Street, in between Woodland and Chester Avenue Street Extensions by Frank and Hudson South and North Moreland Boulevards, in between Larchmere Boulevard and Griffing Avenue. If you would like more information and are interested in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com

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E 185th Street, Cleveland Transformation

CLEVELAND, Ohio East 185th Street on Cleveland’s east side will undergo an $11.5 million transformation, a two-mile renovation, and beautification with new intersections, crosswalks, and street lights, and a new waterline. “The whole street will have a newer, more modern appearance and that will appeal to people, bring more people down here,” said Scott Hanson, who’s run Scotti’s Italian Eatery since 1999. East 185th Street is the border between Euclid and Cleveland with both cities funding the project along with the Ohio Department of Transportation, which will manage it. “I’m optimistic working with the new administration indicated, Mayor Bibb, that he wants to focus on the ‘Middle Neighbourhoods,’ which my area is,” said Cleveland City Councilman Mike Polensek of Ward 8 which encompasses the Collinwood neighbourhood. “It’s the areas that are links, outer edge links to the suburbs.” “The business along the street will — on their own — just fix themselves up, once they see how nice the street it is,” said Hanson, who expects the renovation to help the area. Councilman Polensek expects the project to take about a year. Despite its proximity to Bratenahl, the exclusive residential municipality to its west, Collinwood is a blue-collar enclave. Once a booming industrial area that boasted major railroad switching yards, a diverse array of factories and a confluence of cultures — home to vibrant Irish, Slovenian and Italian communities — the area was also home to Euclid Beach Park, the long-beloved entertainment destination. While Cleveland’s urban-revival success stories — Ohio City, Tremont and Gordon Square — are all located on the city’s near West Side, they represent a trek for suburban East Siders. Collinwood is on Cleveland’s  East Side, less than nine miles from Public Square and about six miles from University Circle. The neighbourhood is an exit ramp away from the Interstate 90 corridor and a short drive from Lake County. “This has the potential to become the East Side’s Tremont,” says Polensek, “And we have approximately three miles of lakefront in this ward. Not too many other districts in the city can say that. Waterloo is less than a mile from the lake.” During a walk through the neighbourhood, Polensek says that about $4 million has been committed to structural and cosmetic improvements. (Friedman says the figure is closer to $5.5 million, a combination of federal transportation dollars matched by city funding. Additionally, two arts grants totaling $1.1 million are being invested in the neighbourhood.) Repairs to the roadway and curbs, new, widened sidewalks, public furnishings and other pedestrian-friendly amenities, plus new noise-reduction walls and rebuilding nearby Lakeshore Boulevard, are set to begin.

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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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Amazon expanding in Cleveland & Slavic Village

Amazon is reportedly pivoting to a new site for a distribution centre on the southeast side of Cleveland yet would remain in Slavic Village, according to two sources familiar with the project.  The global giant will apparently be the anchor for a new warehouse development on a 40-acre site that could grow further if additional properties around the fringes are added to it. The site, between the east side of Interstate 77 and East 55th Street, is owned by trucking firm Morabito Enterprises Inc. It intends to sell the bulk storage facility to Atlanta-based Stonemont Financial Group to develop with two or three separate warehouse structures totalling 500,000 square feet.  Nearly two years ago, Amazon had considered locating in another Slavic Village development site on the west side of I-77. That location, the Job Ready Site in the Cuyahoga Valley Industrial Center (CVIC), would have hosted a 112,000-square-foot Amazon delivery station to be called DCL6 (the sixth Delivery Center Cleveland). But Amazon favoured development of a 123,355-square-foot facility, now under construction at a former drive-in movie theatre site on Memphis Avenue in suburban Brooklyn. The 40-acre plot in the CVIC is under consideration for Cuyahoga County’s new consolidated jail facility, or for relocating a container shipping yard to open up another potential jail site near the main post office closer to downtown.  Both of those options have met with opposition from Cleveland City Council, led by Ward 12 Councilwoman Rebecca Maurer. Amazon hasn’t given up on building a distribution centre on the city’s southeast side.Their latest acquisition was the 1.273-acre site of the former Mound Elementary School on Mound Avenue at East 55th. Acquisition of that vacant plot by the Morabito-Slavic Village Development partnership won approval in November from the City Planning Commission. Additional properties are being sought to give greater flexibility in placing large structures and parking areas for workers and trucks on the site. That may include acquiring more than a dozen mostly vacant residential parcels north of Mound as well as vacating Eliza Avenue plus portions of East 53rd and 54th streets.  The Morabito site was re-platted by the county at the end of December as a single parcel that also removed several dead street rights of way through the site, including for a portion of East 52nd Street and the entirety of Morgana Avenue. However, even if the Morabito land transferred today, it will still take up to two years to level the site, install new sanitary and storm sewers, electrical and communications lines, access roads, parking lots and construct new buildings for Amazon and other as-yet unidentified tenants. But the demand for light-industrial and logistic/shipping facilities in Greater Cleveland exceeds supply. Much of that demand has been provided by the growth in e-commerce. In just the last few years, Amazon has leased these new “Delivery Center Cleveland” facilities to serve the Greater Cleveland market: CLE1 – 2020 Euclid Ave, Cleveland (Hub Locker) CLE2 – 21500 Emery Rd, North Randall, 855,000 SF CLE3 – 1155 Babbitt Rd, Euclid 850,000 SF CLE4 – 2550 Columbus Road NE, Canton, 1 million SF CLE5 – 8685 Independence Pkwy, Twinsburg 248,000 SF There are also these Amazon delivery stations, which is what the Slavic Village facility would reportedly be: DCL1 – 26555 Bluestone Blvd., Euclid, 127,020 SF DCL2 – 2823 Gilchrist Rd., Akron, 640,000 SF DCL3 – 12111 Debartolo Dr., North Jackson, 43,200 SF DCL4 – 24800 Miles Rd., Warrensville Hts., 145,200 SF DCL5 – 2040 S Reynolds Rd., Toledo, 150,000 SF DCL6 – 10575 Memphis Ave., Brooklyn, 123,366 SF DCL7 -10801 Madison Ave., Cleveland, 168,750 SF Global Investments have seen a sharp increase in demand for properties in the Slavic Village area mainly fuelled by investor demand.  The smart investor is not looking to buy and flip properties immediately. A property purchase in Slavic Village today could look like a bargain in 2-3 years time when Amazons plans have been completed and the infrastructure is in place. Supply certainly will be highly demanded for employees and that will only increase prices.  If you are interested or wish for a call and more information on the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

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The Cleveland Real Estate Market 2021

Cleveland Ohio has been the best selling product for Global Investments for the past 3 years and is still going strong with a huge demand by both overseas and domestic investors. More than 50% of the households in Cleveland are occupied by renters, making the market perfect for rental property investors. Many recent reports have Cleveland as no.5 on the list of top housing markets to watch in 2021. The real estate market in Cleveland is competitive, with some homes going under contract the same day they are listed. One reason homes are selling quickly in Cleveland is that prices here are still very affordable, with the median listing price for a home in Cleveland only $100,000. Global Investments work with some of the top turn key suppliers and have available renovated and tenanted houses from as little as $55,000. The diversified economy helps keep the rental market strong in Cleveland. For a city that once relied on the manufacturing industry for growth, Cleveland has done a remarkable job of transforming its economy into a well-balanced blend of service, high tech, blue and white collar employment. Located along the southern shore of Lake Erie, Cleveland is just across from the Canadian border. The metro area is home to the Rock and Roll Hall of Fame, one of the worlds finest orchestra and major professional baseball, football, and basketball teams. Here’s just a few reasons why Cleveland could be one of the best places to invest in rental property in 2021.  POPULATION GROWTH In its in-depth study, “The Fifth Migration: A Study of Cleveland Millennials”, the Cleveland Foundation reports Cleveland ranks among the top 10 U.S. cities for population growth of college-educated millennials. That’s great news for rental property investors, because as CNBC recently noted, rental demand across the country is soaring as more millennials say it’s cheaper to rent than to own. Key Population Stats: Cleveland has a city population of nearly 400,000 and a metropolitan population of more than 2 million, ranking Greater Cleveland as the 33rd-largest metro area in the U.S. Population of Cleveland has declined 0.09% year-over-year. Net migration in Cleveland has remained steady, decreasing by only 870 residents since 2018. The median age of people in Greater Cleveland is 41, with about 37% of the population between the ages of 20 and 49. In the City of Cleveland, the median resident age becomes more youthful, dropping down to about 36 years. JOB MARKET  The unemployment rate in Cleveland is down to just 5.8% (as of Nov. 2020), according to the U.S. Bureau of Labor Statistics (BLS). As the economy in Cleveland continues to recover, job sectors showing the fastest signs of recovery include construction, manufacturing, and financial activities. While job growth in Cleveland has historically lagged behind some of the city’s peers, a recent report in Crain’s Cleveland Business notes that economic growth in Cleveland surpassed Tulsa, Albuquerque, and Memphis. The renewed focus on space exploration is good news for the fuel cell industry and the NASA Glenn Research Center in Cleveland. Companies with corporate headquarters in Cleveland include Applied Industrial Technologies, Cliffs Natural Resources, and Sherwin-Williams Company. The Federal Reserve Bank of Cleveland, one of only 12 Reserve Banks in the U.S., is in downtown Cleveland. Key Employment Stats: GDP of Cleveland is more than $118 billion, an increase of more than 12% over the past 10 years. Employment growth in Cleveland is 1.43% year-over-year, while median household incomes have increased by 7.08% over the same period.e metro area. The healthcare sector is one of the major employers in Cleveland, including the Cleveland Clinic, University Hospitals of Cleveland, MetroHealth, and Medical Mutual of Ohio. Biotechnology, fuel cell research, and technology are three of the growing employment sectors in Cleveland. In fact, Forbes recently speculated that Cleveland might become the country’s next technology hub. Despite the shift to professional service and high tech business, construction and manufacturing in Cleveland still account for a significant amount of employment growth. Nearly 3,000 new manufacturing jobs were created over the last couple of years, while the construction industry added more than 1,700 new jobs during the same period. Since 2009, per capita income in Cleveland has steadily grown and is now at $34,200 while median household income is $57,228. Nearly 32% of the adults in Cleveland hold an undergraduate degree or higher, about 10% higher than the rate in Ohio. Cleveland is served by five Interstate Highways and several freight railroads. The Port of Cleveland is a major bulk freight terminal on Lake Erie.  More than 5.8 million domestic and international passengers traveled through the Cleveland Hopkins International Airport (CLE) through the first half of 2019, while shipping facilities at CLE have handled more than 51,000 tons of cargo over the same time period.  Playhouse Square in Cleveland is the 2nd-largest performing arts center in the country, right behind New York’s Lincoln Center, and the Cleveland Museum of Arts is home to more than 40,000 works. Real estate investors who are pro sports fans will find Cleveland offers a winning combination: Major League Baseball’s Cleveland Indians, the NFL’s Cleveland Browns, and the NBA’s Cleveland Cavaliers. REAL ESTATE MARKET  Cleveland is ranked as one of the top housing markets to watch in 2021 by Forbes. The affordability of single-family homes in Cleveland is especially appealing to remote real estate investors and to people working from home. Successful real estate investors know how to make money in any market cycle, which is one reason people are investing in Cleveland rental property. Cleveland is one of the most recession-resistant markets in the U.S., according to Crain’s Cleveland Business.  When measured by the investment variables of home price volatility, home sales flips, average loan-to-value, and home price-to-income ratio, Cleveland ranks as one of the top four markets with the lowest risk of a real estate dip. Key Market Stats: Zillow Home Value Index (ZHVI) for Cleveland is $79,166 through November 2020. Home values in Cleveland have increased by 18.8% year-over-year and are forecast to grow by another 13.1% in the next 12 months. Over the past five years home values in Cleveland have increased by nearly 76%.

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