Friday, January 14, 2011

Cleveland Medical Mart Groundbreaking

Today was the groundbreaking for the new Cleveland Medical Mart and Convention Center.  Apart from the construction getting underway this month, today’s biggest news is that the project announced that 58 companies and organizations have signed-on to lease space within the Medical Mart and 24 have committed to hold conferences there once the facility opens in the fall of 2013.

Here are some links and information about the project --

Announcement and News Coverage

Official Annoucement, includes

Cleveland medical mart talks up tenants on groundbreaking day
By Jay Miller, 1/14/2011, Cleveland’s Crains Business

Cuyahoga County breaks ground for medical mart and convention center
By Laura Johnston, 1/14/2011, The Plain Dealer

With High Expectations, Medical Mart Breaks Ground in Cleveland
by Dan Bobkoff, 1/14/2011, WBEZ 91.5, Michigan Radio

Cleveland medical mart’s tenants: Big numbers, few big names (so far)
by Brandon Glenn, 1/14/2011, MEDCity News

Cleveland Medical Mart & Convention Center Announces Tenants at Groundbreaking Ceremony
Business Wire, 1/14/2011

Youtube – (12:25 min)
Cleveland Medical Mart and Convention Center Groundbreaking: Chris Kennedy

Flickr photos of todays events.
Cleveland Medical Mart & Convention Center Groundbreaking

Project’s web site:

Live web cam of construction site:

Planned Space:

Medical Mart
235,000 square foot Medical Mart will house permanent showrooms for major medical manufacturers and service providers
Trade Show Facility
230,000 square feet of high-quality exhibit space, featuring high ceilings and industry-standard column spacing
Conference Center
60,000 square feet of high-tech, flexible meeting rooms of varying sizes
30,000 Grand Ballroom offering stunning views of Lake Erie

Project Cost:  $943 million (estimate)
$465 construction costs (current estimates for Mall site)
$375 financing (taxable bond issuance)
$103 operating costs (County to pay MMPI, source of funds not yet identified)
20 year sales tax, increase from 7.5 percent to 7.75 percent.
Sales tax voted on by Cuyahoga County Commissioners in July 2007.

Municipal Bond Offering - COUNTY OF CUYAHOGA - $ 343,350,000
[Posted: Thursday, December 9, 2010]
$20,000,000 Recovery Zone Economic Development Revenue Bonds, Series 2010E (Medical Mart/Convention Center Project) (Federally Taxable - Build America Bonds - Direct Payment) and $200,235,000 Recovery Zone Facility Economic Development Revenue Bonds, Series 2010F (Medical Mart/Convention Center Project) and
$123,115,000 Taxable Economic Development Revenue Bonds, Series 2010G (Medical Mart/Convention Center Project)

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