BOOMTOWN CLEVELAND
2017 was a busy, exciting and prosperous year for the City of Cleveland! And 2018 looks even better. After decades of disinvestment and decline as a former rust belt manufacturing mecca, Cleveland is reinventing itself into a 21st century City while leveraging billions of public and private investment into a new and changing economy. A combination of re-purposing and renovating historical buildings, new ground-up construction, entrepreneurs starting businesses and the attraction and relocation of college educated talent is bringing about the rebirth of Cleveland as an emerging and vibrant city. Local and out- of- state developers are investing in Cleveland, turning it into a boomtown while creating excitement that has been written in editorials across the country. From 2011-2015 a total of $8 billion was invested in new development in Cleveland. The project investment included: $1.37 billion on the new hotels; $1.23 billion on mixed-use development projects; $694 million of residential housing; $1.78 billion on “meds & eds” tech structures; $508 million on arts development; $1.4 million on public space, bike paths / trails and public parks such as the transformation of one of Cleveland’s iconic and oldest parks -public square; $982 million on infrastructure improvements with the Innerbelt Bridge construction; and the $451 million on renovation and business attraction such as Link 59. These numbers don’t take into consideration $350 million total dollars AT&T spent building out their Cleveland area network over the last 3- years. Most of this year’s investment for the RNC are permanent and will be left enhancing Cleveland as a smart, connected City. “What we’re seeing is an increase in residents and jobs, and our amenities are performing well,” said Joe Marinucci, president and CEO of the Downtown Cleveland Alliance, a nonprofit that works to improve downtown, including balancing the interests of businesses & residents. With an estimated $19 billion in development completed or planned since 2010. Occupancy rates are at an astonishing 98% and home sales are up 12% year after year. Bonus: you can still buy properties at a fraction of their mid-2000 prices ! Global Investments Incorporation have seen a huge increase in Cleveland sales over the last six months and as local investment continues to increase and unemployment falls we expect this trend to continue over the coming months. Cleveland is becoming known around the country and around the world as a comeback city with billions being invested in infrastructure and development, great suburban schools, parks, culture and so much more. Investors have taken notice of Cleveland, Ohio—and you should, too. If you would like more information on our Cleveland properties please contact Mike or any of the Global team.
