MidTown : In The News

In a Huffington Post report titled “Cities have hundreds of empty schools,” Philip Elliott writes of the nation’s largest cities struggling to sell valuable property while still incurring costs to keep them secure while empty.
 
Elliot notes that Cleveland already has found uses for 25 former buildings, bulldozed seven other buildings to turn into parks, but still has 27 additional properties up for grabs.
 
“The number of idle buildings does not include properties that the districts are holding on to but are not using. Cleveland, for instance, kept several buildings at the ready to fill in for others they plan to renovate in the future, officials there said.”
 
Read the full report here.

In a Wall Street Journal post titled “For U.S. Startups, ‘Times They-are-a-Changing,’” Steve Case, co-founder of AOL, shares his thoughts on entrepreneurship and trends that are changing nationwide, including Cleveland.
 
“I’m convinced that we’re beginning to see a regional 'rise of the rest' as cities like Washington D.C., Denver, Chicago, Atlanta, Raleigh, Cleveland, Detroit and many others experience unprecedented growth in startups. Silicon Valley will continue to be our nation’s most vibrant entrepreneurial hub, but a growing number of companies will start up in these often overlooked places.”
 
“America was built by risk-taking entrepreneurs who throughout history have turned dreams into new businesses, disrupted industries, created new ones and inspired the world.”
 
Check out the full piece here.

In a Progressive Railroading feature titled “Greater Cleveland RTA posts ridership gain in 2012,” the transportation mag covers the positive news.
 
"Ridership on the Greater Cleveland Regional Transit Authority (GCRTA) rose 4.3 percent to 48.2 million in 2012, marking the second consecutive year of growth, agency officials said in a prepared statement."

"Every service mode registered an increase, but the biggest gain was posted on the Red Line rail corridor, where ridership climbed 9.1 percent. The Blue and Green rail lines posted a 4.1 percent ridership gain."

"Customers are making a choice to ride, especially on the rail," CEO Joseph Calabrese is quoted in the piece. "With our recent increase in frequency on the Red, Blue and Green lines, and 8,000 free parking spaces at rail stations, we have room for more Northeast Ohioans to make the green choice and ride RTA."

Average daily trolley ridership rose 5 percent to 3,840 trips.

Read the rest right here.

This animated video premiered at the 4th Annual Sustainable Cleveland Summit in September.

"It illustrates the vision for a local and sustainable food system in the Cleveland region, and how people can get involved," explains Jenita McGowan of the Mayor's Office of Sustainability  "As part of the Sustainable Cleveland 2019 year of local foods celebration, we wanted to create a video that is fun, simple and easy to understand.  It is our goal that this video resonates specifically with residents of Northeast Ohio using recognizable icons, such as the West Side Market.”
 

Writing for Bloomberg Businessweek, Harold Sirkin states that "Industry clusters have been around for a very long time, serving as a catalyst for economic growth. Think: Detroit in the U.S. auto industry’s heyday, Pittsburgh when steelmaking was king, Silicon Valley for tech, Research Triangle Park, Wall Street, and even Hollywood. They are all examples -- past or present -- of the phenomenon."

He adds that "What makes clusters unique is not just that companies with similar or complementary interests, competencies, and needs congregate around each other. It’s that an entire value chain exists within a cluster: suppliers, manufacturers, distributors, academic institutions, researchers, and workforce training, as well as those who provide relevant support services."

Regarding Cleveland he notes "The Cleveland area is becoming a hub for the biomedical industry."

Read it all here.

Alexis Madrigal, senior editor at The Atlantic, has been writing about "Rust Belt" startups as part of an ongoing series called "Startup Nation."

In a feature titled, "Helping Apartment Complexes Help You," he writes about Renter's Boom, a Cleveland startup that works with rental-management companies "to turn their social media pages into leasing hubs."
 
"They set up Facebook pages for these companies and help them build apps so that people can check out apartments, make appointments, and send referrals within the social network. They also work to help the companies integrate Google's various products that renters may use," Madrigal writes.
 
Read the rest here.

According to a report released by the Venture Capital Advisory Task Force based on data provided by investors and collected by tech-based development organizations BioEnterprise and JumpStart, Greater Cleveland companies attracted $961 million from venture capitalists and angel investors from 2007 to 2011.

That figure represents a 26-percent increase in dollars when compared to the previous five years.

“There is a dramatic change in the activity, the number of investable companies and the quality of the companies in the pipeline in Northeast Ohio from 10 years ago,” says Bill Trainor, co-founder and Managing Director of Mutual Capital Partners Funds I & II.

The bulk of the money went to companies in the fields of biopharmaceuticals, medical devices, healthcare service, IT, and software.

“We’re only beginning to see the results of the public, private and philanthropic initiatives begun almost 10 years ago to accelerate the successes of startups in the state,” says Doug Weintraub, JumpStart’s chair and an active investor in the region. “Given that Northeast Ohio started ramping up activity to assist and support the creation and growth of tech companies in 2005 and 2006 -- and that the National Venture Capital Association estimates the average time from initial investment to a company’s exit is about nine years -- we can expect even more success stories in the coming years.”
 
Read the rest of the news here.

“It’s hard to pinpoint what qualities 20-somethings go for in picking the perfect city," writes Nicole McDermott for the blog Greatist.com. "Sustainability, efficient transit systems, cleanliness, and affordability may make the top of the list.”
 
Coming in at No. 7, Cleveland 's stats are as follows:
 
Average Temp (High, Low): 59, 41
Median Income: $24,687
Average Rent for 1-Bedroom Apt.: $640
Population: 396,815
Median Age: 35.7

"Named one of the best places for new college grads, Cleveland has plenty of job ops (heavy in manufacturing and engineering), and fun for after work. The city, called Beertown, U.S.A. by Draft Magazine, has some favorite breweries like Great Lakes Brewing Company, Thirsty Dog, and Willoughby Brewing. And did we mention it’s the sixth best city for block parties? (We didn’t know there was such a rating, either.) Once you’re tuckered out from hitting all the pubs Cleveland’s got to offer, keep in mind the city came in as the second best to get a good night’s sleep."

Clevelanders can take pride in the fact our fair city ranked higher than popular young adult destinations such as Denver (No. 9), New York (No. 12), Portland (No. 14), and Seattle (No. 18)
 

Along with New York City, Albuquerque, Long Beach, and Miami, Cleveland was named by Bicycling magazine as an up-and-coming bike city.

"It's no joke," writes David Howard, "The city on Lake Erie has cycling dialed."

"What's to love?" he adds. "For starters, the stretch of bike lane that now runs the length of historic Euclid Avenue, linking the city's two employment hubs. A new towpath just beyond Cleveland's southern border reaches Akron—80 miles away. Plans call for webs of bike paths to unspool east and west as well. To lure tourists in, the Downtown Cleveland Alliance launched a bike-rental program last summer -- it will expand this year into a parking garage with showers and lockers."
 
"And then there's the diversity. In January, a nonprofit unveiled plans to build an indoor velodrome -- the third of its kind in the country and the only one east of the Rockies. The city is home to the vast Ray's Indoor Mountain Bike Park and Pedal Republic, which organizes bike-polo tourneys, tall-bike rides and alley cat races."

Read all the news here.

This on top of the recent good news from HGTV.

According to the Midwest Health Care Venture Investment Report, released by BioEnterprise, Cleveland area biotech firms raised $83 million in venture capital the first half of 2012.

Juventas Therapeutics, developer of a pipeline of regenerative therapies to treat life threatening diseases, secured $22 million alone. Pharmaceutical developer Athersys raised $9 million.

Read the entire report here.

"For investors looking to go off the beaten track to find quality deals, Ohio might be the answer," Mitchell Rosich, partner at Athenian Venture Partners, writes in VentureBeat.

"According to the most recent Ohio Venture Capital Report, venture capital activity in Ohio was up more than 80 percent in 2010, surpassing the national average, which was up only 20 percent."

An increase in pre- and seed-stage investments amounting to $183.8 million is paid to angel groups and state programs.

What makes Ohio so ripe for investment?

1. Untapped investment opportunities: Ohio has significant deal flow in two of the most dynamic market segments — healthcare and information technology.

2. Attractive deals for the right price: Ohio is full of quality investment opportunities that are not typical “club” deals, allowing venture firms to avoid overpaying.

3. Long-term vision: Midwestern investors are more likely to back companies that actually create something tangible – such as a new medical device or electronics products due to the region’s supply chain assets and sophisticated manufacturing workforce.

4. Supporting its entrepreneurs: Ohio has an abundance of resources for entrepreneurs across the state to help them along the way and to get their ideas out. A select few include TechColoumbus, TechGrowth, CincyTech, and JumpStart.

"Investing in Ohio will continue to reap impressive returns over the next 10 years."

Read the rest right here.

"Euclid’s role as an essential link between the central business district downtown and University Circle -- a hub of world-class medical facilities and arts and culture amenities -- rendered the corridor impossible to ignore," writes Jason Hellendrung for UrbanLand.

The resulting $200 million, 6.8-mile Euclid Corridor Transportation Project catalyzed a powerful transformation along the avenue. Since the BRT line opened in 2008, the corridor has attracted $5.8 billion in investment -- $3.3 billion for new construction and $2.5 billion for building rehab, together totaling more than 110 projects. Disproving naysayers and exceeding the expectations of supporters, the project has generated the economic growth that many thought could only be achieved with rail -- and at a fraction of the cost."

"Ridership has increased steadily over the years and now totals about 15,100 people per day. "

Read the rest of the article here.

Once a center of industry and mass-production, Cleveland is becoming recognized for green initiatives and sustainability.  What a turn of events for the place we call home.
 
The latest bump of good press comes in the form of HGTV's article, "The 10 Greatest Cycling Cities in America."
 
“The underdog of this list, this historic rust belt city is home to an impassioned and persevering community of bike riders." states the writer.
 
In comparison to the leaders on the list, which contain the likes of Portland, New York, and San Francisco, it is easy to see why Cleveland is once again referred to as an “underdog.”
 
"Cleveland was one of the first cities in the country to temporarily close streets to motorized traffic so they can be enjoyed by cyclists and pedestrians," say local rider Jeff Sugalski.”
 
The article also notes, “Another exciting feature of Cleveland's urban cycling scene is its Metroparks, or nature preserves with walking, hiking and bicycling trails along river paths and creeks.”
 

In light of New York City Mayor Michael Bloomberg proposing a ban on the sale of large-sized sugary drinks, Joe Palazzolo of the Wall Street Journal points out that citizens need to look no further than Cleveland, Ohio, when it comes to local government determining what can and cannot be consumed by residents and guests.
 
“The Cleveland city council passed a law last year to ban restaurants from using cooking oils containing trans fats.”
 
In the meantime, those both for and against the ban have been battling it out in court whether it is within the local government’s jurisdiction to impose such a ban.
 
On Monday, June 11, “Cuyahoga County Judge Nancy Russo sided with the city, finding that Cleveland was within its powers to outlaw trans fatty cooking oils.”
 
This might serve as proof that local government may have more say about what its citizens can and cannot do than anyone ever thought.
 
Read the full WSJ story here.

In his blog Burgh Diaspora, Jim Russell frequently covers the topic of reverse migration, where Rust Belt cities are seeing an influx of young residents thanks to a multitude of factors. Russell, a geographer studying the relationship between migration and economic development, calls the trend "Rust Belt Chic."

Recently, Russell, who lives in Pittsburgh, toured Cleveland to gather some on-the-ground research. He liked what he saw.
 
"I flew into Cleveland early last Saturday with the downtown rebound in mind. I wanted to see if the view from the sidewalk matched the data analysis. Leading up to the business trip, I was semi-joking with Richey that Cleveland was turning into Portland, OR. Investigating the West Side, I quipped that Cleveland was already Portland. I was (am) dead serious."

Read the rest of this and many other compelling posts here.