Your SlideShare is downloading. ×
National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

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


Published on

Published in: Technology, Business

  • Be the first to comment

  • Be the first to like this

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

No notes for slide
  • 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
  • Transcript

    • 1. City of ClevelandBrownfield Redevelopmentin the Health-Tech CorridorBrownfields 2013May 17, 2013
    • 2. Health Tech Corridor
    • 3. The Health Line
    • 4. 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
    • 5. Brownfield Issues
    • 6. The Health Tech Corridor-Before
    • 7. Brownfield Corridor
    • 8. 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
    • 9. Brownfield Issues- Historical Commercial/Industrial Land UseSoil ImpactsGround Water Impacts- Asbestos- Vacant Land Foundations, Footers, FillMaterial
    • 10. Development Strategy
    • 11. New Investment Spurred byBRT Health Line
    • 12. 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
    • 13. Project Successes
    • 14. 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
    • 15. 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
    • 16. Midtown Technology Center128,000 sf postincubator spaceNew home ofJumpstart, Cleveland Heart LabandChamberlainSchool ofNursing
    • 17. Midtown Technology CenterBldg 2 - 7000 Euclid• 48,000 squarefeet• Office/technology• LEED Building• Free parking• On the Health-line for easyaccess toinstitutions
    • 18. 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)
    • 19. Uptown - Mixed UseCase Western’s College TownPhase Icomplete•66,000 sfretail•102Apartments•$44.5 mproject cost•Phase IIclosing Dec2012
    • 20. Conclusions Use BRT as a Brand Use Brownfield Resources to CreateDevelopable Sites Bring Institutional & Private Partners toinvest in the area Generate Momentum toward futuredevelopment
    • 21. City of ClevelandDepartment of Economic DevelopmentContacts:David EbersoleBrownfield Program Manager(216)