Crain's Cleveland Business

Page 1

NASCAR: Kaulig Racing makes full-time jump to Cup Series. PAGE 3

LESSON LEARNED The pandemic put a premium on flexibility in education. PAGE 8

CRAINSCLEVELAND.COM I JUNE 21, 2021

A runner passes an empty building that’s earmarked for redevelopment on Columbus Road in the Flats.

ON THE MOVE Big changes loom for historic riverfront district in the Flats `BY MICHELLE JARBOE Most of the peninsula’s western edge is in play, with the Merwin Avenue home of seafood purveyor Catanese Classics up for sale and the idled flour mill next door expected to hit the market soon. Along nearby Columbus Road, developers are plotting residential projects. See FLATS on Page 21

It’s triage time in local hotel biz Owners, operators begin to pick their shots with properties BY STAN BULLARD

Hotel owners and operators are starting to pick their shots as the COVID vaccine era begins to send leisure, if not yet business, customers their way again. That’s the picture that is starting to emerge from recent property offerings, foreclosures and sales. Picking such play-for-keeps shots

was impossible when the pandemic gripped the nation and region starting in March 2020. Case in point: New York Citybased Taconic Capital Advisors, a private equity operator that has in its portfolio the Courtyard By Marriott and TownePlace Suites on adjoining parcels on Engle Road in Middleburg Heights, is offering both for sale at an online Ten-X Capital auction on July 19. Both have minimal asking prices, typical for auctions: $1.1 million for the 94-suite TownePlace property, and $2.7 million for the Courtyard. The properties were acquired

NEWSPAPER

VOL. 42, NO. 23 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

P001_CL_20210621.indd 1

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

AS BICYCLE LANES, PEDESTRIAN PATHS and parks spread across the Cuyahoga River valley, developers are following. On the Columbus Road Peninsula in the Flats, just outside downtown Cleveland, real estate listings and property sales portend change for a historic district where motley industrial buildings mingle with rowing facilities, strip clubs and watering holes.

Ohio employment law joins ‘Wild West’ HB 352 creates massive changes, but impact on workers, employers, others is uncertain Two Middleburg Heights hotels, the Courtyard and TownePlace Suites (at center), are scheduled for an online auction next month. The auction reflects how the lodging market is evolving, with or without foreclosure proceedings. | COSTAR

in 2014 by the current ownership at prices of $6.8 million for the TownePlace and $14 million for the Courtyard. See HOTELS on Page 22

THE

LAND SCAPE

BY JEREMY NOBILE

Lawyers say House Bill 352 — or the Employment Law Uniformity Act (ELUA) — creates some of the biggest changes to Ohio employment law they’ve ever seen, though what impact it has on workers, their employers and those representing them in discrimination suits should become clearer over time. Any uncertainties are due to the novelty of this new statutory scheme.

“We’re sort of in the Wild West right now,” said Brian Spitz, founder and managing partner of The Spitz Law Firm, a plaintiff ’s firm spanning Ohio and based in Beachwood. Spitz estimates his firm represents roughly 20% of plaintiffs in Ohio in claims against employers related to wrongful termination, discrimination, harassment, wage-and-hour and related suits. See EMPLOYMENT on Page 23

A CRAIN’S CLEVELAND PODCAST SPONSORED BY

6/18/2021 2:32:27 PM


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
Crain's Cleveland Business by Crain's Cleveland Business - Issuu