« YOUR ROLE IN ATLANTIC YARDS DECISIONS | Main | Building a Technology Park in Baltimore by Rehabilitating a Neighborhood »
August 6, 2008
Partnership expected to recommend location for convention center, medical mart
Cleveland Plain Dealer
By Sarah Hollander
CIeveland is about to strike a deal with Forest City Enterprises for a new convention center to be built on land owned by and next to other holdings of the development company, because everyone knows that building another convention center will really pay off for taxpayers in the long run.
Business leaders appear to be cobbling together alternative financing to help make a new riverfront convention center and medical mart possible.
The Greater Cleveland Partnership, the region's largest chamber of commerce, expects to recommend a location to Cuyahoga County commissioners Thursday.
Commissioner Tim Hagan said he heard that the partnership's site selection committee favors a riverfront center behind Tower City [owned by Forest City Enterprises]. This option appears to be much cheaper than the other top contender -- a renovation and expansion at the current Lakeside Avenue location.
...
The report to commissioners is likely to include various financing options for the top choice."We wouldn't make a recommendation to build something without making a recommendation about how to pay for it," Nance said. He wouldn't elaborate.
Cleveland owns the current convention center. But to expand nearby, the county is likely to need to buy private property -- including an office building and parking garage.
Forest City Enterprises owns the riverfront land and would sell its property to the county. The company wouldn't comment on a possible asking price, but has agreed to lease 200,000 square feet in the old Higbee Building for a connected medical mart for $1 year, not including renovation costs.
Sam Miller, Forest City co-chairman, said he wants to strike a deal that's good for both the community and the company.
NoLandGrab: A convention center adjacent to Forest City's Tower City complex might shore up business for the existing project, which critics have called a boondoggle.
Posted by lumi at August 6, 2008 4:48 AM