national brownfields conference 2013- "corridor answers for transit oriented development of...
DESCRIPTION
TRANSCRIPT
![Page 1: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/1.jpg)
City of Cleveland
Brownfield Redevelopment in the Health-Tech Corridor
Brownfields 2013May 17, 2013
![Page 2: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/2.jpg)
Health Tech Corridor
![Page 3: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/3.jpg)
The Health Line
![Page 4: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/4.jpg)
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
![Page 5: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/5.jpg)
Brownfield Issues
![Page 7: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/7.jpg)
Brownfield Corridor
![Page 8: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/8.jpg)
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
![Page 9: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/9.jpg)
Brownfield Issues
- Historical Commercial/Industrial Land UseSoil ImpactsGround Water Impacts
- Asbestos- Vacant Land Foundations, Footers, Fill Material
![Page 10: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/10.jpg)
Development Strategy
![Page 11: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/11.jpg)
![Page 12: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/12.jpg)
New Investment Spurred by BRT Health Line
![Page 13: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/13.jpg)
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
![Page 14: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/14.jpg)
Project Successes
![Page 15: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/15.jpg)
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
![Page 16: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/16.jpg)
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
![Page 17: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/17.jpg)
Midtown Technology Center
128,000 sf post incubator space
New home of Jumpstart, Cleveland Heart Lab and Chamberlain School of Nursing
![Page 18: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/18.jpg)
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
![Page 19: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/19.jpg)
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)
![Page 20: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/20.jpg)
Uptown - Mixed UseCase Western’s College Town
Phase I complete
•66,000 sf retail
•102 Apartments
•$44.5 m project cost
•Phase II closing Dec 2012
![Page 21: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/21.jpg)
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
![Page 22: National Brownfields Conference 2013- "Corridor Answers for Transit Oriented Development of Brownfields"](https://reader035.vdocument.in/reader035/viewer/2022070304/54c25c024a79595f148b4692/html5/thumbnails/22.jpg)
City of Cleveland Department of Economic Development
Contacts:David EbersoleBrownfield Program Manager(216) 664-2204 [email protected]