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Every Monday -- News from GCP

Cleveland Development Advisors provides financing
for residential project in PlayhouseSquare

The development team of The Dalad Group and The Slyman Group has closed on financing for the historic renovation of the building located at 1220 Huron in PlayhouseSquare.

Cleveland Development Advisors
(CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate, provided a $4.5 million loan to bridge the federal and Ohio historic tax credit equity and a $400,000 subordinate loan for the $17.7 million project.

Upon completion, Creswell Apartments will offer a mix of 80 one- and two-bedroom apartment units with 6,000 square feet of commercial space available for lease on the first floor. This project adds to the building momentum of PlayhouseSquare resulting from significant recent investment and brings the apartment count in the neighborhood to just over 2,000 units.

Construction is under way. The project will be completed by the end of the year.

Insights into GCP’s Public Policy Agenda: Part 1

Last week, the Greater Cleveland Partnership released its 2015/2016 Public Policy Agenda. In this first of a two-part “GCP Insight” interview, Marty McGann, GCP’s senior vice president of advocacy, discusses some of the organization’s two-year priorities to support the continuation of metro Cleveland’s economic renaissance.

They include business retention and expansion, strategic support for start-ups and the entrepreneurial infrastructure, reauthorizing Medicaid expansion and NASA Glenn.

Click here or on the image to watch.

The “GCP Insight” video series is hosted by Lesic and Camper Vice President Steve Luttner.

Click to read or download the Public Policy Agenda.

GCP disappointed in disbanding of commercial court docket

The Greater Cleveland Partnership (GCP) is disappointed that the Cuyahoga County Common Pleas Court recently disbanded its commercial court docket.

The commercial docket was created to resolve business related disputes in a more efficient and consistent manner. The GCP supported the creation and renewal of the commercial docket.

“The commercial court docket made our region a friendlier place to do business,” said GCP President and CEO Joe Roman “Disbanding this docket, especially without a debate on the merits, is a step in the wrong direction. We hope the distinguished judges will reconsider.”

Investment in Cleveland and Ohio bioscience companies at all-time high

Ohio led Midwestern states in attracting investment dollars for healthcare companies in 2014 with the majority of the $499 million received going to Cleveland companies, according to the BioEnterprise Midwest Healthcare Growth Capital Report.

Cleveland companies attracted $398 million in investment, an increase from the $201 million invested in 2013. Both totals are at a five-year high.

Noting that fewer companies received funding last year than the previous years, BioEnterprise President and CEO Aram Nerpouni said in a press release: “The significant increase in Midwest healthcare growth funding mirrors the national trend, as does the decrease in the number of early stage companies receiving funding in certain Midwest states and regions.

“The deals are getting bigger and this signifies a maturing of the Midwest healthcare innovation ecosystem.”

Click to read more.

BioEnterprise is part of the regional economic development system that the Greater Cleveland Partnership helped to create and continues to support.

Awards to highlight tech leadership and innovation

NEOSA’s (Northeast Ohio Software Association) 2015 Tech Week (April 13-17) will include presentation of two awards that highlight outstanding leadership and innovation in Greater Cleveland’s IT industry. Nominations are now open for:

CIO of the Year Awards, presented in partnership with Crain’s Cleveland Business. CIOs and their teams are nominated by peers, vendors and other parties and complete the CIO Questionnaire to be considered for the award. Nominees are judged by a committee of their peer IT executives on issues such as vision, leadership, accomplishments, commitment to the IT community and other factors.

Learn more and nominate a CIO here.

The Best of Tech Awards shine a spotlight on innovative companies and leaders. They help NEOSA promote this region as a remarkable place to work and live, where savvy companies are doing great things.

Categories for the 2015 NEOSA Best of Tech Awards:
  • Most Promising Start-Up
  • Best Tech Device / Application Innovation
  • Best IT Services Company
  • Best Software Product
  • Tech Team of the Year
  • Tech Company of the Year
Learn more and nominate your company here.

Revenue, employment gains cap a strong year for middle-market companies

Performance in the middle market was strong across all revenue segments, capping off a solid year of growth, while the outlook for 2015 is equally as positive across the spectrum, according to the National Center for the Middle Market’s 4Q2014 Middle Market Indicator (MMI).

The MMI results are based on interviews with 1,000 middle-market CEOs from around the country. Key findings include:

For Q4 2014, significantly more middle market firms (73 percent) reported a year-over-year increase in revenue growth than in the previous quarter. Since last quarter’s jump in mean total revenue growth for the overall middle market, the numbers remain fairly stable at 7.2 percent up from 5.0 percent in Q4 2013.

Click to read the report.

The National Center for the Middle Market, a collaboration between The Ohio State University Fisher College of Business and GE Capital, is a strategic partner of the Greater Cleveland Partnership Middle-Market Initiative.

GCP staff accountant wins big on “Wheel of Fortune”

A Greater Clevelander was in the national media spotlight last week when Greater Cleveland Partnership senior accountant Steve Dieringer was the big winner on the Jan. 22 segment of “Wheel of Fortune.”

In addition to coming out on top of the first part of the show, Steve won the bonus round solving the final puzzle within the allotted 10 seconds—with the correct answer of “wiper fluid.”

Congratulations, Steve!