A new report shows that Downtown Cleveland’s postCOVID recovery continued in 2023 as workforce and overall foot tra c nearly reached the highs of 2019 and visitor tra c is on pace to exceed pre-pandemic levels in 2024.
Manufacturers have faced major challenges in recent years, but they’ve survived and come back strong, data suggests
By Dan Shinglere region’s manufacturing sector has possibly never been tested like it has been over the last four years — and it has passed with ying colors.
at’s the assessment of Magnet, the state agency in Cleveland that advocates for and supports area manufacturers dealing with topics ranging from workforce training and recruitment to new product development.
Magnet issued its ndings in a report titled, “Make It Happen: A Progress Report on the Blueprint for Manufacturing in Northeast Ohio.”
See REBOUND on Page 16
Your best chance of seeing the eclipse is near the shoreline, where the lake helps keep clouds away.
PAGE 2
e 2023 Downtown Cleveland Inc. Economic Development Report claims that “despite public safety and o ce market challenges, downtown Cleveland exhibited tremendous resilience … (and) outpaces our peer cities in Ohio and is in the top three for the Great Lakes region.”
e report drills down on downtown residential growth, noting that with more than 21,000 residents by the end of
2023, the downtown area’s population is at 112% of 2019 pre-pandemic levels.
e city’s downtown also has seen growth in retail since the pandemic caused so many shutdowns and closures, with the addition of 33 new businesses in 2023 alone.
Living and housing
e report found that by the end of 2023, 91% of downtown apartments were occupied. Before COVID hit, downtown Cleveland’s resident-to-worker ratio was 1-to-5. But by the end of 2023, it was 1-to-3. Of those residents, about 38% are between the ages of 25-34.
See DOWNTOWN on Page 16
Although Joann Inc. has said it does not plan store closings as part of its Chapter 11 bankruptcy reorganization, shopping center landlords who stand to lose some have an answer ready.
Hudson
Goodbye. Owners say they are proactive when they start hearing about a retailer getting on shaky ground and, unlike past periods with multiple retailers shutting, it is easier to nd new retailers to take their place.
ownership management concern Chase Properties, said Joann did not renew its lease at its Wooster center. Chase is currently redoing the space for Boot Barn, an expanding retailer.
PAGE 17
Rob McGovern, chief operating o cer of Beachwood-based shopping center and industrial
Ohio Senate race to draw plenty of attention this fall, and other takeaways from the primary election.
PAGE 8
And Joann has not extended its lease at another of Chase’s centers, at a location McGovern did not disclose because he does not know if store employees have been noti ed of a closing, so he expects that store to shut. Another tenant is waiting for the space, he said, although a lease is not yet signed for it.
See JOANN on Page 17
Leave it to the Great Lakes Science Center to help clarify things dealing with Lake Erie, weather, the upcoming solar eclipse and, well, science.
Science Center president and CEO Dr. Kirsten Ellenbogen reached out after Crain’s recently reported that the Cleveland area is amongst the worst spots along the path of the eclipse’s totality in terms of cloud cover.
While it’s true that our area has some of the highest chances of cloudy weather and lousy viewing on the eclipse’s path across the country, there’s a sliver of hope — and that sliver is our lakefront.
“It’s the other lake e ect that no one really knows about,” Ellenbogen said.
It all has to do with the variable temperatures between the lake and the land beyond the shoreline. e lake, especially in the spring and summer, often is colder than the land around it. When that cold air is blown over the warmer land, the moisture in it and from the ground forms clouds. But that doesn’t occur until the air crosses the shoreline.
“We see a lot of cloud cover that is created because the ground is
heated by the sun and then clouds form, but that doesn’t happen over the lake,” Ellenbogen said.
In fact, the air over the cooler lake is more likely to be clear because the cool water can help prevent clouds from forming.
“Statistically speaking, we have a better chance of having less cloud cover if you’re right on the lake,” Ellenbogen said.
It’s no guarantee, of course. We
still get clouds in the spring and more than in most places. But it does mean that the land right along the lakeshore, and it’s often within a few blocks, might be the best place to stake out a place to watch the solar action.
e di erence is pretty dramatic from one spot to the next.
If you’re at Burke Lakefront Airport, which juts out into the lake itself north of downtown Cleve-
land, your chance of seeing the eclipse without clouds in the way is 56.4%, according to the o cial map of viewability put together by federal weather experts. But if you’re at Cleveland Hopkins International Airport, which is ve miles inland and to the west, your chances of eclipse-friendly weather are only 38.9%.
“It’s really something to be on a Great Lake,” Ellenbogen said.
is is good news for her, because not only will she be at the science center, on Cleveland Harbor, hoping to see the eclipse herself, but she’s expecting about 50,000 guests.
ey won’t all be in the science center, but that’s the estimated attendance for the three-day festival planned for the harbor and nearby shoreline, she said.
And she likes knowing she’s got a better chance of seeing the eclipse there than folks in some parts of the country known for more sunny weather.
“I did take a little pleasure in seeing that Dallas is forecast as having viewability that’s not as good as Burke Lakefront,” she said, noting that the Dallas airport only has a 48.1% chance of clear skies that day, based on historical data.
So, while we still won’t have reliable forecasts until we’re about a week away from the event, take heart, Cleveland’s potentially a better place to view the eclipse than some of the data suggests.
But also, be prepared, because if we do get lake e ect clouds, but it’s clear right along the shoreline, things could get crowded by the water.
Unless you have a boat, of course.
Cleveland’s KeyCorp said it has made a deal with Blackstone Credit and Insurance—a recently created division of New Yorkbased alternative asset manager Blackstone Inc.—supporting Key’s Specialty Finance Lending (SFL) group with a forward ow origination partnership.
In conjunction with this, the rms said they have closed a transaction on a seed portfolio of middle market nance facilities, noting that Key “will continue to originate, hold and provide asset management services for new commitments across all sectors.”
O cials declined to comment on the size or value of that portfolio.
As explained by law rm DLA Piper, a forward ow arrangement “typically involves an outright purchase by the funder of loans that are advanced by an originator in accordance with eligibility criteria.”
“ e funder in a forward ow typically funds 100% of the loans
which meet the eligibility criteria,” according to the rm, “thereby not requiring the originator to commit its own funds or involve a junior funder.”
Put simply, in this dynamic, a portion of new loan originations can be transferred to the partner, notes Randy Paine, head of Key’s Institutional Bank.
“Key’s SFL business is a leading asset-based lender serving clients nationally across middle market, growth capital, transportation, equipment and other verticals.
e SFL business is a highly successful business that has been organically built over the past 15 years to serve a dynamic and fast-growing client base with increasing nancing needs,” Paine said.
“ e partnership with Blackstone will accelerate the growth of the business and be mutually bene cial to all stakeholders, especially Key’s clients,” he added. “ e partnership enables SFL’s continued production and growth in a less capital-intensive model.”
is partnership follows the formation of Blackstone Credit and Insurance in September 2023.
“Credit and Insurance is Blackstone’s fastest-growing segment— more than doubling to $295 billion in assets under management over the last three years,” said the company at the time.
“Exceptional demand from our clients has made Credit and Insurance the fastest-growing segment at Blackstone,” said Blackstone president and CEO Jon Gray in September. “ is integration allows us to be an even more effective lender and more comprehensively serve our insurance, pension fund and private wealth clients.”
“ e new structure will further accelerate growth by creating a more seamless experience for clients and borrowers,” the rm said. “(Blackstone Credit and Insurance) will o er a one-stop solution across corporate and asset-based, as well as investment grade and non-investment grade, private credit.”
MGM Resorts International is exploring the sale of its casino operations at Ohio’s North eld Park and in Spring eld, Massachusetts, according to people with knowledge of the matter. e company is working with nancial advisers, but the discussions are preliminary and may not result in any action, said the people, who asked to not be identi ed as the information is con dential. A spokesperson for MGM declined to comment on the discussions.
MGM’s management has been frustrated with the company’s share price. As of March 20, the stock had climbed less than 5% over the past two years despite growth in sales and pro t. e largest operator of casinos on the Las Vegas Strip has been looking to build out its exposure
to online gambling in the US and overseas.
MGM North eld Park, a horse track that also has a casino, is located about 20 miles (32 kilometers) southeast of Cleveland.
MGM took over management of the former Hard Rock property in 2019.
MGM won the license to operate in Spring eld after Massachusetts authorized casino gambling. e casino, which opened in 2018, has been something of a disappointment.
“Our original valuation of this
Philanthropist MacKenzie
Scott has announced a new round of donations via her Yield Giving organization, and several Northeast Ohio groups are among the recipients.
In Ohio, a total of $13 million was spread across seven di erent groups, including four in Northeast Ohio.
Towards Employment, which trains local job seekers and connects them with businesses across the region, received $2 million.
In a press release, Jill Rizika, Towards Employment president and CEO, said, “For our board, sta and partners who care about our work, this is a dream come true. e world of work is rapidly changing, and this is a great opportunity to thoughtfully identify how this onetime investment can be a catalyst that ensures high-impact equitable community change.”
ity during the prenatal period, also received $2 million. e group has locations in both Akron and Cleveland.
And the Fairfax Renaissance Development Corporation, the community development nonpro t based in Cleveland's Fairfax neighborhood, received $1 million.
Scott previously gave $20 million to the Cleveland Metropolitan School District and $2.5 million to the Legal Aid Society of Cleveland.
Other organizations in Ohio that received donations in this round include $2 million for Justice for Migrant Women and $2 million for HER Cincinnati. Women Helping Women, an organization ghting genderbased violence in Southwestern Ohio, also received $2 million.
e LGBT Community Center of Greater Cleveland also received $2 million. In the center's announcement about the gift, executive director Phyllis Harris said, “We are sincerely moved by this transformative gift supporting the LGBT Community Center of Cleveland, fueling our unwavering dedication to service excellence. e LGBTQIA community can trust in the Center’s leadership to be visionary and accountable stewards of this invaluable support.”
Birthing Beautiful Communities, a group of birth workers who support expectant mothers who face a higher risk of infant mortal-
In a post to the Yield Giving website on Tuesday, March 19, Scott said, “From a pool of over 6,000 applicants, each of these 361 community-led non-pro ts was elevated by peer organizations and a round-2 evaluation panel for their outstanding work advancing the voices and opportunities of individuals and families of meager or modest means, and groups who have met with discrimination and other systemic obstacles. Grateful to Lever for Change and everyone on the evaluation and implementation teams for their roles in creating this pathway to support for people working to improve access to foundational resources in their communities. ey are vital agents of change."
According to a count by the Associated Press, this round of giving by Scott totaled $640 million across those 361 organizations.
market simply was o — full stop,” MGM Chief Executive Ocer Bill Hornbuckle told reporters after meeting with local ocials last year. e property generated $278 million in gambling revenue in 2023.
e real estate at both casinos is owned by Vici Properties Inc., a New York-based real estate investment trust that acquired MGM Growth Properties, MGM’s REIT a liate, almost two years ago.
A Vici representative declined to comment on the sale talks.
Coming into his role as executive director of Cleveland Clinic Innovations, Geo Vince wanted to make a big splash.
“(My plan was) really to blow it up,” said Vince, who took the helm at the health system’s commercial arm in 2021.
In Vince’s two-and-a-half years with Cleveland Clinic Innovations, the organization has undergone an innovation itself, which includes the implementation of a new structure and a growing emphasis on therapeutics and digital health. e changes seem to be paying o . e group's translation rate for invention disclosures to licenses improved from 19% in 2021 to almost 34% in 2023, according to the Clinic.
Vince, who hails from England, originally joined the Clinic’s biomedical engineering department in the early 1990s.
In 2000, he developed an imaging algorithm that measures cholesterol in a patient’s heart.
e Clinic licensed the technology to a San Diego-based company named Volcano Corporation. Vince consulted with Volcano for several years before departing the Clinic to work for the company full-time.
When Volcano was acquired by Philips in a $1.2 billion deal, Vince returned to the Clinic to serve as chair of the health system’s biomedical engineering department. He said his background working with startups and developing new technologies made him a good t for Cleveland Clinic Innovations, which has more than 2,500 issued patents, 45 active startups and 26 exits.
Shaking things up became a key part of Vince’s strategy at the beginning.
spin out a company.”
e problem with that approach, Vince said, is that one person doesn’t have the skill set to do all of those tasks.
“You can’t be expected to do everything for 30 people,” Vince said. “What I did is I broke it up into a team of teams. We have ve teams who work in individual areas and as a technology goes through our system, it gets handed o to a team with a particular expertise in that area.”
Among those teams is an engagement group that works with inventors to mine ideas and build relationships. It also includes teams focused exclusively on license deals and invention disclosure forms, which Vince described as the numerator and dominator driving translation rate.
“It has been a breath of fresh air having (Vince’s) approach and his way of organizing the structure of the group,” said Dr. Shaun Stau er, director of the Cleveland Clinic’s Center for erapeutics Discovery.
expanded its e orts in therapeutics and diagnostics and digital health. In the past, the organization largely concentrated on medical devices (80%), but a growing percentage of its work has centered around other areas.
Today, the organization’s portfolio is 48% medical devices, 31% therapeutics and diagnostics and 21% digital health. It includes groups such as segmented reality med-tech company MediView XR Inc., Enspire DBS erapy Inc., which is developing deep brain stimulation plus rehabilitation for stroke patients, and Anixa Biosciences Inc., a company developing a breast cancer vaccine. e timelines for developments in these areas vary greatly. It can take decades and hundreds of millions of dollars, for example, to develop a new drug, while digital health innovations tend to move at a much faster pace. With therapeutics, researchers must go through clinical trials to ensure a molecule is safe and e cacious prior to it becoming a marketed product, a process that can take up to eight years, Stau er said.
Return on investment might happen more quickly in other areas, Stau er said, but it’s important to serve the needs of patients in a variety of ways.
“We recognize that we need to reach all our patients,” he said. “In therapeutics, it’s something that we realize that prior to this group it hasn’t been a systematic e ort to do that. Hopefully, with the investment in our group and what we’re trying to do, we’ll be able to change that and contribute to therapeutics as part of our mission.”
“The traditional way of doing innovations is you have one person who’s expected to do everything for a lot of the technologies,” he said. “They’ll talk with an inventor. They’ll do marketing. They’ll do a licensing deal. They’ll do product development. They may even help
Stau er’s group works to translate scienti c discoveries made by Clinic researchers into novel therapeutics. It focuses primarily on developments in neuroscience and oncology. e group has worked closely with Cleveland Clinic Innovations on several projects. Stau er said the relationship has blossomed over the last several years.
Along with structural changes, Cleveland Clinic Innovations has
Having a mix allows for a balanced portfolio, said Vince, who estimated that Cleveland Clinic Innovations has three or four companies that could potentially exit for more than $100 million in the next two years.
“It's a new Innovations,” Vince said. “What we have now is a scalable process … it’s more along the lines of those business product development timelines, less of an academic endeavor and more of a business endeavor.”
Drugstore giants CVS and Walgreens recently started selling the abortion pill mifepristone in select states, but it won’t be coming to Ohio.
While Ohio voters decisively approved a constitutional amendment to ensure access to abortion and other reproductive health care in November, CVS and Walgreens cannot dispense the pills in Ohio because of state restrictions.
A law initially passed by the state legislature in 2004 requires patients seeking to end a pregnancy using the medication to receive it from a physician.
It puts the Buckeye State in a unique position when it comes to access to mifepristone, said Jessie Hill, a professor at Case Western Reserve University and an attorney who has worked on abortion rights cases with the ACLU of Ohio.
Earlier this month, CVS and Walgreens, the two largest pharmacy chains in the U.S., announced plans to start selling mifepristone to patients with prescriptions in certain states after receiving certi cation from the Food and Drug Administration. is came after the FDA eliminated a restriction last year that prevented retail pharmacies from dis-
pensing mifepristone. Under the change, any pharmacy that meets the requirements of the Mifepristone REMS Program is eligible for certi cation.
Ohio Attorney General Dave Yost was among a number of GOP state AGs who in 2023 signed a letter warning Walgreens and CVS against mailing abortion pills in their states. Pill-induced abortion is the most common method for ending a pregnancy in the coun-
try. Mifepristone, approved by the FDA in 2000, has become a target for anti-abortion advocates.
Other states have similar laws on the books, but they also have near-total abortion bans. Ohio is in the unique position of being a state where abortion is legal, but laws like these remain in e ect.
Hill said Yost’s position is that the state’s law is still valid and enforceable, meaning it would need to be challenged and blocked in
court for pharmacies to be able to sell mifepristone in Ohio. is comes as the U.S. Supreme Court is set to hear oral arguments this month on how patients can access mifepristone, its rst abortion case since overturning Roe v. Wade in 2022. e high court agreed to hear appeals from President Joe Biden’s administration and the manufacturer of mifepristone asking it to reverse a lower court ruling that would eliminate
shipments of the drug by mail. CVS is dispensing mifepristone at locations in Massachusetts and Rhode Island, with plans to roll out to additional states where it is legally permissible, according to a company spokesperson. e company is continuing to monitor and evaluate changes in state laws and will dispense mifepristone in any state where it is or becomes legally permissible to do.
“We have a long history of supporting and advancing women’s health and we remain focused on meeting their unique health needs. is includes providing access to safe, legal, and evidence-based reproductive health services, information and FDA-approved products,” the company’s statement said.
Similarly, Walgreens has begun a “phased rollout” of mifepristone consistent with federal and state laws at select locations in New York, Pennsylvania, Massachusetts, California and Illinois, a spokesperson wrote in an email to Crain’s. It is not disclosing the number of sites per state or identifying speci c pharmacies for patient and pharmacist safety, the company’s website says.
Walgreens plans to expand availability to locations in all legally permissible states in a phased approach, the spokesperson said.
In the spring of 2010, Homage founder Ryan Vesler was trying to convince the then-Cleveland Indians to sell his company’s 10-Cent Beer Night T-shirts when one of the team’s buyers asked him, “Why would we carry that from you guys when people can buy it outside for a very low price?”
“ at’s actually our design that they’re bootlegging,” Vesler responded.
At the time, Columbus-based Homage was just three years old and didn’t own the licensing rights for the Indians, or any other professional team. And it wasn’t like the Indians were looking for a way to celebrate what happened at Municipal Stadium on June 4, 1974.
And yet, for whatever reason, that T-shirt was the one that caught the team’s attention, giving Vesler a chance to sell the team on Homage’s potential. It culminated on June 17, 2010, when an Indians merchandise buyer named Iris Delgado emailed Vesler with a purchase order that read, “We will test, on consignment, 24 of the designs below.”
“You’re making me go down the time machine, but this honestly could have been our very rst team store order,” Vesler said as he clicked through 14-year-old emails. “ em taking a chance on us was really fortuitous, although, with a 24-piece consignment order, there’s no risk. ey would basically just give it back to us to sell.”
Still, that little order not only birthed a great relationship between Homage and the Indians — one that continues today with the Guardians — but it started Homage on the path to landing licensing agreements with MLB, the NFL, the NBA, the WNBA, WWE, two dozen Division I colleges and more.
“For whatever reason, they gave us an opportunity and the things we provided sold well,” Vesler said of the Indians. “ at was a great case study that helped us eventually convince MLB to give us a license.
“ e rest is history.”
Today, Homage not only sells o cially licensed Guardians gear on its website, it also sells shirts that read “Believeland”; the Bob Feller-inspired “Give ‘Em e Heater”; “You Know Bro, Home Run Pitch” (in honor of Jose Ramirez); and Guardians’ Chess Club (in honor of Steven Kwan); and Team Ketchup, Team Mustard and Team Onion shirts, inspired by the Guardians’ hot dog mascots. It also has Guardians shirts with Slider and Kenny Lofton and
Jim ome and Satchel Paige and Sandy Alomar and Larry Doby and the Grateful Dead bear and, yes, 10-Cent Beer Night.
“ ey know the city and they have a pulse on what’s happening here,” said Guardians director of merchandising Kristen Jufko. “ ey’re a recognizable brand for the fans, and our overall relationship has been exceptional.”
Although the relationship is 14 years old, it really ramped up during Cleveland’s name change in 2021-22. While the city has a lot of local T-shirt companies, the Guardians saw Homage as a local(ish) vendor who could help them react
more quickly to what was happening on the eld and in the clubhouse.
e Guardians knew Homage couldn’t match the speed of Cleveland’s unlicensed shops — there were “Down Goes Anderson” T-shirts available pretty much as soon as the words left Tom Hamilton’s lips during the Jose Ramirez-Tim Anderson fracas last August — but Homage is still light years faster than Cleveland’s two oneld vendors, Nike and New Era.
For instance, when pitcher Carlos Carrasco was diagnosed with leukemia in 2019, the Indians and Homage teamed up on an “I Stand for Cookie”
come up with a T-shirt idea. Sometimes Homage does. And sometimes, Homage pitches something that’s really fun/ cool/interesting, but doesn’t work for the team or the league.
“ at’s a healthy tension to have with any league,” Vesler said. “What people don’t realize is that behind the scenes, we’re one-half marketing company and one-half apparel company.
e answer to some of those ideas is going to be no, and that’s ne. ere’s lots of reasons why and they’re totally understandable and reasonable. You miss all the shots you don’t take.”
Of course, Homage’s success isn’t just due to its designs. Homage’s T-shirts are — to use a highly technical term — comfy. Some even call them “buttery soft.” eir women’s shirts seem to have been designed with an actual human female in mind. at’s important to fans who have grown disillusioned with the quality of products made by companies like Nike and Fanatics. (Both Homage and the Guardians were careful to praise both companies as important business partners.)
“ e blank is what makes their product sell,” Jufko said, referring to Homage’s basic T-shirt material. “ e look and feel of their T-shirts and sweatshirts, it’s a quality we can’t get from another vendor at that price point.”
Added Vesler, “We want to be the rst T-shirt that you reach for in the drawer when you’re getting dressed.”
Alas, those T-shirts are a little harder to nd in Cleveland, at least in person. Declining foot tra c prompted Homage to close its brick-and-mortar locations in Crocker Park and Pinecrest in recent years, although it still has two retail stores in Columbus and one in Cincinnati.
T-shirt, with a percentage of the proceeds going to Cleveland Clinic Children’s for pediatric cancer research. And when Kwan started playing chess with Cleveland Metropolitan School District students, Homage again quickly produced a shirt, with a portion of those proceeds bene ting CMSD’s chess clubs.
e Guardians have also worked with Homage on shirts for opening day, this year’s solar eclipse and Pride Night, helping the brand consistently rank third in sales among Cleveland’s 15-20 apparel vendors. (Nike and New Era rank rst and second, respectively.)
Sometimes the Guardians
“Resources aren’t in nite, and as we become more national, we’re really focusing on e-commerce,” Vesler said. “ e (apparel) brands that are hyper local in Cleveland, that’s their core business. and they can put a lot of time and energy into that. But as we become increasingly national, it’s harder to be a regional business. at’s probably the biggest arc of the business. When we rst started, we were very Ohio-centric, very Ohio State focused, and we just transitioned.”
But Cleveland’s fans, and its pro teams, are still a key part of Homage’s business, Vesler said, and will continue to be.
“ ey’re just great to work with,” Jufko said. “ ey really understand our city and our fans.”
When Matt Cole rst started bottling Fat Head’s beer in 2012, he was eyeing progressive growth — not Progressive growth.
“I never would have guessed that 10 or 12 years ago we would actually be the o cial craft beer of the Cleveland Guardians,” said Cole, Fat Head Brewery’s co-founder and master brewer. “But we’ve forged a pretty strong name in the community. We’re one of the tried and true brands in Northeast Ohio and we’re really proud of that.”
Eight years after entering Progressive Field with a single sandwich kiosk, the Middleburg Heights-based company is now the o cial craft beer partner of the Guardians, taking a mantle held by Great Lakes Beer since 2019. Great Lakes has forged a stronger connection with the Cavaliers in recent years, taking over a 1,500-square-foot taproom inside Rocket Mortgage FieldHouse in 2022 (previously occupied by Saucy Brew Works).
Fat Head’s, in turn, replaced Great Lakes at Progressive Field’s third-base Beer Garden in 2023 and the company will have an even bigger presence in the ballpark’s “ever-increasing array of
adult beverage concessions and hospitality,” the Guardians said. e partnership will allow Fat Head’s to use the Guardians’ name and marks regionally in the marketing and promotion of its brewery and beers. is includes its dual agships Head Hunter IPA, which last year achieved recognition as the Gold Award winner for India Pale Ale at both the World Beer Cup and the Great American Beer Festival, and Bumble Berry Honey Blueberry Ale. Both brews are featured prominently throughout Progressive Field on draft and in cans, along with several other Fat Head’s o erings.
“We’ve been pretty committed to trying to be one of the stronger breweries in Northeast Ohio, and obviously the state of Ohio,” Cole said. “For us, beer and baseball historically go back so far. It’s that perfect match made in heaven. I don’t know what it is about baseball fans and craft beer fans, but they kind of go hand in hand.
“If your team’s losing, I think it makes it a little less painful to wash it down with something a little better than something that’s fizzy and yellow and flavorless.”
When asked if he was referring to any brands in particular, he laughed and said, “I think you
“For us, beer and baseball historically go back so far. It’s that perfect match made in heaven. I don’t know what it is about baseball fans and craft beer fans, but they kind of go hand in hand.”Matt Cole, Fat Head Brewery’s co-founder and master brewer
know the ones I’m referring to.” While the Indians/Guardians partnership has boosted Fat
Head’s brand awareness over the past eight years, Cole admitted he still cringes at these kinds of
big spends, since they’re such a large part of the company’s annual marketing budget.
“We don’t make money off this,” he said. “It’s a marketing spend and an opportunity to create that awareness. We have a little bit of a story to tell over the last year with some of our success, especially Head Hunter. So we’re really going to push our two awards. It is a nice time for us to tell our story of what a successful 2023 was for us in hopes that maybe people will taste it, get it on their palates, or maybe reach for it in grocery stores or carry-outs.”
Fat Head’s also recently partnered with Cleveland Metroparks on a Leafman Lager, with the company planning to donate a portion of the proceeds back to Metroparks.
“That’s a new platform for us,” Cole said. “There’s such an emotional attachment not just to the Guardians but also our parks system. So, again, we can tell that story, about how we’re doing our best to help with stewardship. It’s a great opportunity for us to let people to know we give back to the community, we care about the community, we care about its organizations and its overall strength and well-being.”
Ohio’s no longer considered to be in play in the presidential election, but the state still will draw plenty of attention this fall, as the race between incumbent Sen. Sherrod Brown and freshly minted Republican nominee Bernie Moreno gures to be critical in determining which party controls the Senate in 2025.
Moreno, a businessman who posted a dominant win in the GOP primary, is the headliner coming out of the elections on Tuesday, March 19.
He’s not the only story, though. Here are seven takeaways about an election night that o cially kicks o a hugely consequential election season later this year:
1. The Republican establishment in Ohio is dying.
State Sen. Matt Dolan had a good r eputation, a conservative voting record, a smart campaign, the backing of Gov. Mike DeWine and former U.S. Sen. Rob Portman, and millions of his own money to spend in the Republican primary for the U.S. Senate.
And he still got crushed.
Moreno, who is new to elected politics (though not a stranger to the political world) and had the critical backing of former President Donald Trump, won the three-way primary easily, with about 50.5% of the vote. Dolan was a distant second, at 32.9%, and Frank LaRose continued a truly awful stretch of election results with a lastplace nish, at 16.6%.
Trump-backed candidates in Ohio don’t always win, but in tandem with the 2022 election of U.S. Sen. JD Vance (to succeed the more moderate Portman, no less), it’s clear that — for national o ces, at least — Republican voters in Ohio prefer candidates with the Trump imprimatur.
Dolan knows this better than anyone, as he has now lost twice to Trump-backed political neophytes. e argument from DeWine and other establishment gures — that Dolan was more “electable” and stood to have a better chance to take down the well-known Brown — had no traction with Republicans.
GOP voters got the man they wanted. Bring on November.
2. Polls might not be quite dead, but they’re very broken
If you were looking at polls leading up to the March 19 primary, you probably thought everyone was in for a long night.
e polls were suggesting a near dead heat between Dolan and Moreno — LaRose was long relegated to also-ran territory — that obviously didn’t come to pass as Moreno won going away.
Polling is harder now than it has been in a long time, in large part because cell phones make it much more di cult to reach people. e Trump era also has brought out new voters that make statistical modeling of the electorate tricky. (It’s telling that polling in the recent o -year elections of 2018 and 2022, when Trump wasn’t
on the ballot, polling was more accurate.) e point isn’t to dump on pollsters or the general idea of polling, which is useful as a data point. But don’t make a decision to vote, or not to vote, based on assumptions you make from reading a poll and determining that a race is in the bag. ere’s a good chance that poll is way o .
3. Time for details
Moreno had the signi cant advantage, in a Republican primary, of Trump’s support. Winning that backing says something positive about Moreno’s political skills, but it also meant he didn’t need to spend much time during the campaign talking about issues in detail. Reminding Republicans that he was Trump’s endorsed candidates was su cient for a large number of GOP voters. at changes this fall, as Moreno enters a one-on-one race with Brown, a skilled politician who has a deep relationship with Ohio voters.
4. What are they going to talk about?
One dynamic we’re eager to see play out is on economic issues including trade policy, organized labor, the U.S. relationship with China and, broadly, the role of big corporations in America in 2024.
On all those issues, Brown arguably talks to Trump voters as well as most Republicans do. We’re expecting Moreno to talk a lot about immigration and border security — a completely legitimate issue, in our view, and one that touches on broader workforce dynamics — but are looking forward to seeing how the candidates frame economic matters.
Conventional wisdom is that Democrats got the candidate they wanted in Moreno. Time will tell. Trump is likely to win Ohio comfortably this fall, and if Moreno hangs
Interim Editor: Ann Dwyer (adwyer@crain.com)
Managing Editor: Marcus Gilmer (marcus.gilmer@crain.com)
Contact Crain’s: 216-522-1383
Read Crain’s online: crainscleveland.com
onto most of the Trump voters, he’ll win.
Brown is talented and has the ability to appeal to a lot of Trump voters. He has won three previous Senate elections, but all were in relatively favorable circumstances: the 2006 Democratic wave, the 2012 reelection of President Barack Obama, and the 2018 midterms with an anti-Trump backlash. e 2024 election, at least in Ohio, is likely to be quite a bit less favorable to the incumbent.
5. One thing that remains unchanged in a fractious political world is support for human services levies.
is is a good thing. A very good thing.
Issue 26, Cuyahoga County’s health and human services levy renewal, passed with the support of about 71% of voters. e 4.8-mill renewal levy provides about half the funding for Cuyahoga County Health and Human Services. It generates about $137 million a year and, even more importantly, allows the county to attract matching dollars from the state and federal governments.
Issue 26 had the backing of Democratic and Republican elected o cials, as it should have. Programs supported by the renewal protect children from abuse, support trauma and burn care at MetroHealth and provide Meals on Wheels for seniors, among other needed services.
County Executive Chris Ronayne said in a conversation with Crain’s earlier this year that the county can’t grow jobs, education and its economy “if we can’t take care of the people who need us the most.”
Republicans and Democrats don’t agree on much these days, but it’s heartening that when it comes to HHS levies — as well as tax measures for Cuyahoga Community College, an important source of providing
opportunity to members of the community — the level of support is strong.
6. Cuyahoga County Prosecutor Michael C. O’Malley is rmly entrenched in the job.
O’Malley defeated a progressive candidate, political novice Matthew Ahn, in the Democratic primary, which virtually assures he will win a third term in o ce. ( ere’s a Republican running as a write-in candidate. Good luck, Anthony Alto!) e O’Malley victory was comfortable, by a 59%-41% margin over Ahn.
His comfortable win followed a little intra-party turmoil, as O’Malley failed to earn the local party’s endorsement after garnering only 58% of party members’ votes at the December meeting. e party has a 60% threshold for an o cial endorsement.
O’Malley, who is 60, has put together a long resume of public service, including time as a Cleveland City Council member and as Parma’s safety director.
After the victory March 19, O’Malley said, “Under my leadership, victims’ voices will remain central to our pursuit of justice. I am resolute in running the prosecutor’s o ce in a manner that ensures public safety and serves the interests of all Cuyahoga County residents.”
Public safety is the most basic role of government, and during the pandemic, things got quite a bit worse. Crime statistics for 2023 showed some welcome declines, but the public (and the business community) is rightly concerned about safety.
We encourage O’Malley to continue to work with other law-enforcement o cials to help make Cuyahoga County a safer place to live.
7. Did people realize there was an election?
ere’s a lot of talk this election cycle of democracy being at risk. Voters will have their say on that issue in November. But you know what really hurts our democracy? Not participating in it.
Voter turnout was low in the March 19 primary. Really low.
e Cuyahoga County Board of Elections as of Wednesday morning, March 20, put turnout at 19.9%. It was barely better in Summit County, where the BOE reported turnout was 20.5%.
ere are reasons for that, most prominently the lack of a real presidential primary in either party.
Voting is easier than it has ever been, thanks to voting by mail and extended early voting periods. Could it be easier? Sure, but that’s not the reason turnout is low.
People are free, of course, to make the decision not to vote. But don’t kid yourself; it has consequences. Reduced participation in the political process makes parties more beholden to their core voters — the ones who vote every time. ink American political parties are getting too extreme? Do something about it and vote.
PROVENANCE AT THE CMA 11150 E. Blvd., Cleveland, OH 44106 • 216-707-2600 • cma.org/datenight
Only a date night at the world-renowned Cleveland Museum of Art offers 4,000 views. Relax and enjoy great food and drinks at Provenance, live music in the atrium, and top it off with an inspiring stroll through our world-class art collection. Wednesdays and Fridays 5:00 p.m. – 9:00 p.m. Admission to the Cleveland Museum of Art is always FREE.
PIER W
12700 Lake Ave., Winton Place, Lakewood, Ohio 44107 • 216-228-2250 • pierw.com
Pier W is truly one of a kind, for the best Cleveland seafood. Always impressing both out-of-town visitors, business associates and locals with its unique location overlooking Lake Erie, guests enjoy elegant dining with a panoramic view of Cleveland. Featuring fresh seafood, the nest prime meats and seasonal dishes.
Wayne Savings Bancshares Inc. (OTCQX: WAYN), the Wooster holding company for Wayne Savings Community Bank, said that it hasnally received regulatory approvals for a small acquisition that it announced 13 months ago — a timeline that seems to underscore where regulators have been prioritizing their time in this banking environment.
Wayne Savings announced its acquisition of Main Street Financial Services Corp. (OTCPK: MSWV), the parent organization of Wheeling, West Virginia’s Main Street Bank Corp., in February 2023.
at deal, e ected in an all-stock transaction valued at $68 million at the time, has been expected to grow the Wayne enterprise to $1.3 billion in total assets. e community bank’s footprint will span 18 branches around Northeast Ohio and the West Virginia panhandle and will comprise roughly 180 employees.
Based on the bank’s assets of approximately $811 million as of yearend 2023, according to the Federal Deposit Insurance Corp., the deal grows Wayne’s total assets by about 60%.
“We are pleased to have received all required approvals from the regulatory authorities. We are progressing as planned, and we anticipate closing the transaction in the second quarter,” said Wayne executive chairman Mark Witmer in a statement.
When announced in early 2023, bank o cials anticipated that the transaction would close in the second half of the year.
But just a few weeks after that announcement came the failures of California’s Silicon Valley Bank and New York’s Signature Bank. ose events sent shock waves through the banking system that could even be felt in Northeast Ohio.
As a result, regulators shifted attention to the overall health of the banking industry.
“Once that happened, because there was a lot going on in the regulatory environment, we expected (regulatory approval) would take a little longer,” Witmer said. “It is a challenging environment, so we were pleased to get the approvals in the time that we got them.”
e bank must still go through the formality of securing shareholder approvals, which Witmer expects to be secured in the next 45 days or so. e transaction’s legal close should come sometime in early Q2.
“ e merger of these two well-capitalized institutions is an excellent strategic t,” James VanSickle II, Wayne’s president and CEO since 2017, told Crain’s at the time of the deal.
“We have found a like-minded partner that understands the dreams and aspirations of our customers and is committed to preserving the tradition of community banking,” he added.
e failed EV automaker formerly known as Lordstown Motors Corp. is back in business under a new name following its emergence from Chapter 11 bankruptcy.
According to public lings and a company announcement, the manufacturer now lists headquarters in New York City and is operating under the name Nu Ride Inc. e company’s stock, meanwhile, is being traded on the OTC Pink Market under the ticker symbol “NRDE” instead of “RIDEQ.” at stock was valued at just above $2.60 per share the morning of Friday, March 15, but was trading around $2.25 per share later in the afternoon.
e company’s restructuring plan was con rmed March 6 by the U.S. Bankruptcy Court for the District of Delaware.
It reports that it has exited bankruptcy with approximately $78 million in cash and $1 billion in “net operating loss carry forwards and various causes of action.”
Nu Ride states that it intends to deploy its cash and intangible assets to “investigate and prosecute its causes of action” and “identify, evaluate, and pursue one or more potential business combinations or acquisitions,” as determined by its board of directors.
Additionally, the company notes that it is being led by new president and CEO William Gal-
Cleveland’s CW Industrial Partners has acquired Mantaline, an extruded elastomeric products company based in Mantua. e private equity rm announced the pickup on March 12.
Mantaline has facilities here and in Hiram, as well as in San Antonio, Texas, and Monterrey, Mexico, reports CW Industrial Partners, which refers to itself as CWI. e company makes seals, protectors and insulation used in an array of industrial markets.
“Mantaline boasts a 60-plus year track record of o ering a comprehensive array of rubber and plastic products to a loyal, blue-chip customer base,” CWI stated.
CWI has a portfolio of nine other industrial companies, according to its website. ose companies are involved in precision machining, engineering, manufacturing and other activities and serve markets ranging from aerospace to home construction materials.
Mantaline, which was employee-owned through its ESOP prior to the deal, said it’s partnering with CWI so the private equity rm can use its industrial expertise to grow the company.
“We are excited to transition from an ESOP-owned business to partnering with CW Industrial Partners given the rm’s industry expertise and demonstrated ability to identify and drive growth
lagher, a 65-year-old executive with more than 35 years of experience in nance, investment and nancial restructurings, who most recently served as managing director for New York business advisory rm M3 Partners. Prior to M3, Gallagher was the CEO for WMIH Corp., a public acquisition entity in Texas that was the successor to Washington Mutual Inc. He was involved with WMIH between May 2015 and July 2018.
In the CEO post, Gallagher replaces Edward Hightower, an automotive industry vet who had been in the position since July 2022. Hightower, who is no longer with the company, will receive
$975,267 in severance pay, according to company lings. In 2022 and 2023, Hightower was paid annual salaries of $646,154 and $674,573, respectively. He received total compensation amounting to approximately $3.71 million in 2022 and $674,783 in 2023.
Lordstown Motors led for bankruptcy in June 2023 and later sold its remaining assets to Steve Burns, the former CEO of Workhorse Group who founded Lordstown Motors in 2018.
Earlier this month, the company agreed to pay $25.5 million in nes to settle U.S. Securities and Exchange Commission allegations that the business exaggerated the demand for its electric pickup truck.
opportunities across industrial manufacturing businesses,” Mantaline CEO Mark Trushel said in the rms’ joint news release. “CWI is an ideal partner for Mantaline given their focus on plastics and polymer businesses and strong operational acumen.”
Similarly, CWI said it hopes to use Mantaline’s existing expertise toward that same end.
“Mantaline’s technology, en -
gineering and operational excellence, coupled with industry-leading products, sets the foundation for a strong platform for growth,” said CWI partner Matt Lombardo in a statement. “We are excited to partner with, and support, Mark Trushel, the Mantaline management team and employees with the achievement of their long-term strategy.”
Boring gets a bad rap. Boring may be a square, but boring matters. Boring is the first step in any bold venture. Boring calculus straps bold to a rocket and hurtles it into space. Boring is the foundation for anything exciting we do. Boring is necessary for unboring to be born. Boring is smart and steady. Boring does the math. Boring makes the plans. Boring reads annual reports for fun. Boring may play it safe, but is that a bad thing? Boring is what the world needs. Boring is exactly what you want in a bank.Boring isn’t sexy or trying to be cool. Boring doesn’t take unnecessary risks with customers’ money. Boring is an incredibly valuable way of thinking. Boring makes anniversaries in Bora Bora happen. Boring turns startups into companies people have actually heard of. Boring builds communities that thrive. Boring put a little aside for your son’s fifth year of college. Boring had a feeling about him. Boring is there when you need it. Boring may sound repetitive but only because it needs to be said. Boring knows the simplest answer is usually the smartest one. Boring may be a square, but that’s what makes boring brilliant
Another local buyer has snagged an Extended Stay America hotel in the Cleveland area. is time, it’s HSM Hospitality Management of Cleveland. rough 3820 Orange Place LLC, HSM acquired the three-story Extended Stay America Beachwood South, which technically is
248.703.9609
CRAINHOMES@CRAIN.COM
Make your dream a reality with this stunning Cape Cod style condo, right on the harbor with unbelievable lake front views on three sides including two balconies and plenty of amenities. This stunning condo is a fully managed investment opportunity with significant rental income. Boasting 3 bedrooms, 3.1 bathrooms, and 1.5 car garage spaces, this spacious 2,700 sq.ft turnkey, fully furnished, condo is ready to move in. With a full gym, 24-hour building security, housekeeping option, with amenities of Bay Harbor, swim club, the marina, and boating facilities. Step outside to the quaint shopping district lined with boutiques and cafes, or stroll to the waters edge and enjoy dinner at The Knot. You do not want to miss this incredible opportunity to view the sunsets over the harbor or take your boat out of the Marina and enjoy a day on the beautiful Lake Michigan.
in Orange Village. e new owner paid $3.76 million to seller SRE Beachwood South Propco LLC, according to Cuyahoga County land records led Friday, March 15. e seller had bought it for $4.05 million in November 2018. e county values the site for tax purposes at $2.89 million.
e disposition is the latest of eight Extended Stay hotels in Northeast Ohio being shed by an investor group led by Singerman Real Estate of Chicago.
e portfolio was the subject of an online Ten-X auction by Paramount Lodging Advisors, a Chicago hotel brokerage, on Oct. 8, 2023. Previously, the properties in Brooklyn, Middleburg Heights and North Olmsted have sold, with local buyers snagging the Middleburg and North Olmsted properties.
e county deed links the three-story Beachwood property to Sandip akkar, HSM president.
In an interview, akkar said his company purchased the Orange Place property because it is in acquisition mode and has other area deals he declined to detail in the works.
HSM plans to retain the Extended Stay America flag and operating system at the property.
“It’s the best of both worlds,” Thakkar said. “You have extended-stay customers and nightly customers.”
The hotel will benefit from local ownership, he said, as HSM intends to have its management staff visit the location daily.
“We like to take over assets that need a mother and a father,” Thakkar said, “that have great potential. Beginning around September we will invest in a full renovation of the property. “New carpets. New wallpaper. New showers.”
e acquisition wasnanced by State Bank of Texas, according to a note on the county conveyance fee form for the sale. e mortgage document was not available in public records as of March 15.
akkar declined to say how much the bank nanced or the potential budget for renovations, which he said have yet to be priced.
“Texas State Bank is a hospitality lender that we’ve done business with for 20 years,”
akkar said.
HSM also owns a total of six hotels, four of them local. e local holdings include the downtown Cleveland Comfort Inn, Holiday Inn Mentor and the Quality Inn & Suites, and now the Orange property.
The
No state or major metropolitan area has an adequate supply
By Kim Palmerber of a ordable housing units saw a modest 2% improvement compared with the 2023 numbers, itself a rebound from a 6% increase in shortages found in the 2022 report.
Holden Forests & Gardens said it has received a $1.8 million grant from the USDA Forest Service and will use the funding to “connect forest landowners with emerging climate markets.”
Ed Moydell, president and CEO of Holden Forests & Gardens, said in a phone interview that this is the largest grant in the organization’s history.
e funding comes from nearly $145 million in the In ation Reduction Act that is set aside for climate-related investments.
Holden Forests & Gardens comprises two popular Northeast Ohio environmental and cultural attractions — the Holden Arboretum in Kirtland and the Cleveland Botanical Garden in University Circle — as well as the David G. Leach Research Station in Madison. e public mostly knows Holden as a place to visit, but it’s also an important research organization, which is re ected by the new federal grant.
e funding will enable Holden Arboretum’s Community Forestry Team to create a program called “Growing Resilient Forests,” which the organization said is “aimed at empowering landowners with small woodlots across the Lake Erie Allegheny region.” e program will o er landowners technical assistance, locally adapted native trees and what Holden calls “climate-smart forest
management plans.”
Also supported by the funding is an expansion of Holden’s nationally acclaimed Working Woods Learning Forest, a 67-acre, publicly accessible demonstration site at Holden Arboretum, and the creation of a Restoration Seed Bank “to serve a much broader region at a pivotal time for our forests,” said Beck Swab, director of community forestry at Holden.
landowners to engage in forest plantings that are better equipped to thrive in their speci c environment.”
Moydell, who has been in the job for about ve months, said work to land the grant dates back about three years and “goes to show the power of perseverance.” He also credited work by the ofce of two well-known Northeast Ohio political gures: U.S. Sen. Sherrod Brown and U.S. Rep. Shontel Brown.
The grant will enable the organization to create a program targeting the effects of climate change.
e Growing Resilient Forests program will support landowners with small woodlots (ranging from 30 to 2000 acres) in the Great Lakes region. Holden said consulting foresters “will work closely with landowners to develop and execute climate-smart forest management plans tailored to their speci c needs and goals. is personalized approach ensures that landowners receive the support they need to enhance the resilience of their forests.”
Holden said the seed bank initiative will “address the crucial need for genetically diverse and locally adapted seeds and plants. By increasing the availability of these resources, we will empower
He said the grant will support about half a dozen positions at Holden related to the seed bank and working with landowners. ere were “a lot of smiling faces, and maybe a few cartwheels” when the organization learned of the grant, Moydell said.
“Our mission extends well beyond our facilities,” and the grant funding supports work that reects the totality of that mission, he said.
Holden has an annual budget of $16.5 million and a total of about 3,600 acres across its facilities, Moydell said. Employment ranges from 175 to 220, depending on the season. Holden also will have about 25 interns this year across various disciplines, he said.
e organization has more than 22,000 member households and annual attendance of more than 350,000 people.
Ohio and Cleveland is better than more than half of the country.
e Gap Report, released by the National Low Income Housing Coalition (NLIHC) and the Coalition on Homelessness and Housing in Ohio (COHHIO), found that in 2024, Ohio is short more than 267,000 a ordable housing units for the nearly 445,000 extremely low-income households.
In the Cleveland-Elyria census tract, the report shows a de cit of 56,560 a ordable housing units, resulting in a ratio of 38 units for every 100 households at the “extremely low-income” threshold in the metropolitan area.
e report found the overall statewide ratio of a ordable units available per low-income household remained the same from 2023 to 2024, at 40 units per 100 households.
All of Ohio’s largest cities had a ordable housing shortages similar to Cleveland. Cincinnati had a de cit of nearly 50,000 units, with a ratio of 41 units to 100 households. Columbus has the worst of the state’s big three cities, at 26 units for 100 households, with a shortage of nearly 53,000 units.
e good news is that the num-
Ohio legislators should not “rest of their laurels” and continue to be aggressive in addressing the housing issue, said Amy Riegel, COHHIO executive director in a statement. “It’s great to see that access to a ordable housing nally started moving in the right direction. Policymakers took initial steps toward expanding the supply of housing in Ohio, so we’re hopeful we can continue this positive momentum,” she added in the statement.
In 2023, state lawmakers passed the State Low Income Housing Tax Credit aimed at creating additional rental housing that would not have otherwise been created using federal or private financing. The state also has the Ohio Housing Trust Fund, created to provide funding for rental assistance, housing counseling, rehabilitation and new construction targeted to low-income working Ohioans.
Riegel calls for an expansion of both programs to include extremely low-income families and for signi cantly increasing federal investments including expanding the federal Housing Choice Voucher program.
“Evictions and homelessness are still increasing in Ohio. To reverse these troubling trends, we need Congress and the Statehouse to be more assertive in addressing a ordability for our most vulnerable residents,” she said.
Ranked
2
3
3142
1422
4 PERSPECTUS ARCHITECTURELLC
1300 E. Ninth St., Suite 910, Cleveland 216-752-1800/perspectus.com
5 HASENSTAB ARCHITECTSINC.
6
190 N. Union St., Suite 400, Akron 330-434-4464/hasenstabinc.com
THENDESIGN ARCHITECTURE
4230 River St., Willoughby 440-269-2266/thendesign.com
7 BIALOSKY
6555 Carnegie Ave., Suite 200, Cleveland 216-752-8750/bialosky.com
8 ONYX CREATIVEINC.
25001 Emery Road, Suite 400, Warrensville Heights 216-223-3200/onyxcreative.com
9
10 BOSTWICK
11
15
16
17
1300
1382
18
12205
20
Firms
36
32
28
27
24
22
19
18
85Architecture, interiors, engineering, technologies, planning; cultural, health care, lab research, public/private education, hospitality, workplace
42Health care, campus and cultural, government, commercial, historic, science, technology, hospitality
51Health care, behavioral health, laboratory/research, education, of ce, interiors
57Architecture, planning, interior design, construction administration, environmental graphic design, communications
50Education, workplace, mixed-use, residential, libraries, culinary, hospitality, religious, nonpro ts, master plans
91Design, architecture, interior design, graphics; electrical, mechanical and structural engineering
Sherwin-Williams, City Club Apartments
CMNH, Pro Football HoF, R&R HoF, OSU Engineering
Building, Tri-C Master Plan, Cleveland City Hall, First Energy, Gahanna Jefferson Schools, Google, Hello Fresh, Meta, OSU Powell Ambulatory
Saint Ignatius High School Major Campus Expansion, MetroHealth Apex Outpatient Center, Mental Health and Recovery Services Board of Lorain County
Summa Health Juve Family Behavioral Health Pavillion, John Carroll University Pacelli Hall Renovation & Addition
Brunswick High School, Fairport Harbor PreK-12 Campus and Public Library, Historic Geauga County Courthouse Renovation
Fairfax Market, Shaker Heights Public Library Bertram Woods Branch, May Dugan Center
West Park Animal Hospital, Newport Tank Containers, Sandvik Rock Processing, Greenbridge
DarrinKotecki, president
DebbieDonley, founder, chief experience of cer; Paul Voinovich, CEO
MatthewJaniak, senior principal; JasonMajerus, principal; ShawnCarr, principal
MichaelLipowski; SalvatoreRini, managing principals
DennisCheck, president
ChristopherSmith, president; RobertFiala, founding partner, chairman
PaulDeutsch; AaronHill, co-CEOs
MikeCrislip, president; CaroleSanderson, CFO
AllanRenzi, president
13
12
11
426Higher
11 191Education,
10 24Public
Blue
RonLloyd
DonaldRerko
BobbySchmidt
DanaMitchell, senior vice president, architecture and engineering
BethKalapos, vice president, program
PeterBolek, president, director of design; James Shook, principal; Kevin Kennedy, principal
From a world innovator in leadership development comes the world’s most ambitious leadership program. Weatherhead School of Management’s Leadership Deep DiveTM is ideal for senior executives seeking ways to advance their organizations through innovative leadership strategies.
Enroll today and learn to inspire and lead at four levels: self, team, organization and society.
With a curriculum built on appreciative inquiry and emotional intelligence—the revolutionary leadership principles that originated at Weatherhead—you’ll finish the program well equipped to foster innovation, inspire and lead your team to success.
For information about our upcoming cohort, email signatureprograms@case.edu or visit us online by scanning the QR code.
From Page 1
at blueprint was something Magnet unveiled in 2021 as a plan and list of priorities that needed to be addressed so that area manufacturers could become smarter, more advanced in their methods and able to attract, train and hire as many as 3,000 more employees per year.
In introducing the recent ndings, Magnet CEO Ethan Karp outlined the challenges his members have faced since the pandemic:
“COVID turned our world upside down. We faced unprecedented shutdowns, lockdowns, and furloughs. Unemployment hit its highest level since the Great Depression,” Karp wrote. “But instead of hunkering down, thousands of manufacturers stepped up to pivot production and make millions of pieces of protective equipment — saving lives, saving jobs, and helping the country reopen.
“And when it did, our industry roared back to life. In March of 2021, factory activity reached its highest level in 37 years. Unfortunately, the rollercoaster continued when the online shopping that helped fuel the recovery also broke the global supply chain.
en in August 2021, more Americans quit their jobs than in any
Magnet reported that its members created 10,000 new jobs over the past two years, and 70% of local manufacturers expect to see continued growth in 2024.
other month in recorded history: 4.3 million. is plunged manufacturing o a talent cli it had been teetering on for decades.”
After that, Karp noted, the war in Ukraine broke out, further scrambling supply chains.
But manufacturing emerged from the crisis strong. Magnet’s blueprint for manufacturers to build on that strength includes
four key focus areas: talent, with a focus on development; technology, with an emphasis on Industry 4.0; innovation, focused on both new products and services and also ways of working; and leadership development.
To measure how the sector has done on those fronts, and how it’s faring generally, Magnet relied on the 2023 Manufacturing Survey
that it completed with its members last year.
Some of the ndings are impressive. Magnet reported that its members created 10,000 new jobs over the past two years, and 70% of local manufacturers expect to see continued growth in 2024.
Minorities made signi cant gains through 2022 and 2023 as well, with 2,000 people of color nding jobs in manufacturing and minorities in leadership positions increasing by 80%.
Investment was up, with 67% of companies saying they are investing in new capabilities, including Industry 4.0 technologies, which Magnet found have seen an 80% increase in adoption. And 63% of companies are investing in new-product innovation.
panies are using Industry 4.0 technologies so far.
And while the talent gap has closed slightly, sta ng is still a challenge and demand for skilled workers remains “sky high.”
Starting salaries are up and that’s making manufacturers more competitive with other employers, but 40% of manufacturers said rising wages were hampering their growth.
And in what was perhaps the survey’s real shocker, a third of manufacturers said they were considering selling when the survey was conducted last year.
But then, neither Magnet nor anyone else expected the sector to solve all its problems in a short period of time.
A majority of companies (58%) reported launching a new product in 2022-2023, up from just 10% in Magnet’s 2021 survey.
On the workforce development front, Magnet found a 65% increase in the number of companies now o ering apprenticeship programs to train up their employees.
But, while Karp said he’s been pleased with the progress Magnet’s been able to document as of late, he also wrote to his members that challenges still remain.
For example, only 28% of com-
Overall, though, Karp said the results show a manufacturing sector that has regained much of its pre-pandemic strength and continues to grow stronger.
“ is report tells the story of our collective progress, celebrating the achievements won by sheer determination, smart risk-taking, and bold leadership,” Karp wrote. “It also lays bare the formidable challenges ahead and the once-in-a-generation opportunity before us to transform our industry and make our region better.”
From Page 1
Conservative growth projections estimate the city’s downtown population will hit nearly 26,000 by 2032, requiring an additional 4,400 housing units, based on data from a study sponsored by the Greater Cleveland Partnership.
Over a 10-year period, the city’s downtown has seen more than 5 million square feet of historical building space that previously was underused or vacant be converted to housing or commercial use, e report adds that there’s
more than $1.25 billion in development underway as of the start of 2024, making Cleveland tops in the country in o ce-to-residential conversions.
Another nding from the report: despite downtown growth, the consumer needs of residents for goods and services are often overlooked and unmet.
Of the 2.3 million square feet of downtown retail space, an estimated 20% to 25% is vacant, according to Streetsense, a real estate strategy and design rm.
Much of that is driven by 594,000 total square feet of empty storefronts in four downtown shopping centers: the Galleria, Tower City, the Arcades and the 5th Street Arcades.
Another challenge to overcome, per the report, is that the downtown population is “widely dispersed throughout an area that is up to two miles in distance from end to end, the upper limit for most walkable environments.”
ose limited options and lack of convenient connectivity mean residents are less likely to patronize businesses in di erent areas of downtown, and businesses are
less likely to see a downtown location as an opportunity to connect with the downtown customer base.
e data also found that downtown visitors, not residents, drove 70% of retail spending, as nearly 16 million people visited downtown in the last 12 months, the report states.
While those numbers and workforce recovery are at only about 80% of 2019 levels, those numbers are still up 26% from 2022 to 2023. It all leads the report to recommend the city rethink the amount of downtown retail space needed.
Cleveland’s retail activity, impacted by hybrid work and declines in spending, is estimated to reduce the demand for total retail space by about 100,000 square feet, requiring a need to identify “targeted areas where retail concentration and co-location will be intentionally supported,” the report states.
e Downtown Cleveland retail strategy also recommends e orts be made not to disperse limited resources in areas of existing concentrated business activity, instead suggesting 15 projects over the next three years to bring more retail to the city.
Following the announcement by fabric and crafts retailer Joann Inc. on Monday, March 18, that it was ling for Chapter 11 bankruptcy, o cials and lawmakers from its hometown of Hudson expressed concern about the big empty footprint Joann could leave if it were to move the company’s headquarters or close its agship store.
So far, though, Joann hasn’t mentioned any relocation or Hudson-related closure. A statement about the bankruptcy ling agreement with Joann creditors and equity holders said that individual stores and the website will, “remain open and continue operating as normal and customers vendors, landlords, and other trade
cludes moving the headquarters from the current location or laying o local employees would hurt the city nancially. Hudson has about 22,000 residents.
“Joann looms large in the community,” he said. “We are watching closely because it is vital for Hudson and the surrounding community as both an employer and a revenue driver.”
Joann referred Crain’s questions about the Hudson headquarters and store to a public FAQ page stating that consumers should expect that “closures, remodels and new openings are part of our normal course of business.”
Hudson spokeswoman Jody Roberts did not con rm if the city was in current talks with Joann about the headquarters but responded optimistically regarding
“Joann looms large in the community. We are watching closely because it is vital for Hudson and the surrounding community as both an employer and a revenue driver.”
Casey Weinstein, Hudson’s state representative
creditors will not see any disruption in services.”
But the bankruptcy ling has such a possibility on the minds of local leaders.
news that stores would remain open.
nearly 5% on the rst day of the initial public o ering raising nearly $131 million. As part of the Chapter 11 ling, the company stated it will revert to being privately held as part of a process to complete the Chapter 11 bankruptcy process by as early as the end of this April.
Shares of Joann Inc. jumped nearly 5% on their rst day of trading after the arts and crafts retailer raised $130.8 million in an initial public o ering.
Nicole Alverson, the Hudson Area Chamber of Commerce president, said Joann quit the chamber after it went public but that the company’s presence is large both nancially and as a commercial site.
“ ey has a huge impact on tax revenue, employment and a big physical footprint,” Alverson said. “We don’t know that they are leaving but if they did, I don’t see one entity lling the large space they take up now.”
Alverson said it is a matter of public record that Joann sold the building where the headquarters are now and is leasing it back — but added that is not a sign the company plans to move out of the area.
From Page 1
at leaves ve Joann stores in the company’s 38-shopping center portfolio.
“It’s not gut-wrenching,” McGovern said.
Chase gauged demand for the space Joann occupies in another ve of its centers and found prospects for them if the stores close.
e analysis of options began as soon as word went out a year ago that Joann was on shaky ground nancially.
“I’ve not seen (open-air shopping centers) with this much occupancy in my career,” McGovern said.
He and others attribute that to little shopping center construction in the United States since the Great Recession ended. Over time, vacancy has declined, and more retailers now hunt space than they can nd except in a few places that are growing, such as Nashville and Austin.
“I believe you will see a lot of these get eaten up if they go on the market,” McGovern said. “For tenants such as Dollar Tree and Five Below, a few Joann vacancies will make things easier. Many Joann stores are in the 25,000 to 30,000 (square foot) range, a footprint where multiple prospective retailers growing.”
He added, “If I had a 45,000-square-foot Joann, I wouldn’t feel so well,” as it would require subdividing the store for multiple tenants, which would cost more in construction costs than redoing a space.
Carl Verstandig, whose America’s Realty of Owing Mills, Maryland, owns many centers in Ohio, said it is his understanding that the Joann store at its Erie Commons plaza in Mentor is a high-volume performer, and Joann did not say it wanted to leave.
“We’re not negotiating rents,” Verstandig said. “If they stay, they stay. If they want to leave, goodbye.” He said other tenants, often Michaels, would be willing to take spaces in his plazas.
“Over the last 43 years I can
guarantee we have had more than 40 tenants that have gone bankrupt and closed, and that’s not a reorganization,” Verstandig said. “Today, it’s a part of doing business.”
For America’s Realty, with 426 shopping centers representing about 60 million square feet of selling space, the impact of a retailer with ve stores in its portfolio is not as great as it would be for a smaller operator with just ve plazas, Verstandig said.
More circumspect is Nathan Zieg, founder and CEO of Madison Properties of Brooklyn, New York, which owns Midway Market Square, a Giant Eagle-anchored shopping center in Elyria with a Joann store on its tenant roster.
“We don’t know yet,” Zieg said in a phone interview. “We’re waiting to see where the stores are in terms of operations, perhaps in quite a few years. Usually, it takes a few years before the closings start.”
For its part, Joann said it does not intend to close any of the 800 stores across the nation it currently operates. However, store closings as leases expire is a normal occurrence for poor performers. It is considered part of operating a good retail business. And Joann indicated this in their bankruptcy announcement, saying, “Any changes to the store eet, including closures, remodels and new openings, are part of our normal course of business.”
In a section for frequently asked questions for landlords on its website, Joann reassured landlords it planned to continue operating its stores and could a ord to pay the rent.
e company told landlords it is “committed to working with you during this process, and we are relying on your cooperation to help us operate smoothly and serve our millions of customers nationwide.”
Joann’s headquarters in Hudson as a Northeast Ohio business is also important to Chase, McGovern said.
“You really root for a group that has been around that long to come out of it and do well,” he said.
“Excuse the pun, but Joann is a core part of the fabric of the Hudson community,” explains Democrat Casey Weinstein, Hudson’s state representative.
e specialty retailer, he said, at one time had about 1,200 employees in Hudson at the headquarters and Distribution Center campus. Additionally, Joann employs approximately 20,000 people across its more than 800 stores nationwide.
Weinstein, who lives in Hudson and is a former Hudson City Council member, said any plans for the company to restructure that in-
“While we don’t wish for any Hudson-based businesses go through bankruptcy, we are encouraged to hear that Joann’s intends to continue operations at their more than 800 stores nationwide throughout their proceedings,” Roberts said in a statement to Crain’s.
“Leadership has a rmed their desire to continue operating their headquarters here in Hudson,” Roberts added. “ ey’ve been a wonderful partner to our community over the years, and we are hopeful that this restructuring will lead to a positive outcome for their business.”
e company went public in March 2021 when shares surged
“ at could be part of the restructuring and debt consolidation,” she added.
e chamber, she added, is going to take a wait-and-see approach on the recent announcement that includes Joann being delisted after the bankruptcy proceedings — which includes about $132 million in nancing to help the company reduce debt by about $505 million.
Weinstein has hope that the move private means the company that has spent the last 40 years in Hudson will not stay but make a full recovery.
“I have hope that through restructuring it will continue to be sustainable and eventually in a position to grow,” Weinstein said.
Akron-based Signet Jewelers, the largest U.S. retailer of diamond jewelry, is getting a new board chair this summer.
e company on Wednesday, March 20, announced that H. Todd Stitzer will end his term as chair and as a member of Signet's board in June, immediately after the company's annual meeting. His departure is a matter of company policy, as Stitzer with the 2024 meeting hits Signet's 12-year director term limit.
e company in turn announced that the board has appointed Helen McCluskey to succeed Stitzer as Signet's nonexecutive chair.
Brian Tilzer, who chairs Signet's governance and technology committee, said in a statement that McCluskey "is steeped in the ins and outs of Signet's business and has added great value to the board since joining. We are pleased to welcome Helen as the new chair and look forward to continuing to tap into her deep background in retail and understanding of the consumer and Signet."
McCluskey has served on the audit, nance, and governance and technology committees of the Signet board. (From October 2017 through June 2023, she chaired the governance and technology committee.)
Her experience in the retail world runs deep. McCluskey is the former president and CEO of apparel giant e Warnaco Group
Inc. Prior to joining Warnaco, McCluskey held positions of increasing responsibility with Liz Claiborne Inc., Playtex Apparel Inc. and Firestone Tire & Rubber Co. She has served on the board of directors of Abercrombie & Fitch Co. since February 2019.
Signet CEO Virginia C. Drosos praised Stitzer's work over a dozen years as chair. She noted, for in-
Buckingham, Doolittle & Burroughs, LLC
Taft
stance, that during his tenure, "the company has returned more than $3.5 billion to shareholders, more than tripled liquidity, and delivered total shareholder return of 183%, more than three times the peer group median."
e company on March 20 also announced nancial results for the fourth quarter and scal year, ended Feb. 3.
For the fourth quarter, sales were $2.5 billion, down $168.6 million, or 6.3%, from sales in the like quarter a year ago.
Sales for the full scal year were $7.2 billion, down $671 million, or 8.6%, from the prior year.
Signet operates about 2,700 stores, with brands including Jared, Kay Jewelers and Zales, among others.
Benesch
MCPC
Patrick Weschler, Partner, has been named as Buckingham’s Practice Group Leader of the Trusts & Estates Practice Group. Patrick joined Buckingham in 1988 and was promoted to Partner in 1991. Over the years he has served as Practice Group Chair and Co-Chair. Patrick gives his time generously to the community, including serving on the Board of the Summit County Historical Society and past service as Chair and other Board positions with the Humane Society of Summit County.
Haren Weschler
Jamie Haren, Partner, has joined Buckingham in the Firm’s Canton of ce in the Trusts & Estates Practice Group. Jamie brings decades of experience in guiding her clients through some of life’s most important decisions, making sure their goals and wishes are achieved.
Richard Spotz, Of Counsel, has joined Buckingham in the Firm’s Cleveland of ce in the Trusts & Estates Practice Group. His practice is concentrated on planning and administering trusts and estates for high net worth clients, their businesses and real estate. William Spring, Of Counsel, has joined Buckingham in the Firm’s Cleveland of ce in the Trusts & Estates Practice Group. He focuses on sophisticated estate planning for high net worth business owners, executives and professional athletes across all sports, including international estate planning, for residents who are non-citizens or for citizens owning property abroad. Spring Spotz
Jack Maib is an associate in Taft’s Cleveland of ce and focuses his practice on securities litigation, arbitration, and commercial litigation. Jack earned his J.D., magna cum laude, from Case Western Reserve University School of Law and his bachelor’s degree, magna cum laude, in political science and economics from the University of Massachusetts Amherst.
Benesch is pleased to announce that Partner Jonathan Todd has been named ViceChair of the rm’s Transportation & Logistics Practice Group. Jonathan leads the team widely recognized as the best in the business focused on transactional and regulatory matters in the transportation and logistics sector. Benesch’s Transportation & Logistics Practice Group is recognized nationwide and in foreign jurisdictions.
MCPC is thrilled to announce the promotion of Michael Montisano to President. With over 20 years of expertise in business development, go-tomarket, partner relations and leadership, Montisano will be driving the company’s strategic direction and growth initiatives alongside MCPC CEO, Mike Trebilcock. Having previously served as EVP of Practices and SVP of Operations, his wealth of experience will elevate our team and ensure the delivery of exceptional IT solutions and services for our clients.
CrainsCleveland.com
President and CEO KC Crain
Group publisher Jim Kirk (312) 397-5503 or jkirk@crain.com
Associate publisher Amy Ann Stoessel (216) 771-5155 or astoessel@crain.com
Interim editor Ann Dwyer (312) 649-5349 or adwyer@crain.com
Director of audience and engagement Elizabeth Couch, (313) 446-0419 or elizabeth.couch@crain.com
Director of visual media Stephanie Swearngin
Creative director Thomas J. Linden
Managing editor Marcus Gilmer 216-771-5169 or marcus.gilmer@crain.com
Special projects editor Scott Suttell
Assistant managing editor John Kappes
Projects editor Stacy Sominski
Web editor Damon Sims
Associate creative director Karen Freese Zane
Digital design editor Jason McGregor
Art directors
Kayla Byler, Carolyn McClain, Joanna Metzger Cartoonist Rich Williams
Notables coordinator Ashley Maahs
REPORTERS
Paige Bennett, Health Care, Nonpro ts, Philanthropy (216) 771-5479 or paige.bennett@crain.com
Stan Bullard Real estate/construction (216) 771-5228 or sbullard@crain.com
Jack Grieve, audience engagement jack.grieve@crain.com
Jeremy Nobile, Finance/legal/beer/cannabis (216) 771-5255 or jnobile@crain.com
Kim Palmer, Government (216) 771-5384 or kpalmer@crain.com
Joe Scalzo, Sports business (216) 771-5256 or joe.scalzo@crain.com
Dan Shingler, Energy/steel/auto/Akron (216) 771-5290 or dshingler@crain.com
ADVERTISING
Senior vice president of sales Susan Jacobs (312) 649-5492 or susan.jacobs@crain.com
Sales manager Mara Broderick (216) 771-5158 or mara.broderick@crain.com
Events manager Missy Chambless (216) 771-5388 or missy.chambless@crain.com
Sales and marketing coordinator Shannon Smith Account executives
Kaylie Moran, Ed Sivillo, Melissa Streicher
People on the Move manager Debora Stein (917) 226-5470, dstein@crain.com
Classi ed sales Suzanne Janik (313) 446-0455 or sjanik@crain.com
Inside sales Tawni Sharp
CRAIN’S CONTENT STUDIO
Senior director of Crain’s Content Studio Kristin Bull, (313) 446-1608 or kbull@crain.com
PRODUCTION
Vice president, product Kevin Skaggs
Product manager Tim Simpson
Media services manager Nicole Spell
Pre-press and digital production Craig L. Mackey
CUSTOMER SERVICE (877) 824-9373 or customerservice@crainscleveland.com
Reprints Laura Picariello (732) 723-0569 or lpicariello@crain.com
DIRECTOR OF PORT CONTROL FOR CITY OF CLEVELAND
Clevland Hopkins International Burke
Lakefront Airport
PRESIDENT & CEO
Akron-Canton Airport
Bryan Francis
Renato “Ren” Camacho