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How Developers Are Turning Office Space Into Cleveland's Next Batch of Housing
We outline five housing projects currently underway in downtown Cleveland.
news
8:00 AM EST
March 21, 2022
Story:
Collin Cunningham
Stroll along Euclid Avenue, and you’ll find yourself within walking distance of more than 10 new or under-construction residential developments following a pandemic jump-start.
“We’re right around 90% occupancy of the housing market, and we have just over 9,000 rental units,” says Michael Deemer, president and CEO of Downtown Cleveland Alliance. “That’s probably around 1,000 units across downtown that are available.”
The ongoing pandemic revealed a two-way street for downtown housing and businesses — and Deemer isn’t just talking about Euclid Avenue. COVID-19 both increased the desire to live in walkable neighborhoods and decreased the need for
office space, a perfect storm for a flood of repurposed developments in downtown Cleveland.
It’s no coincidence that white quartz countertops and stainless steel stoves have replaced cubicles and desks. A December report from Downtown Cleveland Alliance shows that Cleveland’s office buildings are seeing just 58% of the foot traffic they had in February 2020.
Deemer says the housing renaissance follows a landmark year for downtown, with the district passing 20,000 residents in 2021. Currently, 600 housing units are under construction with 3,000 more being planned, targeting frontline workers and young professionals making their way downtown.
So far, it all seems to be working.
“We have the largest residential downtown in the state of Ohio,” says Deemer. “It’s the fastest-growing neighborhood in the Northeast Ohio region, and it’s become an increasingly important part of the downtown economy.”
more:
https://clevelandmagazine.com/in-the...tch-of-housing