All Aboard Ohio tallies $5.5 billion in transit-oriented development in Cleveland

More than $5.5 billion worth of real estate investment has been or is being made within 2,000 feet of transit-rail or bus rapid-transit stations in greater Cleveland over the past two years, according to the passenger-rail advocacy group All Aboard Ohio.

Some of the investments — mostly by the private sector — were attracted or influenced in design by the presence of a nearby station, according to a recent inventory of real estate development projects measured by All Aboard Ohio, officials from the nonprofit organization said in a press release.

An example of one such transit-oriented development is the proposed $110 million Intesa mixed-use development slated to begin construction this year near the new Little Italy-Mayfield Red Line train station.

"All major cities in Ohio and across the nation are seeing significant investments in their urban cores, especially around fixed-guideway transit,” said Executive Director Ken Prendergast. "This is part of a trend that began before the recession when baby boomers began retiring and downsizing, while millennials began looking for communities that support low-mileage lifestyles."