Hemingway Development to Expand MidTown Tech Park
- Aug 03, 2012
Hemingway Development, a division of Streetsboro-based Geis Cos., plans to invest $8.9 million to purchase and renovate a vacant four-story building at 6555 Carnegie Ave. in MidTown Tech Park, in the Health-Tech Corridor.
MidTown Tech Park is right in the heart of the Health-Tech Corridor, the area between East 55th and East 105 streets and bounded by Cedar and Chester avenues. It is a prime location for biomedical, healthcare and technology companies wanting to take advantage of the close proximity to four world-class healthcare institutions, seven business incubators, three academic centers and more than 119 high-tech companies engaged in the business of innovation. The emerging MidTown Tech urban business park is in a former industrial neighborhood and is growing. The deal is set to close in late September.
Hemingway Development opened the Tech Park in 2011. It now consists of two buildings, the 128,000-square-foot 6700 Euclid and the the 50,000-square-foot 7000 Euclid. 6555 Carnegie, a former heating stove factory, would be its third building and would expand the complex to 242,000 square feet.
The $20 million 6700 Euclid, a rare example of speculative construction in the city, is 90 percent leased, while 7000 Euclid is 72 percent leased. 6555 Carnegie will offer startups and other new businesses loft-style space at a lower cost than what is available in the other two buildings; according to the Cleveland Plain Dealer, it’s likely that Hemingway already has a tenant lined up to lease space.
All tenants of MidTown Tech Park will have access to parking and all the amenities installed inside the 6700 Euclid building: a conference center, outdoor wireless, a fitness center and more. The complex also offers 24-hour security.
The renovation project is expected to create 90 jobs and will receive financial support from the city of Cleveland in the form of $4.5 million in loans and tax increment financing that will be used to support Hemingway’s application for New Markets Tax Credits. The financing must be approved by the Cleveland City Council. According to Crain’s Cleveland, the city of Cleveland and the state of Ohio see MidTown Tech Park as an anchor for the Health-Tech Corridor. They have offered financial support to all phases of the project.
Image courtesy of Google Maps.
Rendering courtesy of Marcus&Millichap.