Crain's Cleveland Business, April 29, 2024

Northeast Ohio ripe for green economy

Report outlines how region could bene t from environmentally focused development strategy

By Kim Palmer

According to a new publication released by the Fund for Our Economic Future, the emerging global green economy will favor places like Northeast Ohio because it’s a place that makes things.

“ e Practical Guide to the Green Economy,” is an urgent call for a green economic development strategy for our freshwater-adjacent, manufacturingrich region, explains Fund for Our Economic Future President Bethia Burke.

“ e green economy is a real

opportunity to retain current jobs and bring in signi cant job gains,” Burke said. “ e green economy is the future economy, but that transition won’t automatically happen for us without some deliberate action.”

e Fund’s Green Guide was

created as a strategic approach for governmental, civic, philanthropic and economic development groups to support and invest in the regional transition to an economy where jobs and technology are not yet in demand.

e message, Burke said, is that this economic shift — unlike the one 20 years ago to a technology-based economy — will reward places with the capability to build and deploy, rather than just program and design.

“The green economy is the future economy, but that transition won’t automatically happen for us without some deliberate action.”

Bethia Burke, president of Fund for Our Economic Future

Cavs’ complex design gets the green light

Final approval is still needed for downtown riverfront project

By Joe Scalzo

e Cleveland Cavaliers’ riverfront project has moved a little further downstream.

e Cavaliers received schematic design approval for the proposed Cleveland Clinic Global Peak Performance Center from the Cleveland City Planning Commission on Friday, April 19.

e motion was carried by a 6-0 vote after about 90 minutes of discussion. e Cavaliers will still need to get a building permit for foundation work and get nal approval to do vertical construction.

“From the Cavaliers perspective, this is amazingly exciting for us,” Antony Bonavita, the executive vice president of venue operations for the Cavaliers. “Moving the team back downtown has been a vision of (owner) Dan Gilbert’s for a while and this was a big step.”

See CAVS on Page 18

J Roc Development brings style, air

Firm has quickly spun an array of major projects in Cleveland

By Stan Bullard

In 2017, realty developerbroker Jesse Grant said that as a transplant to Cleveland from Portland, Oregon, he looked at Cleveland with “fresh eyes” in terms of possibilities.

Fast forward to 2024.

J Roc Development, the Tremont-headquartered rm Grant formed with high-pro le realty lawyer-developer Nick Catanzarite, has put its stamp on the city with contemporary architec-

ture of scale in Tremont with Electric Gardens and the nearly completed Driftwood, both with more than 100 apartments. Another striking contemporary design is in the works for the Detroit Shoreway neighborhood, along with a wide range of other creations.

As interesting as the designforward look of its projects is the fact that Grant and Catanzarite have built J Roc, which has a 15person sta , while continuing other full-time realty jobs.

In the rst interview J Roc has given about its strategy and formation as an enterprise, Catanzarite said recently he and Grant

See J ROC on Page 17

“It’s the tangibility of building something that’s always been a passion. We both have a long history in real estate and love cool projects.”

Jesse Grant, co-founder of J Roc Development

See GREEN on Page 18

Encore to expand its regional footprint

By Paige Bennett

Following an acquisition last month, North Royalton’s Encore Clinical Holdings is expanding its regional footprint.

e wound care services provider plans to roll out services in Kentucky and Indiana this summer, said Neall French, a partner at the company. Additionally, Encore expects to open a full-service diagnostic testing lab in June, servicing long-term care facilities throughout the state of Ohio.

e moves come on the heels of Encore’s acquisition of Beachwood-based Primus Wound Care. e company announced the acquisition in March, saying it would grow the company’s service area and increase the number of patients served.

Currently, Encore services between 185 and 200 long-term care facilities in Ohio and Pennsylvania, French said. It operates using a nurse-practitioner/physician-led model. Employees go into facilities on a weekly basis, he said, treating wounds such as skin tears, pressure ulcers, eczema and more.

Encore also services surgery centers, orthopedic groups and others with post-operative surgical products. Its portfolio companies include MedArbor Diagnostics, Encore Surgical Supplies, Novo Healthcare Services, Navis Clinical Laboratories and Wound Tracker, according to the company’s website.

e company employs between 300 and 350 across its various operations, French said.

In 2015, French said he and his business partner, both Saint Ignatius High School graduates, start-

ed a diagnostic testing lab in Bristol, Pennsylvania. Over the next couple of years, they began servicing long-term care facilities and specialty medical practices for infectious diseases.

When the pandemic hit, French said, the company was validated for COVID-19 testing and started servicing long-term care facilities across the country.

“During that time period, we realized the need for some additional services within these long-term care facilities,” he said. “We started servicing some facilities with wound care. In long-term care facilities, it’s a big problem.”

French noted that treating patients at the bedside provides cost savings for long-term care facilities while also a ording patients the comfort of receiving treatment in their own homes rather than a hospital setting.

rough organic growth and an acquisition, Encore went from providing wound care to about 15 to 20 facilities to its current operations. French said the company sees about 6,000 wounds per week.

e Primus acquisition has “allowed us to go throughout the state of Ohio and really be able to extend our geographic reach, ll in the gaps and also add exceptional providers with a reputation for delivering results,” French said.

He said many nursing home management groups want companies to service all of their facilities, including those in rural areas. Acquiring Primus has enabled Encore to add providers with a strong reputation for quality service, he said.

Site Readiness Fund nabs vacant property in Central neighborhood

Alexandra Golden

After sitting largely vacant since 1993, an expansive building and the 10 acres of land that it stands on in Cleveland’s Central neighborhood will get a new life after being acquired by the Site Readiness for Good Jobs Fund.

e 183,000-square-foot building at 7000 Central Ave. in Cleveland was built in 1901 by the Wellman-Seaver Engineering Co. and was where the Hulett Ore Unloaders were built, according to a press release.

e building has been bought and sold numerous times since the 1950s with the most recent owner being a Florida rm that never realized redevelopment plans, the release stated.

“ is actually came to us originally on a drive around with Richard Starr, the councilman from ward 5, who had me in his car,” Brad Whitehead, managing director of the Site Readiness Fund, told Crain’s Cleveland Business in an interview. “He pointed to the building and said, ‘Can you do something about that thing?’ And it sits right in the middle of the neighborhood, and he said, ‘ at thing is an eyesore and it’s a blight on our neighborhood.’”

e Site Readiness Fund acquired the property for $845,000 by working with the Cuyahoga Coun-

ty Land Bank, Whitehead said. e county land bank is the execution partner for the Site Readiness Fund and is the “operational arms and legs,” Whitehead said.

Burten Bell Carr Development Corp., using a prior grant from the Fund for our Economic Future, also is an investor in the project, according to the release.

e Site Readiness Fund is an independent nonpro t created by Cleveland Mayor Justin Bibb in partnership with the city council in August 2023. It has a $50 million allocation from American Rescue Plan Act funds. e fund is interested in “disinvested industrial properties” across the city of Cleveland, Whitehead said.

“ is thing sits in the heart of a neighborhood, and it’s in disrepair,” Whitehead said. “But if it could be reactivated, think about how powerful that could be.”

Since the building has been largely vacant for over three decades, it is going to take “some work,” but the environmental reports were “not as bad as you might imagine” along with having structural engineers looking at what the potential is as a structure, he said.   ere are no concrete plans or ideas for the building as of yet, but that’s something Whitehead said they want to do “via a process.”

“Understanding what economic developers believe the potential

is, what neighbors would like to see in their neighborhood (and) what industrial real estate developers believe the potential is,” Whitehead said. “ ere’s a lot of input we want on this but there is no shortage of ideas and if one looks at this building, you just see that it is potentially a magical place.”

Similarly, there’s no set time frame for that process due to the steps that need to be taken, Whitehead said.

“In terms of understanding what we have, imagining what could be, gathering the funding and partners in order to pull that about and then executing,” he said. “So, this will not be an overnight thing by any stretch, but we are committed to moving forward every single day.”

Whitehead said the Site Readiness Fund often comes across buildings that are “so far beyond hope” that they need to be demolished and removed. But this property is one that “at rst blush,” the steel seems to be in good shape along with being multiple stories tall with open spaces and having two rail spurs on the second level.  “It’s exciting to see … that we have one that may be able to be creatively re-adapted and something that showcases Cleveland’s past while looking very much towards its future,” Whitehead said.

Cleveland’s Growth Opps, Ohio EPA snag massive solar grants

Kim Palmer

A total of more than $312 million in federal solar-energy grants is coming to Ohio-based groups in awards to Cleveland-based Growth Opportunity Partners (Growth Opps) and to the Ohio Environmental Protection Agency.

Two grants of more than $156 million each were awarded to Growth Opps GO Energy Fund for the Industrial Heartland Solar Coalition and to the state’s Air Quality Development Authority and the Ohio EPA solar program. e funding comes from the U.S. EPA.

In total, there were 60 awards across 25 states and territories.

e Earth Day announcement on Monday, April 22, is part of President Joe Biden’s $27 billion Greenhouse Gas Reduction Fund, which set aside $7 billion for the Solar for All program aimed at increasing residential rooftop and community solar.

Michael Jeans, CEO of Growth Opps and head of the rst Blackowned green bank in the nation, called the grant award a commitment to driving an equitable transition to clean power in disadvantaged communities.

“ is grant will empower us to bring the bene ts of the renewable energy transition to communities that have long awaited such advancements,” Jeans said in a statement. “ e combined strength and experience of our coalition in community development, workforce expansion and renewable energy will be instrumental in creating a more equitable, sustainable future for all.”

Growth Opps’ Industrial Heartland Solar coalition, comprised of 31 municipalities across Ohio, Indiana, Kansas, Michigan, Missouri, New York, Pennsylvania and West Virginia, was one of ve multistate

awards that the EPA hopes will boost about 110 megawatts of solar capacity nationwide.

e Heartland Solar program was created to unlock and catalyze private solar markets while also reducing greenhouse gas emissions and other air pollution, delivering cost savings on electric bills for overburdened households in the Midwest’s low- and moderateincome communities.

e other goal of the Heartland grant is to train about 1,000 locally hired employees to service the nation’s new solar workforce.

e state of Ohio’s Solar for All

program is based on a exiblenancial model that leverages private capital so that underserved households, both homeowners and renters, can access clean generated energy.

e U.S. EPA grants are expected to bring distributed solar energy to 900,000 homes nationwide and generate more than $350 million in annual savings on electric bills for overburdened households.

e Solar for All applications were submitted last September, and funds are anticipated to ow to recipients in July, according to a statement on the U.S. EPA grants.

The exterior of 7000 Central Ave. in Cleveland which Site Readiness Fund acquired after it sat mostly vacant since 1993. | CONTRIBUTED

North Royalton’s Encore Clinical Holdings is expanding its regional footprint. CONTRIBUTED

Collaborate Cleveland shares new vision, strategy

By Paige Bennett

When Social Venture Partners Cleveland (now Collaborate Cleveland) was getting ready to shift its mission to advancing gender justice, organization leaders had a clear sense of why they wanted this new focus.

e question they had to ask themselves was, “How do we want to do it?”

“We wanted how we do our work to be informed by people who are on the ground, doing work, supporting women and gender justice,” Collaborate Cleveland Executive Director Abby Westbrook said. “And (for it) to be additive to the work that was already happening.”

e organization developed a three-pronged strategy that includes advocating for policy changes, engaging with other organizations working toward gender justice and creating a women’s fund focused on moving money and resources to women living and working in the city, which Collaborate Cleveland hopes to pilot this summer.   Westbrook said the fund is rooted in the idea that “when you support individual women, you’re supporting the whole ecosystem that is around them, their organization, their families, their communities.”

Six months after Collaborate Cleveland unveiled its new name, Westbrook discussed the organization’s mission and strategy in an interview with Crain’s.

is interview has been edited lightly for length and clarity.

Collaborate Cleveland has gone through a lot of change over the last year. What has that process looked like?

In October, we announced our new name, Collaborate Cleveland, and our focus on women and gender justice. Up until then, we were also working with an advisory committee of 15 women leaders in Cleveland to really help with how we were going to shape our work. We knew we wanted to focus on women and gender justice. We knew why we wanted to do that. Cleveland is not ranked high as a city for women. Ohio is ranked in the bottom (half) for outcomes for women around health and economic well-being. So, there’s a big need. But we didn’t know how we wanted to do our work, and we weren’t committed to doing our work in the ways we had done it in the past. We worked with this advisory committee, and they really helped us shape our strategy going forward. And that’s kind of threefold.

e rst is what we are currently calling a women’s fund. at is really to focus money and resources on women change makers in Cleveland, to support their personal and professional well-being and learning. We know women are overextended and doing a ton of work. And we know that they are traditionally

underpaid. We know women serving in women-led nonpro ts receive signi cantly less philanthropic investment then some of their peers. Given our resources, we really heard from the advisory committee that supporting women individually around their personal and professional development was a way to have an impact on individual women.

e second approach to our work is the policy and advocacy work, looking at the systems and long-term practices that have historically disadvantaged women. And our speci c focus is around continuing the work that we started around paid family and medical leave. Almost 15 states have paid leave, which is o ered to their entire workforce. Ohio is behind in the continuing momentum of extending this really important bene t to all workers.

ere was just a study out of Pennsylvania that looked at the cost bene t analysis of a paid leave policy. e bene t was 18 to the cost of one. It is a signi cant bene t relative to the cost. We are going to continue to work on paid family leave and where we can extend that to more workers in Cleveland and Cuyahoga County and Ohio.

e other piece of work we’re working on from a policy and advocacy standpoint is pay equity and really looking at the gender and racial pay gap. We’re part of the Cleveland Pay Equity Alliance, which is really looking at opportunities legislatively for Cleveland to start to chip away at the gender and racial pay gap. at there are ways to really interrupt that. at’s what’s called pay transparency legislation. at is requiring employers to post salary ranges and making it illegal for them Cleveland

has an opportunity to follow Cincinnati and Columbus, who have done similar legislation. We are working with a coalition of organizations through the Cleveland Pay Equity Alliance to really advocate and advance this type of legislation.

e third prong of our work is really convening and having ways for people to engage in this work. is is not work that we can do alone. is is not work that other organizations can do alone. It really takes a movement and a group of people really voicing and sharing their voice on how these issues impact their day-to-day lives, their economic security and well-being. So really being a place and a space to be in conversations and discussions on ways to engage in this work.

Can you talk a bit more about paid family and medical leave? Why is that such an important focus for the organization? It is really an issue around women’s economic security and mobility. It’s an issue around health and well-being. We know that what mothers need is six months of leave after the birth of a child. We also know that it’s really important in these policies to have gender-neutral policies and not just have maternity leave policies, but to make these policies available for all caregivers. e research on this is also very clear. If you’re in a heteronormative relationship, fathers who have access to paid leave and take it are more engaged in caregiving for the duration of that child’s life. at helps their female spouse, that helps their child. So, it is really about creating the conditions that allow for these life moments that happen for all of us.

We don’t have a structure

to be extended to all workers, particularly those who don’t have high incomes and don’t have a nancial safety net as well.

What does Collaborate Cleveland’s board look like right now?

As an organization that’s gone through a signi cant shift, we right now have a small board. We have six board members who have all really been with the organization through this evolution, and we’re right now in the process of trying to expand our board. We really had a board that could see us through this transition, and we are in a place where we want to expand our board, have di erent skill sets, have di erent experiences re ected on our board, including the lived experience of women in Cleveland. We are in a moment of board growth.

Collaboration is a big focus for the nonpro t. What organizations is Collaborate Cleveland working with in the community?

in this country that allows for caregiving in those moments, and it creates a signi cant burden, particularly on women. Women are the vast majority of caregivers in this country still. ey carry the vast majority of caregiving roles within their families. We know for Black women, for women of color, this is particularly an important issue. ere are many families where Black women are the primary earner and the primary caregiver in their family (according to the Center for American Progress). And the tension that causes when there’s not a paid leave policy is signi cant.

Right now, less than 30% of the (United States) workforce has access to paid leave. e majority of those folks are higher income workers. And this is just a bene t that needs

On the pay equity work, we’ve really been working closely with the Northeast Ohio Worker Center to organize the Pay Equity Alliance. Within that alliance are people from labor and childcare and maternal health, racial justice organizations, communitybased organizations. We’re also partnering with First Year Cleveland. I’m on their public policy committee, really looking at policies that improve maternal and infant health, particularly in the Black community. We’re also part of the Greater Cleveland Funders Collaborative and part of their policy group as well. And then we’ve been working with organizations like Starting Point, really partnering with and supporting and collaborating with organizations that are working on issues impacting women in our community.

Members of the Collaborate Cleveland advisory committee (pictured) helped to shape the organization’s new focus. | CONTRIBUTED

Lakeland Community College on precipice of scal watch

By Joe Scalzo

Oversta ed and overleveraged, Lakeland Community College now nds itself on the precipice of scal watch and will need to make some di cult decisions to remain open, according to the Ohio Auditor of State.

e Kirtland-based college has seen steep enrollment declines over the last decade — from 9,400 students at its peak in 2012 to about 5,000 in the fall semester of 2022 — and is now burdened with debt on facilities that are “signi cantly underused,” state auditors determined in a performance audit released Tuesday, April 16.

“We have serious concerns about the college’s ability to continue to serve the residents of Lake County,” Auditor of State Keith Faber said, adding Lakeland’s “trajectory is unsustainable.”

Faber’s performance team found that Lakeland’s administration has not made the necessary changes to adapt to shrinking enrollment. Instead, the college has maintained its sta ng levels, acquired new facilities and continued to o er courses with minimal enrollment.

sion of its engineering building, a project partially supported by a grant from the U.S. Department of Commerce. Also, a building Lakeland purchased in 2014 for $13.5 million is no longer in use, the report noted.

“As a public institution of higher education, Lakeland Community College is committed to being a responsible steward of public resources with renewed focus on greater e ciencies and cost containment while seeking institutional growth,” the college said in an email to Crain’s Cleveland. “We sincerely appreciate the work of the Auditor of State and look forward to incorporating their recommendations into our strategies and policies as we move forward.”

e school is accepting public comments about the audit on its website through April 30.

Lakeland eliminated 25 management and sta positions in December and also saw 29 employees take voluntary buyouts, e ective Jan. 3. But the college “still needs to make progress in a variety of operational areas,” the auditing team said, noting that the board of trustees was unaware of the college’s deteriorating nancial condition.

the enrollment and nancial issues, including adopting a policy for canceling low-enrollment courses and adjusting faculty sta ng accordingly and reviewing facility usage to make changes as needed, including potentially mothballing some space and/or leasing and selling property.

“ e Board of Trustees at Lakeland Community College understands the dynamics of this report,” the board said in a statement. “We are committed to implementing changes. e board has provided for a balanced budget for this year and will in all future years while increasing nancial reserves. Our Board of Trustees will make every change as recommended by the Auditor. Lakeland will remain a top community college in the state of Ohio.”

Lakeland hired Dr. Sunil Ahuja as its new president on April 5, replacing longtime president Dr. Morris W. Beverage Jr. Beverage had served as the college’s president since 2001 and resigned abruptly on April 2 ahead of his planned retirement in August.

Lakeland recently broke ground on a 16,000-square-foot expan-

e April 16 report includes 10 recommendations for addressing

e college primarily serves residents in Lake County, o ering two-year associate degree programs, professional certi cations, and other continuing education opportunities.

Riddell’s North Ridgeville plant sells to realty rm for $36.5M

By Stan Bullard

Royal Oak Realty Trust of Rochester, New York, is the new owner of Riddell Sports Group’s North Ridgeville plant where football helmets are made and refurbished — a facility so huge it could put six football elds under its roof.

Royal Oak on April 18 paid $36.5 million for the 347,205square-foot factory at 7501 Performance Lane in the western part of North Ridgeville, according to the Lorain County auditor’s o ce.

LCN had paid $30.65 million to buy the plant from its original

developer — an a liate of Indianapolis-based Scannell Properties, an industrial realty developer and operator — shortly after it was completed in 2017, according to county data.

Royal Oak is a private Real Estate Investment Trust, a designation that gives investors preferential tax treatment. However, it operates with direct investments rather than being publicly traded.

Royal Oak, which holds the property in the name 7501 Performance La Ridgeville Ohio LLC, had paid $18.25 million cash for the property and assumed an $18.25 million loan on the property, according to Lorain

County land records.

On its website, Royal Oak said the loan will expire in 2027 and has what it called an attractive 4.04% interest rate and amortizes as if it had a 25-year term. A long amortization period makes for lower monthly payments than a shorter one. Royal Oak did not identify the lender.

Royal Oak already owns industrial properties in Eastlake and Solon as well as ve other locations in Ohio. e REIT has a total of 69 investments in industrial and o ce properties it describes as “mission critical” and a portfolio of 7.4 million square feet, according to its website.

Inside a one-stop-shop for IT business solutions

Crain’s talks with Advizex leader Amy Haschak about the company’s approach to technology consulting

By Crain’s Content Studio

With nearly 50 years of industry experience, the Cleveland-based IT company Advizex has carved a niche as a trusted advisor in the everevolving landscape of technology solutions. In a Quick Take interview with Crain’s, Amy Haschak, the national program director at Advizex, sheds light on the factors behind the company’s enduring success, its adaptability in the face of technological advancements and its innovative approaches to meeting customer needs.

Advizex is approaching 50 years in the industry. What do you think has contributed to its longevity and success?

Haschak: I think many things contribute to our success and longevity over 50 years, but our “customers for life” mentality, and the

relationships we’ve created with our customers, spans decades. We don’t think of our interactions with our customers as transactional; we look to invest time in helping them solve for their long-term business needs. We do that alongside some great OEMs and partners that we work with to help be creative in the way that we solve for our customers’ needs. We are known for thinking outside the box to get things done.

Over the past 40 years, technology has changed a lot. How does Advizex stay on top of those changes and provide customers with the best solutions for their business?

Haschak: It has changed at a more rapid pace than we’ve ever seen before due to many factors: the results coming out of COVID with the increased interest in use of AI and the inability for our customers to be able to hire and retain good IT

talent, along with deepening concerns over cybersecurity. We really make sure that we’re on the leading edge of staying informed, and o entimes we’re the rst in the industry to try out some of the newest methods.

“To meet this demand and meet with customers where they are, we take an outcomebased consultative approach.”

To meet this demand and meet with customers where they are, we take an outcome-based consultative approach. e way customers consume and think about their IT solutions is far

more about the experience that they’re looking to achieve and how it makes their lives better, so that in turn, they can focus on their business. is is where we really see our consumptionbased and everything-as-a-service model solve for what we’re seeing on a daily basis.

Can you elaborate on your company’s consumption-based approach and the concept of everything-as-a-service?

Haschak: Historically, customers have thought about their IT needs as very technically driven. Customers would heavily invest upfront in hardware, so ware, infrastructure, and o entimes they’re over-buying to try to anticipate what those business needs are going be over the next three to ve years. With consumption, businesses can use a subscriptionbased model allowing them to pay as they go and pay for what they’re actually using. Customers are realizing that having all their data in the cloud is not optimal and have found that they’re overpaying for what they actually need — as well as some cyber security concerns.

With consumption, it’s really the best of both worlds — you have better control and better security over your data with it on your premises or in a co-location facility, and you’re still paying as you go and paying for what you use. It avoids upfront costs and it allows customers to scale over time based on their needs. Advizex has been the leader in consumption space for years, so we have now grown our consumption practice to a full team solely dedicated on experts in this area.

Advizex provides the option for managed services or wrap-around solutions to free up IT resources that

are precious to our customers. It allows them to focus more on business and revenue-generating tasks.

What else should businesses know about Advizex?

Haschak: We have some of the best, highest-skilled talent in the industry. At Advizex, it doesn’t matter what your title is, what your role is, what department you work in — everybody rolls up their sleeves to do what it takes to get the job done and make sure our customers’ needs are met. Also, our acquisition by Fulcrum, our parent company, happened a little over a year ago. is has been a tremendous bene t to Advizex and our ability to expand our services.

We are a customer’s one-stop-shop for all their needs without having to jump through hoops and piece together the elements that a customer would need to solve for their business problems. Our goal is to create a solid foundation for business growth and success.

To schedule a consultation, visit advizex.com/contact.

To watch the Quick Take video interview with Amy, scan the QR code below.

Hard lessons for colleges and universities

Colleges and universities are getting some harsh lessons in economics, as nancial and demographic realities collide with the loftier ambitions of academia.

is problem isn’t speci c to Northeast Ohio, but it’s hitting the region hard. Schools including Baldwin Wallace University, Cleveland State University, Lake Erie College and Lakeland Community College are facing nancial challenges of varying degrees of severity. Another — Notre Dame College in South Euclid — already has crunched the numbers and called it quits.

Higher education draws a lot of attention these days as a centerpiece of the culture wars. at’s a separate topic, outside our traditional focus, and not especially relevant to what’s happening at institutions in Northeast Ohio. If you’re upset with colleges and universities because you don’t like the politics of the faculty or the fervor of student activists, we understand. It’s just not central to the need for this region’s schools to operate more e ciently so they can be part of the solution to complex workforce challenges in an era increasingly de ned by AI and rapid technological change.

e problem, essentially, is one of numbers — both in the number of students choosing to go to colleges in Northeast Ohio, where the population is stagnant, and in budget de cits that raise costs and weaken the institutions in the long run.

As Crain’s reporter Paige Bennett wrote in a recent analysis of what’s ailing local schools, “Enrollment and nancial pressures, coupled with changing attitudes and demographics, have put signi cant strains on the U.S. higher education sector, particularly among small private liberal arts colleges and universities.”

Notre Dame College is winding down operations this spring, sending students o to nd new schools to complete their educations. Baldwin Wallace University in February said it would cut 23 full- and part-time sta positions, extend a hiring freeze through December and reorganize or no longer admit new students to 13 programs.

Painesville’s Lake Erie College entered into a forbearance agreement with bondholders after it did not meet certain covenants it had agreed to as part of a debt sale. Lakeland Community College in Kirtland, which had 9,400 students at its peak in 2012 but fell to about 5,000 in the fall semester of 2022, is now burdened with debt on facilities that are “signicantly underused,” state auditors determined in a performance audit released April 16.

Most dramatically, given its size, Cleveland State University nds itself in need of aggressive cost cuts (including faculty reductions through buyouts) to close a

projected $40 million budget shortfall — a gure representing about 14% of the school’s operating budget. One big problem: the CSU 2.0 strategic plan, adopted under a previous administration, envisioned enrollment hitting 20,000 students by 2025. e actual number in fall 2023 was less than 14,200.

CSU’s president, Laura Bloomberg, has projected con dence about getting the nancial house in order while acknowledging that’s a big task.

“It’s heartbreaking to think about downsizing,” she told Signal Cleveland.

“It is also essential for the future of the institution.” Inverting a typical cliché, said added, “Part of what has to happen when we right-size is that we can’t ask people to continue to do more with less.

ere are times when we will have to do less with less.”

ere’s not really a one-size- ts-all solution, given that the schools are of different sizes, have di erent academic focuses and serve di erent student bases.

But, for a lot of schools, revenues and expenditures are headed in the wrong direction. ere are some general principles that seem clear if the region is to continue to have the higher education base it needs to meet workforce demands.

First, a dose of realism. e enrollment challenges are unlikely to get better, given the demographic pro le of Northeast Ohio. at means the institutions themselves have to become smaller, nimbler and more targeted in areas where they excel — and willing to get out

of areas where they don’t.

At Baldwin Wallace, for instance, the 13 academic programs that no longer will admit new students include elds that seem like they’d be in high demand, such as Business Information Systems, Enterprise Risk Analytics and Organizational Leadership. But if data shows demand is limited, from both students and employers seeking students with such a background, then it’s not an especially dicult choice to make cuts. Businesses do it all the time.

Like businesses, schools need to take a close accounting of where they spend money — not just in academic programs, but in research, student support, entertainment and other areas — and better align expenditures with revenues. ey also should look for ways to outsource more back-o ce operations or collaborate to reduce such costs.

For colleges and universities, like businesses, the largest expense is labor. Reducing that cost comes with pain, but when it’s necessary, it shouldn’t just come at the faculty level. An honest appraisal of expenses usually will nd bloat at the administrative level, too.

It’s important for schools to be cleareyed in their approach because these institutions are important for improving social mobility and economic opportunity. It’s no coincidence that most of the thriving metro areas of the country have strong colleges and universities; graduates drive economies and give employers greater options. We’re rooting for Cleveland State and others to come out of these nancial challenges as stronger institutions. Northeast Ohio needs them to do so.

Notre Dame College | CONTRIBUTED

Cleveland State University | CONTRIBUTED

New exec to help beef up Leo’s Italian Social

Strategic adviser is former president of Cheesecake Factory

Scott Suttell

Chagrin Falls-based restaurant operator Monven Group is looking to amp up growth of its Leo’s Italian Social brand, and it’s bringing on a former president of the Cheesecake Factory to help do it.

Monven said Peter D’Amelio, the CEO of consulting rm PJD Hospitality whose previous restaurant-industry experience over 30 years includes stints at the popular cheesecake chain and as president and chief operating o cer for polished-casual chain Cooper’s Hawk, has joined Leo’s Italian Social as a strategic adviser. His role: help shepherd growth of Leo’s Italian Social in the Midwest and the East Coast.

From a food perspective, at least, Monven Group seems to have found the right guy.

D’Amelio comes from an Italian family with nine brothers and sisters, where Sunday sauce was a weekly staple and family meals were a major event.

“I have a love of Italian food, just a deep fascination with it,” D’Amelio said.

He’ll work with the team at Monven Group to translate the food passion into brick-andmortar growth.

Monven Group described the advisory position as “hands-on” and said D’Amelio “will oversee the restaurant chain’s strategic direction and operations.” e company launched Leo’s Italian Social with a concept it describes as “elevated, yet approachable Italian cuisine,” and the brand

has grown to a total of six restaurants: two in Ohio (Cuyahoga Falls and Westlake, at Crocker Park) and four in North Carolina.

Bret Adams, Monven Group founder, said D’Amelio has a “deep understanding of guest preferences and market needs” and that Cheesecake Factory “set the gold standard for a lot of things” in the

Two Bucks closing the doors on four locations

sounding success!”

Another Northeast Ohio restaurant chain has hit tough times. e last day of operations for four Two Bucks locations was Saturday, April 20, as the chain plans to sell them.

e decision was described as a “di cult, but strategic decision,” in a Wednesday, April 17, post on Two Bucks Parma’s Facebook page.

“ is strategic shift opens new opportunities, enabling us to focus on our strengths and deliver even greater excellence,” e Facebook post stated. “As we eagerly anticipate the emergence of new eateries in our former locations, we extend our heartfelt wishes for their re-

e locations a ected are Lakewood (opened in 2019), Middleburg Heights (opened in 2011), North Olmsted (opened in 2012) and Parma (opened in 2014). Its May eld Heights location, which opened in 2013, closed in 2017.

“ ese locations will embark on exciting new journeys under new ownership groups,” the statement from Two Bucks said. “However, our beloved and original Avon location will remain open, unchanged, and will continue to serve the amazing community with unwavering commitment.”

While the Avon location (opened in 2010), at 36931 Detroit Road, remains open, the Eastlake location, at 35400 Vine St. and

restaurant industry. e two men were introduced by mutual friends, and when they began talking, Adams said, it was clear D’Amelio was “looking to grow a concept he was passionate about, and Leo’s was a strong t.”

D’Amelio is an operations guy — “I like spending time in restaurants,” he says — who notes the

early days working with Leo’s and the Monven Group team “have me feeling as energized as I’ve been in a long time.”

Adams said he’s aiming for a pipeline of two or three new Leo’s restaurants in the next 12 months, then building from there. In the Cleveland market, he said, there’s room for one

launched in 2014, will stay open for now but will likely transition later this year, according to a comment by the restaurant on the Two Bucks Avon Facebook page. e Avon location and start of the franchise opened in 2010 and Eastlake in 2014.

more Leo’s, on the east side of town. The development cost of each restaurant, he said, is “well into seven figures.”

D’Amelio said the company looks for “second-generation stores” — that is, buildings in strong locations that formerly housed restaurants. Post-pandemic, there are many such strong sites available, he said. Although rising interest rates and building costs have put pressure on everyone who’s building or updating a space, “For strong operators, it’s more opportunistic than it’s ever been.”

He sees markets including Florida, Maryland, South Carolina and Virginia as having particularly strong potential for Leo’s to expand.

D’Amelio’s experience runs even deeper than Cheesecake Factory and Cooper’s Hawk. He’s also the former CEO of the Matchbox Food Group, a multiconcept restaurant company in Washington, D.C., and was president and chief operating o cer at casual-dining chain Not Your Average Joe’s.

e success of any restaurant, he said, comes down to execution: Was the food good? How was the service? Did the atmosphere meet expectations? Was the meal priced fairly?

He said he sees Leo’s as hitting all the standards, which sets it up for growth.

“Quality is our cornerstone,” D’Amelio said. “We need to continue to grow while prioritizing excellence in every dish and drink we serve.”

e pandemic was a challenge for restaurants, of course, but D’Amelio sees the desire on the part of consumers to go out and enjoy a good meal — made and served by someone else — as unwavering. He said Leo’s is rolling out a new spring menu, keeping its traditional customer favorites and adding some dishes that o er, as Adams put it, “a modern twist on signature items.”

Bucks Parma’s Facebook. Another comment stated that the “new spot plans on hiring any sta interested in returning.”

e exact reasoning for the closing was not stated but, in the Facebook post, it stated that “navigating the restaurant industry in this post-pandemic world, with growing economic issues, is becoming increasingly di cult.”

Additionally, it added that the “world and the industry are quickly changing around us and we recognized that a smaller restaurant group would be more manageable for us in terms of operations and guest experience, positioning us for future success.”

“We are NOT closing but just getting started,” Two Bucks Eastlake wrote in a post on its Facebook.

It was not announced who will take over the four locations but information is “coming soon,” according to a comment on Two

“While this chapter may be closing for most of our locations, the spirit of Two Bucks will live on in Avon,” the Facebook statement continued. “… is is not a goodbye, but rather a heartfelt thank you and a reminder that the bonds we’ve built extend beyond the physical spaces we’ve occupied.”

Alexandra Golden

Two Bucks is closing and selling four of its Cleveland-area locations. TWO BUCKS

The dining room, top, and bar, below, at a Leo’s Italian Social restaurant. | MONVEN GROUP PHOTOS

D’Amelio

KeyCorp ‘playing offense’

Jeremy Nobile Company hiring in key areas following 2023 workforce reduction

In the wake of what’s been a challenging cycle for KeyBank and a slew of other regional banks, KeyCorp CEO Christopher Gorman told investors during the company’s rst-quarter 2024 earnings report that Key is “back to playing o ense.”

As part of this, Gorman said in an interview with Crain’s that the company is hiring additional personnel across four key areas where the company expects to continue driving value.

ose segments comprise payments, investment banking, business banking and its wealth management business.

Key reported a 6% quarterly increase in noninterest income for the period, which totaled $647 million. at growth was primarily attributed to a 17% increase over the prior quarter in investment banking fees, which totaled $170 million—a quarterly record for that business.

Gorman told investors the company has an M&A backlog at record highs, but he doesn’t necessarily expect those investment banking fees to be as strong in the coming quarter as the situation with interest rates has a “dampening e ect.”

“I think the volatility in interest rates forces people to the sideline and to wait things out. And so we need some settling in of rates,” he said.

As far as wealth management, Key notes that it is seeing success following the recent launch of Key

Private Clients, which targets a mass-a uent segment of its customer base.

at business enrolled about 6,000 new households in the quarter and “doubled production volumes compared to last year,” Gorman said. As a result, Key reported that its client assets under management have surpassed $57 billion.

Key is adding people to segments like this where it sees opportunity.

ese additions to its workforce follow the company trimming a chunk of its sta in calendar year 2023. e bank reported 16,752 full-time equivalent employees as of March 31, compared with 18,220 at the same time last year, marking a year-over-year decrease

in sta of 8% between those points.

e workforce reductions coincided with the company reducing its risk-weighted assets over the past year, creating a leaner business.

third-party leasing business in 2023.

Key reported that its client assets under management have surpassed $57 billion following the launch of Key Private Clients.

When those assets are reduced, people managing those are let go, which was a driver in the net reduction of staff. As an example, Gorman noted how Key exited a Colorado-based

In other o ensive moves, executives highlighted Key’s forwardow origination partnership with Blackstone Credit and Insurance that was inked in March. at partnership—which will be in place for at least one year and evaluated after that time—is expected to help bolster loan growth and diversi cation during a time when loan demand is soft.

While bank leadership is wary about the economy—Gorman told investors “my view is we will probably have a recession”—it is somewhat optimistic about its perfor-

mance nonetheless.

Market impressions on how Key may perform moving forward were mixed following Q1 earnings, however. e bank reported quarterly decreases of 5% in netinterest income, 3% in loans and 2% in deposits.

Alexander Yokum, an analyst with CFRA Research, reiterated a sell recommendation for KeyCorp stock in an investor note, stating “...other regional banks are better positioned for a higher-for-longer rate environment, in our view.”

Wedbush Securities, meanwhile, maintained a neutral rating on Key in its own investor note, highlighting the company’s mixedbag quarter featuring strong fee income o set by an increase in criticized assets.

Goodyear names new president for its largest unit

By Dan Shingler

Akron-based Goodyear Tire & Rubber Co. (Nasdaq: GT) has named a new president for its largest business unit.

Ryan Waldron has been named president of Goodyear’s Americas business unit, which in 2023 sold 87.3 million tires. at’s nearly twice the 49.9 million tires the company sold in its Europe, Middle East and Africa unit and far more than twice the 36.1 million tires sold by its Asia Paci c unit.

Goodyear Jan. 29 and was installed at the behest of activist shareholder Elliott Investment Management to improve the company’s performance, expressed con dence in appointing Waldron to his new post.

Waldron succeeds retiring Americas’ president Steven McClellan. He will report to CEO Mark Stewart.

Stewart, who took the reins of

“At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results,” Stewart said in a statement. “I am thrilled to announce him as president of Goodyear’s Americas business and have enormous con dence

that under his leadership, both the company and our customers will reach even greater levels of success.”

But Waldron is far from an outsider himself.

Waldron joined Goodyear in 2003, and early in his career served in leadership roles in finance and supply chain for multiple North America business areas. In 2012, he was named vice president, Supply Chain, Logistics and Procurement, and after that, served as vice president, Sales Operations and Strategy; vice president, Business and Process Integration; and vice president, Global Off-Highway Businesses and Chemical Operations.

Most recently, Waldron served as president of Goodyear’s North America Consumer business.

Waldron

KeyCorp CEO Christopher Gorman BLOOMBERG

NOTABLE LEADERS IN FINANCE

Our 2024 list of Notables in Finance represents a wide swath of the nancial sector, with active members in the worlds of banking and venture capital and investment rms. They come from every walk of life, from education to health care to nonpro ts, and those on our list bring duciary leadership to their organizations. But, just as important, they spread their energy beyond, to their families and communities, with efforts that, in total, make them notable.

METHODOLOGY: The honorees did not pay to be included. Their pro les were drawn from the nomination materials submitted. This list is not comprehensive. It includes only individuals for whom nominations were submitted and accepted after a review by editors. To qualify for the list, nominees must have met certain criteria, including being based in Northeast Ohio, been in the profession for at least 5 years and must be employed at investment banks, commercial banks, institutional money managers (including private equity and venture capital rms), exchanges, trading rms, institutional asset owners, mutual funds, hedge funds or in corporate nance departments. Nominees employed at commercial banks should be in a banking role (excluding support roles such as legal, HR, marketing and communications, etc.)

Tony Amador

Chief nancial of cer, MAI Capital Management

Current scope of work: Tony Amador leads MAI’s business nancing, treasury and client accounting functions. A 25-year industry veteran, Amador manages a team in driving the company’s growth strategy.

Biggest career win: Amador helped transform the rm’s nancial infrastructure through a new nancial planning and analysis group. Through this work, the company completed four acquisitions in the rst quarter of 2024.  Financial resources expanded in the community: MAI teams with organizations to promote local nancial literacy.

Community contributions: Amador is a board member with Saint Joseph Academy, an all-girls Catholic high school in Cleveland. In this role, he works to uplift the institution’s mission of academic excellence and compassionate leadership.

Michael Bentley

Vice president, investments, Johnson-Bentley Wealth Partners

Current scope of work: A 20-year veteran in wealth management, Michael Bentley currently manages four staffers in charge of approximately 400 clients.

Biggest career win: Bentley ourished during the COVID-19 pandemic, expanding the practice by 50%. He also organized a merger with another rm that further grew the business.

Financial resources expanded in the community: Bentley provides nancial resources to LakewoodAlive, a housing outreach organization focused on underserved residents.

Community contributions: Bentley chairs the LakewoodAlive executive committee as board president and is a past board member of the Lakewood Chamber of Commerce and Lakewood Rangers Education Foundation.

Bradley Bond

Chief nancial of cer, University Hospitals

Current scope of work: Bradley Bond leads the health system in all nancial, treasury, insurance and managed care contracting services.

Biggest career win: Bond has navigated the system through the Great Recession and the COVID-19 pandemic. During the COVID crisis, Bond maintained University Hospitals’ credit rating, despite supply chain issues and a workforce shortage.

Financial resources expanded in the community: Bond helped implement a health strategy that allocates hospital resources to areas of greatest need. Through this effort, University Hospitals invested $531 million in the community in 2022. Community contributions: Bond spent 15 years as board member for the Hunger Network of Greater Cleveland. He is vice chairman of the Medical Center Company.

Ohio has the seventh-largest nancial services workforce in the nation with 255,000 employees.

— Lightcast/Bureau of Labor Statistics (2021)

Dave Campbell

Chief nancial of cer, OMNI Systems

Current scope of work: As chief nancial of cer of OMNI Systems, Dave Campbell manages the nances and investment strategies of the $150 million label converting company.

Biggest career win: Campbell is part of an executive leadership team that completed two acquisitions in 2023: ITW Labels and Honeywell Media. OMNI’s value has grown substantially since Campbell joined the company in 2019.

Community contributions: Campbell is chairperson for Strongsville United Methodist Church, where he nanced a $5 million expansion that signi cantly increased the building’s oor plan.

Zackery Carroll

Divisional chief nancial of cer and vice president of nance, CBIZ Financial Services

Current scope of work: Zackery Carroll leads the accounting team at CBIZ. Team members support Carroll in managing cost saving opportunities while sustaining key performance indicators. Biggest career win: In 2022, Carroll reorganized the rm’s accounting function, reducing turnover from 40% to 3% within a year. The transition also supported overall revenue growth, from $736 million in 2021 to $1.2 billion in 2023.

Financial resources expanded in the community: CBIZ partners with Dress for Success.

Community contributions: Carroll is a board member and assistant treasurer with Business Volunteers Unlimited, as well as a member of the 2022 Cleveland Leadership Center Bridge Builders Class.

Timothy Clepper

Chief executive of cer and president, Kaulig Companies

Current scope of work: Throughout his career, Timothy Clepper has overseen the nancial assets and strategic vision for high-net-worth individuals and businesses. Clepper manages a diverse spectrum of enterprises, a portfolio that includes event management, real estate and private equity.

Biggest career win: Clepper has created over $500 million in liquidity and growth capital for Northeast Ohio business owners.

Community contributions: Clepper works in an advisory capacity with organizations such as LeBron James’ I Promise School, the Rock & Roll Hall of Fame and Leaf Home. In 2013, he co-founded Santa PICsU, a nonpro t that has raised over $400,000 for regional pediatric intensive care units.

David Dannemiller

Regional president, First Financial Bank

Current scope of work: With more than 31 years of corporate and commercial banking experience, David Dannemiller is now responsible for First Financial’s industrial client relationships. Additionally, he acts as liaison to the bank’s specialty business lines.

Biggest career win: Dannemiller has grown the institution’s presence, helping invest nearly $100 million regionally in the last year.

Financial resources expanded in the community: Dannemiller is board chair of Building Hope in the City, a Cleveland nonpro t that delivers coaching and support to small businesses owned by marginalized populations.  Community contributions: Dannemiller also volunteers with the Leadership Cleveland advisory board and Bay Presbyterian Church.

Frank Fantozzi

President and founder, Return on Life Wealth Partners

Current scope of work: Frank Fantozzi is responsible for setting the rm’s direction and culture. A 12-member team assists select clientele in an array of wealth management needs.

Biggest career win: Return on Life celebrates its 30th anniversary in 2024. Since incorporating in 2000, the company has enjoyed a 1,150% increase in revenue with $520 million in client assets under management.

Financial resources expanded in the community: Fantozzi will host the rm’s 16th annual economic summit this year. The event gathers local stakeholders to discuss key issues facing Northeast Ohio business owners.

Community contributions: In 2018, Fantozzi was named nonpro t board executive of the year by Medical Mutual for his service with LifeAct, a suicide prevention program for students.

Belinda Grassi

Chief nancial of cer, HELP Foundation Inc.

Current scope of work: Belinda Grassi is responsible for managing HELP’s investments, a to-do list that includes nance, Medicaid billing, payroll and strategic planning.

Biggest career win: Grassi has increased HELP’s investment earnings, along with creating digital tools that drive decisionmaking. New technologies harness data to manage nances, improve reporting capabilities and maintain a balanced budget.

Financial resources expanded in the community: Loan programs offered by the foundation aid front-line staff with child care and transportation, ensuring they can get to work.

Community contributions: Grassi is a member of the Riverside Local Schools board as well as a fundraiser for the Ohio chapter of the National MS Society.

University Hospitals congratulates Bradley C. Bond, CPA, CFA, MBA, UH Chief Financial O cer on being recognized by Crain’s as a Top Finance Leader in Northeast Ohio

Kathy He in

Chief nancial of cer, treasurer and deputy director, Holden Forests & Gardens

Current scope of work: Kathy He in is a strategic nance and operations leader who successfully integrated The Holden Arboretum and Cleveland Botanical Garden. He in oversees nance, technology, facilities and security teams.

Biggest career win: He in supervised the organizational merger, offering a visionary approach that balanced earned revenue with philanthropic and endowment support.

Financial resources expanded in the community: He in and her team continue to fundraise for vital forestry, research and workforce development activities in the region.

Community contributions: As treasurer of the Footpath Foundation, He in connects inner-city children to nature. Fostering sustainable practices is another facet of her volunteer work.

Justin Horton

Founding partner and wealth advisor, Stratos Wealth Partners

Current scope of work: Justin Horton’s 20 years as a nancial advisor grew into a founding partnership with Stratos, where he consults high-net-worth clients on personal and charitable investment, estate planning and retirement.

Biggest career win: Horton transitioned his team to Chagrin Falls, creating a service model unique to his clientele.

Financial resources expanded in the community: Horton has spoken to numerous students about wealth planning and a career in nance. He and his team hosted two interns that went on to become full-time advisers.

Community contributions: Horton’s board memberships include organizations that support Black excellence. In addition, he is a member of The Cleveland Museum of Art’s gift planning advisory committee.

Ohio has the fourthlargest nancial services sectory in the U.S. by GDP.

— Real GDP (2022)

We applaud your leadership and mentorship as well as your commitment to our communities in all that you do.

The share of women in C-suite roles in the nancial services industry worldwide grew to 18.4% in 2023. This slow but steady growth is expected to continue, reaching 21.8% by 2031.

— Lightcast/Bureau of Labor Statistics (2021)

Brennan Igoe

Founder and managing director, Argonite Partners

Current scope of work: Brennan Igoe launched Argonite four years ago to navigate small business owners through exit planning, M&A execution and capital raises.

Biggest career win: Founding and managing Argonite is Igoe’s proudest career achievement, with every deal closed a major accomplishment on its own.

Financial resources expanded in the community: Argonite has sponsored charity events with nonpro ts including MedWish, an organization that repurposes medical supplies for people in need.

Community contributions: Igoe is a board member with MedWish, which recently announced a merger with the Medworks nonpro t. In addition, Igoe is an active member of the Chagrin Valley Jaycees.

Christopher McKenna

Managing partner, Carleton McKenna & Co.

Current scope of work: Christopher McKenna supervises a 16-person team. McKenna has played a pivotal role in growing the rm from both a staf ng and revenue standpoint.

Biggest career win: McKenna’s team approach to transactions gives clients a full suite of organizational viewpoints and expertise. A people- rst mentality extends to staff mentorship and extended availability for clients.

Financial resources expanded in the community: McKenna guides entrepreneurs through the sales process, with an understanding that these transactions can uproot families and careers.

Community contributions: McKenna’s board memberships encompass a wide range of interests, from technology to health and wellness.

Stefanie Meade

Executive vice president and chief nancial of cer, Cavaliers Holdings LLC

Current scope of work: Stefanie Meade brings over 25 years of experience to her role. Her responsibilities include nancial planning and meeting various accounting, reporting and nancial process goals.

Biggest career win: Meade has built high-performing teams and sustainable business processes. Initiatives that she developed enhanced productivity and streamlined tasks.

Financial resources expanded in the community: As board member and treasurer of the Cavaliers Community Foundation, Meade has helped disperse $25 million to groups that support at-risk youth.

Community contributions: Meade is an executive sponsor for the BELIEVE Team Member Resource Group. Additionally, she works with EmpowHer.

Michele Schrock

Senior vice president and private bank market manager, Huntington Bank

Current scope of work: Michele Schrock oversees a 45-member team responsible for growing group revenue in an ever-evolving business landscape.

Biggest career win: In 2021, Schrock’s team won the Huntington “Region of the Year” award. Schrock’s leadership kept the group engaged during a volatile year that saw other organizations struggle to keep clients.

Financial resources expanded in the community: Huntington is a top small business lender in Northeast Ohio, further supporting the community through loans to minorities and low-income residents.

Community contributions: Schrock serves on the board of the Tri-C Foundation.

Kashim Skeete

Managing Director, Bank of America

Current scope of work: Kashim Skeete leads strategic planning for Bank of America’s Private Bank expansion into Ohio.

Biggest career win: Acquisition of new clients under Skeete’s leadership resulted in signi cant year-over-year revenue growth. Notable accomplishments include $6.7 billion in FDIC balances and $5.3 billion in loans to commercial business.

Financial resources expanded in the community: The Better Money Habits program emphasizes nancial empowerment. In addition, the bank has given grants to key institutions, such as MetroHealth and Karamu House Theatre.

Community contributions: Skeete spearheads area philanthropic programs while also serving as a trustee for the Cleveland Museum of Art.

Brent Teague

Founder and managing partner, Financial Wellness Partners/Smooth 401k

Current scope of work: Brent Teague assembles bene ts plans for employers, covering everything from debt management to executive packages. His programs help clients allocate their resources and understand available bene ts.

Biggest career win: Teague founded Smooth 401k, which delivers a team-based approach to 401k creation and management. Through a forwardthinking mindset, the company has grown its client base by over 300% since inception.

Financial resources expanded in the community: Teague’s company offers seminars and webinars about the importance of preparing for retirement.

Community contributions: He serves on the Strongsville Education Foundation board.

John Tortelli

Vice president of business affairs and chief nancial of cer, Cleveland Institute of Art

Current scope of work: John Tortelli is responsible for all nancial reporting and management at the Cleveland Institute of Art.

Biggest career win: Under Tortelli’s management, CIA raised funding for a new economic development center in the MidTown neighborhood.

Financial resources expanded in the community: Tortelli orchestrated a “Finance 101” session for the CIA community, sharing information about endowments, and the nancial outlook for the coming year.

Community contributions: Tortelli serves on the executive committee of St. Benedict Catholic School, offering nancial guidance and expertise to the school’s leadership team.

Angela Wilcoxson

Executive vice president and chief commercial banking of cer, CNB Bank

Current scope of work: Angela Wilcoxson guides teams in each of the bank’s major geographic regions, leading in areas encompassing loans and treasury management solutions.

Biggest career win: Wilcoxson helped launch Impressia Bank — CNB’s sixth bank division — alongside an all-female steering committee. In her role, she listened to the challenges faced by women-owned businesses in the region.

Financial resources expanded in the community: Online small business loan applications and women-focused nancial workshops have all grown under Wilcoxson’s management.

Community contributions: As a board member with Evergreen Cooperatives, Wilcoxson is developing neighborhoods through wealth building.

PRIVATE EQUITY AND VENTURE CAPITAL FIRMS CRAIN’S LIST

ALIGN CAPITAL PARTNERS

3401 Tuttle Road,Shaker Heights 216-505-6463/aligncp.com

BLUE POINT CAPITAL PARTNERS

127 Public Square,Suite 5100,Cleveland 216-535-4700/bluepointcapital.com

CITYMARK CAPITAL

1375 E. Ninth St.,Suite 2880,Cleveland 216-453-8080/citymarkcapital.com

CLEVELAND INTERNATIONAL FUNDLTD.

12434 Cedar Road, Suite 15,Cleveland Heights 216-245-0606/clevelandinternationalfund.com

COVENTRY LEAGUE CAPITAL PARTNERS Main Street (business district),Cortland 234-243-7587/coventryleague.com

CYPRIUM PARTNERS

200 Public Square,Suite 2020,Cleveland 216-453-4500/cyprium.com

DRUMMOND ROAD CAPITAL 20046 Walker Road,Suite 5,Shaker Heights 216-910-1702/None

EDGEWATER CAPITAL PARTNERS

5005 Rockside Road,Penthouse, Independence 216-292-3838/edgewatercapital.com

ELVISRIDGE CAPITALLLC

25201 Chagrin Blvd.,Suite 300,Beachwood 216-678-9900/elvisridgecapital.com

EVOLUTION CAPITAL PARTNERSLLC

1100 Superior Ave. E.,Suite 1620,Cleveland 216-593-0402/evolutioncapitalpartners.com

FOUNDATION INVESTMENT

PARTNERSLLC

7160 Chagrin Road,Suite 100,Chagrin Falls 440-903-1791/foundationpartners.net

GAMMITE VENTURES

25101 Chagrin Blvd.,Suite 300,Beachwood 833-426-6483/gammite.com

IMPACT ANGEL FUND

P.O. Box 589,Zoar 330-323-1529/impact-angel-fund.net

INTERSTATE FUSION VENTURES

1611 Akron Peninsula Road,Suite A,Akron 330-475-1692/interstatefusion.com

JUMPSTART VENTURES

6701 Carnegie Ave.,Suite 100,Cleveland 216-363-3400/jumpstart.vc

JWI CAPITALLLC

P.O. Box 1171,Twinsburg 440-823-5109/jwicapital.com

KIRTLAND CAPITAL PARTNERS

200 Park Ave.,Suite 225,Beachwood 216-593-0100/kirtlandcapital.com

MAVENHILL CAPITAL

100 N. Main St.,Suite 430,Chagrin Falls 646-598-6740/mavenhillcapital.com

MAX-VENTURESLLC 7147 Hickory Drive,Cleveland 440-729-1345/None

MCM CAPITAL PARTNERS

25201 Chagrin Blvd.,Suite 360,Beachwood 216-514-1840/mcmcapital.com

$20,000–$60,000$1,500U.S., CanadaBusiness services, technology, specialty manufacturing, distribution

$40,000–$150,000$1,800U.S., CanadaManufacturing, business services, consumer and value-added distribution

$10,000–$100,000$325United StatesReal estate

03E Source, Counsel Press, Marco Rubber, Premier Biotech ChrisJones, managing partner

08Transtar Holding Co., Weaver Leather, Country Pure Foods, Europa Eyewear JohnLeMay; Chip Chaikin; SeanWard, partners

01Real estate equity and debt investments DanielWalshJr., founder, CEO

$500–$2,500$102United StatesCommercial real estate, multifamily preferred 22NA

StephenStrnisha, CEO

$500–$1,500—Cleveland/ Youngstown/ Columbus triangle Niche manufacturing, food/ beverage, consumer products 00NA JosephKane, managing director

$5,000–$60,000—U.S., CanadaManufacturing, distribution, health care, food/beverage, plastics/packaging, business services

$25–$250—United StatesSoftware - analytics, SaaS, B2B, nance; fund-of-funds

$10,000–$50,000$525United StatesEngineered components, specialty chemicals, life sciences, performance materials

$1,000–$10,000—United StatesFishing products, landscape/hardscape products

$5,000–$20,000—U.S. east of the Rocky Mountains Small businesses, business services, niche manufacturing

$2,000–$20,000$30United StatesB2B manufacturing, service, distribution

$500–$2,000—U.S., CanadaPrimarily software

$250–$300—North Central and East Central Ohio Technology

$200–$500—Ohio, Chicago, West and East coasts Manufacturing, life sciences/health care, CPG, advanced materials

02Apollo, DP Nicoli, Kustom, OneroRX AndrewMolinari; CindyBabitt; Beth Haas; DanKessler, partners

05Astronomer, Veho, Snow ake, Anaplan MorrisWheeler, founder, president

10Luxium Solutions, Neograph Solutions, Naprotek Holdings, Ameriwater Holdings RyanMeany; ChristopherChildres, managing partners

00Black n Rods, Glacier Outdoor, BBS Tech (FINS Fishing), Surfacelogix, Innovative Concrete Technology

MichaelSouthard, founder, CEO

10DiningRD, Mainline Environmental, DataFit, Empire Dental JeffreyKadlic, founding partner

00W.A. Jones, Spartan Tool Supply, WRWP LLC, Advanced Probing Systems LLC DavidWood, managing member

06PsiQuantum, TAIV, Passage, Rain Financial, Stream Orders TonyPyros; Himanshu Amin, managing partners

00InfoGPS Networks, Vlipsy JonElsasser, fund manager

14PodFoods, Society Brands, Ugen, BIOHM Health BillManbyJr.; Vicki Tifft, founders

$250–$2,000$140Ohio, the MidwestB2B software, health care IT, medical devices 78

$1,000–$5,000—Great Lakes regionB2B, process and manufacturing sectors

$1,000–$10,000$100U.S., CanadaFood and beverage, precision manufacturing, business services

$10,000–$150,000—North AmericaConsumer, business services and industrial

$3,000–$10,000—United StatesRetail, consumer products, service providers to retail, online concepts

$10,000–$50,000$185United StatesAerospace and defense, medical device, diversi ed industrial

JulieJacono, CEO

00Allegheny Performance Plastics, Louver Shop MarcWalinsky, managing director

05Galatti Cheese, PEScience, Authentico Foods, Chamber Media ThomasLittman, CEO

02House of Cheatham, Groff Tractor & Equipment, Hollywood Beauty, Real Truck JayStuddard; Rhodes McKee, managing partners

MichaelFeuer, CEO, senior managing director

02AIM Processing, Tech NH, EB Industries, Andover Corp.

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RobertKingsbury, managing partner; Mark Mansour, senior managing partner

PRIVATE EQUITY AND VENTURE CAPITAL FIRMS CRAIN’S LIST

MPE PARTNERS

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PNC ERIEVIEW CAPITAL

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PROVARIANT EQUITY PARTNERS

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RESILIENCE CAPITAL PARTNERS

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THE RIVERSIDECO.

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RIVERVEST VENTURE PARTNERS

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ROCKWOOD EQUITY PARTNERSLLC

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SCALECO CAPITALLLC

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SIGNETLLC 19 N. High St.,Akron 330-762-9102/signetllc.com

SQUIRE RIDGE COMPANYLLC

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TURNCAP

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UP2 VENTURES

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VALLEY GROWTH VENTURES

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WATERVALE EQUITY PARTNERS 30100 Chagrin Blvd.,Suite 320,Pepper Pike 216-233-8855/watervalepartners.com

WEINBERG CAPITAL GROUP

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$40,000–$150,000—North AmericaHigh-value manufacturing, commercial and industrial services

$1,000–$7,500$112U.S. except NYC/ Silicon Valley north Medical devices, health care software

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$500–$1,000—Ohio, U.S.B2B SaaS

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$5,000–$15,000$800Eastern half of U.S. and Canada Special situations, divestitures, industrial, aerospace, industrial tech

$1,000–$400,000$14,100North America, Europe, Australia Generalists with seven formal industry specializations

$5,000–$30,000—National, international Medical devices, biotechnology, specialty pharmaceuticals

$3,000–$10,000—North America Aerospace and defense, industrials, health care, environmental

$3,000–$20,000—Great Lake states drivable from Cleveland Business services, training and certi cation, and valueadded distribution

$5,000–$50,000$575Midwest, Southeast Commercial real estate, nancial services, manufacturing, wellness

$2,500–$3,000—Midwest, Southeast, Southwest, Northeast

Home decor, engineered materials, high-performance plastics, specialty coatings

02Webster Industries, Mid-States Bolt & Screw, Precision Pipeline, Appearance Technology Group PeterTaft, partner

01SPR Therapeutics, Checkpoint Surgical, Redi.Heatlh, Authenticx BillTrainor; Wayne Wallace, general partners

13Robots & Pencils, Tiger Pistol, Revel Bikes, Flexjet JamesCarey, partner

51OnShift, Vytalize, Remesh, Ninety ToddFederman, managing director

55OnShift, Vytalize, Remesh, Navistone ToddFederman, managing director

28Everest Infrastructure Partners, Horvath Towers, IdeaTek Telcom F.HowardMandel; RyanLepene, co-presidents

014NA EdwardPentecost, managing director, president

01Midwest Equipment, Stanisci Design, SmartVent Products Executivecommittee

11FlexJet, LKD Gladiatior, Innovatus Thermal Products Solutions SteveRosen, chairman; Bassem Mansour, co-CEO; Ron Cozean, president

047siffron, CertaSite, AWP Safety StewartKohl; Bela Szigethy, co-CEOs

015Standard Bariatrics KarenSpilizewski, managing director

01Clean Water Environmental Services, NG Companies, Dynamic Facility Services

BrettKeith, managing partner

12Budco Financial Services, Innoplast, TPI Ef ciency, Safety Controls Technology BrendanAnderson, founder, managing partner; DaveJacob, managing partner

22Creative Polymer Solutions, Signet Real Estate, Blue Grass Chemical Solutions, Signet Capital Advisors

MarkCorr, president, CEO; AnthonyManna, chairman

12Louver Shop, Stylecraft Home Collections, Allegheny Performance Plastics StevenRoss, president

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$500–$1,000—Northeast Ohio and Silicon Valley Technology, sector agnostic23OnStatiom, 7Signal, Noble AI, TRACE ChristopherMcKenna, general partner; Adam Kaufman, founder, general partner

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10MedaSync, BIOHM Health, TonDone, S4 Medical ErnieKnight, managing director

01EMX, Duke Manufacturing, High Speed Gear, PGF Technologies MikeFaremouth; Jim Guddy, managing partners

01Channel Products, Salt River Aviation, Drake Waterfowl ChipWeinbergJr., managing director, principal

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How to land a Division I athletic scholarship

Coaches offer advice on getting a chance to play at NCAA’s highest level

is is a story about how to get a Division I athletic scholarship, and it starts with two footballplaying brothers who live near Toledo.

e older one, who is 19, topped out around 5-foot-9.

“He was never going to be a major prospect at any level of football,” his father said.

e younger, who just turned 15, stands 6-foot-2 and weighs 190 pounds.

He’s got a chance.

“It’s just, ‘God made you di erent,’” said his father, Vince Kehres, the defensive coordinator for the University of Toledo. “It doesn’t matter, really, what your talent level is right now because your athleticism is going to change so much over the next couple of years.

“But if you’re 6-foot-2 and 190 pounds, I gotta write your name down.”

Even then, it’s in pencil. So many things have to come together perfectly — height, weight, talent, skill, grades, attitude, work ethic, luck, etc. — for a high school football player to be among the 3% nationwide that earn a Division I athletic scholarship.

Kehres understands this as well as anyone. He won two national titles playing for his father at Mount Union, then won two more after taking over as the head coach.

But they came at the nonscholarship Division III level, which has few size restrictions — either for its players or its roster.

Not so at Toledo. e NCAA limits Division I football teams to 85 scholarship players, meaning the Rockets can only sign about 20 recruits each year and they have to stretch them across seven position groups.

“We don’t have that margin for error,” said Kehres, who was hired at Toledo in 2020 by head coach Jason Candle, a former player and assistant at Mount. “At Mount, we’d be like, ‘We’re going to nd out who loves football’ because there’d be 10 guys at his position the rst day. And if they didn’t love football, they’d be gone in a couple weeks, so it sorted itself out.

“Here, we don’t have that luxury.”

In other sports, the scholarship limits are even tighter. Division I women’s basketball teams can only o er 15 scholarships, while men’s teams are limited to 13, meaning only 1% of high school boys basketball players earn a Division I scholarship — the lowest percentage of any sport.

Among NCAA men’s sports, football and basketball are the only “head count sports” in Division I — meaning every scholarship player gets a full ride — while on the women’s side, only basketball, volleyball, tennis and gymnastics count o er full rides. All other sports are “equivalency sports,” meaning players either earn a par-

tial scholarship or none at all.

Cleveland State’s tennis team has 4.5 scholarships to o er its 12 players, meaning that a scholarship for a country club sport is often worth less than the cost of a country club membership.

“ ere’s not as much money out there as people think,” Vikings tennis coach Brian Etzkin said. “If you have a team of 10 or 15 people, 4 ½ scholarships doesn’t go very far and the very best get a big chunk of that.”

So how do you get one of those chunks — or, if you play a head count sport, the whole enchilada?

To answer that, I turned to three Division I coaches: Kehres, Etzkin and Cleveland State women’s basketball coach Chris Kielsmeier.

Here are ve things to know:

Measurables matter — and so do ceilings.

Kehres and Co. aren’t looking for high schoolers who are good enough to play in the MidAmerican Conference. ey’re looking for high schoolers who are good enough to play in the Big Ten and, eventually, the NFL. at means looking for o ensive linemen who are at least 6-foot-3, bench 300-plus pounds and run sub-5.0 40-yard dashes. It means 6-2 receivers who run a 4.6. It means 6-3 defensive linemen who squat 435 pounds.

“ e rst thing we do when we get a kid on campus is we get them measured,” Kehres said.

“How big are their hands? What’s their wingspan? What’s their arm length? Height, weight, they matter. ey do. I wouldn’t say they make or break you completely, but they do matter.”

For Kielsmeier, height and length matter more on the front line, with ve of his six forwards measuring at least 6 feet tall. Skill matters more with his guards, who range from 5-6 to 6-1.

“We recruit to our system and the way we play, so the physical traits we look for are tied to that system,” he said. “Our guards need to be really skilled with the ball in their hands. ey have to pass well, dribble well and shoot well. At the 3 and 4 spot, size and length is important. And at the 5, they have to have a lot of size and length and play really physical.”

every day and at practice and going to workouts, but they’re just clocking in,” Kehres said. “We’re looking to recruit elite competitors, not just participants.”

at desire can be hard to measure, Kehres said, which is why coaches get information on a player from a variety of sources. Former Ohio State coach Urban Meyer said the rst thing he looks for in a recruit is competitive re, believing it was the biggest indicator of success.

he doesn’t care either way when it comes to his own recruits.

“It’s important not to get burned out on a particular sport, but sometimes kids can play a sport year-round,” he said. “We want kids who have a true love for the game. It’s really about what’s best for themselves.”

Intangibles can be tie-breakers or deal-breakers.

In tennis, size and length are nice, but what Etzkin really wants are players with weapons, like a nasty serve or a dominant backhand.

“If you’re going to play Division I tennis — or Division I in any sport — you’ve reached a certain skill level that catches the attention of coaches,” Etzkin said. “After that, we look for a player with a couple weapons that they’ve developed.”

Grades are crucial — but so is context.

First, if you only meet the minimum academic requirements for Division I — a 2.3 grade point average on 16 core high school courses — you’d better have the relative athleticism of Bo Jackson. When two recruits have similar talent, grades are often the separator, since coaches can feel condent those players will maintain their eligibility.

“ ey have to understand this is higher education,” Kehres said. “You don’t get to just play football. No one is going to do the work for you.”

Still, not every grade point average is the same. Being the valedictorian at Solon or St. Ignatius means more than getting straight As at an online school or academy, Etzkin said. Plus, Kielsmeier noted, some athletes coast to a 3.9, while others work their rear end o to get a 3.0.

“ at’s why it’s so important for our sta to get to know the individual person to make sure they’ll be successful in the classroom and that they’ll work in the classroom,” Kielsmeier said. “If a 3.2 is the absolute best they can get that semester, they should be happy with it. Other kids, you know there’s more in them.”

You’ve got to love the game.

Getting a Division I scholarship is often more fun than keeping it, because being an athlete at that level is like having a really tiring job. Consequently, recruits look for signs that an athlete truly loves their sport, since they’re less likely to burn out.

“It’s hard, it’s exhausting and it’s easy to become a participant, someone who is at the building

“I don’t think you can teach somebody to love the game,” Etzkin said. “You hope you can develop skills that make them a better player and a better person, but I’m not sure you can teach them to love the game. Sometimes they’re pushed by their parents or forced to play by their parents. But the good thing is, most of the kids do have a passion for it.”

Playing multiple sports might help — and (probably) can’t hurt.

Every athlete specializes at some point, but Division I-level athletes can stave o burnout and avoid overuse injuries but delaying that specialization until college, or at least late in high school.

Former Iowa guard Caitlin Clark, for instance, played two years of high school soccer. LeBron James was All-Ohio in football and basketball at St. Vincent-St. Mary.

Kansas City Chiefs quarterback Patrick Mahomes played baseball and football at Texas Tech.

Football players, in particular, are unlikely to specialize since it’s not a year-round sport. (About 90% of NFL players were multisport athletes in high school.)

Kehres always tells potential recruits to participate in track, since it develops skills (speed, strength, footwork) that convert seamlessly to football.

“And it helps our evaluation process because you get to see their times,” he said. “Basketball is a great sport because you get to see a kid compete, what his body language is and what kind of communication skills and leadership skills he has. at helps your evaluation. And the kids who are wrestlers, they’ve got to be tough.

It’s such a di erent sport than football because there aren’t 10 other guys out there to cover up your aws.

“I’d much rather a prospect play another sport, or two other sports.”

Tennis is a di erent story since athletes with Division I talent are typically so good that they overwhelm most of their high school competition.

“But I think it’s wonderful to play more than one sport, especially early, because it helps them become a better athlete,” he said. “At some point, by age 13 or 14, they probably have to specialize (in tennis) or they could get left behind a bit. But if they can do it, it’s wonderful.”

Although Kielsmeier grew up playing multiple sports at a small school in Iowa — “I went from football to basketball to track to baseball and I loved it,” he said —

When Kielsmeier is recruiting a player, he doesn’t just watch their on-court performance. He watches their on-bench performance, looking to see how they interact with their teammates and whether they cheer them on from the sidelines.

Etzkin, meanwhile, loves to see how a player reacts when he’s losing. Does he lose well? Is he sulking or breaking his racket or yelling at his parents in the stands?

“ ose are real red ags that keep me away,” he said. “If you’re yelling at a parent who’s supporting you, that’s a no-go. Obviously, you’re not going to be happy when you lose, but is it about hunger and wanting to play again, or are there character issues that tell me you’re going to be trouble?”

Coaches also pay attention to a player’s social media accounts, which can either help a player’s cause or eliminate them from consideration altogether.

“Kids have gotten pretty well trained with that as it’s gotten more popular,” Etzkin said. “But it de nitely gives you a little window into their life. What they’re talking about. What they’re saying about themselves and other people. Using a social media platform can be good, or not.”

As for playing at multiple high schools, well, that used to be a major red ag. But times are changing, Kielsmeier said.

“In this day and age, jumping AAU programs and jumping high schools has become somewhat common,” he said. “Maybe ve or 10 years ago, those were big red ags. Now everything is on the table as a possible norm. at’s why we work so hard to get to know the person we’re recruiting. If we have concerns about something, we talk to them about it. If you address those issues in the recruiting process, they get an opportunity to show who they really are.”

Of course, there are countless college prospects who do absolutely everything right and end up playing at a lower level like Division II or III, which is usually a good thing. Would you rather be a small school star or a big school backup?

“Ultimately, what most kids want is a chance to play,” Kehres said, “and they want to do it on a team that wins some games.”

But for those who are good enough to play at the NCAA’s highest level, there’s one thing you absolutely have to do if you want be considered: say so.

“If you’re not being recruited and you want to be recruited, reach out,” he said. “We want good players. We don’t want to miss anybody.”

Joe Scalzo

Toledo defensive coordinator Vince Kehres gives instruction during a practice. Kehres says he looks for athletic recruits who truly love the sport they play. | UNIVERSITY OF TOLEDO ATHLETICS

met because of their other real estate activities around town.

“We found we both wanted to do our own developments,” Catanzarite said. J Roc was the result.

e name comes from Grant’s rst initial and Roc from Catanzarite’s middle name, Rocco.

For his part, Grant, who responded to questions by email, put it this way: “Why not? It’s the tangibility of building something that’s always been a passion. We both have a long history in real estate and love cool projects. We appreciate real estate’s unique ability to have meaningful impact. It was something we could have a hand in positively in uencing.”

Catanzarite agrees and notes that part of the J Roc ethos is to undertake challenging projects. eir logo, a stylized tiger, even set the tone for their ambitions. Today the logo is part of the sign over J Roc’s headquarters in a former commercial building-turned residential-returned to o ces next to Electric Gardens. It is the kind of modern, open o ce, complete with a mezzanine, which would suit a rm with such contemporary architectural tastes.

e foundation of the rm is that Catanzarite runs the day-to-day operations because he enjoys working in the “nuts and bolts” of real estate development and business.

Grant tries to downplay his role compared to the regular contributions of J Roc’s full-time sta , but it remains critical as he is seen as the visionary of the undertakings.

While excitement is the name of the game for a business as risky as real estate development, passion is the term J Roc sta ers frequently employ.

“It’s a collective e ort, seeing each project as an interesting problem to solve, something unique,” Grant wrote. “While I’ve typically led the vision at project conception it’s the J Roc team and strategic partners running with it ... diving deep into a place’s essence, its character. ... It’s about understanding the heavy role architecture, design and experience plays; it shapes our lives in profound ways. ese structures, they’re not just economic or functional units; they’re alive. e best ones, they stick around, become part of a city’s story for a generation or more.”

On its way to big current projects, J Roc followed a twisting path of big, then smaller, deals.

e founding principals rst surfaced in 2013 with a $10 million project using Ohio and Federal Historic Tax Credits to convert a warehouse and former tool-and-die shop into e Shoreway apartments. at project consists of 40 units and sits next to the West 76th Street tunnel under the West Shoreway to Edgewater Beach.

Catanzarite’s family had owned the four- oor building since 1986, originally as a warehouse for the former family-owned Pat Catan’s craft shops and Darice, a wholesaler craft supplies rm now owned by the Michaels chain. e family resource and the J Roc vision forged a new use for the place.

However, like most real estate

developers, their other projects grew from small beginnings.

For several years, J Roc built forsale townhomes with innovative designs, most by evident architecture o ce, a Portland architecture rm. ose included Tremont North, Tremont Black — both in the resurgent South Side neighborhood — and Cyan Park in the Detroit Shoreway neighborhood near Edgewater Beach.

e minimalist-designed for-sale townhouses, a break from typical area designs, sold for upwards of $400,000 each. Tremont North’s delivery also coincided with the region’s recovery from the housing collapse. e four-suiter went up in 2014. at was followed by Tremont Black with eight units in 2017 and Cyan Park, with 21 suites, in 2018. en came the pivot to larger mixed-use projects of scale, with their unique take on design and features for tenants.

First up was Electric Gardens, a four-story building clad in metal that recalls the spine of books on a shelf or reeds near a pond. e site on Literary Road near West ird Street was unused railroad land purchased from CSX Corp. that bordered both the Towpath Trail and industrial ats and sits on Tremont’s east end.

e interior of Electric Gardens is as intriguing as its exterior. It contains a co ee shop — sta ed by a J Roc employee — that serves the public and residents and one of the three locations of Limelight, a coworking space with views of downtown’s skyline and Flats.

Limelight also serves the public

and provides an easy alternative for residents who want a di erent work environment. It is lled with contemporary o ce furniture, glass-walled dedicated o ces and huddle spots decorated with vintage furniture. On a weekday visit, Limelight is buzzing from the activity of its denizens.

e Driftwood, a four-story structure, will open in September on a former dirt parking lot at Fair eld Avenue and West 11th Street. e exterior, when it is in place, will be white cedarwood with round edges on the building’s corners.

e northern corner of the building will house a restaurant with a rooftop bar. Both Driftwood and Electric Gardens also include two suites that operate like hotel rooms. Hanna Polacko, J Roc director of property management, said those provide short-term stay options for the public and family members visiting tenants.

Catanzarite said the Driftwood was the result of getting an opportunity to land an “A+” location in the middle of Tremont which J Roc pursued despite the COVID19 crisis. e hotel-type suites can easily be converted and rented as studio apartments if the market changes, he added.

All of J Roc’s urban properties include rooftop patios that take advantage of the city views and fair weather.

At the invitation of DiGeronimo Development, J Roc consulted on Canvas, the apartment portion of DiGeronimo and the City of Brecksville’s Valor Acres mixed-

e Shoreway that will add another 121 suites to the historic rehab. e tower will rise on a garage that will replace the current parking deck of the Shoreway. e plan has won preliminary city design approvals. Its exterior will be a combination of modernist cubes that is far removed from the look of the historic building next year.

“ e Shoreway has always stayed full,” Catanzarite said. e second phase will allow J Roc to add more rentals to the location near the lakefront. Financing is lined up, he said and the project should start construction this summer, with an opening in 2026.

Insiders say they appreciate J Roc’s designs but believe the rm’s ability to go for such highbrow designs re ects its desire to push rents in new projects to a ord design. Established developers are less willing to take that risk. For J Roc, the design and lifestyle the projects present are part of its reason for being.

Tom Charek, president of the National Association of Industrial and O ce Parks Northern Ohio and president of Welty Development, said that as the trade group’s president, he appreciates the rm’s ability to undertake projects and make investments in the region. “And personally,” Charek said, “I like their designs.”

A multifamily project with an indeterminate timeline is also envisioned for an 8-acre parcel on the opposite side of Literary from Electric Gardens. Current interest rates and building costs explain the open timing question.

use project in Brecksville. DiGeronimo also was J Roc’s partner on Electric Gardens.

Another project that  J Roc is pursuing, called Camden Wood, includes constructing build-to-rent townhouse suites near Royalton Road and South Park Mall. e site was a problematic one, a location that might have been commercial or residential. J Roc’s solution was the suddenly popular BTR style. It purchased the site from an a liate of e Heritage, the Wolstein family development company.

e next new project will be the addition of a 13-story tower next to

e rm is currently eschewing for-sale projects. Catanzarite said J Roc’s current goal is to build a portfolio, which the mixed-use projects provide.

J Roc, which is best known as a city developer, added Canvas in Brecksville and the build-to-rent Camden Wood project in Strongsville out of a typical realty developer approach. Catanzarite said J Roc retains its emphasis on the urban but also wants to pursue opportunities where it nds them. For now, J Roc also intends to focus on Northeast Ohio.

“We’ll expand to other markets,” Catanzarite said, “when they o er us potential opportunities.”

A rendering shows a mixed-use apartment building with restaurants and two hotel-style suites that is under construction at Fair eld Avenue and West 11th Street in Cleveland. The exterior will be made from cedar wood. EVIDENT ARCHITECTURE OFFICE RENDERINGS

A rendering shows a 13-story apartment tower that will be added to J Roc’s rst apartment project, The Shoreway (left).

e report, over 100 pages, is broken into three sections: outlining approaches to creating green job hubs; helping businesses transition and grow in a green economy; and maximizing the community bene t of the transition.

“ ere are new ways of doing business as a result of the green transition and that means that we in economic development need to be deliberate about where investments are made to capture opportunity,” Burke said.

Still in its early stages, the peak of decarbonization capital investment is estimated to be ve to 10 years away. Private global venture capital investment in clean tech grew from $1 billion in 2018 peaking at more than $12 billion in 2022, according to the Fund’s Green Guide.

e private investment is bolstered by an unprecedented amount of federal investment and changes in consumer and corporate behavior that are reshaping entire industries and require a re-assessment of what a region needs to be competitive.

In addition to the robust private investment, the In ation Reduction Act (IRA) has injected enormous capital into green and green-adjacent domestic economic sectors that are almost explicitly designed to incentivize investment in places like Northeast Ohio.

Burke cautions that Northeast Ohio is not the only region with an advantage as the economy transitions because other regions o er similar bene ts and are also positioned to take advantage of the green investments. But with the right strategy, the Northeast Ohio has the potential with infrastructure investment and business-friendly policies to identify create a signicant green tech and manufacturing base, she added.

“ ere’s a lot of investment, there’s a lot of opportunity for investment, but the money is coming with an agenda,” Burke said.

Federal SEC regulations were re-

cently nalized, requiring publicly traded rms to disclose climaterelated risks and governance practices to investors, which will put pressure on the supply chain, in-

cluding smaller manufacturers. Taking this all into account, the Fund’s Green Guide calls for public policies around repurposing land to create green job hubs, in-

vesting in utility infrastructure and standing up workforce training programs that align with business needs.

e city of Cleveland and the state government already have millions of dollars earmarked for the collection and remediation of land for commercial use. e Fund Green Guide suggests that when the investment in those sites is made it should be done with an eye to the green economy.

“Companies are starting to ask for these things, and that is what we should be paying attention to, as we make long-term investment decisions,” Burke said. “We can see change happening, and it should inform the choices we’re making, because 10 years from now, it will be too late to go back and change these investment decisions.”

Burke hopes the Fund’s Green Guide the region get “it right” and take advantage of what she said is a rare economic opportunity.

“We are hoping broadly these things make the green transition more accessible and understandable to all the possible partners and to encourage growth that bene ts everyone,” Burke said. “We need to be making investments in infrastructure, in renewable energy and making land available and places attractive to build up job hubs, which also combat industrial sprawl,” she said.

Along with the guide, the Fund plans to add climate and clean energy as selection factors to the Where Matters tool, which allows companies to research the talent, transportation and commuting costs for a site for commercial development.

“We want the city’s perspective on what it should be and we’re making sure we’re not just mindful of our own pieces.”

Antony Bonavita, the executive vice president of venue operations for the Cleveland Cavaliers

CAVS

From Page 1

e 210,000-square-foot facility, which is being designed by Populous Studio, will be situated on 35 acres along the east bank of the Cuyahoga River in downtown Cleveland.

It will be the rst vertical development for Bedrock’s $3.5 billion Cuyahoga Riverfront Master Plan. It is expected to break ground before the end of 2024, pending city approval. e Cavaliers got conceptual approval in October.

Once approved, the team expects a 2 1/2- to 3-year construction timeline.

“ e goal is to have us in that building in the rst quarter of 2027,” Bonavita said. “We want to really have something built on

the river and not just a drawing that dies in somebody’s desk.”

e Cavaliers’ lease on their current practice facility in Independence expires on Dec. 31, 2026, but the team has said there is wiggle room to extend their stay. at facility is owned by the city of Independence.

e Cavaliers will continue work with the city and the planning commission on the riverfront designs, Bonavita said, with a particular emphasis on how the facility blends in with other elements of the riverfront master plan.

“It’s a complicated site and it’s taken a lot of time and e ort to gure out how to make it work,” he said. “We want the city’s perspective on what it should be and we’re making sure we’re not just mindful of our own pieces.”

A rendering of the proposed Cleveland Clinic Global Peak Performance Center. | POPULOUS

Fund for Our Economic Future President Bethia Burke | KEN BLAZE