Big Ideas for Small Business: Cleveland Health Line


Published on

Published in: Business, Real Estate
  • 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

No notes for slide

Big Ideas for Small Business: Cleveland Health Line

  1. 1. More Transportation News Expanded Service RTA expanded their “Smile Ride Free” trolley service to take ad- vantage of the opening of the Horseshoe Casino, Global Center for Health Inovation and Conven- tion Center and to improve connectivity to the Science Center, Rock & Roll Hall of Fame and the lakefront. The project also connects available parking at the Science Center, Burke Lakefront and the Municipal Parking lot to the underserved areas of the NineTwelve District. The estimated cost to expand the operations over a 3-year peri- od is $3.6 million. The City of Cleveland provided a grant in the amount of $100,000 as a pledge towards the $720,000 local match that needed to be raised to expand the trolley routes. The balance of the match was raised by local businesses. For more informa on on financial assistance and incen ves, site selec on, business permi ng or u lity ques ons, please contact the City of Cleveland Department of Economic Development : Tracey Nichols Director (216) 664‐3611 Anthony Thornton Assistant Director (216) 664‐2832 David Ebersole Brownfield Programs (216) 664‐2204 Robin Brown Technology (216) 664‐3612 Kevin Schmotzer Small Business 216) 664‐3720 Daniel Budish Special Projects (216) 664‐4274 August 2013 City of Cleveland’s Health Line Bus Rapid Transit City of Cleveland Department of Economic Development
  2. 2. 4th Street/Old Woolworth’s: The City of Cleveland used a Tax Increment Financing Dis- trict to direct PILOT’s to service a bond to fund some of the rede- velopment around East 4th Street- an Entertainment dis- trict including a comedy club, live music venues including House of Blues and restaurants including “Lola”, with our own Food Network Iron Chef, Michael Symon. The combination of trans- it and this “destination” entertainment area has helped the City at- tract developers to redevelop properties in the area and to attract businesses who wish to locate in an area that Richard Florida would call a location for the “Creative Class” . Total Project cost $110 mil- lion 6th Street-north side- Rosetta Marketing LLC signed a 15 year lease to move 350 jobs to this MRN owned property, next to the Holiday Inn. They indicated that the down- town location, public transportation and proximity to 4th street would help them at- tract the best in brightest for their Infor- mation Technology Company. MRN has since added 97 units of loft apartments to the building. Total Project Cost if $5 million. Cleveland’s Health Line– There’s a reason the Institution for Transportation and Development Policy named Cleveland’s Health Line the most successful Bus Rapid Transit Project in the nation. Unlike many such projects where mixed use housing is the follow-on development, Cleveland has mixed use, office, retail housing, incubators, and institutional development and includes the Health Tech Corridor that includes post incubator space to capture companies emerging from the many incubators in the City. It’s truly a successful public private partnership. 115th Street-Circle Vistas - Berusch Development Partners purchased Circle Vistas, a nondescript brick building at East 115th and Euclid. The pro- posed $3.5 m project includes 34 apartments for CIA upper- classmen including a student lounge and two retailers. Circle 118 Town- homes- WXZ Devel- opment Inc. has brightened a once dreary corner of dis- trict and created a strong sense of entry west of the elevated rail lines that mark the psychological east- ern edge of the neigh- borhood. The 17 townhouses sport colorful geometric facades ac- cented by blue panels of a laminated plastic and wood-fiber board material made in Italy. Total project cost $8 million. 117th Street-Cleveland Hearing and Speech Center- Cleveland Hearing & Speech had to move due to the expansion of Univer- sity Hospitals. They opened their new construction 48,000 sq ft building in Oc- tober 2009. They serve the deaf and hearing impaired community and many of their clients come via public transportation. The City assisted with brownfield clean-up funds and a Vacant Property Initiative Loan. Total project cost $17.8 million.
  3. 3. Euclid at Mayfield- Museum of Contempo- rary Art- MOCA opened in 2012. The museum, de- signed by Farshid Moussa- vi, is performing well. In the first five weeks in its new home, MOCA attract- ed more than 10,000 visi- tors, putting it on a pace to exceed the 65,000 annual visitors. Enclosed are four levels of gallery, retail, office and educational spaces in a shim- mering, crystalline shell wrapped in slightly undulating, reflective panels of black stainless steel. Project cost was $150 million Euclid at Mayfield-Uptown- Phase I of the Uptown Project re- cently opened and includes grocery, restaurants, and Barnes & Noble, and the CWRU University Bookstore. Phase I is a $44.5 million project that includes 102 residential apartment units. The city approved a $5 million VPI loan to assist with this multiple parcel project. The $21 million Phase II is under construction with additional 43 apartments, dormitory space for 130 Cleeland Insti- tute of Art students and ground floor retail. Cleveland Institute of Art Expansion – CIA officials broke ground on a four-story, 79,000-square-foot addition to the McCullough Art Center, a building designed by the legendary in- dustrial architect Al- bert Kahn in 1916 as a Ford Model T factory. Project cost is 63.5 mil- lion. 668 Euclid- Developer Doug Price of the K & D group undertook this histor- ic rehab and demolished the building next door to create open space and a parking garage. There are 236 apartments in the building and within 60 days of open- ing, the building was fully leased. Rents are from $725 for a 1 bedroom to $2093 for 2 bedroom penthouse. Again with proximity to East 4th and located on the Health Line, the area is very desira- ble. 4 of the apartments were leased by Rosetta for employees and recruitment. There is also 25,000 square feet of office and 65,000 sq feet of retail. Total project cost $65 million. Ninth Street- Two projects of note just north of Euclid- 800 Superior- AmTrust Financial bought this building in 2012 and as part of a major expansion for Cleveland by the parent compa- ny of GMAC Insurance. Creates 1,000 new jobs. Total Project cost $20 million 1717 East Ninth Street- a Historic and New Market Tax Credit deal to convert this office building to apartments with first floor retail. 223 apartments with a total project cost of $65 m. 9th and Euclid-South west side- Schofield Building- Mixed use hotel, residential and retail. 156,000 sq feet with 55 residential units and 122 room Kimpton hotel. The project is using the State Historic tax credits to be used with Federal Historic Credits. Total project cost is $50 m. Expected completion in 2014
  4. 4. 1001-1023 Euclid North side- John Hartness Brown Build- ings- These 4 buildings are under contract by a national develop- ment group. Three storefronts will have first floor retail and the fourth will become the entrance to the garage. Plans call for 206 hotel rooms and 120,000 square feet of office. Developer is cur- rently working on EB-5 funding. City has offered a TIF on the project and participated in removal of asbestos with State and County. 9th & Euclid-South East side – Former Ameritrust Complex- Geis Companies in underway with a $240 million mixed-use devel- opment that will feature a new County Headquarters, a fresh food market, renovated office space, retail, 180 apartments, and a ho- tel. Geis has secured State and Federal Historic Tax Credits and New Markets Tax Credits to complete its financing package. Ex- pected completion in 2014. 11100 Euclid-University Hospitals Seidman Cancer Hospi- tal- UH is investing in the future of cancer treatment and re- search by building a new, free-standing cancer hospital to bring all facets of cancer care under one roof. The new Cancer Hospital, equipped with 150 patient beds, will combine the best technolo- gies, the most effective protocols and the latest findings for cancer care in one 375,000-square-foot, free-standing facility. Total Pro- ject Cost $260 million 2021 Cornell- Courtyard by Marriott- SDC Uni- versity Circle Developer LLC constructed a 150- room LEED Courtyard by Marriott at 2021 Cornell Road at a cost of approxi- mately $26 million. The business-class hotel with an option for extended stay will help meet the substantial demand generated by the hospitals, university and other institutions. The City provided a 30 year Non School TIF and a loan in the amount of $780,621.
  5. 5. Cleveland Clinic– The Clinic’s 165 acre main campus starts at 89th street with their recently purchased building from the Cleve- land Playhouse for their expansion and extends from Chester to Cedar- over 4 blocks- through 105th street. After recently com- pleting the $250 million expansion and the newest incubator in the City- the Global Cardio Vascular Innovations Center on Ce- dar, the Clinic has now broken ground on a Reference Lab on Car- negie. Made possible through a $60 million grant from the State 93rd & Euclid-Cleveland Clinic Lerner College of Medicine– The Clinic and Case Western Reserve University announced a plan in June 2013 to construct a 165,000 sf medical school. The building will be designed by London Architects Foster + Partners Euclid South Side- Truman and Roosevelt Buildings- The empty Truman Building, at 1030 Euclid Ave., will become 26 apartments, with retail along Euclid and park- ing spaces tucked inside. The $9 million project won $1.8 million in state historic tax credits. Developer CRM Real Estate Services hopes to open the building before the end of 2013. 12th Street South Side- Cleveland Athletic Club- A New York devel- oper Whitestone Realty Capital LLC is working on a financing package for a mixed use hotel and apartments project using New Market Tax Credits and Historic Tax Credits. In addition to a hotel, the Cleveland Athletic Club building could house apartments and a fitness cen- ter. Total Project cost $55 million. Playhouse Square at 14th street- Our Theatre District- second in size only to New York City, continues to expand. The Cleveland Playhouse, relocated to the vacant Hanna Theatre on 14th street. The street has undergone a complete streetscape redesign in order to extend the pedestrian-friendly aesthetics of Euclid Ave- nue onto East 14th. The project includes or- namental street lighting, expanded decora- tive brick sidewalks with L.E.D. lighting, trees & tree pits, public art, granite curbs, outdoor seating, and convenient pull-off & drop-off parking, all with the goal of encour- aging leisurely patronage within the neigh- borhood.
  6. 6. 14th Street-Hanna Annex Building – This former eight- story office building will have 102 apartments on its upper floors. PlayhouseSquare, which sold the building, has leased back the ground floor and hopes to recruit stores and ser- vice business tailored to down- 18th – 21st Streets- CSU College Town- Cleveland State Univer- sity was formerly known as a “commuter college”. Now the univer- sity has 1,186 students living in the campus area and continues to expand. The increase in students residing in the area has led to increased investment. The entire south side blocks between Euclid and Prospect Avenues and East 21st and 18th Streets have been redeveloped into 300 apartments, 100,000 sf of office and ground floor retail. The total of all the projects is over $13 million. 7012 Euclid- Victory Building- The long- dormant building was awarded $11.4 m in his- toric preservation tax credits and a Job Ready Sites Grant. The building behind was demolished to create parking. The 165,000 sf building will be developed as post-incubator & office space targeted for tech companies. Construction is underway and total project cost is $26.9 million. 7100 Euclid-Baker Electric Car Building- Post Incuba- tor space to support our 5 in- cubators. Fully occupied LEED building. The 52,000 sf bldg’s budget was $7.1 m and was funded in part with New Market and Historic Tax Credits. The former brown- field also received County brownfield funding. 7350 Euclid - Church Square Senior Housing- This new con- struction project by Pirhl, LLC, received Housing Trust Fund funding in 2010. The 61,000 sf project has 48 units. The location on the health line provides resi- dents with easy access to hospi- tals and medical facilities 7515 Euclid Avenue Per- manent Supportive Hous- ing- Cleveland Housing Network's and EDEN, Inc. worked to develop the 70 unit, $11 m project that re- ceived Housing Trust Fund funding.
  7. 7. 6700 Euclid- Midtown Technology Center- a 128,000 square foot flex space for post incubator companies developed by Hem- mingway Development. Supports the 5 incubators and helps the City and its partners attract businesses to the Health Tech Corri- dor. Jumpstart is housed here. The $25 million project was fund- ed by State Job Ready Sites program, New Market Tax Credits and the City’s HUD 108 Empowerment Zone program. 7000 Euclid- Midtown Tech Center II – The second building in the Midtown Technology Park on the Health-Tech Corridor. Hemmingway De- velopment demolished a small cement block building to create a parking former 1930’s car dealership to cre- ate additional office space. The city and state provided low interest loans. The building is 95% leased. Cleveland Heart Lab signed a 10-year lease for 27,000 sq. ft. at the Midtown Tech Center. The fast-growing start-up, which has swelled from 8 to 105 employees in just two years, will relocate to newly designed space from their Cleveland Clinic Incubator loca- tion. The City provided a $150,000 Technology Business Grant of in support of the project. CSU Student Center- Between 21st and 22nd on the north side of Euclid- The new, 120,000 sf student center at Cleveland State Uni- versity (CSU) enhances its campus image and creates an open connec- tion with the city while offering a wide range of services to students and faculty. Located on the Health Line, the student center integrates the campus with the rest of the City. Total project cost was $44 million CSU-Center for Innovation in Health- Between 21st and 22nd on the south side of Euclid- The university sold bonds in to finance $35 million and the Northeast Ohio Medical University, which is partnering with CSU to train doctors focused on urban health and primary care, contributed $10 million. The new center is expected to open in 2015 and will- include the biological, geological, environmental sciences, chemis- try and mathematics departments and the School of Health Sci- ences. 25th and Euclid- Cleveland State College of Education and Human Services-The 95,000 sf building will serve as the eastern gateway to the campus and is being designed by the architectural firm of NBBJ. The building, costing about $36 million, will be three stories tall and its unique shape will provide garden space between it and other campus buildings.
  8. 8. Health Tech Corridor- Named an Ohio Hub of Innovation, the corridor centers along the Health Line and extends one block on either side the Chester and Carnegie Avenues from Cleveland State to University Hospitals. The Corridor is separately market- ed and branded to attract medical technology businesses to the area. The ability of doctors and researchers to jump on the Health line to travel between companies locating on the corridor and edu- cational institutions and hospitals is a huge plus for business at- traction. The corridor has received a total investment of approxi- mately $1 billion and includes 4 medical technology incubators, including the Cleveland Clinic’s Global Cardio Vascular Innova- tion Center. There is also over 300,000 sf of new “post incubator” space and over including over 160 businesses. 3634 Euclid –NewBridge- Patterned after the successful Manchester Bidwell Center in Pittsburgh, NewBridge pro- vides after school programs for Cleveland teens and adult training programs including Pharmacy Technician and Phlebotomist training for local anchor hospitals who serve on the board. 47th & Chester- New 60,000 sf Midtown Police Station- Just one Block off the Health Line- This will increase the perception of safety and security for the Health-Tech Corridor. The $17.5 million project will open in 2015. 57th and Euclid- North Side- This City-owned shovel-ready 8 acre site (Shown in red), with the ability for a street vacation to create a large contiguous parcel, re- ceived a “No Further Action” certifica- tion after a brownfield clean-up of the 55th and Euclid- South Side (shown in blue)-This 1 acre site owned by the Regional Transit Authority is available for development. 6200 Euclid- Pierre’s Ice Cream was estab- lished in Cleveland more than 75 years ago. In 2010, they broke ground on a new, $9 million, 35,000 square foot state-of-the-art expansion to modernize their facility. The city helped with Phase II testing and a low interest loan for con- struction and equipment for the new plant. 62nd and Carnegie –American Sugar, who sells liquid sugar directly into Pierre’s plant and also packages single serve packets at their Cleveland plant, has acquired additional land for a future expansion 6555 Carnegie- Midtown Tech Center III- The third phase of the Midtown Tech Park Campus will add 66,000 square feet of of- fice space in the Heath-Tech Corridor. While construction has just begun, the entire first floor has already been leased to Radio One, one of the nation’s largest minority owned radio broadcasting compa- nies and Talis Clinical, a Cleveland Clinic incubated company has also taken space. The city provided a $4,500,000 HUD 108 loan and a $500,000 EDA loan to help finance the $8.9 m project.