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City of Cleveland
Brownfield Redevelopment in the Health-Tech Corridor
Brownfields 2013May 17, 2013
Health Tech Corridor
The Health Line
The Health Line
$200,000,000 Investment Downtown (Public Square) to East
Cleveland Re-orientation of Traffic Flow Transit & Pedestrian Friendly Cleveland Clinic & UH - $6M for Naming
Rights
Brownfield Issues
Brownfield Corridor
Brownfield Redevelopment Tools
Brownfield Assessment Program• Phase I/Phase II
Brownfield Clean-up• Clean Ohio Program
Land Banking Leveraged Investment
• VPI Program• HUD 108/BEDI• Land Bank Proceeds
Brownfield Issues
- Historical Commercial/Industrial Land UseSoil ImpactsGround Water Impacts
- Asbestos- Vacant Land Foundations, Footers, Fill Material
Development Strategy
New Investment Spurred by BRT Health Line
Strategy
Create Opportunities for Development Leverage Institutional Investment Take Advantage of Strengths & Assets Exploit “Branding” Power of BRT Concentrate on BRT Ridership Build off of Existing Clusters
Project Successes
Pierre’s Ice Cream
75 year central NRSA company in our HEALTH TECH CORRIDOR
Could not get a Bank Loan 35,000 sq ft expansion to retain 50
jobs $6,900,000 HUD 108 $2,136,754 Equity from Company Needed a Waiver for Public Benefit
Midtown Technology Center
150 New Jobs to be created Part of the Health-Tech Corridor Needed a Waiver for Public Benefit HUD 108 Leveraged NMTC No bank financing available- City and
State only 90+% Leased
Midtown Technology Center
128,000 sf post incubator space
New home of Jumpstart, Cleveland Heart Lab and Chamberlain School of Nursing
Midtown Technology Center Bldg 2 - 7000 Euclid
• 48,000 square feet
• Office/ technology
• LEED Building• Free parking• On the Health-
line for easy access to institutions
Midtown Technology Center
• $10,700,000 HUD 108 (EZ)• $ 240,000 City of Cleveland Vacant
Property Forgivable Loan
• $ 4,153,500 New Market Tax Credit Equity • $ 1,600,000 Equity • $16,693,500 Total Project
• Debt reserve funded by HUD 108 for HUD 108 is $321,000
• TIF Debt reserve is estimated at $154,000 per year (cumulative)
Uptown - Mixed UseCase Western’s College Town
Phase I complete
•66,000 sf retail
•102 Apartments
•$44.5 m project cost
•Phase II closing Dec 2012
Conclusions
Use BRT as a Brand Use Brownfield Resources to Create
Developable Sites Bring Institutional & Private Partners to
invest in the area Generate Momentum toward future
development
City of Cleveland Department of Economic Development
Contacts:David EbersoleBrownfield Program Manager(216) 664-2204 [email protected]
