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RETHINK CLEVELANDEconomic Development: Recent Wins & the Road Ahead
Cleveland Leadership Center: "We are Cleveland: Leading
for Change
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Recent Wins- ApartmentsProject Total Units Est. ResidentsTotal Existing Apartments & Condos 7,409 14,000Apartment Projects (Under Construction)Leader Building 230 345Garfield Building 160 240Standard Building 287 430CSU West Residential (JCF Bldg) 217 50975 Public Square 90 135Upcoming Apartment Projects (Proposed)925 Euclid 550 825May Company 353 530Worthington Building (Johnson Ct) 86 129515 Building 200 300Weston Citimark Project (Phase I) 352 528Northcoast Harbor 1000 1500Halle Building 240 360nuCLEus Project 500 750Cleveland Athletic Club 177 266
Grand Total 11,851 20,847
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Recent Wins- HotelsHotel Name # of Rooms12 Existing Downtown Hotels 2,593The Westin Cleveland Downtown 484Aloft Cleveland Downtown 150Metropolitan Hotel at The 9 140Hilton Cleveland Downtown 600Kimpton Schofield 122Drury Plaza 189Total Hotel Rooms Downtown 4,6783 Existing University Circle Hotels 611Holiday Inn 276Marriott Courtyard 153Total Hotel Rooms University Circle 1,040Total Airport Area Hotel Rooms 1,679Total Downtown, UC & Airport Hotel Rooms in Cleveland 7,397
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Recent Wins- Offices Current Jobs Total Project CostErnst & Young 1119 $134,691,147
Human Arc 326 $30,000
Rosetta 282 $3,400,000
AmTrust 1,083 $24,486,533
Dwellworks 91 $227,550
Cleveland Research Company 75 $1,200,000
GMAC 511 $500,000
BrandMuscle 203 $630,000
Dakota Software 49 $114,000
Hartland 66 $450,000
Inforce Technologies 17 $60,000
Spero Smith 15 $29,000
Dealer Tire 450 32,800,000
IBM Explorys 170 $11,100,000
4,457 $209,718,230
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Industry Clusters for Cleveland • Mohr Partners- Cluster Analysis
– Suppliers, Workforce, Sales & Distribution
• Industry ClustersØAutomotive Manufacturing ØBanking & FinanceØElectric & LightingØ Food ProcessingØHealth Technology
Ø Information TechnologyØ Management
Companies/EnterprisesØ Oil & GasØ Paints and Coatings
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Local Economic Trends• Positive Real Estate Trends
– Demand for Residential Rental Remains Strong– Vacancy Rates for Office lower with conversion of Class
B & C and urban movement following millennial workforce
– New Class A seeing positive occupancy– Transit Access Increasingly more Important– “Hot” Markets seeing Investment– Rental Rates are moving up– Cleveland as a Tourist Destination
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The Road Ahead• Larger developments still need incentives• Cost of construction the same of higher than
Chicago, but rents far lower• Workforce shortages in some key areas-
Software dev., CNC, welding, truck driver-threaten growing businesses
• Persistent poverty needs to be addressed-economic inclusion makes our region stronger
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Development Areas in Cleveland• Attracting Developers Locally & From Out of
Town – Health Tech Corridor– Ohio City– Downtown– University Circle– Gordon Square
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Health Tech Corridor: Completed Projects
Long Term Anchor Strategy• New Construction & Renovation• 400,000 sf complete; 99% leased
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Health Tech Corridor: Development Sites
• Long Term Brownfield Clean-up Strategy• 11 Acres just sold for a University Hospital Women &
Children’s Clinic and to Hemmingway Development for a Med Tech Campus
• 2.5 acres being sold for hotel development• Available sites being assessed for brownfield clean-up
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Ohio City: Development MapHingetown
Public Infrastructure
Lorain Ave & 45th Area
Ohio City 25th St Area
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Detroit ShorewayCity Infrastructure-Parking, Streetscape, Connectors, Shoreway
City Econ. Dev. Funded Projects
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Downtown Business District: Recent/Upcoming Developments
Drury Hotel Source: cleveland.com
Public Square renovation rendering Source: cleveland.com
The 9 Source: cleveland.com
Heinen’s Source: cleveland.com
Hanna Annex: Residential
Scofield Building: Apartments and Kimpton Hotel source: Cleveland.com
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Lakefront Development Plan
• 1,000 residential apartments• 80,000 square feet of
commercial office space • 50,000 square feet of retail
and restaurant space • 21 acres of lakefront
property
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FlatsPhase I: • 500,000 sf Office (Anchor: Ernst & Young Hdqtrs)• 55,000 sf Retail• 150 Room Aloft Hotel• Opened May 2013• New Infrastructure: Sewers, Pump Station,
ElectricPhase II:• 243 Units of
Housing• 1200 ft Boardwalk• Retail &
Entertainment Venues
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NuCLEus
nuCLEus rendering Source: cleveland.com
• Stark Enterprises• 500 Residential Units• Two new parking garages-
1,600 spaces• 130,000 square feet of retail• 200,000 square feet of new
office • “Bridge” will be a new hotel
space
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University Circle: Current Developments• UC-3: Former Third District Police Dept,
Moving the MLK Library, east side of Stokes: 10600 Chester Ave (Midwest Partners)– 1.6 acre site– Apartments, Retail, Parking– New MLK Library– Makes the neighborhood walkable
• Centric (Midwest Partners): – 2.2 acre site– Mixed use with apartments, office, retail
space, and parking– Phase I: Apartments
• Innova (Finch Group)– 177 Apartments– Ground Level Retail
• One University Circle: (First Interstate)– 14+ story luxury apartment building
UC-3 rendering
Innova rendering
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Important Initiatives:Nine Twelve District
• In 2010- Highest Level of Blight per State Standards
• Stakeholders Came Together
• Lack of Parking & Green Space
• New Parks, Free Trolley Service to Parking
• Over $500 million in New Investment
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For more Information:
Tracey NicholsDirectorEconomic Development(216)[email protected]
Our website: www.rethinkcleveland.org