The project's conceptual plan passed the Cleveland Planning Commission on November 7th. Today's Council hearing and approval is a preliminary step with additional design and financing details to be introduced for future hearings.
|A colored diagram shows the general shape, or "massing" of the proposed nuCLEus development in downtown Cleveland, and the arrangement of uses within the project. Source: Stark Enterprises of Cleveland and J-Dek Investments Ltd. of Solon|
In summary the project is a collaboration of Stark Enterprises and J-Dek Investments Ltd. of Solon, It is estimated to represent an investment of between $250 - 350 million. The major components or uses are represented in the diagram above. It would be located primarily on two blocks sandwiched by Prospect Avenue and Huron Road, just north of the Q and east of East 4th Street.
Preliminary plans for financing include passage of a non-school Tax Increment Financing that is estimated to generate between $10 to 15 million. In addition, there are media reports of other potential funding that could include Casino funds that could be authorized by the County as well as other funding from the City's Vacant Property Initiative. See the media reports referenced below.
Project Site: Stark Enterprises, NuCLEus, 501 High Ave, Cleveland, OH 44115
- So Good to be Attacked by Flaks. By Roldo Bartimole, The Cleveland Leader, 11/17/2014.
- CLE Matters, A nuCLEus of grandeur? By Brian Tucker, 11/17/2014
- Enter nuCLEus: The Massive Downtown Development Project of the Hour. By Eric Sandy, Cleveland Scene, 11/7/2014. Stark and J-Dek's nuCLEus project wins unanimous conceptual approval from Cleveland planning commission. By Steven Litt, The Plain Dealer, 11/7/2014.
- Stark Enterprises seeks early approvals for 'nuCLEus,' large mixed-use project near The Q. By Michelle Jarboe McFee, The Plain Dealer, 11/5/2014.