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National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"
 

National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"

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  • Health-Tech Corridor has been a success for the strategy.Investments in downtown, Midtown and University Circle that have taken advantage of the transportation investment and leveraged private $$$.Rosetta in Downtown – Young “Creative Class” company seeking proximity to transit and entertainment and live-work.Midtown Tech Center and a number of other developments in MidtownUptown, Hotels – University Circle’s strength as a place for residents, a tourist site (museums, orchestra, etc. – in addition to the Univeristy), and place of business

National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields" National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields" Presentation Transcript

  • City of ClevelandBrownfield Redevelopmentin the Health-Tech CorridorBrownfields 2013May 17, 2013
  • Health Tech Corridor
  • The Health Line
  • The Health Line $200,000,000 Investment Downtown (Public Square) to EastCleveland Re-orientation of Traffic Flow Transit & Pedestrian Friendly Cleveland Clinic & UH - $6M for NamingRights
  • Brownfield Issues
  • The Health Tech Corridor-Before
  • Brownfield Corridor
  • Brownfield RedevelopmentTools 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, FillMaterial
  • Development Strategy
  • New Investment Spurred byBRT 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 inour HEALTH TECH CORRIDOR Could not get a Bank Loan 35,000 sq ft expansion to retain 50jobs $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 andState only 90+% Leased
  • Midtown Technology Center128,000 sf postincubator spaceNew home ofJumpstart, Cleveland Heart LabandChamberlainSchool ofNursing
  • Midtown Technology CenterBldg 2 - 7000 Euclid• 48,000 squarefeet• Office/technology• LEED Building• Free parking• On the Health-line for easyaccess toinstitutions
  • Midtown Technology Center• $10,700,000 HUD 108 (EZ)• $ 240,000 City of Cleveland VacantProperty 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 108is $321,000• TIF Debt reserve is estimated at $154,000 peryear (cumulative)
  • Uptown - Mixed UseCase Western’s College TownPhase Icomplete•66,000 sfretail•102Apartments•$44.5 mproject cost•Phase IIclosing Dec2012
  • Conclusions Use BRT as a Brand Use Brownfield Resources to CreateDevelopable Sites Bring Institutional & Private Partners toinvest in the area Generate Momentum toward futuredevelopment
  • City of ClevelandDepartment of Economic DevelopmentContacts:David EbersoleBrownfield Program Manager(216) 664-2204Debersole@city.cleveland.oh.us