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12/30/2011
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$2.00/JANUARY 2 - 8, 2012
Predicting the outcome for seven Northeast Ohio sectors
WIN: Finance, manufacturing, small business
LOSE: Local government, real estate
PAGES 11-15
DRAW: Health care, technology
New Arcade owner eyes apartments at Hyatt Clinic pursues Firm has track record
Backers of lake turbine farm seek Kasich’s nod
The Cleveland Clinic’s new pathology and laboratory medicine building
new revenue by expanding lab operation
of bringing residential component at historic sites By STAN BULLARD sbullard@crain.com
The Cleveland Clinic is putting the final touches on a $75 million building that officials hope will pump new blood into the health care juggernaut’s revenue stream. The three-story, 135,000-squarefoot building at the intersection of East 105th Street and Carnegie Avenue in Cleveland will house the Clinic’s Pathology and Laboratory Medicine Institute — the arm of the Clinic that conducts various forms of
The quest by Skyline International Development of Toronto to make a go of the landmark Old Arcade in downtown Cleveland includes a possible switch to residential use of part of the building that houses the 293-room Hyatt Regency Cleveland. Word of the potential change comes from Skyline’s majority owner, Mishorim Development Corp. of Israel, which is traded on the Tel Aviv Stock Exchange. In a notice about the Arcade acquisition to the Tel Aviv exchange, Mishorim said, “Skyline plans to convert 100 of the hotel rooms into residences and sell them, as the company has done in other projects.
See CLINIC Page 17
See ARCADE Page 17
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By TIMOTHY MAGAW tmagaw@crain.com
By CHUCK SODER csoder@crain.com
CRAIN’S FILE PHOTO
The new owner of the Old Arcade sees “potential” in converting some of the Hyatt Regency’s suites inside the building into apartments.
Gov. John Kasich will have a big say over whether wind turbines end up in Lake Erie anytime soon. A coalition that aims to build a small wind farm in the lake is working to convince the Ohio Legislature to pass a law that could determine whether the project can secure financing, said Chris Wissemann, general manager of Freshwater Wind LLC, the project developer. Hence, project proponents will need the support of Gov. Kasich, who this spring is expected to announce the details of a comprehensive energy policy for the state. To win the governor over, the coalition has held multiple meetings with his policy advisers over the past year, arguing that the state can create jobs and build a leadership position in an emerging industry by building the first offshore wind farm in the Great Lakes.
See WIND Page 18
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INSIDE
Auto sales forecast for 2012 brightens with employment, new product availability ■ Page 4 PLUS: COUNTY GOVERNMENT REVIEW ■ PUBLIC CONSTRUCTION REFORM ■ & MORE
Entire contents © 2012 by Crain Communications Inc. Vol. 33, No. 1