Real Estate Development & New Home Construction

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Shane Kelly
  • Real Estate Agent
  • Cleveland, OH
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Can you acquire property from the city?

Shane Kelly
  • Real Estate Agent
  • Cleveland, OH
Posted Jul 13 2022, 12:49

So I have been exploring an idea to basically broker an assemblage between two investors that I had found through public information. They are both interested in each other's land and also another surrounding owner's land as well. There is one plot that none of them own though and it is owned by 'Cleveland City Of Lb91'. I've never looked into anything like this before, so I know almost nothing about it and am looking to learn. My questions at the moment are: 

What is 'Cleveland City Of Lb91'? They own 363 parcels of land according to a website called Regrid, and I'm sure it's something to do with the city, but who or what exactly is it and what will they do with land owned by them?

Is it possible to purchase land from a city in this manner? For example, if a person owned all of the plots on a block but one that is owned by the city, can they buy that plot from the city so they can develop that whole lot? And if yes, how would one go about buying it?

Any guidance is appreciated. Thank you.

Cleveland, Ohio

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Wayne Brooks
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 13 2022, 13:06

Pick up the phone and start calling the city…eventually you’ll figure what department controls it.

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James Wise
  • Real Estate Broker
  • Cleveland, OH
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James Wise
  • Real Estate Broker
  • Cleveland, OH
Replied Aug 16 2022, 13:32
Quote from @Shane Kelly:

So I have been exploring an idea to basically broker an assemblage between two investors that I had found through public information. They are both interested in each other's land and also another surrounding owner's land as well. There is one plot that none of them own though and it is owned by 'Cleveland City Of Lb91'. I've never looked into anything like this before, so I know almost nothing about it and am looking to learn. My questions at the moment are: 

What is 'Cleveland City Of Lb91'? They own 363 parcels of land according to a website called Regrid, and I'm sure it's something to do with the city, but who or what exactly is it and what will they do with land owned by them?

Is it possible to purchase land from a city in this manner? For example, if a person owned all of the plots on a block but one that is owned by the city, can they buy that plot from the city so they can develop that whole lot? And if yes, how would one go about buying it?

Any guidance is appreciated. Thank you.

 Pretty sure that's the land bank and yes you can buy properties from them. For the longest time you could buy land bank lots for $1 dollar.

https://cuyahogalandbank.org/

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James Wise
  • Real Estate Broker
  • Cleveland, OH
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James Wise
  • Real Estate Broker
  • Cleveland, OH
Replied Aug 16 2022, 13:37
Quote from @James Wise:
Quote from @Shane Kelly:

So I have been exploring an idea to basically broker an assemblage between two investors that I had found through public information. They are both interested in each other's land and also another surrounding owner's land as well. There is one plot that none of them own though and it is owned by 'Cleveland City Of Lb91'. I've never looked into anything like this before, so I know almost nothing about it and am looking to learn. My questions at the moment are: 

What is 'Cleveland City Of Lb91'? They own 363 parcels of land according to a website called Regrid, and I'm sure it's something to do with the city, but who or what exactly is it and what will they do with land owned by them?

Is it possible to purchase land from a city in this manner? For example, if a person owned all of the plots on a block but one that is owned by the city, can they buy that plot from the city so they can develop that whole lot? And if yes, how would one go about buying it?

Any guidance is appreciated. Thank you.

 Pretty sure that's the land bank and yes you can buy properties from them. For the longest time you could buy land bank lots for $1 dollar.

https://cuyahogalandbank.org/

 P.S.

Before going too crazy on the idea of buying $1 dollar lots in Cleveland you need to understand that in most areas where you can get $1 dollar lots you can't build a property for what they are selling for. For example, take Old Brooklyn, can get yourself a real nice duplex in the $100-$120k range. Same duplex would be like $200k+ to build. Yes there is the 15 yr tax abatement, but even with that you really would need to be in like Ohio City, Tremont, Gordon Square etc. for the numbers to work.........Lol problem is their ain't no $1 dollar lots in Ohio City, Tremont, Gordon Square etc.

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Shane Kelly
  • Real Estate Agent
  • Cleveland, OH
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Shane Kelly
  • Real Estate Agent
  • Cleveland, OH
Replied Aug 17 2022, 07:18
Quote from @James Wise:
Quote from @James Wise:
Quote from @Shane Kelly:

So I have been exploring an idea to basically broker an assemblage between two investors that I had found through public information. They are both interested in each other's land and also another surrounding owner's land as well. There is one plot that none of them own though and it is owned by 'Cleveland City Of Lb91'. I've never looked into anything like this before, so I know almost nothing about it and am looking to learn. My questions at the moment are: 

What is 'Cleveland City Of Lb91'? They own 363 parcels of land according to a website called Regrid, and I'm sure it's something to do with the city, but who or what exactly is it and what will they do with land owned by them?

Is it possible to purchase land from a city in this manner? For example, if a person owned all of the plots on a block but one that is owned by the city, can they buy that plot from the city so they can develop that whole lot? And if yes, how would one go about buying it?

Any guidance is appreciated. Thank you.

 Pretty sure that's the land bank and yes you can buy properties from them. For the longest time you could buy land bank lots for $1 dollar.

https://cuyahogalandbank.org/

 P.S.

Before going too crazy on the idea of buying $1 dollar lots in Cleveland you need to understand that in most areas where you can get $1 dollar lots you can't build a property for what they are selling for. For example, take Old Brooklyn, can get yourself a real nice duplex in the $100-$120k range. Same duplex would be like $200k+ to build. Yes there is the 15 yr tax abatement, but even with that you really would need to be in like Ohio City, Tremont, Gordon Square etc. for the numbers to work.........Lol problem is their ain't no $1 dollar lots in Ohio City, Tremont, Gordon Square etc.


 Makes perfect sense. I was not aware this was even a thing. I'm not sure how it will be useful to me, but it is another thing in my arsenal of knowledge. Thank you!

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James Wise
  • Real Estate Broker
  • Cleveland, OH
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James Wise
  • Real Estate Broker
  • Cleveland, OH
Replied Aug 17 2022, 09:55
Quote from @Shane Kelly:
Quote from @James Wise:
Quote from @James Wise:
Quote from @Shane Kelly:

So I have been exploring an idea to basically broker an assemblage between two investors that I had found through public information. They are both interested in each other's land and also another surrounding owner's land as well. There is one plot that none of them own though and it is owned by 'Cleveland City Of Lb91'. I've never looked into anything like this before, so I know almost nothing about it and am looking to learn. My questions at the moment are: 

What is 'Cleveland City Of Lb91'? They own 363 parcels of land according to a website called Regrid, and I'm sure it's something to do with the city, but who or what exactly is it and what will they do with land owned by them?

Is it possible to purchase land from a city in this manner? For example, if a person owned all of the plots on a block but one that is owned by the city, can they buy that plot from the city so they can develop that whole lot? And if yes, how would one go about buying it?

Any guidance is appreciated. Thank you.

 Pretty sure that's the land bank and yes you can buy properties from them. For the longest time you could buy land bank lots for $1 dollar.

https://cuyahogalandbank.org/

 P.S.

Before going too crazy on the idea of buying $1 dollar lots in Cleveland you need to understand that in most areas where you can get $1 dollar lots you can't build a property for what they are selling for. For example, take Old Brooklyn, can get yourself a real nice duplex in the $100-$120k range. Same duplex would be like $200k+ to build. Yes there is the 15 yr tax abatement, but even with that you really would need to be in like Ohio City, Tremont, Gordon Square etc. for the numbers to work.........Lol problem is their ain't no $1 dollar lots in Ohio City, Tremont, Gordon Square etc.


 Makes perfect sense. I was not aware this was even a thing. I'm not sure how it will be useful to me, but it is another thing in my arsenal of knowledge. Thank you!