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Reasons to Read: Predictions for 2011 
With the approach of the new year, journalists everywhere are either reviewing 2010 or making predictions for 2011. For my last e-newsletter of 2010, I thought that I'd make some predictions.   

I'll get the easy ones (i.e. those requiring no supporting analysis) out of the way first. In the world of sports, no professional sports team from Cleveland will win a championship in 2011. (Like I said, these are the easy predictions.) However, local college and high school teams will continue to rack up championships, reinforcing the idea that the local amateur athletes deserve our support and attention more than the professionals. In the world of state and national politics, the party now in power will prove to be as inept as the party that just lost power.  (I wrote that in such a way that I can use it every year.)  Locally, however, the voters' decision to create a new form of county government will prove wise as the Cuyahoga County Executive, overcoming the lack of support from a bumbling County Council, will improve efficiency and turn the corner on corruption.

Predictions relating to the construction industry, which are based on actual data, follow.  Read on to see if you agree.     

Best wishes for 2011,

Jim Dixon
216-515-1642
Numerous High Profile Construction Projects Will Force  Greater Clevelanders To Cast Aside their Pessimism

Have you traveled down Euclid Avenue lately?  CSU has completely changed the look of the ten blocks that stretch from East 17th to the bridge over I-90 (which should be capped to help continue the momentum). In 2011, groundbreaking on the projects on the following list will create numerous construction jobs, dramatically alter our "built environment" in several key locations, and force Greater Clevelanders to set aside their pessimism.  The links in the following lists includes images of the proposals in place, so you can visualize what the future holds:

  • The corner of Huron and Ontario that overlooks the river's Collision Bend will never be the same after construction begins on the new casino project;
  • The corner of Euclid and Mayfield will soon feature an iconic new home for the Museum of Contemporary Art Cleveland;
  • Behind MOCA, the new Uptown development will extend the growth the length of that block and cover the old "moon lot" that has occupied the other side of that corner for so many years;  
  • A few blocks to the west at Euclid Ave. and East Blvd., CWRU will advance plans to construct a student center on the space behind Severance Hall;
  • The corner of Old River Road and Front Ave. will now host the Flats East Bank project, which has overcome financing difficulties and is set to move forward with construction of a hotel, offices, and a new park;
  • From Ontario east to East 6th Street, between Lakeside and St. Clair, we will finally see work begin on the spectacular new home for the medical mart and the exciting renovation of the convention center; and,
  • Most of downtown and the interface with the lake could be remade if the City has the ability to follow through with plans presented to the Group Plan Commission, a group that will forward proposals to the Mayor on Valentine's Day. 

This, of course, is not an exhaustive list of 2011's major projects, but it shows that dramatic and positive changes are in store.

Residential Construction Will Rebound

While one journalist agrees that the projects on the preceding list will give Cleveland a lift, not many agree with this prediction for 2011.  If you have followed the articles posted in this space relating to the beleagured housing market, you have learned, like I have, that a turn-around will depend largely on three key factors: (1) the supply of foreclosed homes must diminish; (2) the employment picture must improve; and (3) financial institutions must increase lending. Though the NAHB reports that, nationally, builders remain pessimistic, and the S&P/Case-Shiller index points to a double-dip both locally and nationally, I see signs of hope in the improving employment  figures state-wide, some reports that financial institutions are lending, and the diminished number of sheriff's sales locally.  And, setting aside one of my concerns about the "new normal" in housing, the brutal market has not diminished the desire of Americans to own a home.  

Disclaimer
This document is intended to provide general information about legal developments, not legal advice. Receipt of this information does not create an attorney-client relationship.