Greater Cleveland Partnership’s Post

🌟 The City of Indianapolis - Department of Metropolitan Development Shares exciting plans for the temporary closure of the Indianapolis City Market house, marking a significant moment in its rich history. We are excited to embrace the opportunity for transformation and renewal. The Indianapolis City Market house will temporarily close for renovation, starting March 1, 2024. This renovation, spurred by the Department of Metropolitan Development (DMD) and Indianapolis City Market Corporation, aims to preserve the market's legacy and enhance its future. Key points: - Director of DMD, Megan Vukusich, emphasizes the need for substantial investment to sustain the market's legacy. - Renovations will address structural components based on a 2021 assessment. - The Indianapolis City Market Corporation, in collaboration with DMD, will oversee future operations, supporting local vendors and community initiatives. - Keisha Harrison, Executive Director of the Indianapolis City Market Corporation, expresses excitement for the market's revitalization. - The closure is part of the City Market East and West Plaza Redevelopment project, contributing to the area's growth. - Support for affected businesses includes financial assistance and relocation guidance. 🎉 For details, visit the Indianapolis City Market Corporation's website: www.indycm.com. Additional information: - Indianapolis Original Farmers’ Market: https://lnkd.in/g4Y8_gq8 - City Market East and West Plaza Redevelopment project: https://lnkd.in/guZzrnSx #IndyDMD #CityMarketRevitalization #MileSquare

ICYMI: Construction of the Cleveland Clinic Global Peak Performance Center—a 210,000 sq. ft. state-of-the-art facility and the first phase of Bedrock's $3.5B Downtown Riverfront redevelopment—is officially underway. 🏗️ The center will serve as the new HQ and practice facility for the Cleveland Cavaliers. Once complete, the riverfront development will span 12 acres along the Cuyahoga River, featuring 2,000 new housing units and over one million square feet of office, retail, and entertainment space. City officials estimate it will create more than 30,000 direct jobs and generate over $10 billion in new tax revenue over the next 30 years. #GreaterCLE #AllIn Cleveland Clinic Cleveland Cavaliers Bedrock Detroit City of Cleveland - City Hall

Many cities located around Detroit are frequently lumped together under the “metro Detroit” label, giving the impression that they’re all the same and all one place. However, metro Detroit actually includes more than 60 cities across several counties. These cities are unique and provide diverse economic and recreational opportunities in a concentrated area. Nestled between two of metro Detroit’s larger cities—Livonia and Farmington Hills—lies a smaller city: Farmington. Kate Knight, executive director of the city’s Downtown Development Authority, sees new development as an opportunity to invigorate the community and bring value aesthetically, financially, and recreationally to Farmington. In a desirable, high-traffic corridor of downtown sits a property in need of a major overhaul. Previously a family-run dental lab, this site provides Knight with the space to transform what is now unused land into a mixed-use development offering residential and commercial units. It’s not a quick progression from vision to development, but the reward comes from putting in the extra effort to keep the momentum going—a benefit of being involved with the predevelopment assistance partnership. Knight said she is grateful for the support received through the predevelopment assistance partnership as it increased the pace of the redevelopment process. Onsite visits, visioning package creation, and other program opportunities were integral in getting Farmington’s plans to where they are now, with expectations to add more projects to the roster in the near future. “We are seeing the kind of development that we’d want to see in the next five to 10 years happening now,” Knight said. “A brewery, pharmacy, and new eateries, all building off investment help from the public sector.” The reimagining of a 50-year-old family business will soon become a part of Farmington’s redevelopment celebrations, creating jobs and contributing to the city’s fiscal growth and increasing its current 97% downtown occupancy rate to even greater heights. Through our relationships with local leaders, education, counsel, and partner networks, the Michigan Economic Development Corporation and the Michigan Municipal League continue to support communities across the state in setting the tone for investment that advances local priorities. To dig deeper into the predevelopment assistance report, download a copy for yourself at https://lnkd.in/gtKdbax6. Find out more information about Redevelopment Services at https://lnkd.in/gaRJSPJv. #RRC #RRCommunities FARMINGTON DOWNTOWN DEVELOPMENT ASSOCIATION

I sat this weekend looking out the window towards the John Hancock Center, and it’s still wonderful to observe. When completed in 1969, it became the second tallest building in the United States. Its structural cross-bracing was the first of its kind and an engineering marvel. It was the most unique structure since the Empire State Building. This was a perfect building in an ideal location 55 years ago. Top Architects and builders in the world were assigned to innovate. Then it sank in. Owners and developers need a vision for the future of community connectivity because we are losing it fast. We could not fathom that a pandemic would advance the decimation of this Magnificent Mile corridor of Chicago that lacks efficiency to our lives. People refuse to take 45 minutes to travel west a few miles towards our highways and central transit. We routinely see scooters and walkers pace faster than the vehicles that smother our city. A vision of connected live, work, play, COMMUTE must advance now. The ineffectiveness of road and rail in the east of the city has transitioned to unveiling the new. Fulton Market’s vibrance, cobblestone, and warmer feel are what 2030 professionals will double down on. As a builder, I am committed to constructing Chicago's path to a city with greater potential to serve the new professional. US cities are competing for talent, and it's up to us to create safe, affordable, clean, secure, connected, and happy cities that fill us with hope & purpose - for both businesses and citizens. New businesses must think and breathe a Chicago with more significant opportunities than Miami, Dallas, Phoenix, Nashville, etc. We must learn and act fast. Our buildings depend upon it. #constructiontitan 🦺🦺🦬🦬 #Chicago #communityconnectivity #architecture #cityplanning #talentcompetition #professionalopportunities #citiesofthefuture #developers #architects #engineers #hope #generalcontractor #construction #connectedcities

🏙️ When Public-Private Partnerships Transform a City: A Success Story in Urban Revitalization Can the collaboration between private real estate and local government truly change the urban landscape? Here’s a powerful example of how it can. In 2023, a significant public-private partnership between the City of Detroit and a private real estate investment firm, Bedrock Detroit, delivered a stunning example of urban revitalization. The Hudson’s Site Development Project in downtown Detroit stood as a symbol of collaboration, determination, and the power of working together to create meaningful change. Once an underutilized area in the heart of Detroit, this site had been vacant since 1998. The local government wanted to turn it into a space that would revitalize the downtown core but lacked the resources to make it happen alone. Enter Bedrock Detroit, which partnered with the city to create a 1.5 million-square-foot mixed-use development, blending retail, office, residential, and public spaces. By combining resources, expertise, and vision, the project was designed to not only create a modern, multi-functional development but also bring thousands of jobs and stimulate economic growth in the area. The government streamlined zoning and permitting processes, while Bedrock Detroit invested heavily in construction, design, and tenant recruitment. A once-abandoned site transformed into one of Detroit’s most ambitious urban developments in recent history. This project: - Generated over 5,000 construction jobs and is projected to create thousands of permanent jobs in the retail, office, and hospitality sectors. - Revitalized the downtown area, drawing in new businesses, residents, and visitors. - Became a symbol of Detroit’s ongoing renaissance and the potential for public-private partnerships to drive urban renewal. What other cities do you think could benefit from similar public-private partnerships? Have you seen similar success stories in your market? #UrbanRevitalization #PublicPrivatePartnership #CRESuccess #DowntownDevelopment #DetroitRenaissance #OfficeMarkets #CRETrends

Cleveland is on the brink of a monumental transformation. Mayor Justin M. Bibb has unveiled a groundbreaking $1 billion+ incentive package to support Bedrock's ambitious $3 billion plan for revitalizing Tower City Center and the Cuyahoga River's eastern bank. This visionary project aims to convert underutilized spaces into a vibrant neighborhood featuring 2,000 new residential units, over a million square feet of office space, retail and entertainment venues, and 12 acres of riverside parks and promenades. 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: • $600 million from tax-increment financing (TIF) for development costs. • $115 million from the "Shore-to-Core-to-Shore" TIF district for public infrastructure. • Creation of 400 affordable housing units. • Significant contributions to workforce development and minority-owned businesses. This initiative is poised to generate billions in economic benefits, including job creation and substantial public access to the riverfront. It's an exciting step towards realizing Cleveland's potential as a "two-waterfront city." For more details, check out the full article from cleveland.com in the comments. #Cleveland #UrbanDevelopment #EconomicGrowth #Infrastructure #Sustainability #CommunityDevelopment City of Cleveland - City Hall

Honored to have been invited to speak tonight at GauRav Khanna’s class at NYU Schack Institute of Real Estate - Real Estate Valuation and Feasibility Analysis. I shared tenant perspectives of the New York office market, talked about the different ways companies are working and the future of work. And was surprised with a very interesting question. If I was given a check to invest in office real estate in New York City. Where would I invest, how would I invest and why? After a long pause here’s my answer: I would do an assemblage of buildings between 7th and 8th Avenue somewhere between 34th and 40th streets. demolish and then rebuild an A+ building - amenity rich - lots of glass and very tall. My why ? I think with Hudson Yards , the redevelopment of Penn Station, the coming multi billion investment in the Port Authority - there will be spillover to the Garment District and the old buildings will be torn down and there will be massive redevelopment. I think we will look back in 15-20 years and say I remember when … So if you had to make a contrarian investment in New York office space right now - where would you invest and why ? 👇

EQT Exeter Picks up Duluth Flex Park, EQT Exeter paid $36.25 million ($125/square foot) for an office/industrial portfolio within Satellite Place at Commerce Ave in Duluth, Georgia. The portfolio, spanning 289,921 square feet, is a collection of four flex industrial /R&D/office buildings. The offering comprises three industrial buildings at 2405, 2425 and 2450 and one single-story office building at 2400. The assets traded from Satellite Place Property, LLC and Satellite Commercial Property, LLC, to  EQT Exeter. Newmark’s Casey Keitchen brokered the deal on behalf of the sellers, “The new ownership plans to convert the asset to a higher industrial finish ratio over time.” EQT Exeter says it offers modern, […] Gillian Executive Search recruiters in construction management, real estate development, architecture

🛣️A $90 million bridge to nowhere. 🏒Crazy story and project involving the Carolina Panthers NFL team! Located ten miles south of the NC state line, Exit 81 off Interstate 77 was built for the Carolina Panthers’ new Rock Hill HQ and practice facility in Rock Hill. Unfortunately, the team quit the $2 billion project two years ago and filed for bankruptcy over legal proceeding disputes with the municipalities involved. The building was blasted and just like that, we now have a bridge to nowhere. There is much discussion on what should take the place of the facility and would optimize the site. 🔬The mayor wants to bring in life science companies and advanced innovative manufacturing, noting that distribution, warehouse, or large-scale residential don't bring in high-paying jobs. 🔋However, according to The Herald, there is a proposal on the table to combine energy and media companies on a shared campus. The first of two phases of the new project would bring more than $1 billion of investment and the development would include a 200-bed children’s and women’s hospital, plus a convention and event center, an entertainment complex, a performing arts site, three hotels, a private school, a senior living facility and high-rise condos, and two six-story office buildings. (via The Herald) While not ideal at the moment, the exit bridge presents a tremendous opportunity for economic development that yes, can include life sciences and advanced innovation companies, but it doesn't have to end there. 🌲I'd like to see the site developed so that it not only brings high-paying jobs but also improves the area's quality of life with a high walkability quotient, a variety of amenities, green spaces, community themed retail, and more. Let’s create something unique that embodies the Carolinas, the way the Panthers do, but also looks toward the future! Thoughts? 📍Read more at: https://bit.ly/3Wjlcog

🔹 Transforming Birmingham: Real Estate Success Stories🔹 From once blighted landscapes to vibrant, thriving properties, Birmingham’s urban renewal is a testament to vision, hard work, and strategic investment. 🏗️ **Revitalization Process** Through innovative planning and collaboration between developers, city officials, and community stakeholders, Birmingham has seen remarkable property transformations. Empty lots and dilapidated buildings have been reborn as bustling hubs of activity. 🌟 **Key Success Stories** 1. **Pizitz Building**: Previously an abandoned department store, it now hosts a vibrant food hall, office spaces, and residential units, breathing new life into downtown. 2. **Avondale Brewing Company**: Once a forgotten area, now a lively community space that has become a catalyst for further neighborhood development. 3. **Regions Field**: A decrepit warehouse district now transformed into a state-of-the-art baseball park, sparking economic growth and a renewed cultural identity. 🔍 **What We Can Learn** 1. **Community Engagement**: Successful projects prioritize the needs and voices of local residents, ensuring development benefits everyone. 2. **Adaptive Reuse**: Investing in the creative reuse of existing structures preserves history while creating modern value. 3. **Public-Private Partnerships**: Collaborations between public sectors and private enterprises have proven essential in driving these transformations. 📈 **Impact on Birmingham** The revitalization efforts are not just about aesthetic enhancements. They've resulted in job creation, increased property values, and enhanced community pride. This resurgence provides a blueprint for other cities facing similar challenges. 🔗 **Getting Involved** Real Estate Professionals: Consider the potential of similar projects in your areas. Community Leaders: Engage with local developers and officials to voice your perspectives. Investors: Seek out opportunities in underutilized urban areas – Birmingham’s success shows the significant returns. Birmingham’s journey from blight to bright underscores the power of strategic vision and collaborative effort. Let’s continue to champion and learn from these exceptional transformation stories. #UrbanRenewal #RealEstateTransformation #BirminghamSuccess #CommunityImpact #PropertyDevelopmentseriousserious