In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.
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Cleveland and Columbus Grow with New Multifamily Developments
Both Cleveland and Columbus are gaining national attention for their accelerated growth. Both cities are experiencing upticks in their downtown and metro populations. Columbus was recently ranked the 14th largest city in the U.S. while Cleveland saw a 76% increase in residents between the ages of 25-34 since 2000.
The population increases have contributed to the increased multifamily development in each city’s metro area. A new apartment development along the Scioto River was recently announced in Columbus. Similarly, the city of Cleveland has a number of multifamily projects in the works, including a 34-story tower in Playhouse Square and a $50 million development for Ohio City’s One Twenty West apartments.
Developers have been working to meet surging demand in Columbus, as the city’s metro population grows to nearly 2 million. A total of 60 residential projects are either in the works or in the development pipeline, including Parks Edge Condominiums and Millennial Tower.
Cleveland is experiencing much of the same. Since 2000, developers have added more than 4,000 residential units downtown. As the downtown population soars to 14,000, occupancy remains above 90%.
Construction Wave Brings New Economic Opportunities to Cincinnati
A wave of new construction and mixed-use developments is hitting the greater Cincinnati area. The new I-71 MLK Interchange recently opened, which is among the additions and renovations to the city’s Uptown Consortium. The entire project is expected to spur many positive economic implications, including job creation and revenue for the city.
Similarly, the grocery chain Kroger announced plans to build a downtown grocery store at Court and Walnut Streets. The new location will serve as the anchor store to a $90.5 million housing development, which will include 139 units and an eight-story parking garage.
Developers and the Cincinnati Center City Development Corporation envision the development bridging the gap between Washington Park’s busy streets and Fountain Square.
Photo Credit: Michael Spring