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www.RethinkCleveland.org | 216.664.2406

RETHINK CLEVELANDEconomic Development: Recent Wins & the Road Ahead

Cleveland Leadership Center: "We are Cleveland: Leading

for Change


Recent Wins- ApartmentsProject Total Units Est. ResidentsTotal Existing Apartments & Condos 7,409 14,000Apartment Projects (Under Construction)Leader Building 230 345Garfield Building 160 240Standard Building 287 430CSU West Residential (JCF Bldg) 217 50975 Public Square 90 135Upcoming Apartment Projects (Proposed)925 Euclid 550 825May Company 353 530Worthington Building (Johnson Ct) 86 129515 Building 200 300Weston Citimark Project (Phase I) 352 528Northcoast Harbor 1000 1500Halle Building 240 360nuCLEus Project 500 750Cleveland Athletic Club 177 266

Grand Total 11,851 20,847


Recent Wins- HotelsHotel Name # of Rooms12 Existing Downtown Hotels 2,593The Westin Cleveland Downtown 484Aloft Cleveland Downtown 150Metropolitan Hotel at The 9 140Hilton Cleveland Downtown 600Kimpton Schofield 122Drury Plaza 189Total Hotel Rooms Downtown 4,6783 Existing University Circle Hotels 611Holiday Inn 276Marriott Courtyard 153Total Hotel Rooms University Circle 1,040Total Airport Area Hotel Rooms 1,679Total Downtown, UC & Airport Hotel Rooms in Cleveland 7,397


Recent Wins- Offices Current Jobs Total Project CostErnst & Young 1119 $134,691,147

Human Arc 326 $30,000

Rosetta 282 $3,400,000

AmTrust 1,083 $24,486,533

Dwellworks 91 $227,550

Cleveland Research Company 75 $1,200,000

GMAC 511 $500,000

BrandMuscle 203 $630,000

Dakota Software 49 $114,000

Hartland 66 $450,000

Inforce Technologies 17 $60,000

Spero Smith 15 $29,000

Dealer Tire 450 32,800,000

IBM Explorys 170 $11,100,000

4,457 $209,718,230


Industry Clusters for Cleveland • Mohr Partners- Cluster Analysis

– Suppliers, Workforce, Sales & Distribution

• Industry ClustersØAutomotive Manufacturing ØBanking & FinanceØElectric & LightingØ Food ProcessingØHealth Technology

Ø Information TechnologyØ Management

Companies/EnterprisesØ Oil & GasØ Paints and Coatings


Local Economic Trends• Positive Real Estate Trends

– Demand for Residential Rental Remains Strong– Vacancy Rates for Office lower with conversion of Class

B & C and urban movement following millennial workforce

– 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


The Road Ahead• Larger developments still need incentives• Cost of construction the same of higher than

Chicago, but rents far lower• Workforce shortages in some key areas-

Software dev., CNC, welding, truck driver-threaten growing businesses

• Persistent poverty needs to be addressed-economic inclusion makes our region stronger


Development Areas in Cleveland• Attracting Developers Locally & From Out of

Town – Health Tech Corridor– Ohio City– Downtown– University Circle– Gordon Square


Health Tech Corridor: Completed Projects

Long Term Anchor Strategy• New Construction & Renovation• 400,000 sf complete; 99% leased


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

• 2.5 acres being sold for hotel development• Available sites being assessed for brownfield clean-up


Ohio City: Development MapHingetown

Public Infrastructure

Lorain Ave & 45th Area

Ohio City 25th St Area


Detroit ShorewayCity Infrastructure-Parking, Streetscape, Connectors, Shoreway

City Econ. Dev. Funded Projects


Downtown Business District: Recent/Upcoming Developments

Drury Hotel 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 source: Cleveland.com


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


FlatsPhase 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,

ElectricPhase II:• 243 Units of

Housing• 1200 ft Boardwalk• Retail &

Entertainment Venues


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


University Circle: Current Developments• UC-3: Former Third District Police Dept,

Moving the MLK Library, east side of Stokes: 10600 Chester Ave (Midwest Partners)– 1.6 acre site– Apartments, Retail, Parking– New MLK Library– Makes the neighborhood walkable

• Centric (Midwest Partners): – 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 luxury apartment building

UC-3 rendering

Innova rendering


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


For more Information:

Tracey NicholsDirectorEconomic Development(216)[email protected]

Our website: www.rethinkcleveland.org

city of cleveland leadership conference

Economy & Finance