IBM Subsidiary to Move Cleveland Base
- Aug 09, 2016
By Barbra Murray, Contributing Editor
Cleveland—Sixteen months after acquiring healthcare intelligence cloud company Explorys, IBM Corp. is angling to land a permanent home for its new subsidiary in the form of a 43,000-square-foot office building. Hemingway Development Co. is hoping to construct, according to a Cleveland Plain Dealer article. The project’s future hinges on a decision by the Cleveland City Council on incentives for the planned office destination.
Hemingway proposes to build an office structure at 10500 Cedar Ave., right next to the renowned Cleveland Clinic. Local officials are clearly game. In July, a City Council ordinance called for authorization for the director of Economic Development to apply for a HUD 108 Empowerment Zone loan totaling as much as $4.9 million to help Hemingway with the construction of the office property. Additionally, the Office of Mayor Frank Jackson is recommending 10 years of 60 percent tax abatement on the $11.1 million project’s construction, according to the Plain Dealer article, which also notes that a green-light on an incentive package will pave the way for Explorys to lease the entire building with an option to expand the facility to 80,000 square feet.
The City Council is scheduled to consider the incentive package and give it the thumbs up—or thumbs down—Wednesday, August 10.