Crain's Cleveland Business

Page 1

EDUCATION

Survey: Cleveland’s educational attainment lags behind other metro areas.

SPORTS: Decades after debut, Guardians broadcaster still loves what he does. PAGE 6

PAGE 4 CRAINSCLEVELAND.COM I MAY 23, 2022

MORE THAN A SEASONAL ATTRACTION

CITY OF SANDUSKY

Downtown Sandusky recasts itself as a destination with fresh water and affordable properties. Page 10

Reforms catch developers off-guard Clinic’s capital plan Bibb administration proposes changes to tax-abatement program for housing BY MICHELLE JARBOE

Builders and developers were shocked this month when Cleveland Mayor Justin Bibb’s administration proposed significant changes to the city’s longstanding tax-abatement program for housing. Those modifications include reducing property-tax breaks in hot areas, including parts of downtown; requiring apartment developers to incorporate lower-rent units into their projects, in exchange for incentives; and capping abatement

on for-sale properties. None of those ideas are new. They surfaced in 2020, in a detailed study of the program, which is designed to attract new residents and improve the city’s aging housing stock. But practitioners who had a seat at the table a few years ago, during broad community discussions, said they weren’t part of the process of crafting legislation unveiled on May 9. And they believe the city needs to be doing more, not less, to attract private investment during a housing

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shortage worsened by soaring construction costs and interest-rate hikes. “I feel like a lot of the people who are behind changing the abatement don’t truly understand how stressed we are in our industry right now,” said Andrew Gotlieb of Keystate Homes, a Bedford Heights builder that is active in the city. “And I don’t think they truly understand the repercussions. … You’re rocking the boat of an industry.” See REFORMS on Page 28

THE

LAND SCAPE

focuses on research BY LYDIA COUTRÉ

Recently unveiled details of Cleveland Clinic’s $1.3 billion capital commitment significantly expand on plans to add capacity to its Neurological and Cole Eye institutes — plans first announced three years ago and then paused during the pandemic. In addition to a new building for the Neurological Institute and expansion of the Cole Eye Institute — each of which grew substantially in

scale since 2019 — the Clinic also is expanding research facilities through its commitment to the Cleveland Innovation District, a research and education partnership among five anchor institutions. The biggest change to the capital plan over the past three years is this “major, major investment in research,” said Bill Peacock, the Clinic’s chief of operations. See CLINIC on Page 29

A CRAIN’S CLEVELAND PODCAST

5/20/2022 3:18:30 PM


MARIJUANA

PPF Tech’s lighting being used in a greenhouse application. Owner and president Steve Stockdale has recommended Verde Compliance Partners to customers in need of cannabis regulation guidance. | CONTRIBUTED

BY DOUGLAS J. GUTH

In early April, the U.S. House of Representatives voted to approve legislation that would decriminalize marijuana at the federal level and remove criminal penalties for certain cannabis-related offenses. The Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act, would remove cannabis from the controlled substances list, giving states leave to set their own laws. While Congress has unsuccessfully tried to pass such legislation before, the roadblocks to federal decriminalization are eroding, making it a matter of time before the substance is treated legally. A Cleveland-based collection of attorneys and consultants is preparing the wider cannabis industry for this inevitability. Led by attorney Harry Bernstein, Verde Compliance Partners works with growers and processors on the registration of their businesses. Bernstein’s team is comprised of senior-level specialists with decades navigating the complex bureaucracy around cannabis, alcohol and tobacco. As a former general counsel in the beer and wine wholesale space, Bernstein knows contracts, franchise agreements, and state and federal licensing. His group of senior-level experts offers full-service consultation, pre-qualification analysis and ongoing support for clients readying their foray into a soon-to-be legitimate marketplace. A subscription-based “evergreen plan” provides best practices on regulatory compliance, while one-time consultations keep owners apprised of constantly changing federal cannabis policies. Whereas some groups combine cannabis compliance with similar work around alcohol, Verde is unique in its strict focus on marijuana, noted Bernstein. “These firms are getting people importer or exporter licenses, but aren’t looking primarily at the application process,” Bernstein said. “There are big international firms doing liquor work, but nobody is looking at cannabis from our standpoint.” Bernstein and co-founder/current director of permit services Dave Patton started Verde in March 2020. The

Cleveland firm offers cannabis insights as legalization looms

emerging pandemic delayed their launch, although the founders kept a website and started reaching out to potential clients at that time. Following an official unveiling in October 2021, officials knew the industry needed further education on federal cannabis regulation. Alongside cultivators, Verde guides ancillary entities — legal, financial and medical — through the morass of legalities around regulation. Precision is key for any level of cannabis proprietor, noted Bernstein, as the federal government will apply a magnifying glass to details such as ownership changes and bonding issues. Trade practice violations could mean a hefty fine from the Alcohol and Tobacco Tax and Trade Bureau (TTB), presenting scrutiny that most states don’t have the Bernstein resources to consider. “Plus, the federal government will grandfather in state licenses when it reviews applications,” Bernstein said. “There could be 50,000 state entities needing a permit, meaning you have to make sure all your T’s are crossed and I’s dotted.”

‘The iceberg under the water’ Another wrinkle for cannabis is the vertical integration of businesses that is currently illegal in alcohol distribution. In marijuana, owners often act as the grower, processor and dispensary. Whether such integration

will be allowed federally is unknown, making meticulous record-keeping by cannabis entrepreneurs all the more vital, Bernstein said. Although obstacles remain for nationwide decriminalization, 18 states along with Washington, D.C., have legalized recreational marijuana, while 37 states have legalized medical marijuana. Besides the MORE Act, a bipartisan bill introduced by U.S. Rep. Dave Joyce of Bainbridge Township and New York Democrat Alexandria Ocasio-Cortez seeks to purge criminal records surrounding non-violent cannabis offenses. The Harnessing Opportunities by Pursuing Expungement (HOPE) Act would reduce states’ costs for processing expungements, as well as automating the process and drawing on legal clinics to assist people in clearing their records. Joyce has also proposed legislation around preparing the federal government for the forthcoming end to cannabis prohibition. The bipartisan bill would shorten the timeline for cannabis reform, ideally paving the way for more comprehensive reform down the line. In May, Pennsylvania Lt. Gov. John Fetterman and Louisiana U.S. Senate candidate Gary Chambers voiced their further support for progressive cannabis laws. Fetterman even sold campaign T-shirts emblazoned with marijuana leaves prior to his victory in the Democratic U.S. Senate primary. On the local front, an initiative to

legalize adult-use cannabis in Ohio won’t be on the November ballot. A legalization group instead struck a settlement with Republican lawmakers that could get the issue on the 2023 ballot, or even get it passed outright by the legislature. Stow-based attorney James Ickes has been practicing law for 22 years, for the last six shepherding medical marijuana startups along the path of company formation, application and licensure. Congressional flirting with legalization makes Verde’s early-day efforts around regulation crucial, considering issues including interstate commerce must be tackled now. “Companies will eventually be doing production over state lines, so Verde being at the bleeding edge of that is a good thing,” Ickes said. “It’s good to have that expertise coming out of Ohio. I don’t know of any other consultants focused on federal decriminalization or federal-based licensure.” Although Ickes is not directly associated with Verde, he envisions crossover between his work and that of the firm. With licensure differing by state, having an entity well-versed in those intricacies can boost a global cannabis market projected to grow to nearly $200 billion by 2028, per a report published by Fortune Business Insights. Ohio can be a long-term driver of hemp and hemp-based products, Ickes said. However, the end of prohibition will also see an exponential rise in marijuana consumption bars. “Imagine no bars anywhere, and all of the sudden there are bars,” Ickes

said. “That’s literally what’s going to happen here. Because of prohibition and the stigma on cannabis, there will be a lot of folks who will want to try it. We call it the iceberg under the water for the industry.”

Staying ahead of the game Steve Stockdale, president and owner of Highland Heights horticultural lighting and controls company PPF Tech, has recommended Verde to customers in need of cannabis regulation guidance. As one of the few legal teams centered on turnkey regulatory compliance, the firm can be a boon to both large growers focusing on national distribution and local brands operating within a state or district level. “It’s natural that understanding the legal aspects of growing cannabis can be somewhat confusing to many professional growers,” Stockdale said in an email. “People will require legal support in different ways, whether it’s complying with federal and state tax laws, or distributing product over state lines.” Cannabis is an economic catalyst for states, Stockdale added. Last year, Michigan collected over $111 million from the 10% adult-use marijuana excise tax. Legal cannabis farms, meanwhile, provide general cultivation and administrative jobs for urban and rural communities. Stockdale said, “Cost reduction (of cannabis) through efficient operations will support bottom lines, while product differentiation and effective marketing will drive top-line growth. All the while, operations will need to adhere to local and federal regulations.” Verde is counting on this demand to continue as the nation inches closer to prohibition’s endpoint. Advocating for the industry now will save clients grief and red tape later on, Bernstein said. “States may get to set their own rules, but there will be federal oversight in place for public safety issues, revenue and social equity,” he said. “You’ll have work to do once decriminalization is passed, so put those practices in place now so you’re not chasing your tail.” Contact Douglas J. Guth: clbfreelancer@crain.com

2 | CRAIN’S CLEVELAND BUSINESS | MAY 23, 2022

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Survey dives into talent landscape BY AMY MORONA

When it comes to boosting a city’s talent pipeline, there seems to be a common refrain: attract and retain. Both, of course, are important. But a new study suggests there’s far more to it than that. Richey Piiparinen, the director of urban theory and analytics at Cleveland State University’s Maxine Goodman Levin College of Urban Affairs, recently published a policy brief on Cleveland’s talent landscape. It comes on the heels of the recently announced formation of the Cleveland Talent Alliance, a coalition of 11 local groups aiming to work together to attract talent to the area. Piiparinen’s findings look at levels of educational attainment, or those residents with at least a bachelor’s degree, and how Cleveland’s rates compare with other metro areas. Spoiler alert: not well. Cleveland’s metro educational attainment is 31.9%, per the brief. That puts the city 35th out of the largest 40 metro areas across the country. It lags behind other places in Ohio, too. Columbus leads at 37.4%, followed by Cincinnati’s 34.5% and Akron’s 32.1%. Plus, there’s Cleveland’s roughly middle-of-the-road ranking for higher education research and development, or HERD, funding. The city ranks 18th out of those 40 large metro areas, compared with Columbus’ sixth-place ranking and Pittsburgh’s third. Cleveland’s professional football rival also outperformed on another talent-related metric, too. Pittsburgh saw a 7.6% gain in its educational attainment rates from 2010 to 2020, behind only the Nashville and San Jose metro areas. Cleveland saw a 4.8% boost during that decade. Cleveland actually does well when it comes to retention, per this report. People stay here. There’s a less-than-scientific way to think about how this manifests in this city. Strike up a conversation with a stranger in Cleveland and it probably won’t take long to hear the question as common as a beer from Great Lakes Brewing Co.: “So, where’d you go to high school?”

The expectation, of course, is the answer falls somewhere in Northeast Ohio. You probably know someone who knows someone who knows the stranger with whom you’re conversing. All six degrees of separation never seem to be needed here. That type of talk, according to Piiparinen, can turn people off who aren’t from the region because it’s so parochial. It is, however, one area where Cleveland aligns with Pittsburgh. The two cities, along with Buffalo, have high percentages of residents who were born in those states. “These places that think everyone’s leaving, it’s actually no, we have too many people staying,” Piiparinen said in an interview with Crain’s Cleveland Business. “We have a lack of people coming in.” For example, about 82% of Cleveland State graduates stayed in the city five years post-grad compared with the 67% of Ohio State University alumni who continue in Columbus. Universities like OSU are better at “tradeable” higher education, when institutions have students from outside the area enroll and then buy local goods and services, Piiparinen said. “In Cleveland, that’s what we do for health care,” he said. “We have massive amounts of patients coming into Cleveland for health care, but our higher ed system is not built that way. It’s built for locals.” The attractiveness to getting people to areas like Boston or Silicon Valley can be attributed to people clustering in those types of places due to “better career prospects for the knowledge working demographic,” Piiparinen wrote in the brief. So where that leaves Cleveland, it seems, is the continual $1 million question. One of the keys could be keeping entrepreneurs here. The area already “ranks highly when it comes to the concentration of local graduates who become entrepreneurs,” per the brief. The other could hinge on research. Piiparinen wonders why the research and development landscape hasn’t been bolstered here yet, especially when looking at places like Pittsburgh and Baltimore. Northeast Ohio has two universities — Case Western Reserve and Kent State — that have earned “R1”

 Personal View: Can Cleveland research and develop a vision to fix what ails it already? Page 9

status from the Carnegie Commission on Higher Education. This means those institutions have been deemed to have high levels of research activity. Kent State received the distinction for the first time earlier this year. Anything that increases the gravity of research and development in the region, Piiparinen said, is “terrific for economic development.” “It’s getting the research that transforms the industries that grow the firms that increase the jobs that increase the migration into Cleveland for the knowledge worker demographic,” Piiparinen said. “You see how that’s much different than just saying, ‘I’m going to attract and retain talent.’ That’s an actual blueprint to do something.” Yet the pools of potential talent continue to shrink. Ohio is projected to have a declining number of high school graduates. The pandemic amplified enrollment struggles many local higher education institutions, as well as peers nationwide, were already facing. “Traditionally, how many communities, including Cleveland, have tried to work on the issue is by having a program or a couple of programs,” said David Gilbert, president and CEO of Destination Cleveland, the group working as the lead coordinator for the Cleveland Talent Alliance. “And not to say that individual programs can’t have some effect, but a program doesn’t change the issue.” Gilbert said the kinds of data highlighted in this type of report and others will be “critical” to what the CTA wants to do. A March release explicitly stated its goals for 2022: building out the consortium’s operating model, creating processes, identifying key strategies and developing key performance indicators. “We have to do this in a very scientific way,” Gilbert said. “We have to be able to be measured by progress, not activity.” Amy Morona: amy.morona@crain. com, (216) 771-5229, @AmyMorona

4 | CRAIN’S CLEVELAND BUSINESS | MAY 23, 2022

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GOVERNMENT

NE Ohio continues to show strong demand for IT talent across industries BY KIM PALMER

Northeast Ohio’s tech workforce grew at an average rate of about 4% from 2016 to 2020, with most of that growth coming not from traditional tech firms, but from tech jobs embedded in other industries, according to a Team NEO study. “If you look at the change that we have seen here in the region, there has been a bump with about 3% growth since the pandemic, which includes jobs that have come back or constitute net new jobs (in computer, math and tech-related fields),” said Jacob Duritsky, vice president of strategy and research at Team NEO, an economic development organization. Duritsky, who helped write the Team NEO 2022 quarterly report focused on IT occupations across the Northeast Ohio economy, said new tech jobs have been a big part of the region’s growth across industries for more than a decade. “Whether it’s professional services, health care (or) management of companies, which is really just new headquarters, tech has been an important share of that growth,” he said. “We’re not Silicon Valley, but when you look at headquarters, like Sherwin-Williams, and what they need, there is a big tech footprint.” Technology is represented in a range of occupations across all industry sectors, including IT, but the bulk of companies in the region employ

these technology workers to help run their non-tech businesses. The Team NEO report quantified IT employment opportunities in the region. It found that in 2016, there were about 39,500 people employed in computer, math or tech-related jobs. That grew to more than 45,000 in 2020 and — even after significant losses across sectors during the pandemic — to more than 48,000 this year. “IT continues to be extremely in demand,” Duritsky said. “These are really good-paying jobs, with very low risk of automation, available with a lot of companies across a variety of industry sectors.” Three non-tech sectors make up the majority of the IT and tech jobs in the region. Professional services account for 14,600 positions, while 5,450 are employed in company headquarters and 3,000 work in the region’s insurance industry.

Peer comparisons The report also compared this region’s IT job numbers with 12 other cities that represent peer and aspirational markets. With more than 48,000 workers employed in computer, math and tech-related occupations, Northeast Ohio ranks above the Columbus, Cincinnati, Indianapolis and Pittsburgh markets, the report found. When the report also looked at the

percentage increase of IT and tech jobs from 2020 to 2022, the region’s growth was similar to that of Houston, Cincinnati and Boston, and it exceeded growth in Chicago, Pittsburgh and New York. Baiju Shah, CEO of Greater Cleveland Partnership, said this data helps groups such as his take stock of the region’s workforce and better plan for the future. The Team NEO report, done in conjunction with GCP’s IT workforce group RITE, illustrates the resilience of and demand for IT in the region — even if those jobs are not as visible here as they are in other markets, Shah said. “A lot of our great companies are business-to-business companies. They’re not consumer-facing brands and therefore have lower visibility,” Shah said. “These are not brands that people know, and there is this perception gap because of that lower visibility of those types of companies despite their impressive growth. We have a very strong story to tell, but we need to make sure that people that don’t recognize this region as having tech talent start to appreciate the scale of talent that actually exists in the region.”

IT talent gap RITE has found there are an estimated 12,800 open IT positions, including more than 5,000 entry-level

positions, but local colleges and universities only produced about 2,700 IT and tech graduates in 2020, and that talent gap will continue to be a challenge. The tech job demand perception and talent gap are two things that Shah and RITE hope to change by helping attract and retain skilled workers in the area with the promise of ample job opportunities, while also strengthening the local talent pipeline. “Through RITE, we are guiding workforce development strategies, making sure that we increase the capacity of the programs that exist, whether it’s the higher ed programs or the workforce training programs,” Shah said. One short-term part of the solution, Shah said, comes from training programs popping up throughout the region, such as coding boot camps, that can train individuals quickly. Cleveland data analytics consulting firm Pandata is one of the local companies that reacted to a need for specialized data scientists by hiring workers with three to five years of experience in other fields and training them internally. The firm, founded in 2016, created an internal training program that, coupled with intensive mentorship and peer-to-peer learning, turned data analysts into data scientists in about one year, said chief operating

officer Nicole Ponstingle McCaffrey. “We’ve created a very robust and fulfilling training curriculum. The people that we hire really embrace that learning and we dedicate a certain percentage of our consultants’ time to continued learning,” McCaffrey said. “We’ve created a program to grow the data science talent pipeline in Northeast Ohio.” Part of the training deals with the soft skills needed when tech specialists work as consultants, which Pandata leadership considers an important part of being in a company with a diverse workforce where female data scientists outnumber their male counterparts. “We have a former neuroscientist, former attorney, former sociologist and someone on our team who came out of a management background in manufacturing,” McCaffrey said. “There’s no one path to working here, and that brings a lot of diversity and different viewpoints to our team.” She said more such programs are needed to help fill in-demand tech positions. “I have actually heard Cleveland recently being called the Silicon Heartland, but to really get there we are going to need more STEM-focused education, more women and more diversity in the industry,” McCaffrey said. Kim Palmer: kpalmer@crain.com, (216) 771-5384, @kimfouroffive

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SPORTS BUSINESS

MANNING THE MIC

Decades after debut, Guardians broadcaster still loves what he does BY JOE SCALZO

Soon after the Cleveland Guardians rallied for a 12-9 victory over the Chicago White Sox on May 9, Rick Manning got a call from his son, Kyle, whose first words were, “Are you s— ing me?” Kyle wasn’t talking about the rally, one that saw Josh Naylor become the first player in MLB history to hit a grand slam and a three-run homer after the eighth inning. He was talking about something that happened in the top of the first inning. “I said, ‘Look, before you start, I truly didn’t say it; here’s what happened …” Manning said. Vince Lombardi didn’t actually say “Winning isn’t everything; it’s the only thing.” Yogi Berra didn’t actually say “It ain’t over ‘til it’s over.” And Rick Manning didn’t actually say what you may have thought he said after Owen Miller hit that routine fly ball to right. Here’s the call: MATT UNDERWOOD: There’s a ball hit towards right field. (Gavin) Sheets coming in. Drops the ball! The Guardians will score first as Kwan comes home! Into second base is Owen Miller! RICK MANNING: Are you kidding me? MATT UNDERWOOD (at the exact same time): And Sheets just simply botched it. Now. Taken apart, those last two sentences aren’t noteworthy. But as Egon Spengler said in “Ghostbusters,” don’t cross the streams. Because “kidding,” when crossed with “Sheets,” can sound like a different word entirely. “I didn’t think twice about it (at the time), but I had a producer ask me, ‘Did you say s—ing me?’” Manning said. “And when you go back and listen to it, it sounds like I did. But I didn’t say it. If I had said it, I would have owned it, like anything else. But I said, ‘Are you kidding me?’ and it just blended together and meshed. It was perfect timing.” Here’s the thing, though. If another Guardians broadcaster had said it — like Underwood, or radio broadcaster Tom Hamilton or Jim Rosenhaus — then it wouldn’t have caught on like it did. It wouldn’t have gone viral on Twitter and it wouldn’t have prompted a half-dozen websites to examine the clip like it was shot by Abraham Zapruder. But Manning is different, and not just because he won a Gold Glove as a center fielder for the Cleveland Indians in 1976. It’s because, well, it seems like something he’d say if you were watching the game next to him in a bar, rather than the press box. “Oh yeah, absolutely I would,” Manning said, laughing. “No doubt about it.” Manning paused, then added, “I mean, I was thinking it, but I didn’t say it.”

How he got here Manning is in the midst of his 33rd season as a full-time broadcaster for the Indians/Guardians, putting him and radio announcer Tom Hamilton just behind Herb Score (34 seasons, 1964-1997) for the longest in Cleve-

land history. Thanks to his three-decade broadcasting career — not to mention his joyful grab of the last out in Len Barker’s perfect game — “Arch” has become as much a Cleveland mainstay as the West Side Market or the Old Man’s leg lamp. But it wasn’t always this way. In 1983, midway through his ninth season with the Tribe, Manning was shipped off to the Milwaukee Brewers in exchange for 32-yearold Gorman Thomas, who still had one good season left. Unfortunately for the Indians, that season came in 1985. Thomas hit just .221 in 106 games for the Indians and was traded to the Mariners the next year. Manning played five more seasons with the Brewers. His last came in 1987, batting .228 with seven doubles, a triple and no home runs in 97 games for the Milwaukee Brewers. (In honor of Manning’s old-school leanings, we’ll leave out his advanced statistics.) And, just like that, the No. 2 overall pick in the 1972 MLB draft was done. He was a 33-year-old ex-ballplayer with a high school education and no clue what he was going to do for the next, oh, 50-70 years of his life. “I still wanted to play baseball,” said Manning, who got the nicknames “Arch” and “Archie” because he played during the same era as Saints quarterback Archie Manning. “You think it’s never going to end. I started thinking, ‘What am I going to do? What do I want to do? All I know is baseball.’” He didn’t want to coach — ”I wasn’t going to get right back on the buses,” he said — and starting college in his mid-30s didn’t sound great either, so he took the summer of 1988 off, then briefly took a job at a transportation company. “The guy just hired me to open doors in the area with my name,” Manning said. “One of the nicest guys in the world, though.” Manning quickly realized he needed to be around the game, so his agent recommended making a demo tape to see if broadcasting could be a fit. Manning auditioned for a job with Channel 43’s Jack Corrigan at WUAB

Rick Manning was the No. 2 overall pick in the 1972 draft by the Cleveland Indians and played nine seasons for the Tribe between 1975 and 1983. He began his full-time broadcasting career in Cleveland in 1990. | CLEVELAND GUARDIANS

Rick Manning (right) has worked with play-by-play announcer Matt Underwood (left) since 2007 and in-game reporter Andre Knott since 2015. | TAMMY HENRY FOR FOX SPORTS OHIO

in town. “I was just in the right place at the right time. I lucked out.” Based on that timeline, Manning likely made his broadcasting debut on Aug. 13, 1989, pairing with Denny Schreiner on the Indians’ 5-4 loss in 10 innings to the Milwaukee Brewers. “I was scared to death,” Manning said. “I was more petrified for my first game on TV than my first game in the big leagues and that’s because I knew baseball. I didn’t know broadcasting. I never dreamed this “I WAS MORE PETRIFIED FOR MY FIRST be a secGAME ON TV THAN MY FIRST GAME IN THE would ond career or BIG LEAGUES AND THAT’S BECAUSE I KNEW anything.” He joined BASEBALL. I DIDN’T KNOW BROADCASTING. SportsChannel Ohio permaI NEVER DREAMED THIS WOULD BE A nently in 1990, SECOND CAREER OR ANYTHING.” working with Dan Coughlin — Rick Manning that first seaChannel 43 and thought it went well, son before a 16-season stretch with although the station hired ex-Brewer John Sanders at SportsChannel, FSN Mike Hegan instead. Ohio and SportsTime Ohio. UnderThen, salvation came in the form wood has been his play-by-play anof a little black wire. SportsChannel nouncer since 2007 and Andre Knott Ohio launched in February of 1989 has been the in-game reporter since and acquired the rights to Cavaliers 2015. and Indians games, beginning with a While his partners have changed, slate of 11 games near the end of the Manning hasn’t. 1989 baseball season. SportsChannel “What most people love about him contacted Manning asking if he’d be is, he truly is ‘Good Time Charlie,’” interested in working as an analyst. Underwood said. “When he walks in “Absolutely,” he said. the door, you know we’re going to “That call came on a Wednesday have fun tonight. Yes, we’re going to and they said, ‘Great, you’re going to be call a ballgame. Yes, we’re going to be working Sunday,’” said Manning, who professionals and do this to the best of thinks he got the job because he was our abilities. But we’re going to laugh, one of the few ex-Indians who still lived joke around and enjoy the process.”

Blue-collar broadcaster Manning likes beer, steak and golf. He doesn’t have a Twitter account (unless you count his two parody accounts, Slick Rick Manning and RickManningSays). Manning prefers calling to texting. He doesn’t care about launch angle or weighted runs created (wRC+) or Sabermetrics in general. His favorite baseball movie is “Major League.” His favorite baseball book is “I don’t have one.” If you’ve gotten this far in the story, you’re probably nodding along because you know 20 Clevelanders like this, or you were raised by a Clevelander like this or you ARE a Clevelander like this. “The biggest thing is, even though he played in the major leagues, which puts him in the 1 percentile of athletes in the country, he’s still Rick Manning from Niagara Falls (N.Y.), which isn’t that far removed from Cleveland,” Underwood said. “He would fit in just as easily on the east side of Cleveland. He’s never lost sight of who he was.” He treats broadcasts the same way he treated games, Knott said. It’s a 162-game season. Don’t get too high or too low. If you make a great call, move on. If you make a bad call, same thing. He recycles a lot of the same “Manning-isms,” both because they’re true and because it’s hard to come up with something new 162 times a year for 30-plus years.  “The hitter will let you know if it was a good pitch or not.”  “The farther you get from the field, the easier the game looks.”

“Talent may get you to the big leagues but hard work every single day is what will keep you here.” “When you’re going bad, everyone tells you something. When you’re going good, no one can tell you anything.” “You have to have consistency because baseball will eat you alive and spit you out if you don’t,” said Knott, who praises Manning and former Browns analyst Doug Dieken for their impact on his career. “And on TV or radio, if people don’t like each other, you’ll be able to tell. The chemistry is legit. For 200 days out of the year, you’re around each other more than your family. You have to be a solid dude every day.” Manning isn’t just respected by his coworkers. He’s close with the Guardians’ coaches, particularly manager Terry Francona and first base coach Sandy Alomar Jr. Alomar often tells players and coaches that Manning is one of the smartest players he’s ever met when it comes to playing outfield and running the bases. Knott once sat down with Orioles legend Jim Palmer, who joked, “Hey, you’re working with one of the best white athletes of all time.” “He will never tell you that,” Knott said of Manning. “That’s the beautiful thing about working with him. If you only knew Rick from TV, you’d have no idea he used to be a Gold Glover. It’s gotten to the point where Matt and I have to recognize that he plays because he won’t talk about himself.” Manning made his Cleveland debut in 1975, at the same time that Dieken was manning the Browns’ line and Austin Carr was starring in the Cavaliers’ backcourt. Dieken retired following the 2021 season, while Carr and Manning are still going strong. When asked how long he’s going to keep calling games, Manning said, “I joke about this all the time. Maybe another 10 or 15 years. I don’t put a limit on it. I still enjoy doing it. I still enjoy being around the players. I still enjoy the games.” That hit home in the summer of 2020, when the COVID-19 pandemic pushed back the start of the baseball season until July. In the late 1980s, Manning experienced life without baseball. He hated it then. He hates it now. Retire? As a wise philosopher (actually) said, “Are you kidding me?” “My mindset when I was playing was, ‘I don’t want to give my uniform back. They’re going to have to take it from me,’” Manning said. “This is the same way. I’m not giving my headset back. They’re going to have to take it from me.” joe.scalzo@crain.com, (216) 771-5256, @JoeScalzo01

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REAL ESTATE

Local houseware company Spectrum sets huge move BY STAN BULLARD

Sales growth linked partially to more home cooking during the pandemic and a desire to consolidate operations in a single facility has prompted Spectrum Diversified Design Solutions LLC of Streetsboro to sublease about 300,000 square feet of warehouse and office space at 7005 Cochran Road in Glenwillow. Spectrum, which sells and distributes home organization products such as wire baskets and the Tovolo line of kitchen gadgets, plans to move its Streetsboro headquarters and warehouse to the new location from 675 Mondial Parkway. It also will shift operations from three other locations at NEO Parkway in Garfield Heights, 9300 Dutton Drive in Twinsburg, and 9456 Freeway Drive in Macedonia to the Glenwillow location. Spectrum will move by mid-summer to the Glenwillow location, where it has subleased warehouse and office space from TTI Floor Care, part of Techtronic Industries Inc. of Hong Kong. TTI in 2021 shut the location to move it to a new warehouse in Anderson, South Carolina. Paul Quinn, Spectrum chief operating officer, said the new location will have about 50,000 square feet of additional space than it currently occupies in its current multiple sites to accommodate double-digit sales

Much of the building at 7005 Cochran Road, Glenwillow, that TTI Floor Care exited as it moved operations to Anderson, South Carolina, in 2021 has been subleased by Spectrum Diversified Design Solutions. | COSTAR

growth at the company over each of the last two years. “As people spent more time at home during the pandemic and ate out at restaurants less,” the company’s products gained in popularity, Quinn said. Spectrum decided the new location would allow it to retain most of the more than 100 staffers it would consolidate in the single site. “Like TTI, we are a consumer products company, so the warehouse and offices are a good fit,” Quinn said, adding that they need only a few cosmetic updates. The company did not want to build a new facility because it wanted to move more quickly than that would have required. Even so, with the tight industrial

market, finding a new site required searching from Ravenna to Strongsville before the company opted for the Glenwillow location. Quinn said Spectrum was able to sublease the space for several years from TTI, although he declined to say how long. George Pofok, who represented Spectrum with fellow Cushman & Wakefield Cresco principal Eliot Kijewski, said Spectrum was able to obtain a “below-market rent” on the sublease space, although he and other participants in the deal declined to disclose the rent specifically. TTI was represented by Tim Breckner, a senior vice president at Colliers International. The 458,000-square-foot structure

dates from 1997 and was originally constructed for appliance maker Mr. Coffee. It later became home to Royal Appliance Manufacturing, the maker of the Dirt Devil product line. The Dirt Devil and Oreck lines were all subsequently acquired by TTI. The structure is owned by LXP Industrial Trust, a New York City-based real estate investment trust that’s publicly traded. Pofok said TTI continues to use part of the building, and the transaction had benefited Spectrum because TTI was willing to make space available at different times to accommodate operations moving from different locations. Unlike times past when one industrial move left space behind for a

considerable time before it was reused, the slight vacancy rate in the region set off opportunities for other companies to position for the former Spectrum space. Cresco estimates a 3.7% vacancy rate among Northeast Ohio industrial real estate. That is a striking because 3.2 million square feet of industrial space was constructed in the area in 2021, so demand is keeping up with a breakneck building pace. “This really starts the domino effect,” Pofok said, as smaller companies already are taking steps to land the space that Spectrum plans to exit. Stan Bullard: sbullard@crain.com, (216) 771-5228, @CrainRltywriter

TRANSPORTATION AND THE QUEST FOR TALENT: Putting lessons of The Paradox Prize to work

JUNE 16

4:30 - 7:30 P.M. AGORA THEATRE REGISTER: crainscleveland.com/paradoxprize PRESENTED BY

POWERED BY

CRAIN’S CONTENT STUDIO CLEVELAND

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PERSONAL VIEW

Expanding Huntington Convention Center is investment priority

PAUL SOBOTA/BURKE LAKEFRONT AIRPORT

BY NATHAN KELLY

EDITORIAL

Planes, trains ... T

hings you hear a lot in Cleveland: “We’ll win it next year.” “It’ll warm up soon.” “We really ought to do something different with Burke Lakefront Airport.” The first two are largely out of the public’s hands. But the fate of Burke — that’s something local officials and the community could change, in theory, if there were consensus about a higher and better use for the 450-acre waterfront property. Cleveland Mayor Justin Bibb in his campaign last year promised “an honest conversation about the future of Burke.” That conversation is about to begin as work by CHA Consulting under an existing contract with the city to produce a Burke-focused document required by the Federal Aviation Administration has been expanded to include an analysis of potentially closing the airport. It’s completely reasonable to consider all possibilities. There are reasons, though, that the topic of closing Burke comes up a lot without coming to much: The airport plays a variety of important business roles, is home to a popular event in the Cleveland National Air Show and, due to its location atop a landfill, might present major challenges for redevelopment of the site. None of that should preclude a full analysis of the financial, air traffic and other impacts of potentially closing Burke and putting something else on its prime spot. CHA Consulting’s study is expected to be completed late this year or early next, and this is one report that should be a fascinating read. If Burke were to shut as an airport, it doesn’t require much of a flight of fancy to envision a lively lakefront commercial district there, new housing or a downtown park to pair with the near West Side’s Edgewater Park and create a space that brings in people from all over the area. Northerly Island Park in Chicago, where that city’s Meigs Field airport formerly operated, might be a template, though the contentious process of that conversion might also offer a warning flag. Fun as that might be, it’s important to be realistic about a few things. Burke still acts as a reliever airport to Cleveland Hopkins International Airport. A recent Cleveland.com analysis noted that “nearly a third of all non-training flights” at Burke “involve medical transportation, whether organs for transplant, air ambulance services or patients flying in for treatment,” while busi-

ness executives “use the airport for its easy access to downtown, often flying rented charter flights in and out of Cleveland.” It’s home to tenants including Lean Dog Software and Signature Flight Support, a large fixed-base operator that last year built a new fuel storage facility. There might be other ways, and other places, to handle those issues and free up Burke’s space. But they underscore the real consequences of pursuing a change. As for potential commercial development, the Burke site has some obvious appeal, but environmental issues with the land will require close scrutiny. It’s worth exploring, too, whether opening a massive new development front would hurt other parts of downtown — including development plans in their nascent stages along the Cuyahoga River and on the lakefront by FirstEnergy Stadium. Burke opened in 1948, and its takeoff and landings in 2021 were less than half of their levels from 2000, so it’s fair to ask if this is the best we can do at this location. But the process should be done with caution, because there’s more to Burke than might meet the eye.

Along the rails O

n a different transportation front, Ohio has a real opportunity to reinvigorate passenger rail service. The infrastructure bill passed late last year included $66 billion for Amtrak to make significant expansions nationwide. The process is set to begin later this fall, when states will have to formally express interest in receiving Amtrak money. Gov. Mike DeWine has asked the Ohio Rail Development Commission to work with Amtrak to study the feasibility and cost of expanding passenger rail service in the state, primarily with a new line connecting Cleveland, Columbus, Dayton and Cincinnati. He wants to see study results before committing. DeWine’s opponent in the upcoming gubernatorial race, former Dayton Mayor Nan Whaley, is on the record as a supporter. There will be a lot to talk about in the campaign, but we hope this issue gets attention, since better rail service is potentially transformative for the state.

Executive Editor: Elizabeth McIntyre (emcintyre@crain.com) Managing Editor: Scott Suttell (ssuttell@crain.com) Contact Crain’s: 216-522-1383 Read Crain’s online: crainscleveland.com

The Huntington Convention Center can and should be expanded, and with it the opportunity to bring more impact and expanded opportunity for growth. I have a nuanced perspective. As a former public sector economic development leader, I now serve my hometown by promoting Cleveland as the head of Cushman & Wakefield | Cresco, where I interact with businesses searching for Kelly is president locations to grow. I see firsthand how and managing perspectives of Cleveland change after director at businesses get to experience our city. It Cushman & simplifies the conversation and makes Wakefield | us more competitive as we fight against Cresco. peer cities for businesses’ attention. The data amplifies my experiences. Third-party studies show that nine in 10 past visitors (87%) are likely to recommend Cleveland as a place to visit when talking to trusted family and friends. Meetings, conventions and events drive that experience and perception at scale; this kind of tourism also supports more than 50,000 local jobs. We know the travel and tourism industry provides a solid and consistent return on investment. The expansion will only increase that return. It’s these types of investments that we need in Cuyahoga County right now. Specifically, from its opening in 2013, the Huntington Convention Center of Cleveland generated measurable economic impact greater than $1 billion locally. That’s $1 billion from visitors. These WE KNOW THE dollars came in from the hosting of 1,500 conventions, trade TRAVEL AND shows and events, filling TOURISM INDUSTRY three-quarters of a million hotel rooms and attracted nearly PROVIDES A SOLID 1.7 million event attendees. AND CONSISTENT We have a running start and an incredible opportunity to RETURN ON increase the impact by ex- INVESTMENT. THE panding the Huntington Convention Center. Paradoxically, EXPANSION WILL our convention center is hid- ONLY INCREASE THAT den; the largely underground facility is state-of-the-art, as is RETURN. the infrastructure that drives countless conventions and meetings from the Women in Cybersecurity annual meeting to the National Association of Black Journalists annual convention and career fair. Standing atop the site is the visible, grand building now known as the Global Center for Health Innovation. While I’d like to point some fingers about why the concept didn’t work, the result is the same: The building is awesome, it’s connected to the convention center, people can see it, and it’s an obvious opportunity to add 100,000 square feet, or almost two football fields of meeting and event spaces, to our successful convention center. It won’t be cheap, but the investment will generate returns for the community to share and is proposed to be a shared cost between the Cuyahoga County Convention Facilities Development Corporation (CCCFDC), which oversees the convention center’s operations, and Cuyahoga County. The needed improvements will address known shortcomings in the building design (namely, escalators and other access improvements to match the increase in building traffic) and expanding the atrium’s ballroom and connected outdoor event space. See INVESTMENT, on Page 29

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters to Crain’s Cleveland Business, 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113, or by emailing ClevEdit@crain.com. Please include your complete name and city from which you are writing, and a telephone number for fact-checking purposes.

Sound off: Send a Personal View for the opinion page to emcintyre@crain.com. Please include a telephone number for verification purposes.

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OPINION

PERSONAL VIEW

Can Cleveland research and develop a vision already? BY RICHEY PIIPARINEN

As a researcher steeped in the revitalization of deindustrialized societies, I am all for solutions to what ails Cleveland. And I don’t want to be “that guy” that poohpoohs good intentions for the game of it. Cleveland doesn’t suffer from a dearth of cynics who see the region through “rust-colored” glasses. Then again, good intentions are often worth less than the cocktail napkin they are written on. Ultimately, this means throwing good money after bad strategic frames. So, what ails Cleveland? One concern that inexhaustibly gets voiced is we lack growth, chiefly population growth. But as noted in the Atlantic piece “Why Are America’s Three Biggest Metros Shrinking?,” more and more places are “becoming Rust Belt,” including the (failing?) economic powerhouse regions of Los Angeles, New York and Chicago. But what these superstar mega-regions lack in aggregate growth they make up for in the composition of their populations that are college-educated. According to a new study out of Cleveland State University by this author, 41.4% of the New York metro is college-educated, good for ninth best out of the nation’s largest 40 metros. Chicago ranks 14th with 39%. Meanwhile, Cleveland lags, with 31.9% of its adults having a bachelor’s or higher, ranking 35th. The least-educated large metros are in the Sun Belt boomtowns, with Riverside, California; Las Vegas; San Antonio; and Tampa in the bottom four. What about changes across time? From 2010 to 2020, San Jose’s Silicon Valley went from 44.5% of its population having a bachelor’s or higher to 52.5%, for an 8 percentage-point increase — tops out of largest 40 metros. Rounding out of the top 5 for percentage-point gains were Nashville (7.6%), Pittsburgh (7.6%), San Francisco (7.1%) and Denver (7.0%). Cleveland’s educational attainment went from 27.0% to 31.9%, ranking it 29th in percentage-point gains. While Cleveland is making some progress, it’s vital to see what our Rust Belt rival down the Ohio Turnpike, Pittsburgh, has done differently. How did they get to join such an elite cohort in talent concentration? When it comes to increasing educational attainment in Cleveland, or any city for that matter, there are really only two ways to go about it. One way is to matriculate and graduate more Clevelanders and encourage them to stay local. This is what economic development consultants mean when they say Cleveland must “retain” talent. The other way is to get people who already have a college degree to move or return to Cleveland. This is what economic development types mean they say Cleveland must “attract” talent. In both cases, the aim is to increase the supply of the college degreed so as to serve as a pipeline for local industry. But there’s a caveat with the supply-side approach. A city can graduate as many locals as it wants, but if there isn’t the knowledge worker demand to absorb that supply, then boom — those knowledge workers split, leaving for the likes of New York or Chicago. Meanwhile, Cleveland’s educational attainment takes a hit. Enter the demand-side approach. The gist, here, is that the raison d’être of Cleveland’s higher ed institutions can’t just be graduating locals, or supplying industry with college graduates. While educating the local populace is in and of itself laudatory and foundational to progress, it cannot be convincingly argued that doing so in service of industry is Cleveland State’s and Case Western’s, et al., highest and best use. Cleveland’s higher ed community, including our research hospitals, needs to be dogged in its efforts at producing world-class R&D so as to stoke the demand side of the knowledge economy ecosystem. This is especially so in Cleveland, given that the region’s industrial makeup still tilts toward older, aging industries,

unlike, say, Pittsburgh, which is a hotbed of artificial intelligence. But don’t take a “trouble-making demographer’s” word for it. In an analysis titled “Do Colleges and Universities Increase Their Region’s Human Capital?,” Federal Reserve Bank of New York researchers found only a small positive relaPiiparinen is the tionship between the amount of college graduates a region producfounding es and that region’s educational atdirector of the tainment. “At the same time,” the Center for researchers conclude, “we find that Population academic R&D activities act to inDynamics and crease a metropolitan area’s local director of Urban Theory & human capital stock, suggesting that spillovers into the local econoAnalytics at my create demand for skilled workCleveland State ers.” University. Echoes Bloomberg’s Noah Smith: “High-productivity technology businesses … tend to cluster around universities, in order to take advantage of the rich flow of ideas and skilled workers. That, in turn, draws smart educated people from other regions, boosting productivity and raising wages even for less-educated locals. The policy implication is clear. In order to boost local economies, universities should stop seeing themselves only as educators, and start seeing themselves as platforms for local economic activity.” Which brings us back to Pittsburgh. In 1978, Richard Cyert, then Carnegie Mellon University’s president, wrote a prescient journal article titled, “The Management of Universities of Constant or Decreasing Size”, in which he forecasted the struggle higher ed institutions would have making a go of it via enrollment due to the demographic decline that defined Pittsburgh then. And that defines everywhere today. “Declining birthrates means hard times ahead for local colleges,” reads a 2021 Washington Post piece. Cyert forecasted the strategic direction he’d be taking CMU, inferring that when a university cannot operate successfully in “the conventional way”, then it would need to eliminate areas where the university was losing money, while moving into areas where there was potential for growth. “Stated more succinctly,” Cyert wrote, “it may be possible for some private universities to operate more as a mixture of a research institute and an educational institution than is currently done.” Fast forward to today, and one can plainly see that Cyert’s word was bond, and that his vision has been painted all over the Steel City’s economic development landscape. In the latest National Science Foundation institutional rankings, for instance, when it comes to federally financed higher education R&D expenditures in the computer and information sciences, CMU ranks second nationally, behind Johns Hopkins but ahead of Georgia Tech, the University of Texas Austin, USC and MIT. The University of Pittsburgh ranks 68th. No Cleveland institution cracks the top 100. When it comes to R&D funding in the life sciences, including the health sciences, the University of Pittsburgh is fourth nationally. Here, Cleveland has a pulse, with Case Western 29th and Cleveland State 117th. Still, given Cleveland’s health practitioner acumen, there’s no reason the bench-to-bedside process can’t be reverse-engineered so Cleveland can be where it should be in terms of life science R&D: in league with Pitt. With recent leadership changes at both Case and CSU, there’s no better time than now to craft a visionary response to what ails Cleveland from an economic development standpoint. This means moving beyond the well-intentioned buzzwords and doing what’s been proven to work.

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NEW FOOD OFFERINGS AT CEDAR POINT There are no major new rides this year, but with pent-up customer demand, Cedar Point and its fans are gearing up for a busy season. PAGE 14

CEDAR POINT AND THE LAKE ERIE ISLANDS

“SANDUSKY’S JUST BEEN UNDERESTIMATED FOR A LONG TIME.” — Justin Carson, a Cleveland investor who owns a handful of rental properties in Sandusky

Erie County natives and out-of-town entrepreneurs are opening businesses and buying up real estate in downtown Sandusky. The small coastal city is entering the second phase of a strategic revival effort. | CITY OF SANDUSKY

SANDUSKY FOR ALL SEASONS

City recasts itself as more than a summer attraction BY MICHELLE JARBOE

At the end of the Jackson Street Pier, a fisherman lazily drops his line into the waters of Sandusky Bay. To the east, the whorls of roller coasters at Cedar Point perforate the sky. To the west, coal docks serve as a reminder of the region’s industrial roots. Sandusky, population 25,000, faces the same hurdles as many small Ohio cities: the loss of legacy manufacturing and a downtown hollowed out by decades of population loss.

But this community, an hour’s drive west of Cleveland, is leaning into its unique assets. There’s the 152-year-old amusement park, of course, which draws millions of visitors each year. There’s also easy access to Lake Erie. Historic architecture. And entrepreneurs who see untapped potential in the central business district, where public and private money is flowing to housing, small businesses, public spaces and trails. Sandusky, supporters believe, can be much more than a seasonal

attraction. “Are we a tourist destination? Absolutely. We need to embrace that,” said Ryan Whaley, owner of the Paddle & Climb outdoor shop and the adjoining Paddle Bar. “Having said that, we have the ability to attract industry based on the fact that it’s a place that people want to live.” Whaley is part of a group of Erie County natives who left Sandusky years ago, only to return with a new vision for the place. Clevelanders also are reshaping the city, by playing key civic roles and buying prop-

erties for short-term rentals, apartments and mixed-use projects. Beyond the economic engine of Cedar Point, they're drawn to fresh water, affordable real estate and a quality-of-life proposition with increasing promise in the era of remote work. “Sandusky’s just been underestimated for a long time,” said Justin Carson, a Cleveland investor who fell in love with the coastal community during summer road trips in 2020. Now he owns a vacation home and a handful of rental properties in or near downtown. Brent Zimmerman, another Cleveland-area investor, has visited

Sandusky for years. With his family, he recently transformed a rambling historic house, just blocks from the water, into an eight-unit, short-term rental property called the Washington. He’s about to open a downtown outpost for Saucy Brew Works, a brewpub that debuted in Cleveland in 2017. And in April, he and fellow investors bought a 60-room hotel on Put-in-Bay — a reflection of his confidence in the local lodging market. “I just don’t think there’s enough capital chasing the opportunities in some of these smaller towns,” he said. See SANDUSKY on Page 12

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FOCUS | CEDAR POINT AND THE LAKE ERIE ISLANDS

Put-in-Bay set to bring in crowds of all kinds this summer season BY DOUGLAS J. GUTH

At the turn of the 20th century, Heineman’s Winery on Put-in-Bay was among 17 wineries that called South Bass Island home. Prohibition decimated the industry, with Heineman’s the only local wine-maker to emerge from the wreckage intact. The landmark enterprise — alongside a bevy of other Put-in-Bay businesses — is looking to keep its financial footing as a new summer season approaches. Two years from a coronavirus outbreak that cut tourism in half, island entrepreneurs are hoping for a continuation of last summer’s visitor bounce back. “Last year was extremely busy — one of the busiest seasons we’ve ever seen here,” said Dustin Heineman, vice president and operations manager for the fifth-generation winery. “As soon as we opened the doors last April, we were busy every day. Everyone had been virtual and wanted to get out of the house.” Heineman’s has 20 acres of grape-growing land on Put-in-Bay, as well as a 40-acre plot on North Bass Island and an additional 7 acres it tends for another family. Nor is wine the only attraction. Grape juice and tours of nearby geode-adorned caves make the winery a family-friendly excursion, Heineman noted. “We have a gift shop, too, and there’s the Butterfly House across from us,” Heineman said. “We’re family-oriented here, and have a little something for everyone.” A return to pre-COVID normalcy would be a positive after the tourism explosion of 2021, even as supply-chain slowdowns increased the price for ancillary items such as cups, plates, bottles and labels. While those shortages were more impactful in 2021, the winery slightly raised its prices this season, charging an additional dollar for a bottle of wine and an extra 75 cents for grape juice. “Everything around the supply-chain shortage is working out, but being on the island, you have to bring over bottles and anything else that’s not made here,” Heineman said. “People want wine from grapes that we grow near the winery, so I’m trying to get us to grow 100% of what we make here. We are putting in the work.”

campaign’s larger goal. Wendy Chambers, executive director of the Put-in-Bay Chamber of Commerce, said the community is more than crowded bars and restaurants. Attractions such as kayaking, Perry’s Memorial and exploration-ready caves make the island a backyard vacation destination. “We were pleasantly surprised by the response (last year), especially coming out of COVID,” Chambers

said. “Grandparents and other people felt comfortable because we had so many outdoor activities and dining options to offer.” Put-in-Bay continues to amplify the quieter side of the island for 2022. Folks frustrated by high gas prices may consider ferrying over for a pleasant week of outdoor activity and gentle fun. See PUT-IN-BAY on Page 14

Put-in-Bay offers a wealth outdoor dining options through the summer. | CONTRIBUTED

Marketing a weekday getaway In summer 2020, a small-scale virus outbreak traced to several Put-inBay establishments sparked a 30% drop in lodging alongside a 50% downturn in overall business. Last year saw guests return to the island, as members of the business community collaborated on a marketing effort aimed at families and empty nesters. The “Every Day Island Getaway” campaign — kickstarted by a local group called the Safe Island Task Force — emphasized the island’s natural beauty and family-centric environment, far from the party-hearty excesses Put-in-Bay weekends are known for. Boosting business during the week, when crowds are thinner and the island calmer, stood as the MAY 23, 2022 | CRAIN’S CLEVELAND BUSINESS | 11

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FOCUS | CEDAR POINT AND THE LAKE ERIE ISLANDS

SANDUSKY

From Page 10

'Ready for our close-up' Since 2016, when officials adopted an ambitious bicentennial vision, Sandusky has added dozens of downtown apartments and condos. Those are small numbers, but they’re meaningful for a modest city striving to build a more diverse and resilient economy. City Hall moved downtown in 2019, into leased space at a complex that also includes apartments and retail. That deal was the work of Willoughby-based Marous Development Group, which is turning the historic Feick Building around the corner into housing and planning an overhaul of Battery Park Marina, a 600-slip property east of downtown. Marous also teamed up with the city, Bowling Green State University and Cedar Fair Entertainment Co., the owner of Cedar Point, on a ground-up apartment project that houses a resort and attraction-management education program. Across the street, a bourbon distillery is scheduled to open in June. The Jackson Street Pier, once a sea of parking, reopened in early 2020 as a park, with a lawn, arbor swings and sunset steps. The central stretch of the Sandusky Bay Pathway, a planned 13-mile waterfront trail for pedestrians and cyclists, debuted that same year. “We're kind of ready for our closeup,” said Eric Wobser, the city manager. A Sandusky native, Wobser boomeranged home in 2014 to fill that role, leaving his post as executive director of Ohio City Inc., a nonprofit that guides development on Cleveland’s busy near West Side. With the Sandusky City Commission, he’s engaged in hard-fought battles over aspects of the city’s downtown revitalization plans, including bike trails and public spaces. A flurry of major projects wrapped up just as the coronavirus pandemic set in, delaying celebrations and gutting the city’s general fund. In 2020, Cedar Point temporarily shut its doors, then reopened with limited capacity. The spigot of admissions-tax revenues dried up overnight. Since then, though, the city has replenished its coffers, using federal pandemic-rescue cash. And though downtown businesses initially suffered, and some closed, Sandusky has benefited from a virus-driven surge of interest in regional travel and recreation. “People are walking now. They’re coming in this building,” marveled Derrick Moore, the chef behind an eponymous barbecue restaurant in the Marketplace Downtown, a modest arcade that also includes an allday breakfast spot, ax-throwing, duckpin bowling and arcade games. That retail incubator is one of many projects bankrolled by Rick Hogrefe and his wife, Meghan, who started buying up downtown buildings about five years ago. A 61-year-old chemist, Hogrefe sold a West Coast biotech company in 2016 and opted to invest part of his windfall in Erie County, where he grew up. The Hogrefes own at least a half-dozen properties in downtown Sandusky, where their portfolio spans apartments, offices and retail space. They’re also lenders or investors in other deals. And they’ve taken ad-

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A crowd gathers on the reimagined Jackson Street Pier in downtown Sandusky for a concert last summer. Once a sea of parking, the pier reopened in 2020 as a park, with a perimeter boardwalk, arbor swings, sunset steps and a lawn. | CITY OF SANDUSKY

vantage of the center city’s location in an Opportunity Zone, a federally designated area that offers tax deferral and tax breaks. “I’m not trying to get rich off of this, by any stretch. The entire investment is more of philanthropy,” Hogrefe said. “I don’t want to lose it. I’m not stupid. I worked really hard to get it for many, many decades. But I’m looking at a 5% gain on my current projects.” The couple travels between Sandusky and California, though Hogrefe found himself tending bar at Noble Crafts, their bar in the Marketplace, for much of last year after a staffing shakeup. “I’m a believer,” he said. “I believe 100% in Sandusky. Sometimes, I slap my head against the wall and think ‘What the heck am I doing?’”

'The remote worker's paradise' In February 2021, the city commission approved an updated downtown master plan. The document emphasizes housing, walkability and connections to the water. That plan builds on a first wave of investments, from public gathering spaces to a cluster of single-family homes starting to rise at the eastern edge of downtown. Some of the new initiatives will be paid for, at least in part, by an agreement forged between the city and Cedar Fair, amid concerns that the publicly traded company was preparing to move its headquarters to North Carolina. In October, officials announced a deal that keeps Cedar Fair’s offices in Sandusky and raises tax collections tied to the park. On Jan. 1, the city’s admissions tax rate doubled, to 8%. And Sandusky implemented a new, 8% tax on parking. The revenues, an estimated $4.5 million a year, will go toward projects that benefit the community and Cedar Point. Those include a rebuilt

An employee juices fruit at Paddle Bar, a downtown Sandusky watering hole with a beachy vibe. | MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

Employees work behind the sushi bar at Small City Taphouse, a downtown Sandusky restaurant that serves Vietnamese and Japanese food. In 2020, owner Kha Bui opened the adjoining CLAG Brewing Co., a popular microbrewery. CLAG, he says with a smile, stands for “Cocky Little Asian Guy.” | MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

12 | CRAIN’S CLEVELAND BUSINESS | MAY 23, 2022

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CUSTOM BLENDING • TOLL MANUFACTURING • LARGE SCALE WASTE SERVICES causeway leading to the park, with protected access for pedestrians and cyclists; a planned water-taxi service linking downtown and Cedar Point; and a land swap that will give the city control of the Jet Express ferry terminal, which serves the Lake Erie islands, and a neighboring historic building. The city also plans to improve basic services and to build a new recreation center. Wobser describes the overall package as the second phase of a strategic investment plan. This month, the city released a request for proposals to test developers’ interest in building a roughly 120-room downtown hotel and conference center. The site is a parking lot behind the Sandusky State Theatre, a landmark venue that is rebuilding after incurring severe damage from a 2020 storm. Nikki Lloyd, who owns the nineroom Hotel Kilbourne across the street, isn’t concerned about the competition. The city needs more, Lloyd said — more retail, more foot traffic and, yes, more lodging. She and her wife, tattoo artist Robin Lloyd, also operate a rooftop bar, a taco joint and a gift shop. They’re preparing to open an art gallery and to co-host the fifth annual Sandusky Pride, a festival set to bring thousands of people downtown June 24-26. “We’re juggling so many different things,” Nikki Lloyd said, “but we want to make sure that Sandusky has everything it should have to be attractive.” Other investors say that wish list includes co-working facilities, broader dining options, downtown groceries and winter activities, such as an outdoor holiday market. The Greater Sandusky Partnership, a nascent economic development organization, is studying the landscape and identifying avenues for adding residents and businesses.

Joe Roman, the former CEO of the Greater Cleveland Partnership, is leading the group while serving as interim director for the Erie County Chamber of Commerce. He spends a few days each week in Sandusky, often commuting from his home in Fairview Park. “The idea of living somewhere like Erie County, Sandusky or Vermilion, and going to work in downtown Cleveland two days a week, is something in our future as well,” he predicted. Andy Weber decamped to Sandusky from Arlington, Virginia, during the pandemic. His wife, Christine Parthemore, grew up in the area and has family there, including a brother who runs the Sandusky State Theatre. The couple’s sojourn, spurred by shutdowns and a child care crisis for their young daughter, has lasted much of two years. Parthemore, 41, runs a think tank based in Washington, D.C. She takes video calls from the library of the couple’s century-old home, which they bought for $147,000 in 2018. Between meetings, she can break away to kayak or birdwatch in a nearby wildlife area. Weber, a 62-year-old former U.S. assistant secretary of defense, calls Sandusky “the remote worker’s paradise.” He and Parthemore have purchased other real estate in the city and are investors in a deal to convert a shuttered downtown grocery store into a food hall. Perched on a stool at Paddle Bar on a sun-drenched Tuesday afternoon, Weber said he’s certain of two things. First, the couple’s odds of moving back to Virginia full time are slim. And second? “This,” he said, “is the year the city launches.” Michelle Jarboe: michelle.jarboe@crain.com, (216) 771-5437, @mjarboe

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FOCUS | CEDAR POINT AND THE LAKE ERIE ISLANDS

Cedar Point unveils new food, hospitality offerings BY DAN SHINGLER

There’s plenty of new stuff at Sandusky’s Cedar Point amusement park this year, even though the popular coaster mecca isn’t showcasing any major new rides. The park has unveiled what it says are “completely renovated and transformed hotel properties” along with new dining options, it announced before the season opened May 7. And this year, at Cedar Point at least, your money is no good. The park is going cashless for the first time this season. Among the new hotel offerings is the new Castaway Bay, which the park refers to as an “indoor waterpark hotel.” But in addition to the waterpark that anchors the resort — and has 10 attractions itself — the hotel features land and sea themes on each floor and has a cast of animal characters, including Gordy the sea turtle, to entertain visiting families. Castaway Bay also has new dining options and new activities, like mini bowling, Cedar Point reports. For guests that might want a more secluded stay than in the midst of a waterpark, Sawmill Creek by Cedar Point Resorts is set to open June 13 — just 10 minutes away by car, and surrounded by 200 acres of woodland. Sawmill, which was also renovated for this year, will feature 239 guest rooms and an 18-hole Tom Fazio-designed golf course, along with a Lake Erie Marina, restaurants, a pool and a 35,000-square-foot indoor event space.

As an added bonus, guests of Sawmill Creek and Castaway Bay get benefits like early entry to Cedar Point and special ticket packages. Along with new accommodations, Cedar Point is also focusing on food by offering new dining experiences. Those include the new Farmhouse Kitchen & Grill, located in the park’s Frontier Town. It offers handmade items like roasted corn ribs, housemade chili, char-roasted flank steak with chimichurri and a “cast iron brownie a-la-mode,” the park reports. You can also grab some grub between your races at Cedar Downs Racing Derby, which Cedar Point says is one of only two racing carousels in the U.S. A new Derby Dogs hot dog shop is opening next door, featuring jumbo or footlong all-beef hot dogs, mini dogs, and Italian sausage. They come with custom toppings such as avocado halves, sauerkraut, bacon and chili — though not necessarily all at once. Meanwhile, the park’s Coasters Drive-In, which officials say has been one of their most popular dining attractions, has also been remodeled. It will still serve the handmade burgers, milkshakes and other items that made it a hit to begin with, though. There are also special events, beginning with Frontier Festival, which runs May 26 to June 19. The street festival in Frontier Town includes live bands, games for the family, character entertainment and more than 20 hand-crafted menu items to taste. For adults, craft brews, spiked selt-

Cedar Point’s Steel Vengeance remains one of the top-rated coasters in the world. | CEDAR POINT

zers and signature cocktails will also be on offer. Then, from July 29 to Aug. 21, there will be nighttime parties along the mile-long Cedar Point Beach as the park holds its Cedar Point Nights beach parties with games, live entertainment and food. Tickets this year are $45 per day when purchased online. Once in the park, guests will need to use credit or debit cards. They can exchange cash

PUT-IN-BAY

Dan Shingler: dshingler@crain.com, (216) 771-5290, @DanShingler

The “Every Day Island Getaway” campaign — kickstarted by a local group called the Safe Island Task Force — emphasized the island’s natural beauty and family-centric environment, far from the party-hearty excesses Put-in-Bay weekends are known for.

PUT-IN-BAY

From Page 11

“We’re telling visitors this year that we’re a one-tank trip to the island,” Chambers said. “We still have Pyrate Fest on the weekend that we encourage families to come for, but the week has a quieter atmosphere.” Harriet’s House and Island Suites provides accommodations for 90 guests spread across 13 townhouse, lodge and bungalow properties. Owned by sisters Tara Nilson and Tiffany Alexander, the 144-year-old hospitality operation caters to mature crowds rather than rowdy spring breakers. A reputation for cleanliness — dovetailing with a business model emphasizing returning guests — buoyed Harriet’s House through the worst of COVID’s doldrums. “It’s about keeping customers happy and coming back,” Nilson said. “People felt comfortable coming out even during the pandemic. We’d like to be sold out this year like we were in July and August of last year, but our biggest metric is happy guests, because that’s what we’re always striving for.” Along with room rentals, Harriet’s House loans out four-passenger golf carts used to tour the scenic surroundings. Further supporting the business is a newsletter the owners publish in-season and out, even including Christmas cookie recipes during the holiday season. A key point for Nilson is attracting

for a debit card that can be used anywhere, including at regular stores, at no charge, the park has announced. Even with no new rides, the park and its fans are gearing up for a big year. “I suspect this will be a big year for the park, with the pandemic largely mitigated and a lot of pent-up demand. I think they've underpriced their passes relative to the demand, and it will be interesting to see how

that affects attendance,” said Jeff Putz, editor of the independent website PointBuzz for fans of the park. As for there not being new rides, Putz doesn’t think it will matter. “While there has been a lot of press focus on the removal of Wicked Twister and closure of Dragster, they've built some extraordinary, best-of-class rides in the last decade, so there is still more to do than in most amusement parks,” Putz said. “I'm really excited about their focus on improving the culinary experience, and it looks like they'll get closer to some of their regional peers like Busch Gardens or even Disney, which is changing the perception about what counter service can be. They also have a solid lineup of family attractions and that amazing beach, so the park is not just for the thrill seeker.” And, Putz points out, Cedar Point’s Steel Vengeance coaster is still a major draw, even though it turns 5 this year, among other fan favorites. “Steel Vengeance is certainly one of the best roller coasters anywhere. It's No. 2 on the CoasterBuzz 100,” Putz said. “But Valraven and Gatekeeper are among the best rides of their kind, and 22 years in, Millennium Force remains one of my favorite rides of all time.” Of course, there’s still one thing Cedar Point needs this year: employees. Cedar Point is on track to hire about 6,500 employees to take care of the park and its guests this year, communications director Tony Clark said. Hiring has been strong so far, Clark said, but as it does every year, Cedar Point will continue to recruit and hire throughout the season.

crowds that respect the island, which requires a kind of myth-busting around Put-in-Bay’s wild and woolly reputation. “The myth is there’s nothing here for families to do, but that isn’t true,” Nilson said. “Memorial Day and July

Fourth are great times for families to come over. We also have the Bash on the Bay country music festival.” Dustin Heineman of Heineman’s Winery said crystal cave tours and other amenities helped his ancestors of a century ago outlast Prohibi-

tion. Keeping the fun going today means getting out the word on all Put-in-Bay has to offer. “Last year, we needed to tell everyone we were safely open for business,” Heineman said. “People were missing the island, and we’re letting

people know there is something for everyone here. If you’re a partyer or a family, we’ve got activities for both.” Contact Douglas J. Guth: clbfreelancer@crain.com

14 | CRAIN’S CLEVELAND BUSINESS | MAY 23, 2022

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SPECIALIZATIONS AVAILABLE

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newly re-designed Full or Part-time MBA (online and in-person, complete in as few as 10 courses), Master of Accountancy, Master of Health Care Management (100% online), Master of Labor Relations and Human Resources (100% online), Master of Information Systems and the JD/MBA program offered in partnership with the Cleveland-Marshall College of Law at Cleveland State.

Continuing education through our Professional Development Center includes customized corporate training programs for organizations; non-degree certificates in Leadership, Digital Marketing and Grant Writing; workshop-style courses in topics from Accounting, Budgeting, Management and Marketing; and industry certification prep programs to help students earn industry credentials such as Project Management Professional, SHRM-CP and SHRMSCP, Certified Global Business Professional (CGBP), Six Sigma Green and Black Belt and more. CLASS LOCATIONS: Cleveland State University offers classes both online and in person at its downtown Cleveland campus, conveniently located next to Playhouse Square. REQUIREMENTS FOR ADMISSION: Requirements for admission vary from program to

May 23, 2022 S5 program. Official transcripts are required as is an application for all academic degree programs. Continuing education programs are offered as open enrollment. To explore our academic programs, please visit: business. csuohio.edu/academics To explore continuing education, please visit: business.csuohio.edu/ professional-development-center To explore additional graduate degree options beyond the college of business, please visit: grad.engagecsu.com/academics SCHOLARSHIPS/FINANCIAL AID: The Monte Ahuja College of Business offers a limited number of scholarships for graduate students as well as graduate assistantships. Financial aid and a variety of payment plans are offered through the main financial aid office. GENERAL TUITION/ FEE INFORMATION: Tuition and fees can be found here: csuohio.edu/ treasury-services/tuitionand-fees.

In addition to traditional academic business degree programs, we offer graduate certificates in Business Analytics, Entrepreneurship, Health Care Management, Marketing Analytics and Organizational Change and a number of different specializations within the full or part time MBA program.

All of CSU’s business programs are accredited by the Association to Advance Collegiate Schools of Business (AACSB), the hallmark of

quality in management education worldwide. Our unique location, connections to industry and services for small businesses reinforce and support our position as the cornerstone of Northeast Ohio business.

WHAT’S NEW? Our new MBA program can be completed in as few as 10 courses. For those without an undergraduate business degree, just four prerequisite courses totaling 10 credit hours are required. In addition to the shorter program length, the program offers a number of specializations for learners seeking additional credentials or skillsets. The new Master of Health Care Management and Master of Labor Relations and Human Resources degree programs are 100% online. Our Executive MBA program continues to be one of the premiere graduate degree programs at CSU. Entrance to the program requires five to 10 years of management experience.

M O N T E A H U J A CO L L E GE O F B U S IN E S S

TAKE CONTROL OF YOUR CAREER. At Cleveland State University, we have an MBA, Graduate Business Degree program or Continuing Education class to fit your schedule, lifestyle and experience level. Our dedicated graduate business advisors will work with you to choose the program that best helps YOU achieve your career aspirations.

Visit

BUSINESS.CSUOHIO.EDU to learn more.

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OHIO MBA GUIDE

S6 May 23, 2022

PRIVATE

JOHN CARROLL UNIVERSITY Boler College of Business | University Heights | 216-397-1970 gradbusiness@jcu.edu | boler.jcu.edu 125 MBA students are enrolled in 2021-2022. TYPES OF DEGREES AVAILABLE: With a degree from the Boler College of Business, the future will never surprise you — you will surprise the future. For more than 85 years, John Carroll University has been a leader in business education. Students are prepared to lead with an ethical foundation, to excel in service with and for others and to exemplify professional excellence. They possess a strong work ethic and are highly skilled in data analytics to provide superior decision-making. That’s the Boler difference. It’s the reason that more than 700 JCU alumni are presidents or CEOs of companies.

Economics and Accounting are available within the MBA programs. Continuing education courses in data analytics and visualization as well as certificate programs offer additional opportunities for professional development.

Boler offers in-person and remote options for the MBA so students can choose a format that fits their needs and lifestyle. Concentrations in Marketing, Management, Finance,

REQUIREMENTS FOR ADMISSION: Degree applicants must complete the free online application. A personal statement, one letter of recommendation,

CLASS LOCATIONS: MBA requirements may be completed in-person on the beautiful campus of Boler College of Business at John Carroll University in University Heights or online, remotely. ONLINE OPTIONS: In addition to the Online MBA, remote options for some classes are available in the other MBA programs.

current résumé /CV, official transcripts, and an undergraduate degree from an accredited institution with a minimum GPA of 2.8 are required. Admission to the Professional MBA also requires two or more years of full-time professional work experience. The GMAT/GRE is not required for admission but may be used for scholarship consideration. SCHOLARSHIP/FINANCIAL AID: Applicants are automatically considered for limited merit scholarships. Students may qualify for financial aid and employer tuition reimbursement is accepted.

SPONSORED CONTENT Graduate assistantships for fulltime students are available on a competitive basis via a separate application. GENERAL TUITION/FEE INFORMATION: The tuition rate is $1,030 per credit hour. The MBA programs range from 33 to 45 credit hours.

PROGRAM HIGHLIGHTS John Carroll University’s MBA programs offer full-time, part-time and remote options. The MBA may be completed in only 12 months through the Online and Emerging Leader programs. Students can complete concentrations in Marketing, Finance, Management, Economics and Accounting. All programs prepare students for leadership in a global economy. The MBA programs are fully accredited by the AACSB — a distinction held by only 5% of business colleges worldwide. Students have access to CEOs, industry leaders and the vast JCU alumni network with more than 11,000 members. Business complexity meets social responsibility as JCU’s Jesuit heritage prepares students to not only excel in business, but to work for the greater good. Currently, no GMAT/GRE is required for admission. The online application is free, and limited merit scholarships are available. Employer tuition awards may also be available. Apply today and prepare for the work of the future.

COLLEGE OF BUSINESS

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GENERAL TUITION/FEE INFORMATION: More information is available at www.kent.edu/tuition

KENT STATE UNIVERSITY

Ambassador Crawford College of Business and Entrepreneurship | Kent 330-672-2282 | gradbus@kent.edu: kent.edu/crawford/masters 177 students are enrolled in 2021-22. TYPES OF DEGREES AVAILABLE: The college offers Executive, Full-time and Online MBA options. CLASS LOCATIONS: The Executive MBA meets once monthly on the Kent campus and is supplemented with online content. The Full-time MBA meets on the Kent campus, and the Online MBA is completed fully online. ONLINE OPTIONS: Online MBA students have the flexibility to work while earning their degree by taking one or more courses at a time, or students may pursue the degree full-time. If taken full-time, the degree can be completed in as few as 12 months. To ensure the Online MBA program offers an innovative online learning experience, the college engages expert instructional designers

to support faculty with course development. MBA students are offered professional development tools and the full support of the college’s dedicated Career Services Office. REQUIREMENTS FOR ADMISSION: An application, résumé, letters of recommendation, transcripts, GMAT or GRE scores (can be waived by exception) and a statement of goals and objectives are required for admission.

ACCOLADES: The college is AACSB accredited, substantiating the quality of the Kent State MBA. Delivered fully online with no set class times, the online program provides a flexible option for professionals who are ready to invest in preparation for the next step in their careers. Core courses are eight weeks long, and students can enroll at five points during the year. All required courses

May 23, 2022 S7 have achieved Quality Matters™(QM) certification, and the program has achieved QM Online Program Design and Learner Success Certifications, which ensure a superior online learning experience. Faculty members teaching in the Online MBA program are leaders in industry and researchers who are frequently sought out as experts in their fields. The Full-time (in-person) MBA is a cohort program with primarily day courses, several concentrations to choose from, and can be completed in 12 months.

WHAT’S NEW? In October 2021, the college received the largest donation in Kent State University history from Ambassador Edward F. Crawford. As a result of this gift, the name of the college was changed to the Ambassador Crawford College of Business and Entrepreneurship. The gift will enable the construction of a new building, Crawford Hall. In March 2022, groundbreaking for Crawford Hall was celebrated. The new building will provide state-of-the-art teaching spaces and technology and is expected to be completed in 2024.

SCHOLARSHIP/FINANCIAL AID: A limited number of scholarships are available. Application forms for Full-time and Executive MBA students are available on program web pages; Online MBA students are automatically considered for scholarships and need not apply.

COMMITTED TO QUALITY kent.edu/crawford/onlinemba

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OHIO MBA GUIDE

S8 May 23, 2022

PRIVATE

MALONE UNIVERSITY

Malone University School of Business & Leadership | Canton 330-471-8242 | gps@malone.edu | malone.edu/mba 111 MBA students are enrolled in 2021-2022.

TYPES OF DEGREES AVAILABLE: Today’s dynamic economy needs professionals who understand business on a comprehensive level and can use their abilities to move companies forward. Malone’s MBA cultivates graduates to thrive in ever-changing environments by offering unique specializations to choose from: • Social Enterprise, Innovation and Entrepreneurship: For small business owners, entrepreneurs and those who are passionate about the impact of nonprofit organizations on communities, this track will prepare students to lead in innovative and meaningful ways. • Business and Data Analytics: For professionals who want to advance in the fields of financial analysis, accountancy, risk assessment, project management

or for anyone who uses data in decision making, this track will provide students with a greater understanding of production, operations and business information intelligence in a variety of industries.

ONLINE OPTIONS: Malone’s MBA program can be completed in as few as 12 months in either a fully online or hybrid format. Each specialization is designed to empower students to learn independently, strategically and analytically. Malone’s faithcentered curriculum, which emphasizes ethical management practices, provides students with practical groundwork for navigating their industry with integrity and servant leadership. REQUIREMENTS FOR ADMISSION: Complete the graduate application online, and send all official transcripts to the Office of Graduate and Professional Studies. Applicants must hold a baccalaureate degree from a regionally accredited

SPONSORED CONTENT institution with a minimum cumulative GPA of 3.0 on a 4.0 scale. All MBA candidates will take eight foundational courses and four additional courses per specialization. Students will complete either an applied practicum experience or applied research project, supported by professors with industry experience who are dedicated to the individual success of each student. Malone’s MBA program is accredited by the ACBSP. SCHOLARSHIP/FINANCIAL AID: Financial aid is available to those who qualify. Financial aid and tuition information can be found at malone. edu/mba. Additional information can be found at malone.edu/mba.

• Philanthropy and Human Resource Development: For fundraising and human resource professionals, or any manager who is responsible for influencing and leading teams in the workplace, this track will prepare students to make ethical business decisions, increase conflict management skills and inspire social change for the wellbeing of humankind as they learn to cultivate healthy relationships in for-profit or nonprofit sectors.

GENERAL TUITION/FEE INFORMATION: The MBA program tuition is $675 per credit hour. ACCOLADES: Malone University is accredited by the Higher Learning Commission (HLC) and the Accreditation Council for Business Schools and Programs (ACBSP).

PROGRAM HIGHLIGHTS Malone University welcomes all students regardless of their life situation with fully online or hybrid courses. MBA coursework can be finished in as few as 12 months. Students may select from one of three specializations to support their career goals and interests and will receive mentoring from faculty members with years of experience in their industries. Malone graduates are prepared to be servant leaders who bring a commitment of integrity and justice into their workplaces.

MEETING THE NEEDS OF ADULT LEARNERS Our curriculum is applicable to all fields and the workload is manageable, allowing you to balance work, study, and life responsibilities. Finish your degree completely online or in a hybrid format in as little as 12 months.

at Malone University CHOOSE FROM THREE SPECIALIZATIONS MBA in Social Enterprise, Innovation, and Entrepreneurship Perfect for small business owners, entrepreneurs, and those who are passionate about the impact non-profit organizations can make on communities.

MBA in Business and Data Analytics For professionals who want to advance in the fields of financial analysis, accountancy, risk assessment, project management, or anyone who uses data in decision making.

MBA in Philanthropy and Human Resource Development For fundraising and human resource professionals, or any manager who is responsible for influencing and leading teams in the workplace.

visit www.malone.edu/mba email gps@malone.edu

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THE UNIVERSITY OF AKRON College of Business | Akron | 330-972-7043 gradbusiness@uakron.edu | mba.uakron.edu 163 students are enrolled in 2021-22. TYPES OF DEGREES AVAILABLE: The University of Akron College of Business offers three delivery options for students seeking an MBA: Fully online, faceto-face evenings, and an executivemodel weekend program. Students in the online or evening programs may take whichever courses best meet their needs at any particular

PROGRAM HIGHLIGHTS In addition to top-flight instruction, the College of Business was recently identified as providing the best value. The Wall Street Journal has calculated The University of Akron to provide the best Debt to Earnings Ratio in the state of Ohio.

M I A

time to maximize flexibility. The Weekend Professional MBA is a cohort program where students begin and end as a group. CLASS LOCATIONS: Courses are held at UA’s main campus in Akron and asynchronously online. ONLINE OPTIONS: The interdisciplinary MBA may be completed 100% online at a time that works best for the student. For part-time evening students, classes meet one night per week for eight weeks. All core MBA courses are offered online, along with some specialization areas, giving all students the ability to take courses either in-person or online. The Weekend Professional MBA is inperson only, and classes meet every other Saturday for 19 months.

REQUIREMENTS FOR ADMISSION: An online graduate application, a statement of purpose, and transcripts from all programs attended are required. GRE and GMAT scores will be considered along with GPA but are temporarily being waived as a requirement. SCHOLARSHIP/FINANCIAL AID: Student loans and scholarships are available. Partial Teaching Assistantships are available for a limited number of full-time students. GENERAL TUITION/FEE INFORMATION: The tuition for

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Then Rise Higher

the flexible MBA program is $462 per credit for in-state students (plus fees), approximately $20,000 total — one of the best values for a high-quality program in the state. The Weekend Professional MBA is $33,000 for the entire program, which includes meals, guest speakers, a professional 360 assessment and leadership plan, coaching and most costs for a study abroad trip. Total required credits for the MBA degree is 36.

is accredited in both business and accounting by AACSB International — placing it among the top 1% of business schools worldwide. Our MBA is the highest-ranked public part-time program in Northeast Ohio, according to U.S. News and World Report. The program is ranked as Tier One by CEO Magazine.

ACCOLADES: The College of Business at The University of Akron

Get your MBA. Keep your lifestyle. Our MBA program is nationally ranked, flexible and the best value in Ohio. Earn a graduate degree designed specifically for working professionals. Classes are offered online, in person in the evening or every other Saturday. UA has the highest-ranked part-time MBA program at a public university in Northeast Ohio, according to the 2022 U.S. News & World Report rankings. Our business accreditation puts us in the top 1.15% of all business schools worldwide. Outstanding faculty, small class sizes, an extensive alumni network with 900+ in the C-suite, and more than 270 corporate partners empower our students to rise above the competition. Visit gradbusiness.uakron.edu to learn more and register for an information session.

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S10 May 23, 2022

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YOUNGSTOWN STATE UNIVERSITY Williamson College of Business Administration | Youngstown 330-942-0011 | online.ysu.edu/degrees/business/mba/

OHIO MBA GUIDE TYPES OF DEGREES AVAILABLE: Become a better leader, decision maker and strategic thinker with an online Master of Business Administration from Youngstown State University. With multiple in-demand options, this affordable program is delivered in an accelerated, 100% online format ideal for working professionals. Choose from the following MBA programs: Master of Business Administration — General, Master of Business Administration — Marketing and Master of Business Administration — Health Care Management.

486 MBA students are enrolled in 2021-2022.

SPONSORED CONTENT CLASS LOCATIONS: The MBA program is completed 100% online. Led by full-time faculty and professionals with extensive business experience, our courses provide students access to those with the insights and expertise to help them succeed, wherever they may be. With dynamic features such as online chat rooms, streaming video, discussion boards and simulations, our online programs allow you to experience real-time interaction. REQUIREMENTS FOR ADMISSION: Our admissions process values the experience of working professionals. For most individuals with full-time, professional experience a standardized exam (GMAT/GRE) is not required for admission (based upon the evaluation of a combination of professional experience and undergraduate GPA). To apply online for graduate admission, visit online. ysu.edu/degrees/business/mba/. Admission requirements include an online application, application fee, a résumé, official transcripts and GMAT/GRE scores (waived for qualified applicants). ACCOLADES: Learn. Lead. Succeed. They’re not just words — they’re goals. We live by them and promise to help our students achieve them too. We prepare our students everyday to be business

professionals and leaders. We are committed to engaging our students in relevant programs that impact their professional development. The Williamson College of Business Administration at Youngstown State University is accredited by The Association to Advance Collegiate Schools of Business (AACSB International) — a hallmark of excellence that fewer than 5% of all business schools worldwide have earned.

PROGRAM HIGHLIGHTS Youngstown State University’s MBA program offers many advantages, including a convenient online format with six start dates per year and coursework that is designed to prepare students for leadership and upper management roles. The program features a dual specialization, as a Leadership Specialization is embedded into the curriculum of each program. GMAT/GRE waiver is available based on full-time professional experience.

Earn Your MBA 100% Online Gain a Professional Edge: Build on your leadership strengths to become a better decision maker, strategic thinker, and manager. Finish Faster Online: Graduate in as few as 12 months by taking advantage of 7-week courses and 6 start dates per year. Specialize Your Degree: Choose from 3 in-demand, 30-credit hour programs—General, Healthcare Management, or Marketing. GMAT Waiver: You may qualify to have GMAT scores waived based on professional work experience and undergraduate GPA.

The Williamson College of Business Administration at Youngstown State University is accredited by The Association to Advance Collegiate Schools of Business (AACSB International).

Request More Information

online.ysu.edu/degrees/business/mba

Master of Business Administration Online

P015_024_CL_20220523.indd 24

5/19/2022 1:36:18 PM


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CRAIN'S LIST | NORTHEAST OHIO PUBLIC COMPANIES Ranked by market value THIS YEAR

LAST YEAR

COMPANY

MARKET CAP (MILLIONS) 5-3-2022 1 1-YEAR CHANGE

NET INCOME (MILLIONS) FY 2021 1-YEAR CHANGE

REVENUE (MILLIONS) FY 2021 1-YEAR CHANGE

TYPE OF BUSINESS

TOP EXECUTIVE

1

1

THE SHERWIN-WILLIAMS CO./SHW 101 W. Prospect Ave., Cleveland 44115 216-566-2000/sherwin-williams.com

$69,572.6 -4.1%

$1,864.4 -8.2%

$19,944.6 8.6%

Manufacturer of paint, coatings and related products

John G. Morikis, chairman, CEO

2

2

PROGRESSIVE CORP./PGR 6300 Wilson Mills Road, Mayfield Village 44143 800-776-4737/progressive.com

$64,529.7 9.5%

$3,350.9 -41.3%

$47,676.5 11.8%

Insurance company

S. Tricia Griffith, president, CEO

3

3

EATON/ETN 1000 Eaton Blvd., Beachwood 44122 440-523-5000/eaton.com

$58,537.0 2.8%

$2,144.0 52.1%

$19,628.0 9.9%

Manufacturer of electrical, aerospace Craig Arnold, chairman, CEO and vehicle products

4

4

PARKER HANNIFIN CORP./PH 6035 Parkland Blvd., Mayfield Heights 44124 216-896-3000/parker.com

$35,082.1 -13.4%

$1,746.1 45.3%

$14,347.6 4.8%

Provider of motion and control technologies

Thomas L. Williams, chairman, CEO

5

5

TRANSDIGM GROUP INC./TDG 1301 E. 9th St., Suite 3000, Cleveland 44114 216-706-2960/transdigm.com

$33,437.0 -0.4%

$680.0 -2.7%

$4,798.0 -6%

Designer and producer of highly engineered aircraft components

Kevin M. Stein, president, CEO

6

7

FIRSTENERGY CORP./FE 76 S. Main St., Akron 44308 800-736-3402/firstenergycorp.com

$24,515.8 18.9%

$1,283.0 18.9%

$10,943.0 3.2%

Electric utility holding company

Steven E. Strah, president, CEO

7

8

STERIS/STE 5960 Heisley Road, Mentor 44060 440-354-2600/steris.com

$22,434.5 24.6%

$397.4 -2.5%

$3,107.5 2.5%

Infection prevention products and services provider

Daniel A. Carestio, president, CEO

8

6

KEYCORP/KEY 127 Public Square, Cleveland 44114 216-689-6300/key.com

$18,153.8 -14%

$2,625.0 95.5%

$7,683.0 35.6%

Banking and financial services company

Christopher M. Gorman, chairman, president, CEO

9

9

THE J.M. SMUCKER CO./SJM One Strawberry Lane, Orrville 44667 330-682-3000/jmsmucker.com

$14,634.3 3.1%

$876.3 12.4%

$8,002.7 2.6%

Packaged food, coffee and pet food manufacturer

Mark T. Smucker, president, CEO

10 12

CLEVELAND-CLIFFS INC./CLF 200 Public Square, Suite 3300, Cleveland 44114 216-694-5700/clevelandcliffs.com

$13,601.2 52.5%

$2,988.0 —

$20,444.0 281.8%

Flat-rolled steel producer

Lourenco Goncalves, chairman, president, CEO

11 10

NORDSON CORP./NDSN 28601 Clemens Road, Westlake 44145 440-892-1580/nordson.com

$12,605.0 2.6%

$454.4 82.1%

$2,362.2 11.4%

Industrial precision technology manufacturer

Sundaram Nagarajan, president, CEO

12 11

RPM INTERNATIONAL INC./RPM 2628 Pearl Road, Medina 44258 330-273-5090/rpminc.com

$10,882.8 -11.4%

$502.6 65.1%

$6,106.3 10.9%

Provider of specialty coatings, sealants and building materials

Frank C. Sullivan, chairman, CEO

13 13

LINCOLN ELECTRIC HOLDINGS/LECO 22801 St. Clair Ave., Euclid 44117 216-481-8100/lincolnelectric.com

$7,732.8 1.4%

$276.5 34.1%

$3,234.2 21.8%

Manufacturer of arc welding, cutting and robotic products

Christopher L. Mapes, chairman, president, CEO

14 14

SOTERA HEALTH CO./SHC 9100 South Hills Blvd., Suite 300, Broadview Heights 44147 440-262-1410/soterahealth.com

$5,811.9 -20.2%

$116.9 —

$931.5 13.9%

Health care sterilization services and lab testing provider

Michael B. Petras Jr., chairman, CEO

15 17

AVIENT CORP./AVNT 33587 Walker Road, Avon Lake 44012 440-930-1000/avient.com

$4,491.8 -3.1%

$230.8 75.4%

$4,818.8 48.6%

Provider of specialized and sustainable material solutions

Robert M. Patterson, chairman, president, CEO

16 15

THE TIMKEN CO./TKR 4500 Mount Pleasant St. N.W., North Canton 44720 234-262-3000/timken.com

$4,428.2 -30.5%

$369.1 29.7%

$4,132.9 17.6%

Manufacturer of engineered bearings Richard G. Kyle, president, CEO and power transmission products

17 16

TFS FINANCIAL CORP./TFSL 7007 Broadway Ave., Cleveland 44105 800-844-7333/thirdfederal.com

$4,091.6 -24.4%

$81.0 -2.8%

$295.9 1.2%

Banking and financial services company

Marc A. Stefanski, chairman, president, CEO

18 19

APPLIED INDUSTRIAL TECHNOLOGIES/AIT 1 Applied Plaza, Cleveland 44115 216-426-4000/applied.com

$4,026.0 2 8.6%

$144.8 502.1%

$3,235.9 -0.3%

Industrial distributor and technical solutions provider

Neil A. Schrimsher, president, CEO

19 18

THE GOODYEAR TIRE & RUBBER CO./GT 200 Innovation Way, Akron 44316 330-796-2121/goodyear.com

$3,736.1 -7.6%

$764.0 —

$17,478.0 41.9%

Tire manufacturer

Richard J. Kramer, chairman, president, CEO

20 21

SITE CENTERS CORP./SITC 3300 Enterprise Parkway, Beachwood 44122 216-755-5500/sitecenters.com

$3,310.0 6.3%

$124.9 249.8%

$582.3 26.2%

Real estate investment trust

David R. Lukes, president, CEO

21 22

CEDAR FAIR LP/FUN One Cedar Point Drive, Sandusky 44870 419-626-0830/cedarfair.com

$3,050.6 8.8%

($48.5) —

$1,338.2 637.1%

Operator of amusement and water parks

Richard A. Zimmerman, president, CEO

22 20

GRAFTECH INTERNATIONAL LTD./EAF 982 Keynote Circle, Brooklyn Heights 44131 216-676-2000/graftech.com

$2,390.5 -29.7%

$388.3 -10.6%

$1,345.8 9.9%

Manufacturer of graphite electrodes

David J. Rintoul, president, CEO 3

23 23

CBIZ INC./CBZ 6801 Brecksville Road, Door N, Independence 44131 216-447-9000/cbiz.com

$2,075.6 17.3%

$70.9 -9.5%

$1,104.9 14.6%

Financial, benefits and insurance services provider

Jerome P. Grisko Jr., president, CEO

24 26

MATERION CORP./MTRN 6070 Parkland Blvd., Mayfield Heights 44124 216-486-4200/materion.com

$1,739.3 20.4%

$72.5 368.7%

$1,510.6 28.4%

Advanced materials products and services provider

Jugal K. Vijayvargiya, president, CEO

25 25

RANPAK HOLDINGS CORP./PACK 7990 Auburn Road, Concord Township 44077 440-354-4445/ranpak.com

$1,276.4 -12.5%

($2.8) —

$383.9 28.7%

Manufacturer of protective packaging and end-of-line automation products

Omar M. Asali, chairman, CEO

Source: S&P Global Market Intelligence (spglobal.com/marketintelligence); additional research by Chuck Soder (csoder@crain.com) | Net income and revenue are unadjusted GAAP figures. Net income is income

attributable to ordinary shareholders. Bank revenue = net interest income – provision for credit losses + non-interest income. NOTES: 1. Market capitalization date is approximate in some cases. Annual change compares to April 30, 2021 data. 2. From the company. 3. Rintoul is scheduled to retire by the end of June 2022.

Get all 63 companies and historical data in Excel format. Become a Data Member: CrainsCleveland.com/data 26 | CRAIN’S CLEVELAND BUSINESS | MAY 23, 2022

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LIST ANALYSIS

Local public companies see stock prices fall after strong 2021 BY CHUCK SODER

Sure, 2021 was a great year for Northeast Ohio public companies — but 2022 isn’t 2021. The combined value, or market capitalization, of the companies on the full digital version of our Northeast Ohio Public Companies list fell by about 0.3% during the 12 months ending May 3. That’s a tiny drop, but it would be much bigger if it only included 2022. Stock indexes including the S&P 500 and the Russell 3000 ended 2021 in record territory and then immediately started heading south, as did many Northeast Ohio stocks. And they’ve continued in that direction in recent weeks, driven by worries about inflation, oil prices, potential interest rate hikes and lack-

luster retail sales. Companies on our list — which is built with data from S&P Global Market Intelligence — are ranked by the total value of all their stock, aka their market capitalization, on May 3. (The date is slightly different for a handful of small firms on the full digital list.) Between that date and about 4:30 p.m. last Thursday, May 19, they had lost another 4.6% of their combined value, judging by Google Finance data from 59 of the 63 companies on the full digital list. All but two companies in the top 25 saw a decline since May 3. But let’s put things in perspective: The S&P 500 and the Russell 3000 as of May 19 were still higher than they were through most of 2020. And earnings for local public companies were strong in 2021. Combined net income for companies on the list increased

60.3%, and combined revenue grew 23.2% over 2020, excluding a few smaller firms for whom we don’t have two years of consistent data. The Sherwin-Williams Co. took the No. 1 spot back from Progressive Corp. on last year’s list and held onto that spot despite a 4.1% drop in market cap over the 12-month period (which includes a few extra days as last year’s list was based on April 30 data). Progressive, on the other hand, gained 9% and is one of the two companies in the top 25 that didn’t lose market value between May 3 and May 19 (the other is RPM International Inc., No. 12 on the list). The biggest gainer in the top 20 was Cleveland-Cliffs Inc. at No. 10, which saw its market cap on the list rise 52% (not counting a subsequent 16.7% drop through May 19), thanks

in part to strong first-quarter results. The steelmaker also has touted the fact that it isn’t reliant on materials from Ukraine or Russia. Another steelmaker, TimkenSteel Corp., saw its value rise 66.3% during that same period. That moved TimkenSteel from No. 34 on last year’s list to No. 27 this year. It would have been at 26 if not for Arhaus Inc. making its debut on the list. The home furnishings retailer went public on the Nasdaq on Nov. 4, 2021. The full digital list includes a few other newcomers, including two special purpose acquisition companies: Pine Technology Acquisition Corp. of Aurora (No. 35) and Gardiner Healthcare Acquisitions Corp. of Shaker Heights (No. 45). But they may not remain local companies for long, as

so-called SPACs are formed for the purpose of merging with other companies, thereby helping the acquired company get listed on a stock exchange. For instance, another local SPAC, Zanite Acquisition Corp., fell off the list when it acquired an electric aircraft company called Eve UAM LLC on May 9. Zanite then changed its name to Eve Holding Inc. It’s now based in Florida. The Excel version of the list includes up to 10 years of annual market cap, net income and revenue data for many of the 63 companies on the full list. It’s available exclusively to Crain’s Data Members. To learn more, visit CrainsCleveland.com/ Data. Chuck Soder: csoder@crain.com, (216) 771-5374, @ChuckSoder

AKRON

Demolition set to clear land for development near Akron’s East End BY DAN SHINGLER

Most of them are small structures, though, said IRG vice president and Akron’s about to get some new senior portfolio manager Bob green space near downtown that Ovesny, with one huge building accould be the site of more residential counting for nearly all the complex’s space. development. “It’s six floors and 600,000 square Industrial Realty Group, the big Los Angeles development firm head- feet, so it’s a big one,” Ovesny said. The total cost of demolition is exed by Stuart Lichter — better known simply as IRG — plans to tear down a pected to be close to $10 million, he former Goodyear industrial complex said. But it will free up several acres in the process, he noted, which IRG is on River Street. The developer, which has already eying for future development. The ground initially will be green had success developing Goodyear’s former 400-acre campus and its 5 space attached to the adjacent East million square feet of space nearby End development, Lichter said. Spealong East Market Street, has decided cific plans have not been made, but, to demolish the building. It needs to eventually, IRG hopes to use it to exin order to protect the complex from pand the existing development. further vandalism and decay, Lichter “We’re talking now about another said. residential phase,” Lichter said. “We could potentially do “GIVEN THE CAMPUS SIZE, WE HAVE A townhouses. There’s a you could do, beLOT OF OPPORTUNITIES TO DO MORE lot cause the employment THERE, AND WE CERTAINLY WANT TO around there is pretty high. But our attention DEVELOP AS MUCH AS WE CAN.” hasn’t focused to it yet.” Lichter said he’s op— Bob Ovesny, IRG vice president and senior portfolio manager timistic for the property’s long-term pros“Originally, we had hopes of turn- pects because the existing East End ing it into mini-storage and some development has done well with apartments and stuff like that. But the 1.4 million square feet of space basically, we haven’t been able to IRG has already redeveloped on the keep the vandals out of the building,” south side of East Market Street. Lichter said. “So, we just went for a That includes East End’s 66 highend loft apartments it opened late grant to take the building down.” At the end of April, IRG was award- last year, another 105 apartments at ed a $6.42 million grant from the The Residences at East End, the Ohio Department of Development to Hilton Garden Inn, and 13,400 defray the costs of tearing down the square feet of retail space occupied former industrial structures, which by places like Starbucks, Eight Goodyear developed in 1915. The Three Brewery and the Marquis company used the facilities for the restaurant. The apartments are nearly all full, mixing of rubber compounds and other industrial operations before Lichter said, and East End general shutting them down in 2016 and va- manager Paul Harris said 98% of the Residences apartments are full and cating the property in 2018. There are nine buildings in the 70% of the lofts are already occupied complex, which are in poor condi- after coming online in November. “The apartments are doing great, tion and have been deemed unsafe, state officials said in awarding the the retail is doing great, and the hotel is doing unbelievable,” Lichter said. grant.

Industrial Realty Group plans to tear down a 600,000 square-foot building on River Street that was once part of Goodyear’s operations. The site will be green space initially, but the developer hopes to later use it for residential construction. | DAN SHINGLER/CRAIN’S CLEVELAND BUSINESS

“With the offices — we’re making some progress, but it’s a tough office environment.” The project initially signed big office tenants Babcock & Wilcox and accounting firm Ernst & Young, both of which moved into the development in 2019. But COVID has slowed office leasing, Lichter said. Nonetheless, East End has leased 252,000 square feet of office space to date, Harris reports. IRG might convert some of the project’s existing office space to residential or retail, but that hasn’t been decided yet, he said. As for demolishing the industrial complex, Ovesny said IRG is eager to get that done this year. “As soon as possible. We’re motivated to get this done. We had some theft issues related to copper in the building. We’ve mitigated those to pretty much nothing, but the sooner it comes down, the better,” he said. “I think it starts in the next 60 days, max.” Demolition will probably take a couple of months, he said. After that, the market and the continued suc-

cess of the existing East End development will determine what gets built on the site, and when. “Given the campus size, we have a lot of opportunities to do more there, and we certainly want to develop as much as we can,” Ovesny said. “We look forward to turning this into something great in the next couple of years.” The site would be ideal for more residential development, say city officials and real estate experts. “I was happy to hear that they’re thinking longer term about redevelopment. That building was a beast, and they’ve already done such a great job of renovating existing buildings there,” said Jason Segedy, Akron’s director of planning and urban development. “That one would have been difficult to reuse, though, so the demolition looks great from the city’s perspective.” Segedy said he’d especially like to see townhouses go into the site. “Townhomes would be great, because that’s a product that’s not really out there right now,” Segedy said. “I think that could be a really nice com-

plement to what they’ve already done.” Such a development would likely also help Akron’s adjacent Middlebury neighborhood, which the city has been working to support, Segedy said. Jerry Fiume, managing director at SVN | Summit Commercial Real Estate Advisors in Fairlawn, said he also thinks the River Street location would be ideal for more residential development. “That’s got residential development written all over it,” Fiume said. “That area is going through a transformation, and given that there’s residential neighborhoods to the west, I think that’s probably the best use for it.” In the meantime, Ovesny said, IRG will be busy at the site finishing its most recent loft apartments and thinking about how to develop some green space to complement its existing development, even if it is just a temporary feature, as the firm hopes. Dan Shingler: dshingler@crain.com, (216) 771-5290 MAY 23, 2022 | CRAIN’S CLEVELAND BUSINESS | 27

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REFORMS

From Page 1

City officials and nonprofit advocates say the moves were telegraphed for years, in the abatement study, a subsequent city housing plan and Bibb’s remarks during his 2021 mayoral campaign. They don’t disagree with the assertion that developers need a bigger toolbox, but abatement must be dealt with now. The current program sunsets June 4. Cleveland City Council expects to vote on the revised policy Monday, May 23, during the body’s last scheduled meeting before the sunset date. With that timetable, the outlines of the proposal aren’t likely to change, though some details still were in flux late last week. “There’s no ideal time to do this,” acknowledged Jeff Epstein, the administration’s chief of integrated development. “While the inflation and interest-rate environment is difficult, the level of inequity in our city has risen over the last several years. And we’re trying to balance all of those things in our policy.” Alyssa Hernandez, the city’s director of community development, said that abatement is an early element — and just one piece — of the administration’s approach to housing. “This is the beginning of a conversation,” she stressed. “This is not the end of a conversation.” But the pending legislation, and the tight timeline, has real estate professionals on edge. “This was a bad, bad first start,” said Doug Price, CEO of the K&D Group, a major owner and developer of apartments. “It really isn’t well thought-out. It’s not financially thought-out. It just politically sounds great.” Cutting incentives in hot parts of the city isn’t going to drive builders, or homebuyers, to other neighborhoods that aren’t experiencing a renaissance today, said Ted Theophylactos, one of the few real estate agents in Cleveland who specialize in new home sales. “Is it going to be completely devastating to new construction in the city? Probably not,” he said. “But is it going to have a big adverse effect on building? Absolutely.” Cleveland has offered property-tax abatement since the 1980s. The city’s current program, largely unchanged for the last decade, provides 15 years of tax breaks on new real estate value created by ground-up construction and certain renovation projects. Recipients only pay taxes on the unimproved value of the real estate — a vacant lot, in the case of a new house, or an empty downtown building, prior to an apartment makeover. To quality for abatement, projects must meet certain green-building standards. The program is controversial, particularly in neighborhoods where existing homeowners are struggling to maintain older properties or grappling with rising tax bills. In mid-2020, consultants working with the city suggested ways to tweak the incentives, with an eye on fairness. They found that abatements had become concentrated in just a few neighborhoods, including Detroit Shoreway, Ohio City, Tremont and University Circle. Most of the tax breaks were flowing to apartment projects, since construction of single-family homes still had not recovered from the 2006 housing bust. At the time, those consultants advised caution, noting the fragility of the market — and the disruptions of

New homes are rising in Cleveland’s Duck Island neighborhood, west of downtown. These three-bedroom houses are priced at $698,500 and include 15 years of 100% property-tax abatement. They are both under contract. | MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

Cleveland tax-abatement proposal A map shows the three groupings of Cleveland neighborhoods for purposes of the city’s tax-abatement program, under a reform proposal introduced this month. “Opportunity” areas would continue to offer 100% abatement for 15 years on new and renovated housing. “Middle market” and “market-rate” areas would offer reduced incentives.

SOURCE: CITY OF CLEVELAND

the pandemic. The Bibb administration’s proposal builds on that report. “Most of the sausage was made in the last two or three years,” City Council president Blaine Griffin said. “It just got put on ice because of COVID.” The legislation also draws on recommendations from nonprofit groups that have been studying the topic in Cleveland and examining best practices in other markets. “It’s pretty much unheard of to have 100% tax abatement, across the board, in a city,” said Tania Menesse, the president and CEO of Cleveland Neighborhood Progress and a former city community development director. The new plan takes a tiered approach and provides a one-year grace period before the changes take effect. Applicants who file initial paperwork for tax abatement and submit schematic drawings to the city by May 31, 2023, would qualify on today’s terms.

Starting June 1 of next year, the following rules would apply:  Affordable housing projects anywhere in the city will be eligible for 100% abatement for 15 years, the maximum benefit allowed under state law.  Renovations of one- to three-family homes also would receive 100% abatement in all neighborhoods. City council members added that provision during a committee hearing last week.  Multifamily renovation projects, with four or more units, will receive 100% abatement across most of the city. In the strongest markets, though, the level of abatement will fall to 85%.  New construction will be eligible for 100% abatement in the most challenged areas, including much of the East Side; 90% abatement in more stable places, such as West Park, pockets of North Collinwood and other neighborhoods at the city’s edges; and 85% abatement in the

strongest markets, with steady development pipelines.  Abatement for single-family homes will apply only to the first $350,000 in value. In the weakest parts of the city, though, that abatement cap will be $450,000. In parts of Hough, for example, a buyer of a $500,000 home would pay taxes on $50,000 of that house’s value, plus the value of the underlying land.  To receive abatement on market-rate, multifamily projects, developers must either reserve a certain number of units for lower-income tenants or pay a one-time fee that will go into a new city housing trust fund. Those units must be affordable for people earning 80% of median income, based on statistics for the Cleveland metropolitan area. That shakes out to $806 a month in rent for a one-bedroom apartment. A developer of a 100-unit apartment building downtown would have to include 25 lower-priced units — or pay a $20,000 per-unit fee, instead, for a to-

tal bill of $500,000. The terms of each deal would be outlined in a community benefits agreement.  The city could rescind abatement for owners who don’t pay their property-tax bills or who flout the building or zoning code. Under an amendment added by council members last week, the city also could revoke tax abatement for properties being used as short-term lodging. It’s unclear how that provision might be affected by a pending bill in the General Assembly that would bar cities from imposing limits on short-term rentals, which are marketed on platforms including Vrbo and Airbnb.  The legislation mentions an appeals process but does not provide any details. It also calls for tracking demographic information about owners and occupants of abated buildings; producing a follow-up report 18 months after the new rules kick in; and giving council a voice in how fees paid into the new housing trust fund are spent. Hernandez said the city plans to make dramatic improvements to its processes around tax abatement, with an online application and tracking system and more dedicated staff. During a four-hour council committee hearing on Tuesday, May 17, audience members urged the city, by turns, to be more aggressive; to soften the reforms; and to hold to the status quo. The range of opinions illustrated the challenges of setting a policy – and reinforced the fact that there are many problems, including rising property taxes, that tax abatement cannot solve. “It’s a set of really tough decisions that our mayor and our city council have in front of them,” said Emily Lundgard, a senior program director at Enterprise Community Partners, one of the groups advocating for policies to create and preserve more affordable housing. Bo Knez, the most active homebuilder in the city, said that adding layers of complexity to abatement will put a damper on construction and, ultimately, dent affordability. He lauded the intentions behind the legislation, including the push to spread investments more evenly across neighborhoods, but he criticized the execution. “If this does anything, I think it’s a windfall for the surrounding communities that I think will benefit from additional encumbrances within the city of Cleveland,” he said. The Downtown Cleveland Alliance, which represents property owners, has participated in years’ worth of talks about abatement with other nonprofits. President and CEO Michael Deemer is particularly concerned about how curbing abatement will impact for-sale prospects downtown, where condos and townhomes are only 5% of the housing supply. “We have a great city and a very desirable city, but it is a tough city to attract outside investment to for housing real estate and development,” he said. “We want to work with the administration to find tools and ways to make it easier to reduce friction in attracting investment.” Some of his constituents are more outspoken. “I would hope, in the future, things go smoother than this,” Price said of the process and the quality of communication between businesses and public officials. “Because we all want the same thing. We just want policies that are actually going to work.” Michelle Jarboe: michelle.jarboe@ crain.com, (216) 771-5437, @mjarboe

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CLINIC

INVESTMENT

From Page 1

From Page 8

“We haven’t made a major significant capital expansion of our research capability since about 2004, when we built the Lerner Research Institute buildings on the south side of Carnegie Avenue,” he said. “And we’re looking at adding 400,000 square feet of research bench space, laboratories, wet lab, dry lab, computational space. We’re very blessed to have money coming from the state, from both JobsOhio and our own purse to make this happen.” The Clinic is collaborating with community partners “to transform Cedar Avenue,” Peacock said. In the fall, in partnership with Brooks Automation, the Clinic opened a 22,000-square-foot BioRepository on the south side of Cedar Avenue between East 97th and East 110th streets. The health system also is collaborating with community partners on a $52.8 million mixed-use project now under construction that will bring a Meijer store and apartments to the corner of East 105th Street and Cedar Avenue. Across from the BioRepository, the Clinic is building two structures to expand its research capacity for the Clinic’s new Global Center for Pathogen Research & Human Health, which is part of the Cleveland Innovation District. The district, unveiled in 2021 as a $565 million project, is a collaboration among the Clinic, MetroHealth, University Hospitals, Case Western Reserve Peacock University and Cleveland State University. The initiative draws on $300 million from the Clinic, $110 million from JobsOhio and $155 million from the state. From JobsOhio, the Clinic will receive up to $45 million. The state money consists of a job-creation tax credit for the Clinic, Machado worth an estimated $55 million based on hiring and payroll over a seven-year period; and a $100 million forgivable loan for construction of research facilities as part of the pathogen center. For the combined estimated $200 million investment from JobsOhio and the state, the Clinic made a series of commitments, including creating 1,000 jobs in seven years. As part of its agreements with JobsOhio and the state, the Clinic committed to creating 8,500 jobs, including 1,000 direct positions and 7,500 indirect roles in everything from health care and research to support services. The system estimates the current capital projects it announced will add 2,100 direct jobs, 1,000 of which would be related to JobsOhio targets, while the remaining 1,100 is new staff for the Neurological and Cole Eye institutes and construction. The Clinic also anticipates adding a total of 7,500 indirect jobs. Most of the Clinic’s $1.3 billion capital spend for 2022 will be on its main campus. Of that, $82 million is related to the Innovation District. Philanthropy will help offset some of the costs. The capital spend includes $700 million in recapitalization (equipment & infrastructure), $200 million in IT systems and $400 million to support projects including the Neurological and Cole Eye Institutes, as well as regional projects like the construction of Mentor Hospital.

The recommended work is in response to what the meetings industry customer needs and demands when selecting host sites, and we haven’t revamped our space since 2013. These are necessary improvements to keep up with our regional competitors, like Columbus and Louisville, which consistently reinvest in their convention facilities and are currently pouring hundreds of millions in major expansions to compete with us.

A rendering shows the Cleveland Clinic’s main campus after demolition of the former Cleveland Play House complex and construction of new buildings. | CLEVELAND CLINIC

Other capital projects include renovations at Fairview Hospital, an expansion of the top floor of the bed tower of Cleveland Clinic Florida’s Weston Hospital and Cleveland Clinic London, which opened in March.

‘Unwavering commitment’ At 1 million square feet, the building for the Neurological Institute is more than double the initially announced footprint, and when complete, it will be the tallest building on campus, Peacock said. While the old plan was for an outpatient building, this one added inpatient services with more than 200 beds and a floor dedicated to operating and procedural rooms, said Dr. Andre Machado, chair of the Cleveland Clinic’s Neurological Institute. The facility, to be built between East 86th and East 90th streets, also will house imaging and surgical services, as well as research laboratories. The construction requires the demolition of the “P” building (a surgery center at the corner of East 90th Street and Carnegie Avenue), the attached “PP” parking garage, as well as the “PL” building, which is the former home of the Cleveland Play House. Once demolished, the area where the Play House complex now stands will serve as a construction staging area during the project. Long-term, the Clinic is considering future development at the location, “particularly as we expand our research capability,” Peacock said. Possible development could be a clinical or research facility or some sort of mixed-use project. “We’re very open right now, and we’re exploring all possibilities,” he said, noting the changes in the plans over the past three years for the Cole Eye expansion and Neurological building. “And just as in the space of time that passed between the last baseline you have in our discussion today ... I am sure that as we deliver these new facilities, other opportunities will emerge and give us greater clarity on how we’ll develop that western side of our campus.” In 2021, the Neurological Institute had about 261,000 outpatient encounters on the main campus, which is projected to be 277,000 by 2025, with a big spike to 341,600 encounters in 2026 when the building is expected to open. In addition to accommodating growth, the new building allows neurological services to be centralized in one spot rather than the five or six main campus locations they’re currently spread across. “I can give you a very long alphabet soup of Cleveland Clinic buildings where we practice,” Machado said.

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“And this is going to allow not only for the consolidation, but also growth and a very significant improvement in the technology that we can use to provide care, and in the experience of the patient.” A $10 million donation from the Charles L. Shor Foundation has supported design and planning of the building, for which construction is slated to begin this year. For the Cole Eye Institute project, the Clinic held a ceremonial groundbreaking on Friday, May 20, and the project is expected to begin later this summer with an expected completion at the end of 2025. The 150,000-squarefoot expansion also is larger than the previously announced version and aims to meet a growing demand. The $177 million project includes renovating the existing 130,000-square-foot Cole Eye Institute building. On Euclid Avenue between East 100th and East 105th streets, the expansion will add operating rooms and procedure rooms and enhance research and education. In total, the Clinic has raised $125 million to support the expansion, including raising funds for capital expenses and expanding patient care, research and education, according to a news release from the Clinic, which noted a lead gift of $31.5 million from Jeffrey A. Cole and his wife, Patricia O’Brien Cole, made the expansion possible. Dr. Tom Mihaljevic, president and CEO of the Clinic, has had an “unwavering commitment” to continuing the capital projects, Machado said. “He made it clear that we had to pause just because of this worldwide disaster that was the COVID pandemic,” he said. “But even through the thick of the pandemic, his commitment never wavered. It was just postponed for need.” Allan Baumgarten, a Minnesota-based health care consultant who studies the Ohio market, among others, said health systems generally took one of three approaches to capital investments during the pandemic: accelerate capital projects in case they need the capacity during the pandemic, continue as planned if projects were already funded and designed, or temporarily put those capital investments on hold. At this point, those that paused them are picking them back up. Once the new Neurological Institute building opens in a few years, Machado is excited about what will be discovered inside of it. “The idea is to provide outstanding neurological care today, when we open the doors, right?” he said. “And have under that building, working there, the minds that will come together to develop the neurological care of tomorrow. There are many neurological disorders that are untreatable, and certainly incurable. What excites me is the opportunity to change that.”

ness and more visitors. Additionally, the project is about financial viability of the entire convention center complex. CS&L’s study of the HCCC space determined that the annual spend by meeting attendees (people from outside the region) will likely increase by 23%, or $21 million, compared to our pre-pandemic threeyear average. Conversely, if nothing is done to expand the convention center complex, Cuyahoga County stands to lose 9% in annual convention spending, or $7.8 million a year, compared to the three-year average. The ROI that this project

AS THE WORLD IS RETURNING TO IN-PERSON FORMATS, LET’S DO WHAT IT TAKES TO BRING MORE CONVENTIONS, MEETINGS AND VISITORS TO EXPERIENCE THE CITY WE LOVE. According to a feasibility study, the conversion of the existing vacant space and expansion on level 1 of the Global Center building will create 490 hospitality jobs, an additional $18.4 million in wages and more than $3 million in tax revenue annually. Bringing our facilities in line with current industry expectations will result in an increase in convention busiCRAIN’S CLEVELAND BUSINESS

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offers will help the county afford to build and operate other projects that don’t have a growth component but are necessary elements of county government’s responsibility. Let’s do this. As the world is returning to in-person formats, let’s do what it takes to bring more conventions, meetings and visitors to experience the city we love. S E P T E M B E R 3 - 9 , 2 018

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PA G E 2 9

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PEOPLE ON THE MOVE

Advertising Section To place your listing, visit www.crainscleveland.com/people-on-the-move or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

ADVERTISING / MARKETING

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MANUFACTURING

Fahlgren Mortine

Tober Building Company

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LJ Star

Fahlgren Mortine is pleased to welcome Hallie Fisher as senior vice president and managing director of its Cleveland office. Hallie has history with Fahlgren Mortine, having served as an account supervisor earlier in her career and playing a memorable part in igniting the agency’s growth trajectory. As managing director, Hallie will maintain responsibility for client relationship management, business development and associate engagement for many of northeast Ohio’s most impactful organizations.

Chris Kowalczyk joined Tober Building Company in 2022 and serves as Project Executive. He has 14 years experience successfully managing Kowalczyk more than $630M of work. Project roles are typically from design to closeout. Chris consistently completes projects on time, under budget, and recently garnered an award for developing a visual purchasing process that significantly reduces Lott scope gaps and contingency expenditures. Larry Lott joined P & G Electric in 2022 and serves as Project Manager. He is a journeyman electrician and has over 40 years’ experience in the construction industry. His experience includes ground up residential, multifamily and commercial projects with intensive hands-on project management. His passion is historic building preservation.

The PNC Financial Services Group, Inc.

The firm is pleased to announce that Kathleen Major has joined as director of business development and marketing. Based in the firm’s Cleveland office, she will also lead initiatives across the firm’s offices in the Chicago, Columbus, Naples, Fort Myers, and San Diego regions. She brings 16 years of legal industry experience gained from prior roles at two Cleveland law firms, as well as experience gained from prior marketing roles in financial services, technology, and management consulting corporations.

LJ Star, a global supplier of process observation equipment based in Twinsburg, has added Michael Schilling as the company’s Chief Financial Officer, a new position for the company. Schilling will oversee financial performance, corporate/ business development, and M&A strategy. He has more than 30 years of experience in finance, sales and marketing and corporate growth strategies and holds degrees from Ohio Wesleyan and George Washington University.

CONSTRUCTION

Tober Building Company Jeff Hutchison joined Tober Building Company in 2022 and serves as Director of Construction. He has managed more than $1B of work in his 27-year career, including the $350M Cleveland Museum of Art, Kent State College of Architecture and Environmental Design, Recreation, higher education (K-12), and public projects. He serves many roles from field operation/project executive to estimating and is responsible for project success from design phase, through construction, to post closeout client relationship.

Brian Williams has been named Community Development Banking market manager for PNC Bank in Northern and Central Ohio. In his role, Brian manages a team to improve the quality of life for low- and moderate-income families and individuals. PNC’s Community Development Banking strives to enable economic empowerment through lending, strategic investments, project financing and Community Reinvestment Act services. Brian joined PNC in 2009 and has more than 25 years’ financial services experience.

REAL ESTATE INSURANCE

First American Title National Commercial Services First American Title National Commercial Services of Cleveland is pleased to announce that Ben Brasee has joined our Cleveland team as commercial escrow manager. Ben is a northeast Ohio native with more than 10 years of experience in national real estate services, including escrow and title insurance, VIP account management and investment operations. He holds a Bachelor of Science in business and accounting, an MBA and is a licensed title insurance agent. Join us in welcoming Ben to our team.

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Porter Wright Morris & Arthur, LLP

Albrecht Incorporated is pleased to announce Sam Schulze has joined the Company as a Marketing and Leasing Associate. Sam completed an internship with the Company and recently graduated from Malone University with a bachelor’s in marketing. Sam is responsible for the Company’s digital and print marketing strategies, and assists with the Company’s leasing efforts. Sam is a welcome addition to the Albrecht Incorporated team.

Chad Mowery has joined Porter Wright’s Cleveland office as a partner and brings over 20 years of experience in the areas of product liability, cybersecurity and data privacy, and e-discovery. He has broad experience representing manufacturers in litigation focused on product liability and mass tort matters on both the local and national level. Chad also provides extensive counsel in cybersecurity and data privacy. He attended University of Notre Dame and Georgetown University Law Center.

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30 | CRAIN’S CLEVELAND BUSINESS | MAY 23, 2022

Equitable Advisors is excited to announce the addition of Cosmoronde Danielly as a Financial Advisor to the downtown Cleveland team. Cosmo has over 15 years of experience providing solutions & strategies to clients. He has established himself as a Mover & Shaker in the community and an advisor who provides guidance, education, holistic planning, & strategic solutions to clients. He earned his MBA from Case Western Reserve University and is a member of the NAACP and Friends of Breakthrough board.

Gallagher Sharp is pleased to announce the addition of Associate Sean D. Drake, Esq. As a member of the firm’s General Litigation and Transportation Practice Groups, he defends insurance carriers and their insureds in personal injury, property damage, and wrongful death claims. He also represents members of the trucking and maritime industries in commercial transportation accidents. Sean is a U.S. Army and Army National Guard veteran. He received his law degree from Loyola Law School Los Angeles.

S H A R E YO U R C O M PA N Y ’ S J O U R N E Y

LAW

Taft Galen Schuerlein has joined Taft Advisors as director of public affairs in Cleveland. She is also of counsel with Taft’s Public Affairs Strategies Group. Galen has been involved in the political process for decades and understands issues unique to entities affected by local, state, and federal government policies. She focuses on providing comprehensive strategic solutions for public, private, and nonprofit clients at the state and local level.

For more information, contact Debora Stein at dstein@crain.com or submit directly to CRAINSCLEVELAND.COM/COTM


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PRIVATE SCHOOL PLANNER YOUR GUIDE TO NORTHEAST OHIO SCHOOLS

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Crain’s Content Studio-Cleveland will publish a Private School Planner exploring the array of private education options in Northeast Ohio, from K-12 to planning for college and beyond. The Private School Planner special supplement is distributed with the Aug. 22 issue of Crain’s Cleveland Business.

CRAIN’SCONTENTSTUDIO CLEVELAND

Contact Conner Howard at conner.howard@crain.com to learn more about this paid opportunity.

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