Today, April 16, Director of the Department of Economic Development, Tracey Nichols, presented to the Building Owners and Managers Association in regards to the City of Cleveland's development initiatives; past, present and future, as well as touching on economic trends faced by the City.

1. www.RethinkCleveland.org | 216.664.2406
RETHINK CLEVELAND
BOMA Cleveland : Dollars and $ense

2. www.RethinkCleveland.org | 216.664.2406
National Economic Trends
• Quantitative Easing in Europe
– Strong Dollar vs. Weak Euro
– European Products are less expensive
– Keeps Inflation down
– Helps keeps US Interest rates low
• Trend of people moving to urban,
walkable communities

3. www.RethinkCleveland.org | 216.664.2406
Local Economic Trends
• Urban Core is strengthening
– Unemployment in region remains low
– Increased Income Tax Collections shows Job
Growth
– Cost of doing business is well below national
average
– Attracting New Residents
– New Residents are Highly Educated
– Venture Capital Remains Strong

4. www.RethinkCleveland.org | 216.664.2406
Local Economic Trends
• Positive Real Estate Trends
– Demand for Residential Rental Remains Strong
– Vacancy Rates for Office are fairly steady as we
continue to see conversion of Class B & C
– 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

5. www.RethinkCleveland.org | 216.664.2406
Industry Clusters for Cleveland
• Mohr Partners- Cluster Analysis
– Suppliers, Workforce, Sales & Distribution
• Industry Clusters
ØAutomotive Manufacturing
ØBanking & Finance
ØElectric & Lighting
ØFood Processing
ØHealth Technology
Ø Information Technology
Ø Management
Companies/Enterprises
Ø Oil & Gas
Ø Paints and Coatings

6. www.RethinkCleveland.org | 216.664.2406
Development Areas in Cleveland
• Attracting Out of Town Developers
– Health Tech Corridor
– Ohio City
– Downtown
– University Circle

7. www.RethinkCleveland.org | 216.664.2406
Health Tech Corridor: Completed Projects
Long Term Anchor Strategy
• New Construction & Renovation
• 400,000 sf complete; 85% leased

8. www.RethinkCleveland.org | 216.664.2406
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

9. www.RethinkCleveland.org | 216.664.2406
Ohio City: Development Map

10. www.RethinkCleveland.org | 216.664.2406
Downtown Business District: Recent/Upcoming
Developments
Drury Hotel rendering 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

11. www.RethinkCleveland.org | 216.664.2406
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

12. www.RethinkCleveland.org | 216.664.2406
Flats
Phase 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,
Electric
Phase II:
• 243 Units of
Housing
• 1200 ft Boardwalk
• Retail &
Entertainment
Venues
• Opens July 2015

13. www.RethinkCleveland.org | 216.664.2406
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

14. www.RethinkCleveland.org | 216.664.2406
University Circle: Current Developments
• Former Third District Police Dept:
10600 Chester Ave (RFP in process)
– 1.6 acre site
– Future development opportunity
• Intesa (Coral & Panzica):
– 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 apartment building
– Ground Level Retail
Intesa rendering Source: cleveland.com
Innova rendering

15. www.RethinkCleveland.org | 216.664.2406
Important Initiatives: 100 Gig Network
• Creates an ultra-high speed fiber connection between
Downtown & University Circle, through the Health-
Tech Corridor
• Supports high tech and biomedical companies and
utilizes existing infrastructure, including several data
centers
• Provides a marketable advantage for doing business in
the Health-Tech Corridor & Cleveland
• City, Idea Center, CWRU & One Community received a
$740,000 EDA grant. City & One Community provided
$300,000 in match funds to create the network.

16. www.RethinkCleveland.org | 216.664.2406
Important Initiatives: 100 Gig Network
Purchases Equipment & uses Existing Fiber and adds extra laterals in Health Tech Corridor

17. www.RethinkCleveland.org | 216.664.2406
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

18. www.RethinkCleveland.org | 216.664.2406
For more Information:
Tracey Nichols
Director
Economic Development
(216)664-3611
tnichols2@city.cleveland.oh.us
Our website: www.rethinkcleveland.org