Monday, November 17, 2014

NuCLEus project - initial project overview presented to Council, preliminary legislation approved for title transfers

Today, Cleveland City Council heard and approved this evening Ordinance No. 1410-14 in a joint hearing of the Development, Planning and Sustainability and Finance Committees.  The legislation was introduced last month.  The ordinance authorizes the City to acquire and re-convey properties presently owned by Gateway Huron LLC for purposes of entering into the chain of title prior to the adoption of tax increment financing legislation.

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

Media Coverage:

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