Ohio Markets Commercial Real Estate News Brief: March 2017

0 CommentsBy

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.

Keep up with Spaces’ monthly recaps—subscribe today.

Mixed-Use, Distribution Space Planned in Cincinnati

New mixed-use and distribution developments are in the works for Greater Cincinnati.

The Kroger Co. recently announced its upcoming development of a $60 million distribution center in Greater Cincinnati, which will also add nearly 100 new jobs this year.

The distribution center will be housed at Park 536 in Florence and will undergo construction to open later this year. The center will be used as a replenishment center to serve Kroger’s eastern direct-to-store distribution centers. Construction comes at an ideal time as growth in e-commerce continues to spur strong industrial market performance, including in the distribution and logistics sector.

A new $100 million mixed-use development will also begin construction in Montgomery, growing both in scope and size with the addition of 10 more acres of land. Though construction is pushed back, the site will include both commercial and retail space, as well as luxury condominiums, restaurants and a hotel.

Downtown Cleveland and Its Submarkets Are in for a Makeover

After successfully completing a number of projects in preparation for the Republican National Convention, another slew of projects have been announced for the Cleveland area. Among some of the most notable announcements include the nuCLEus project and the $140 million Quicken Loans Arena renovation.

While the nuCLEus and Quicken Loans Arena developments aren’t expected to be complete until 2019 and 2020 respectively, other mixed-use projects are in the works. Construction on the 925 Building—formerly known as the Huntington building—will begin this spring. The renovation will transform the site into a mixed-use property with a hotel, office, retail and residential space.

Other upcoming projects include the One University Circle residential tower, the three-mile Opportunity Corridor development and the Link 59 project along Cleveland’s Health-Tech Corridor.

Development Shows No Sign of Slowing Down in Columbus

The city of Columbus was recently named among the top 10 cities for economic development in Site Selection’s annual report, ranking eighth overall with 87 projects. Rankings are based off the previous year’s development. This year’s ranks highlighted major projects, including UPS’s $175 million ground hub expansion and Dollar Shave Club’s $4.5 million distribution plan in Grove City.

What’s more is development shows no sign of slowing down in Columbus. The Columbus Downtown Development Corporation (CDDC) announced plans for a 21-acre mixed-use development, complete with retail, office and residential space, as well as a hotel.

While there is no official start date for construction as the CDDC searches for a developer, this amount of downtown space quickly translates to nearly seven new office buildings, multiple mid-rise residential buildings and up to two hotel constructions downtown.

Photo Credit: Jaokedal

Leave a Reply

Your email address will not be published. Required fields are marked *