Crain's Cleveland Business

Page 1

FOOD HALLS OFFER A FEAST OF CHOICE

The new Van Aken Market Hall in Shaker Heights reflects a nationwide trend. PAGE 6

CRAINSCLEVELAND.COM I November 18, 2019

PORTRAITS BY JASON MILLER/PIXELATE PHOTOGRAPHY FOR CRAIN’S CLEVELAND BUSINESS

40 40

UNDER PAGES 12-31

GOVERNMENT

Selling Cleveland to the richest of the big-money investors

The city is hoping its Opportunity Zones can be a ‘vehicle’ to a group it usually doesn’t attract BBY KIM PALMER

The city of Cleveland has issued on average $1 billion in building permits every year for more than eight years. Development, at least recently, is not a problem for the city. But with most of that development coming from lo-

cal sources, city officials are contemplating how to broaden the pool of investors. One approach is to pursue ultrahigh-net-worth individuals who, as a result of the 2017 Tax Cuts and Jobs Act, can use Cleveland’s many Opportunity Zones as a long-term tax shelter.

NEWSPAPER

VOL. 40, NO. 46 l COPYRIGHT 2019 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

“The Opportunity Zone tax incentive provides an additional vehicle to make Cleveland investment more attractive to high-net-worth individuals, and there are about 40 such areas in the city of Cleveland,” said David Ebersole, Cleveland’s director of economic development.

AKRON Girl Scouts and local companies are partnering to add to STEM workforce ranks. PAGE 32

P001_CL_20191118.indd 1

To attract the type of entrepreneurs who could benefit from Opportunity Zone-type investment, Mayor Frank Jackson is attending Techonomy 2019, a three-day conference that started Sunday, Nov. 17, in Half Moon Bay, Calif. He is scheduled to participate in a public discus-

sion, “What one city has learned about tech,” led by Techonomy editor Josh Kampel, that’s described as being about “how business and tech are finding new pathways to civic renovation.” See OPPORTUNITY on Page 8

 Source Lunch: Christopher Alvarado, executive director of Slavic Village Development, says changing perceptions about Cleveland’s most diverse neighborhood is a key part of his job. PAGE 35

11/15/2019 3:48:44 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.