Downtown Cleveland’s economic boom
Cleveland is going through an economic boom right now and it looks like it’s not going to stop any time soon.
Over the last 10 years Downtown Cleveland has been totally transformed thanks to a combination of private and public investments working hand in hand. From 2011-2015 a total of $8 billion was invested in new developments in Cleveland. This included an estimated $1.37 billion on new hotels; $1.23 billion on mixed-use development projects; $694 million of residential housing; $1.78 billion on “meds & eds” tech structures; $508 million on arts development; $1.4 million on public space; $982 million on infrastructure improvements and $451 million on renovation and business attractions. These numbers don’t take into consideration the $350 million spent in total by AT&T in improving the Cleveland area network over the last 3 years.
During this time Cleveland has also developed the clean and safe ambassador programme and created a walkable transit-friendly city. Altogether, these initiatives have resulted in one of the fastest-growing multifaceted cities in Ohio. Downtown Cleveland Alliance recently released the Downtown Cleveland Annual Report, which is a comprehensive summary of the area’s development in housing, office, retail, innovation, advocacy and hospitality markets. The report reinforces the key components that established Downtown Cleveland as the fastest growing city in Northeast Ohio. Three notable companies – Electronic Merchant Systems, NRP Group and Millennia Companies – relocated their corporate headquarters to Downtown Cleveland, making Northeast Ohio the second-largest concentration of corporate headquarter jobs in the U.S.
Cleveland is a city that never stops and this year we are seeing huge new developments taking place all over Downtown Cleveland. A $185 million makeover of the Rocket Mortgage Fieldhouse (formerly known as the Quicken Loans Arena) will incorporate a stunning glass facade and dramatic-looking exterior to the home of the Cleveland Cavaliers basketball team and the Cleveland Lumberjacks ice hockey team. In 2018 it was announced that the arena will host the 2022 NBA All-Star Game. Phase III of the redevelopment to the Flats East Bank brings a 12-story mixed-use building with 300+ apartments, rooftop green space, an outdoor pool and lots of retail. Ohio City’s Market Plaza shopping center is being transformed into a mixed-use space complete with a 12-story office building, another for apartments, and a shopping mall. We also see major developments in the Skyline. Dan Gilbert will be redeveloping the May Company building into a mixed-use icon. The one-time department store will house 308 apartments, retail galore, nearly an acre of green space and a rooftop patio. The Residences at Terminal Tower will offer an exclusive club-style lounge and 300+ apartments – all just a quick stroll from Public Square, JACK Casino and the Gateway district. The 34-story The Lumen at Playhouse Square will take centre stage in 2019 with a striking glass exterior and 22,000 square foot amenity deck.
Cleveland is reinventing itself as a truly 21st century city, leveraging billions of dollars in public and private investment to help create a strong and healthy economy. Many of the city’s historical buildings are being renovated and repurposed, alongside a number of impressive ground-up developments to enhance Cleveland’s appeal to a new generation of residents.
From entrepreneurs and new business owners to college-educated professionals drawn to the city’s many leading corporations, it’s no surprise that Cleveland is emerging as a vibrant and popular city.