Missed some news last week ahead of the holiday weekend?
We'll catch you up on the most important stories.
How much is a former Ford Motor Co. plant worth? In Brook Park, the answer is $31.5 million.
A joint venture among real estate developers Weston Inc., the DiGeronimo Cos. and Scannell Properties acquired the long-shuttered Cleveland Engine Plant No. 2 last week, according to public records.
The 1.7 million-square-foot complex sits on a 195-acre site along Snow Road, east of Cleveland Hopkins International Airport. It's located south of the automaker's Cleveland Engine Plant No. 1, which is still operating.
The developers, who also have a contract to buy Ford's idled stamping plant in Walton Hills, aim to start moving dirt in Brook Park in the fall. They expect to raze portions of the complex, which includes the sprawling engine assembly plant and a former aluminum casting plant. Tenant demand will drive the ultimate balance between demolition and renovations.
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A $35 million federal grant will flow to a downtrodden stretch of Cleveland's East Side, where 800 mixed-income rental homes are slated to replace a 487-unit public housing complex in the Buckeye-Woodhill area.
The U.S. Department of Housing and Urban Development announced the grant Wednesday, May 26, as part of a $160 million pool of awards aimed at rebuilding distressed public housing and improving residents' quality of life. Awards also went to Detroit; Camden, N.J.; Fort Myers, Fla.; and Lewiston, Maine.
The city of Cleveland, the Cuyahoga Metropolitan Housing Authority and the Community Builders Inc., a nonprofit housing developer, teamed up on the local application, which followed a multiyear planning effort centered on Woodhill Homes.
"The focus of this — and the thing that I think is the most exciting about this — is the positive impact it's going to have on the residents," said Jeffery Patterson, the housing authority's CEO, during a phone interview.
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The 2-year-old building housing the Amazon hub on Cleveland's West Side has been acquired by an affiliate of New York City-based global financial services firm Cantor Fitzgerald for $30.8 million, according to Cuyahoga County land records.
Spanning a block on Madison Avenue between West 106th and West 110th streets, the building measures 168,750 square feet in size and occupies a nearly 20-acre site. Although the structure fronts a block on the property's front side, most of the ground is devoted to Amazon tractor-trailer trucks, delivery vans and a vast field of employee parking.
The structure was completed in 2019 as the first of several proposed buildings of Madison Industrial Park. However, after it was fully leased by Amazon, future phases were scrubbed to meet the online behemoth's huge parking and truck-loading demands.
The structure was developed by a joint venture of Weston Inc. of Warrensville Heights and DiGeronimo Cos. of Valley View, who held it through 10801 Madison LLC.
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President Joe Biden offered a broad defense of his economic agenda on Thursday, May 27, arguing that his policies already have begun to benefit ordinary Americans and rejecting business-community concerns about labor shortages and rising wages.
In a speech at Cuyahoga Community College in Cleveland, Biden pointed to the receding pandemic and accelerating hiring and consumer demand as indications the U.S. is "coming back."
"COVID cases are down, deaths are down, unemployment filings are down, hunger is down," he said. "Vaccinations are up, jobs, real growth is up, people getting health coverage is up, small business confidence is up."
Biden's political opponents have charged that rising prices and difficulty some businesses have experienced in hiring are a result of the president's $1.9 trillion pandemic relief measure, which boosted unemployment benefits and is distributing billions in cash directly to households. But the president argued that U.S. productivity has grown far faster than wages, offering no apology to businesses that have to raise pay to attract workers.
"We must restore the connection between the success of our economy and the people who produce that success, hardworking Americans," Biden said. "Rising wages aren't a bug; they're a feature."
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The Cleveland Clinic plans to empty out much of its office space in Independence, in a move that could be a harbinger for the market.
Real estate brokers say that the region's largest employer aims to shed roughly 200,000 square feet at the Independence Technology Center, 6801 Brecksville Road. Those offices are the subject of chatter about a sublease opportunity widely expected to hit the market soon.
"My understanding is that that space is available, even though it's not publicly listed yet," said Damon Taseff, a principal with Allegro Real Estate Brokers and Advisors. "And that's the case with a lot of shadow space in Cleveland right now."
In an email Tuesday, May 25, a Clinic spokeswoman confirmed that the hospital system plans to sublease about two-thirds of its space at the property. The Clinic occupies more than 90% of the 306,000-square-foot building under a lease that runs through 2026.
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Terminal Tower, the home of corporate headquarters in its heyday but now mixed use, will gain a new headquarters operation as gaming operator JACK Entertainment sets up its corporate shop in the landmark building.
JACK and K&D Group, the building's Willoughby-based owner, announced Thursday, May 27, that the Cleveland casino and video lottery operator had leased a total of two floors in the tower. One of those floors, the 16th, had served as K&D's downtown operations office, and the 17th floor is being fully renovated for the gambling company.
Mark Dunkeson, JACK CEO, said in the release, "JACK Entertainment is proud to call the city of Cleveland home, and we look forward to continuing to be an integral part of the local community we serve. As we embark on this next chapter of JACK, we do so with our sights set on not only the success of our company, but the direct impact we can have on the Greater Cleveland community that has continued to support us."
JACK Entertainment operates the Jack Cleveland Casino in the adjoining Higbee Building as well as JACK Thistledown Racino in North Randall, following their acquisition from Cleveland Cavaliers owner Dan Gilbert and his Rock Ventures family of companies.
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Cleveland Clinic has named D. Geoffrey Vince the new executive director of Cleveland Clinic Innovations, the health system's commercial arm that works to turn medical breakthrough inventions into medical products.
Vince, who was named to the role on an interim basis in December, will align the Clinic's technology development strategies with scientific and research priorities — including data and computing sciences growth — to accelerate discoveries of new treatments and drugs. He will work to build strategic partnerships and alliances in these areas to drive revenue growth through commercialization of intellectual property, according to a news release.
"Dr. Vince's appointment to the helm of Cleveland Clinic Innovations is a key part of our new global strategy for research and innovations," said Dr. Serpil Erzurum, the Clinic's chief research and academic officer, in a provided statement. "His visionary leadership style and wealth of experience in health care and industry make him the ideal person to lead Cleveland Clinic Innovations and its critical work to market the breakthrough inventions of our caregivers into new medical products and companies that benefit our patients."
Innovations had fallen under Erzurum's role since she was appointed to chief research and academic officer last year. Before that, Peter O'Neill, who is no longer with the Clinic, was the most recent executive director of Innovations.
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Covia, an Independence-based supplier of sand and other mineral products to the industrial and energy markets, is seeing a change in its top leadership spot.
The company announced in a news release Wednesday, May 26, that CEO and president Richard Navarre will retire effective May 31. Shawn Williams, chairman of the board, will take on the role of acting CEO, and chief financial officer Andrew Eich has been promoted to president. Eich, who will maintain his CFO responsibilities until a replacement is named, will lead the company's strategies for growth, the release said.
Navarre's retirement comes after Covia in January completed a financial restructuring and emerged from Chapter 11 bankruptcy protection. The company at the time said it reduced its long-term debt by $750 million and its fixed costs by an additional $300 million. The company in January said it had about $175 million in liquidity. At the same time, Golden Gate Capital, a private equity investment firm in San Francisco, announced it had made an investment of an undisclosed amount in Covia.
Then in April 2020, the company announced it was cutting staff and implementing other initiatives to reduce expenses by $25 million from 2019 levels.
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Peloton Interactive Inc. will open its first dedicated U.S. factory next year, with an eye to expanding production capacity, reducing shipping times, expanding to new markets and cutting prices.
The factory, dubbed Peloton Output Park, will open in Troy Township in Wood County, near Toledo, CEO John Foley said in an interview Monday, May 24. The facility will accelerate an expansion into Europe and other new markets, reduce geopolitical risk involving Asia manufacturing facilities, and improve economies of scale, Foley said.
Peloton plans to spend $400 million to build the facility and will create about 2,000 local jobs. The approximately 1 million-square-foot factory will manufacture the Peloton Bike, Bike+ and cheaper treadmills, Foley said. He added that new products could be built there as well.
Foley said that the Ohio facility will cut production costs and eventually let Peloton lower product prices. Peloton's pricey fitness equipment starts at $1,895 for an entry-level bike, while the cheaper Tread treadmill sells for $2,495. Foley said it could take a few years before prices fall.
Read the full story here.
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The Week: May 24-28, 2021 - Crain's Cleveland Business
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