National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"
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The City of Cleveland is redeveloping brownfields along the Health Tech Corridor which follows the route of the Health Line BRT. The $200 million Health Line investment has spurred new development. The city is using brownfield assessment, cleanup funds, and land banking to prepare sites for mixed-use projects that leverage private and institutional investment. Successful redevelopments include Pierre's Ice Cream expansion, the Midtown Technology Center, and Uptown Phase I. The strategy is to use the BRT and institutional partnerships to generate momentum for further development.
National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"
- 1. City of Cleveland Brownfield Redevelopment in the Health-Tech Corridor Brownfields 2013 May 17, 2013
- 4. The Health Line $200,000,000 Investment Downtown (Public Square) to East Cleveland Re-orientation of Traffic Flow Transit & Pedestrian Friendly Cleveland Clinic & UH - $6M for Naming Rights
- 6. The Health Tech Corridor- Before
- 8. Brownfield Redevelopment Tools Brownfield Assessment Program • Phase I/Phase II Brownfield Clean-up • Clean Ohio Program Land Banking Leveraged Investment • VPI Program • HUD 108/BEDI • Land Bank Proceeds
- 9. Brownfield Issues - Historical Commercial/Industrial Land Use Soil Impacts Ground Water Impacts - Asbestos - Vacant Land Foundations, Footers, Fill Material
- 12. New Investment Spurred by BRT Health Line
- 13. Strategy Create Opportunities for Development Leverage Institutional Investment Take Advantage of Strengths & Assets Exploit “Branding” Power of BRT Concentrate on BRT Ridership Build off of Existing Clusters
- 15. Pierre’s Ice Cream 75 year central NRSA company in our HEALTH TECH CORRIDOR Could not get a Bank Loan 35,000 sq ft expansion to retain 50 jobs $6,900,000 HUD 108 $2,136,754 Equity from Company Needed a Waiver for Public Benefit
- 16. Midtown Technology Center 150 New Jobs to be created Part of the Health-Tech Corridor Needed a Waiver for Public Benefit HUD 108 Leveraged NMTC No bank financing available- City and State only 90+% Leased
- 17. Midtown Technology Center 128,000 sf post incubator space New home of Jumpstart, Clev eland Heart Lab and Chamberlain School of Nursing
- 18. Midtown Technology Center Bldg 2 - 7000 Euclid • 48,000 square feet • Office/ technology • LEED Building • Free parking • On the Health- line for easy access to institutions
- 19. Midtown Technology Center • $10,700,000 HUD 108 (EZ) • $ 240,000 City of Cleveland Vacant Property Forgivable Loan • $ 4,153,500 New Market Tax Credit Equity • $ 1,600,000 Equity • $16,693,500 Total Project • Debt reserve funded by HUD 108 for HUD 108 is $321,000 • TIF Debt reserve is estimated at $154,000 per year (cumulative)
- 20. Uptown - Mixed Use Case Western’s College Town Phase I complete •66,000 sf retail •102 Apartments •$44.5 m project cost •Phase II closing Dec 2012
- 21. Conclusions Use BRT as a Brand Use Brownfield Resources to Create Developable Sites Bring Institutional & Private Partners to invest in the area Generate Momentum toward future development
- 22. City of Cleveland Department of Economic Development Contacts: David Ebersole Brownfield Program Manager (216) 664-2204 Debersole@city.cleveland.oh.us
Editor's Notes
- #3: Health-Tech Corridor has been a success for the strategy.Investments in downtown, Midtown and University Circle that have taken advantage of the transportation investment and leveraged private $$$.Rosetta in Downtown – Young “Creative Class” company seeking proximity to transit and entertainment and live-work.Midtown Tech Center and a number of other developments in MidtownUptown, Hotels – University Circle’s strength as a place for residents, a tourist site (museums, orchestra, etc. – in addition to the Univeristy), and place of business