Major Real Estate Development Projects in Cleveland

I wanted to highlight a few of the large scale real estate development projects proposed or currently under construction across Cleveland and Northeast Ohio. These developments vary in size and span across asset classes, including industrial, office, mixed-use and sports facilities.

• Sherwin Williams Downtown Headquarters and R&D Facility
  • The 616 foot tall, 1 million SF skyscraper is set to open in downtown Cleveland in early 2025. In addition to the office building, Sherwin Williams is also building a 600,000 SF research and development facility in suburban Brecksville, which will be located in the middle of a brand new mixed-use development called Valor Acres. On top of that, there are rumors that Sherwin Williams will need to build another office tower downtown to accommodate additional employees due to the company’s continued growth.

• Ford Plant Expansion in Avon Lake
  • In the spring of 2026, Ford is set to complete the expansion of its Ohio Assembly Plant in Avon Lake. The expansion will allow Ford to produce an all new electric commercial vehicle for Ford Pro customers. Ford’s warehouse and assembly plant currently employs ~1,740 people, with that number set to nearly double once the expansion is complete and the facility is up and running. Ford is pouring $1.5 billion into the industrial real estate project.

• Cleveland Clinic Expansion
  • The Cleveland Clinic is busy adding to its existing real estate footprint in University Circle. First, the Sheikha Fatima bint Mubarak Global Center for Pathogen Research and Human Health is currently under construction. A pair of office and research buildings totaling 296,000 SF are expected to open in 2025, with a price tag of $420 million. The state of the art facilities will feature research labs, office space, class rooms and a café.
  • In addition, the Cleveland clinic is currently building a 1 million square foot Neurological Center in University Circle, along with an expansion of the Cole Eye Institute (expanding 150,000 SF and renovating existing building).

• Bedrock’s Tower City Riverfront Project
  • The first phase of Bedrock’s Riverfront Master Plan is already under way. The new Cleveland Clinic Global Peak Performance Center is set to begin construction by the end of 2024. The state of the art facility will be the new practice facility for the Cleveland Cavaliers.
  • In addition to the Cavs practice facility, the Cleveland Clinic will operate a world class sports science and performance center for athletes around the world to receive training and healthcare services. The facility will span 210,000 SF when completed, and is the first phase of Bedrock’s $3.5 billion master plan to revitalize the Cuyahoga Riverfront in downtown Cleveland.

• Erieview Tower Revamp
  • The 40 story Erieview Tower in downtown Cleveland is poised for new life. Developer James Kassouf is planning to redevelop the tower into luxury apartments under Marriot’s ‘W’ brand. The total project cost is estimated at $78 million dollars. The developers received $55 million in taxable lease revenue bonds from the Cleveland Port Authority earlier this summer.
  • Construction is expected to start at the end of 2024, with a completion date set for 2026. In addition to luxury apartments, a Marriot ‘W’ hotel and revamped office space could be in the works. Erieview Tower is one of Cleveland’s tallest skyscrapers and totals more than 700,000 SF.

• Cleveland Browns Stadium
  • Perhaps the most talked about real estate project in Cleveland is the one that is the most uncertain: Cleveland Browns Stadium. Earlier this summer, the Browns released renderings for a brand new $2.4 billion domed stadium in Brook Park near Cleveland Hopkins International Airport.
  • The Browns current home along the shores of Lake Erie is in need of repairs (at an estimated cost of $1 billion). The city of Cleveland has proposed keeping the Browns downtown at their current stadium by providing nearly ~$500 million for stadium renovations. The city also released renderings of a reimagined neighborhood and lake front park surrounding the stadium. The Haslem family, owners of the Browns, are seeking to create a similar mixed-use development in Brook Park if the Browns do end up moving south along I-71. Only time will tell what the outcome will be.

There are many other notable commercial real estate projects taking place across Northeast Ohio. These projects will have a tremendous impact on the trajectory of the region and I can’t wait to see them get built.