The developer of a fast-growing entrepreneurial village on the eastern edge of downtown is planning a $9-12 million investment that would add nearly 160,000 square feet of office space. Michelle Asher of Graystone Properties, which owns the mammoth Tyler Village complex at East 36th and Superior, says that regional growth in the biotechnology, software development, multimedia design and film industries prompted the bullish move to ready new space for additional tenants.

"We have an eclectic mix of tenants, and we draw creative people," says Asher. "We're somewhere between downtown and a suburban office park, and we have amenities such as a fitness center, Wi-Fi, coffee shop and plenty of parking."

To facilitate the build-out, which Asher hopes to complete within the next 18 to 24 months, Graystone is working with the City of Cleveland to apply for a $4 million state Job Ready Sites grant. The city is also considering providing $700,000 in low-interest loans, $180,000 of which can be forgiven if requirements are met.

"The space we have now is not in move-in condition, and the Job Ready Sites grant will help us to develop more tenant-ready space," says Asher.

Graystone plans to demolish the interior of what is known as Building 42 at Tyler Village, replace its existing windows and build out contemporary, loft office space. The company aims for the project to meet the highest green building standards, a mandate of the Job Ready Sites grant program of the State of Ohio.

Tyler Village was originally home to the W. S. Tyler Company, which built elevator cabs in the sprawling, one-million-square-foot complex. Graystone purchased the property in 2005 and has since demolished older buildings that could not be refurbished and renovated other buildings into market-rate office space.

Source: Michelle Asher
Writer: Lee Chilcote