Crain's Cleveland Business by Crain's Cleveland Business

AKRON: From crafts to coffee, it’s still all in the family for the Alberty brothers. PAGE 17

REAL ESTATE Agents weathered the pandemic with distinction. PAGE 10

COSTAR

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

CRAINSCLEVELAND.COM I SEPTEMBER 27, 2021

The owners of the Kimpton Schofield Hotel, from left, the operator of the Hilton Cleveland Downtown hotel and the owner of Great Northern Mall in North Olmsted are asking for a reduction in their property’s value.

QUEST FOR LOWER VALUES, TAXES

Commercial property owners cite pandemic in asking for relief during special filing window

BY MICHELLE JARBOE Commercial property owners in Cuyahoga County say the pandemic dealt them a $581 million blow — and they’re seeking tax relief based

on lower real estate values. During a special filing window that closed early this month, the Cuyahoga County Board of Revision received almost 200 complaints on properties hard-hit by the coronavirus crisis and government health orders. Most of the value-reduction requests came from owners and operators of hotels, parking facilities, shopping centers and nursing homes. PAGE 20

Distillers can't keep up with thirst for top-shelf bourbon BY DAN SHINGLER

A Bib & Tucker 12-year-old single-barrel bourbon bottled exclusively for Ohio. | DAN SHINGLER /CRAIN’S CLEVELAND BUSINESS

It’s 8 a.m. on a recent Saturday and customers are lining up inside the Giant Eagle store in Solon, among other places, hoping to purchase rare and coveted liquid gold. The grocery store is open, but the crowd of 20 or so, mostly men in jeans, shorts and T-shirts, is waiting

NEWSPAPER

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for a specific department to open — the liquor department. Saturday, you see, is when the store puts out its latest shipment of bourbon at 9 a.m., and if you snooze, you lose, and don’t get the booze. Or at least, you’re not likely to get the very best stuff. “This isn’t so bad,” remarked one customer who said that day’s line

THE

was relatively short. He, like others in line, didn’t want to give his name. Sometimes, the line and the wait are much longer. Ohio, you see, has a big thirst for American whiskey — in fact, the biggest. In fiscal 2021, which ended June 30, Ohioans purchased $376 million worth of the stuff. Michigan was in second place,

LAND SCAPE

with sales of $349 million, the state reports. “Once when I was here, the line went down the aisle and wrapped around through part of the store,” said the lone woman in line on that mid-September day. “They had Blanton’s.” See BOURBON on Page 19

A CRAIN’S CLEVELAND PODCAST

9/24/2021 2:08:23 PM

EDUCATION

Cleveland State and Cuyahoga Community College are now collaborating on the “Future Vikings” program to make the transfer process more streamlined for their students. | CLEVELAND STATE UNIVERSITY PHOTOS

CSU, Tri-C team up for 'Future Vikings' program BY AMY MORONA

Ohio’s colleges have long been keeping tabs on the state’s shifting demographics as the number of graduating high school seniors in the state is projected to continue to drop. The pandemic amplified enrollment worries, too, as numbers fell at colleges here in Northeast Ohio and across the country last fall. Community colleges were among those hit the hardest. There has been a growing emphasis on transfer students. College presidents are talking about expanding pipelines. Fourteen of the state’s private universities and two-year public colleges announced a new pathways partnership this summer. The “Ohio Transfer 36,” introduced in May, is a rebrand of an initiative that allows general education classes to easily transfer between colleges. “There was a wide acknowledgment that, particularly for institutions that were very dependent on traditional first-time freshmen, there was going to be a need to look beyond,” said Jonathan Wehner, vice president and dean of admissions, enrollment management and student success at Cleveland State University. Cleveland State and Cuyahoga Community College are now collaborating on the “Future Vikings” program to make the transfer process more streamlined for their students. National data show that out of 100 people who begin at a community college, roughly a third will move to a four-year institution, but only 14 will eventually earn a bachelor’s degree. This partnership between two of Cleveland’s biggest educational institutions comes as the state eyes an ambitious goal of having 65% of its residents hold a degree or other credential by 2025. “There is a shortage of adults in

Northeast Ohio with college degrees and the skills needed for current and future jobs,” Angela Johnson, Tri-C’s vice president of access and completion, said in a recent release. “Increasing the number of college graduates is critical to the economic vitality of our region and the state.” Community college students looking to work toward a bachelor’s degree can face barriers, according to Melissa Swafford, manager of Tri-C’s transfer center. There can be confusion over which degrees actually transfer from one institution to another. They might not be able to envision themselves at a four-year college. Credits might not fully transfer, or they may have an outstanding unpaid balance with an

institution that results in a transcript being withheld. It can be a lot to navigate, especially as students at two-year publics often have a lot going on outside the classroom. The majority of students are women and/or people of color attending part time. A third are the first in their families to attend college, and 20% have a disability. “Students don’t necessarily understand what they don’t understand, especially if they’re first-generation,” Swafford said. Officials said the schools have a long history of working together. The largest number of transfers out of Tri-C are students moving to CSU, due in part to the campus being easily accessible for students who use

public transportation. The current push is more of a framework, not an entirely new effort. It brings all of the related, existing efforts under one umbrella. That includes Degree Link — an initiative that allows students to take up to three classes at CSU as they study at Tri-C before eventually enrolling at CSU once various requirements are met — as well as the Mandel Scholars program. “What we realized is we have all these great pathways, programs and partnerships with CSU,” said Swafford. “For students, it’s sometimes hard to figure out where they should go.” It’s also set to put more emphasis on five specific degree pathways be-

tween the institutions. The list includes associate’s degrees that will directly align to earn bachelor’s degrees in the fields of accounting, business, nursing, computer science and health management. Those particular offerings are “areas of strength” at Cleveland State, the university’s Wehner said, and are also projected to be linked to some of the region’s most in-demand positions. “We really wanted to look at a set of programs that we felt like was going to create a pipeline to successful jobs,” he said. A new aspect of Future Vikings is the push to identify Tri-C students who may be interested in participating early on in their academic careers. The goal is to then provide additional programming, such as connecting them with CSU departments or offering targeted advising, to help them stay engaged and on the right track. “You tell us you want to go to CSU, we will figure out what the best program is for you based on your program of study, your circumstances,” said Tri-C’s Swafford. “And then you’re a Future Viking. We know you want to go to CSU, CSU knows you want to go to CSU, and we’ll help you navigate whatever pathway or partnership that we’ve established.” The institutions received a $26,000 two-year grant as part of a national initiative aiming to boost transfer rates for students of color, along with adult and first-generation populations. There’s also additional support, like a monthly call with a coach and more in-depth tracking efforts. The goal is to identify cohorts of 100 net students to transfer in the first year of the grant and then double that amount in year two. Amy Morona: amy.morona@crain. com, (216) 771-5229, @AmyMorona

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HEALTH CARE

Cleveland Clinic, Aetna reflect on one year of commercial employer plan BY LYDIA COUTRÉ

The co-branded insurance plan for employers that Cleveland Clinic and Aetna, a CVS Health Company (NYSE: CVS), launched together last year proved to be a tricky sell amid other challenges businesses were grappling with, but the appetite for value-based arrangements has only grown. Employers had limited desire or ability to make moves like changing their benefits package and instead opted for a wait-and-see approach as they rode out the pandemic last fall. “I’ve got neighbors and friends who are small business owners, and they were literally trying to figure out how to survive last year,” said Wes Wolfe, executive director of market and network services at Cleveland Clinic. “So while we thought we would have a certain amount of market awareness and shopping going on pre-pandemic, I think a lot of that just ended up overshadowed.” The Aetna Whole Health – Cleveland Clinic co-branded commercial plan aims to reduce health care costs for participating employers and expand Aetna members’ access to Clinic providers. Additionally, the two organizations also expanded their relationship nationwide, formed an Accountable Care Orga-

nization (ACO) model and deployed Cleveland Clinic’s Cardiac Center of Excellence program to Aetna plan sponsors. Angie Meoli, senior vice president of national network and provider experience at Aetna CVS, said employers who were able to engage responded with praise for the potential promise of the co-branded insurance offering but wanted to let things settle last year before considering changes to their benefit packages. Though the partners aren’t where they expected to be when they first began working together in 2019, Meoli said she couldn’t be more pleased with how the teams have worked together to figure out how to improve the product and make sure there is true value being delivered to the marketplace. Wolfe agreed. “I don’t think any of us had experience in launching a new product during a global pandemic, and the volume wasn’t where we thought it would be when we did projections before we knew anything about COVID,” he said. “There’s been a lot of open and honest dialogue and an opportunity to learn from one another.” The Aetna Whole Health – Cleveland Clinic offering filled a previous gap in the Clinic’s suite of insurance offerings. The health system began offering individual health plans in

2017 through a collaboration with New York City-based Oscar Health. The Cleveland Clinic + Oscar product marked the Clinic’s first entry into the insurance market with a product bearing its name. Shortly after, it announced another partnership with Humana Inc. to offer Medicare Advantage plans. These products allowed Clinic co-branded products to serve the individual and senior markets, and as of last year, the Aetna venture put the Clinic into the employer group space as well. The Clinic’s insurance partners ultimately determine releasing enrollment figures of the system’s co-branded plans, according to a Clinic spokeswoman, who said that Oscar and Humana both declined to share the latest figures. Aetna also declined to give enrollment figures. “It’s too early to share figures given it’s only been a year since we formed the ACO, but we look forward to great learnings as our joint offering continues to grow,” Meoli wrote in an emailed statement. In an interview, Meoli said that given the circumstances, she feels the partners have made “really great progress” on uptake and how they are thinking about marketing in the current environment. Partnerships between payers and providers offering insurance plans has been an area of “significant ac-

tivity” in the past five to 10 years, said Allan Baumgarten, a Minnesota-based health care consultant who studies the Ohio market. A lackluster start to such a joint venture is not surprising to him, he said. Often times, the early growth comes from transitioning legacy members within an insurer over to the new joint venture plan, as well as adding in the employees of the provider. Though these may initially jump start such a partnership, they don’t do much to prove a plan’s ability to compete, he said. The real test is the ability to “demonstrate the value of your special relationship with this provider system,” Baumgarten said. Plus, COVID demanded a lot of attention and resources, financial and otherwise, of health systems and payers throughout this year and last. When the pandemic hit, everyone was experiencing things they’ve never had to do before, which was a potential opportunity to examine value in health care, Meoli said. “Hospitals and providers were restructuring facilities, emergency rooms, elective procedures were being rescheduled or eliminated all together because there was just an immediate, urgent need to re-orient the care to either isolate COVID patients or to protect each other if you will,” she said.

That, along with other changes like the explosion of virtual care, highlighted for both providers and payers the importance of value-based arrangements and innovative structures going forward. Providers reliant on a traditional fee-for-service payment model struggled, while those in value-based care arrangements (in which they are paid based on patient outcomes and other metrics) saw that cash flow continue, Meoli said. This, she believes, may have prompted some realizations among providers who hadn’t previously thought about non-traditional payment models to consider value-based arrangements. Though the type of partnerships and value-based arrangements the Clinic has formed with Aetna won’t make sense for every size or type of provider, Wolfe said he hopes that others see different arrangements working and more examples of payers willing to come to the table. “And so we’re able to sit down at the table with one another and say, ‘OK, here’s what’s going on in an unprecedented event, at least for our lifetimes, and how do we react to that? How do we flex to that?,” he said. Lydia Coutré: lcoutre@crain.com, (216) 771-5479, @LydiaCoutre

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SEPTEMBER 27, 2021 | CRAIN’S CLEVELAND BUSINESS | 3

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REAL ESTATE

Emerald Built Environments sees growth opportunities in sustainability

THE IDEAL TRACK FOR YOUR COMMERCIAL

BY RACHEL ABBEY MCCAFFERTY

REAL ESTATE INVESTMENT

Emerald Built Environments wants to help companies make sure their buildings are helping them work toward a sustainable future. The Cleveland-based consulting company has been growing in recent years, expanding its reach beyond Northeast Ohio and helping more and more companies with their green goals. Managing member Laura Steinbrink said the company’s sales grew by 52% in 2020, and revenue grew by 40%. She said Emerald Built was above $1 million in revenue but didn’t share specifics. And she has big goals for the future. One of the “major trends” Steinbrink said she has been seeing, particularly among her corporate clients, is a focus on carbon neutrality. Many of these goals have been tied to the year 2030, a milestone year for many countries and companies as they work toward significant carbon emission reduction by 2050. To that end, Emerald Built has its own 2030 goal. Steinbrink said the company wants to have improved 2,030 environments — buildings and spaces, not projects — by that time. The company has so far started or completed more than 435 projects. And as it works toward its 2030 goal, it’s spent 2021 running a “365 days of sustainability” campaign on its social media feeds, Steinbrink said, highlighting a different project every day. Emerald Built Environments has eight full-time-equivalent employees, two of whom it added this year. The company also will soon complete its move from Bedford to Cleveland’s MidTown neighborhood, closer to many of its clients, Steinbrink said. Steinbrink, who has a background in entrepreneurship, most notably as the founding executive director of Cleveland Bridge Builders, had been working in community relations for University Hospitals when she first learned about sustainability consulting. She saw a need for that kind of work in the Northeast Ohio market, so in 2008, she left the hospital sys-

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tem to form her own company, then known as Humanity’s Loom. Much of the company’s first decade was focused on building awareness, Steinbrink said. There were some big wins, like helping Big River Steel in Arkansas achieve LEED certification, and steady growth. Sustainability has been taking a bigger role in real estate and construction in recent years, which made for plenty of opportunities for Emerald Built, Steinbrink said. For example, the state of Ohio required K-12 schools being built to achieve LEED certification. And the city of Cleveland offered tax abatements to residential projects complying with its Green Building Standards. Both of those efforts led to a lot of local opportunities for the company. Then, in 2017, Emerald Built took a big step toward future growth by bringing in an energy modeling and commissioning firm, expanding the services it was able to offer. Principal Matt Setzekorn folded his firm, Brandywine Consulting, into what was then known as HLMS Sustainability Solutions, bringing energy services like modeling and testing to the firm. “Those pieces are critical pieces of a puzzle for a major renovation (or) new construction achieving sustainability performance goals,” Steinbrink said. The company also took on the Emerald Built Environments name at that time. Emerald is another word for green, but it also evokes Northeast Ohio’s Emerald Necklace, Steinbrink said. Today, the firm helps companies set their sustainability goals for construction and renovation projects and to serve as a strategy partner to meet those goals, offering services like energy audits. “We can put those pieces and parts together to help them achieve their goals,” Steinbrink said. One of its clients is Illinois-based Harbor Bay Real Estate Advisors, which is redeveloping property near the West Side Market using mass timber instead of more traditional steel and concrete. Steve Willobee,

vice president of government and public relations, said this is Harbor Bay’s first mass timber project. They knew it aesthetically looked the way they wanted it to, and it had environmental benefits. “So as we began to go down this path of looking at what the building is beyond its beauty, we knew that we really needed to dive into the sustainable aspects of it,” Willobee said. That’s where Emerald Built Environments came in. Harbor Bay is seeking LEED Gold, Willobee said, and having the help has been “crucial.” Another client was Medina County-based Westfield Insurance. Emerald helped Westfield analyze its current business, facilities and sustainability efforts and look at industry trends, creating a strategy for the future, said Westfield corporate real estate operations leader Alan Hazzard. Hazzard said he was looking to create a “sustainability roadmap” for the insurance company, and Emerald had both the technical and business expertise he needed. And the small, woman-owned company was the right fit culturally, as Westfield tries to support diverse businesses and small ones in all ways, he said. The strategy work between Emerald and Westfield was completed shortly before COVID-19, so the company hasn’t been able to implement as much as it originally planned, Hazzard said. But the plan that had been delivered was what Westfield had been looking for. It included a mix of “low-hanging fruit,” like better energy management, he said, and larger initiatives that will require engagement with leadership that the pandemic complicated. Westfield views part of its work as “stewardship,” Hazzard said. That typically applies to protecting the assets of its clients, but it also extends to the larger world, he said. And the insurance industry is acutely aware of the impact of climate change, as it deals with natural events like fires and floods. Rachel Abbey McCafferty: (216) 7715379, rmccafferty@crain.com

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REAL ESTATE

The Sears logo is gone now, and so is the last affiliation with the giant and long-troubled retailer.The new owner, a family-owned group led by Tony George, plans to redevelop the sites. Specifics will come later. | STAN BULLARD/CRAIN’S CLEVELAND BUSINESS 2020 FILE PHOTO

Sears store at Great Northern finally has changed hands BY STAN BULLARD

The “what’s next” for the closed Sears store at the east end of Great Northern Mall in North Olmsted remains an open question. But the “who’s next” is answered as George Group-Great Northern Ltd., which restaurateur and developer Tony George describes as a family investment group, recently paid $7.75 million for the two-floor store which sits on 16 acres at the east end of the enclosed mall. It’s visible from the nearby I-480-Columbia Road interchange. Nearby are multiple commercial uses, including mid-rise apartment towers, office buildings, hotels and multiple shopping plazas. “This is a once-in-a-lifetime opportunity,” George said in an interview. “It’s not every day you get a chance to buy on what’s one of the busiest corners of the western suburbs.” George said he’s just beginning to assess the property and determine how to proceed.

the property with the city officials in North Olmsted “or anyone else” because he wanted to get it in his possession first. North Olmsted Mayor Kevin Kennedy said in an interview, “We’re excited it has sold and did not sell at a fire-sale price. We are glad there is substantial interest in the property among multiple potential buyers, which we know to be the case.” The former Sears site is zoned for general business by the suburb, which means, the mayor said, that all types of retail, as well as hospitality, entertainment, offices and services, could locate there. “Per the city’s master plan,” Kennedy said, “a Meijer, for example, could go in, but we would like it to be combined with other uses, such as residential. Ideally, we’d like to see a mixed-use project with retail on the lower floor and office or residential uses above.” George was uniquely positioned to buy the store and surrounding land. He had a right of first refusal

“THIS IS A ONCE-IN-A-LIFETIME OPPORTUNITY. IT’S NOT EVERY DAY YOU GET A CHANCE TO BUY ON WHAT’S ONE OF THE BUSIEST CORNERS OF THE WESTERN SUBURBS.” — Tony George, restaurateur and developer

“We’re trying to get our arms around it,” he said. “We just closed.” The purchase closed Sept. 9, according to Cuyahoga County land records. The seller, TF North Olmsted OH LLC, is associated with financier and Sears chairman Eddie Lampert and based in Hoffman Estates, Illinois. George said he’s not decided whether to repurpose the store or demolish it. He also didn’t discuss

for the Sears store because he owns the Harry Buffalo restaurant and sports bar, a chain he originated, on the northeastern corner of the mall. Originally the restaurant building was built and later closed and sold by Bennigan’s Grill & Tavern under a ground lease with Sears. The freestanding restaurant went in years after Sears and the mall opened in 1976. “The Harry Buffalo was owned

by Sears, the land, they sold it,” George said. “I had a first right of refusal. I exercised it because I didn’t want nobody being my landlord. “Sears was a good landlord, but I didn’t want to take a chance on getting somebody else. So I bought it to preserve the corner for Harry Buffalo, which is our restaurant, and then we’re going to completely renovate that. And we’ll develop the rest of it.” George said the project is not the largest he has undertaken. Chris Seelig, a senior vice president at the Cleveland office of Colliers real estate brokerage, called the property “great real estate.” And he should know. He represented two groups he declined to identify that made unsuccessful efforts to buy it. “Take the mall out of the picture,” Seelig said. “The mall really isn’t relative to it. It’s the best strip of land in North Olmsted.” The only constraints on what’s next, he said, are probably physical or perhaps legal. “If the ring road for the mall could be removed, that would add significantly to the value of the property,” Seelig said. “But that may not be possible, depending on what agreements are in place with respect to the city and the mall.” Although the Sears closed just last year, the property has been marketed for several years and by at least two different brokers before it finally changed hands to an unrelated party. The Sears site carries a market value of $5.6 million, according to Cuyahoga County property records. Stan Bullard: sbullard@crain.com, (216) 771-5228, @CrainRltywriter

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GOVERNMENT

Northeast Ohio lawmakers propose comprehensive clean-energy bill BY KIM PALMER

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State Rep. Casey Weinstein of Hudson and a fellow Democrat, Rep. Stephanie Howse of Cleveland, spent more than a year working on the Ohio Energy Jobs and Justice Act before unveiling the bill at a Great Lakes Science Center news conference last week. The two legislators, along with supporters from the Ohio Environmental Council Action Fund, Black Environmental Leaders and other organizations, spoke Tuesday, Sept. 21, about the need for, as Weinstein put it, “a comprehensive energy policy rooted in equity, economic development, and accountability.” “Ohio deserves an actual 21st century energy policy,” said Weinstein, who serves as ranking member of the Energy and Natural Resources Committee. Weinstein believes Ohio is at “an inflection point” and that after decades of state energy legislation and policy that has favored bailing out large utilities and propping up fossil fuels, there needs to be a plan that levels the playing field for renewable energy; invests in workforce development to staff the growing industry; and reforms the state utility regulatory system to add transparency and accountability. The proposal, Ohio House Bill 429, outlines plans for modernizing the state’s electrical grid; sets a goal of a 50% reduction in greenhouse-gas emissions from electricity by 2030, increasing to 100% by 2050; and targets a 22% energy waste reduction goal in less than 10 years. It also addresses incremental legislative measures over the last few years that Weinstein and other critics deem regressive, including the 2014 increase in property line setbacks for wind farms and metering restrictions on community solar programs that would otherwise help minimize installation costs for homeowners. To improve transparency and accountability, the bill creates an Office of Energy Justice, which, among other functions, would provide more industry oversight and expand state regulatory authority to include strong audit and investigative powers. The move is a direct response to Ohio Bray House Bill 6, the 2019 utility bailout legislation that also minimized the state’s clean energy standards and is the focus of an ongoing federal corruption investigation. “Ohio is still reeling from the corruption behind HB 6, and taxpayers are still paying the price,” Weinstein said. Rather than providing a piecemeal approach to repealing elements of HB 6, Weinstein’s bill broadly addresses refunding consumers, reinstates renewable subsidies and establishes tougher standards for increasing utility fees for consumers. “These are transparency and regulatory and pro-consumer re-

Rep. Casey Weinstein, top, and fellow Democrat Rep. Stephanie Howse, above, spent more than a year working on the Ohio Energy Jobs and Justice Act before unveiling the bill at a Great Lakes Science Center press conference last week. | CONTRIBUTED PHOTOS

forms,” Weinstein said. “This is a people-focused policy, so, for example, if utility charges are found to be essentially predatory, they can be immediately refunded to consumers.” In addition to utility oversight, the director of the energy justice office would be responsible for directing resources to the state’s clean-energy work training and entrepreneurial programs. Clean-energy jobs provide higher wages, along with a lower barrier to entry for workers of color who have been underrepresented in the energy industry and for those workers displaced by a move away from fossil fuels, said SeMia Bray, a co-facilitator at Black Environmental Leaders Association, an Ohio environmental organization that has been part of the economic and equity discussion around the bill. “We are launching the largest economic development project in the state’s history,” Bray said. “This plan is transformational. There is the opportunity for new jobs to come to fruition that never existed before.” There are fewer than 3,000 Ohioans employed in the coal industry, which saw a 25% decrease in jobs in the period from 2016 to 2019. More than 100,000 Ohioans are employed in the clean-energy sector, making on average 34% higher wages than the national median, Weinstein said. However, only 9% of jobs in the renewable energy sector are held

by Black workers, who make up 12% of the nation’s workforce, and slightly more than 30% of the clean-energy jobs are held by women, according to a study by consulting firm BW Research Partnership. The Jobs and Justice Act proposes the creation of 15 clean-energy incubators located in both underserved communities and areas previously dependent upon but soon to be transitioning away from fossil fuels. The incubators would house jobs programs targeting those re-entering the workforce from incarceration and include a clean-energy entrepreneurs’ program aimed at minorities, offering financial coaching and grant opportunities. The business program would include participation in a statebacked, linked deposit program that would provide loans at below-market rates for up to four years. These programs are critical, Bray said, to help displaced workers, to attract younger employees and to “stave off the brain drain” that’s a challenge for the state. To date, there is no specific funding mechanism associated with the workforce and entrepreneurial programs. Money would come from general fund revenues. Any legislation sponsored by the minority party in Ohio is a heavy lift, but Weinstein is optimistic that the recent spate of energy-related bipartisan legislation making its way through both chambers of the Statehouse is a good sign that both parties are eager for change. Kim Palmer: kpalmer@crain.com, (216) 771-5384, @kimfouroffive

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FINANCE

Even the smallest choice has the power to significantly

Crunching the data on the largest banks in Ohio and Northeast Ohio in 2021 BY JEREMY NOBILE

Top 10 depository banks in Ohio

In Northeast Ohio, Cleveland’s KeyBank continues to lead competitors as the market’s largest depository institution, while Minneapolis-based U.S. Bank remains the top firm by market share in the state overall. Columbus’ Huntington Bank, however, is nipping at both of their heels. As overall loan demand remains a bit soft, particularly in commercial lending, banks continue to be flush with cash following a surge in deposits in the wake of government stimulus plans inspired by the economic gut punch of the COVID-19 pandemic. Between June 2019 and June 2021, Ohio deposits have increased by 30% to nearly $479 billion, according to the latest Federal Deposit Insurance Corp. data. About 6.5% of that growth occurred in the past year. In the same span, deposits spiked 34% in the Northeast Ohio market (defined by Crain’s as 15 counties) to top $146 billion. About 9% of that growth occurred this past year.

Companies are listed by market share and in-market branches. Change is compared to the same point last year with market share change represented in percentage points.

Market share leaders In Northeast Ohio, the largest banks by deposit market share are Key (22.09%), Huntington (18.9%), PNC Bank (11.84%), Citizens Bank (8.38%) and JPMorgan Chase Bank (8.3%). The top 10 rounds out with Fifth Third Bank (4.96%), Third Federal Savings and Loan Association of Cleveland (4.51%), U.S. Bank (2.56%), Ohio Savings Bank (1.76%) and The Farmers National Bank of Canfield (1.68%). Of that group, Huntington, Key, Chase and Farmers grew market share year-over-year. All others were flat or lost slivers of the market. In Northeast Ohio, Key and Huntington remain the dominant players, with the latter growing just a tick faster than the former. As far as market share across the state, the largest banks today are U.S. Bank (16.93%), Huntington (15.61%), Fifth Third Bank (14.42%), Chase (9.72%) and PNC (8.56%). Rounding out that top 10 are Key (8.42%), Citizens (2.74%), The Park National Bank (1.59%), Bank of America (1.51%) and Third Federal (1.37%). While still on top, U.S. Bank lost nearly three percentage points of market share in the past year. Huntington, meanwhile, gained the most ground in the statewide top 10, followed by Chase.

Who closed the most branches? While deposits are inflating, the ecosystem of bank branches continues to shrink. There are approximately 3,278 branches in the state today, which marks an annual decrease of 4.8%. In Northeast Ohio, where deposits have grown at a faster pace than in the state overall, branches consolidated by 4.7% to approximately 1,076 locations. Branch consolidation has been accelerating in recent years, and that trend picked up steam amid

Bank

Branches

Change

Market share

Change

202 421 286 246 260 186 91 85 23

-39 -1 -7 -8 -44 -17 -2 -20 +13

16.93% 15.61% 14.42% 9.72% 8.56% 8.42% 2.74% 1.59% 1.51%

-2.74 +1.35 -0.62 +1.01 +0.79 +0.79 -0.24 -0.03 +0.19

no change

1.37%

no change

1. U.S. Bank 2. The Huntington National Bank 3. Fifth Third Bank 4. JPMorgan Chase Bank 5. PNC Bank 6. KeyBank 7. Citizens Bank 9. The Park National Bank 9. Bank of America 10. Third Federal Savings and Loan Association of Cleveland

change your life.

Here for you.

Here for life.

Top 10 depository banks in Northeast Ohio Bank

Branches

Change

Market share

Change

104 212 98 78 84 69

-8 +12 -16 -1 -1 -1

22.09% 18.90% 11.84% 8.38% 8.30% 4.96%

+1.1 +1.28 -0.92 -0.93 +0.45 -0.23

no change

4.51%

-0.37

59 28 32

-8 no change no change

2.56% 1.76% 1.68%

-0.15 -0.10 +0.08

1. KeyBank 2. The Huntington National Bank 3. PNC Bank 4. Citizens Bank 5. JPMorgan Chase Bank 6. Fifth Third Bank 7. Third Federal Savings and Loan Association of Cleveland 8. U.S. Bank 9. New York Community Bank 10. The Farmers National Bank of Canfield SOURCE: FEDERAL DEPOSIT INSURANCE CORP.

COVID-19 lockdowns. While branches remained open throughout lockdowns to varying degrees, the era of social distancing has spurred banks to ramp up digitization efforts and close physical locations, trimming costs along the way as customers increasingly flock to digital and mobile banking options. PNC closed the most branches in the past year, in both Ohio overall and Northeast Ohio. It consolidated at least 44 branches in the state, including 16 in Cleveland. It’s followed by U.S. Bank, which shuttered 39 locations in the state, including eight in Northeast Ohio. PNC said it is not planning any further branch consolidation in the Greater Cleveland area but will continue to evaluate its footprint. It’s closing overlapping branches in the wake of its $11.5 billion acquisition of BBVA USA, but that doesn’t directly impact the Ohio market. “Shifts in the way customers are conducting their banking transactions are important inputs that inform our branch consolidation decisions,” said the bank in a statement. “At the same time, we understand the important role that retail branches continue to play in serving our customers, and we remain committed to providing a physical presence and access to full-service banking for those who need it.” Key chairman and CEO Chris Gorman told investors in January the company would cull about 7% of its total branch network this year. It had approximately 1,000 locations at the time. Key has effectively met that goal as it closed 73 branches this year. There were 17 closures in Ohio, including three in Akron and four in Cleveland. Physical offices will remain part of the retail banking strategy. But expect

www.ncafinancial.com 6095 Parkland Blvd., Suite 210 Mayfield Hts., Ohio 44124 (440) 473-1115 Securities offered through Royal Alliance Associates, Inc. (RAA), Member FINRA/SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA does not provide tax or legal advice. Investment advisory services offered through NCA Financial Planners. F: 440-473-0186

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closures to continue. Fifth Third president Tim Spence, for example, told investors at a Barclays conference this month that the company closed 43 branches in the first half of this year, and it plans to close another 42 more — primarily in the Midwest — by mid-January. This comes as the bank looks not just at digitization, but to increase its presence in the U.S. Southeast, where it intends to open new locations. The latter strategy is more particular to that firm, compared with its Ohio competitors. Contrary to the closure trend, some banks still are adding branches. Huntington, which operates the densest branch network in the state at 421 locations, half of which are in Northeast Ohio, added 12 branches in the Greater Cleveland area this past year, according to FDIC. The bank closed a number of grocery branches amid COVID-19 in 2020, including about 30 in Giant Eagle stores. While the bank is closing overlapping locations in the wake of its $22 billion acquisition of Detroit’s TCF Bank, that doesn’t so much impact the Ohio market. Bank of America, meanwhile, is showing some success in the Buckeye State, where it said in 2019 it would begin adding branches in a bid for deposits here. It began in Cincinnati and Columbus before opening locations in the Cleveland area last year. Since 2019, the bank has gone from having virtually nothing in Ohio to $7.2 million in deposits and 23 branches. It’s now the ninth-largest bank in the state and the 17th-largest in Northeast Ohio, where it has five locations.

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PERSONAL VIEW

Downtown Cleveland: Changing for the future

RICH WILLIAMS FOR CRAIN’S CLEVELAND BUSINESS

BY MICHAEL DEEMER

EDITORIAL

Taking care T

he future of health care is digital and focused on prevention, particularly for vulnerable communities. On both fronts, MetroHealth has announced ambitious plans that are important steps in re-imagining how health care is delivered in the region. At MetroHealth’s annual stakeholders meeting last Thursday, Sept. 23, health system president and CEO Dr. Akram Boutros laid out the vision for two big programs: an acceleration of Hospital in the Home, a platform blending virtual health care with home visits, and Spry Senior, a network of senior health centers that will launch in January with a single site and then spread to additional locations to serve older Cuyahoga County residents. Experimentation and technological innovation is needed to improve the quality of home care, reduce costs and shorten (or in some cases, eliminate) hospital stays. Boutros described a case of a patient with a broken hip whose home is “upfitted with sensors that detect how active he is and whether his body is getting enough oxygen.” On a tough day for that patient, sensors “detect the lack of movement and send a text to his phone to nudge him to complete his physical therapy.” Sensors might also note a drop in oxygen levels that can alert a care team that can quickly attend to the patient. This is the type of program that, through the efforts of health systems, investors and tech companies, can dramatically improve the quality of lives and, as Boutros put it, deliver on “the promise of patient-centered care.” For Spry Senior, MetroHealth aims to have 20 to 25 centers within five years, in places such as strip malls or standalone sites that are easy to access. Importantly, MetroHealth will provide transportation to the centers, where seniors would find resources including primary care physicians, social workers, podiatrists, dietitians, optometrists and others. MetroHealth hopes to get patients to visit 10 or 20 times per year — before they need emergency care, surgery or a hospital stay. Physicians at the senior health centers will see fewer than six patients per day, creating a schedule that allows them to spend significant time with each patient. Also available: support in areas including nutrition, cooking and yoga — all part of emphasizing health and general well-being. MetroHealth is undertaking a significant remaking of its

West Side campus that will upgrade its physical presence. Ultimately, though, creativity in care delivery is what offers lasting contributions to the community.

A little help here There has never been a better time to help your local arts and culture organization. A survey released last week by Cuyahoga Arts & Culture underscores how those organizations continue to take a beating from the pandemic. Well into our COVID era, 65 Cuyahoga County-based arts and culture nonprofits surveyed “continue to report layoffs as organizations operate with less capacity,” Cuyahoga Arts & Culture reported. The 65 nonprofits receive general operating support grants from Cuyahoga Arts & Culture, which oversees the distribution of money generated by the county’s arts tax. While federal funding “is helping to make up some lost revenues and helping groups to adapt programming and connect with residents,” Cuyahoga Arts & Culture said, the pandemic “continues to negatively impact the creative economy and community quality of life.” Cuyahoga Arts & Culture said the 65 organizations reported a total of 1,636 people laid off, furloughed or working on reduced hours from January to June 2021. Revenue loss has slowed in the first six months of 2021, the groups reported, but Cuyahoga Arts & Culture said that trend “may change with the recent uptick in Delta variant cases.” From January to June this year, organizations lost a total of more than $27 million in earned and contributed revenue, which includes ticket sales, admissions and donations. If revenue loss continues at the current rate, Cuyahoga Arts & Culture said, losses in 2021 “will be at least half as much as in 2020 — ensuring a second year of significantly reduced revenues.” People who care about local arts and culture should be aware of the deep challenges these organizations still face and find ways to support them — by patronizing their work and making contributions when possible — to ensure their ongoing viability.

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

With change on the horizon, this is a historic moment for Cleveland. But, as we undergo significant transitions in civic leadership and plan for an unparalleled influx of federal dollars, we must be focused and impactful with our work. Over the last 18 months, Downtown Cleveland Alliance (DCA), has fought hard to bring vibrancy back to our urban core. As I stepped into the role of president and CEO Deemer is the in June, I had the future in mind. One of the president and first things we did was reimagine our vision CEO of statement to prepare for the next chapter in Downtown downtown’s recovery: We envision down- Cleveland town Cleveland as the inclusive 24/7 hub of Alliance. a welcoming global city that weaves downtown districts and surrounding neighborhoods into a seamless and equitable urban fabric. Our vision encompasses what we believe downtown Cleveland is and can be: the place where east meets west and where communities of all backgrounds and orientations come together to create a city center for all. Downtown Cleveland can and will be a model for how our region should respond to homelessness, mental health crises, and addiction through our outreach work and co-responder program. Downtown Cleveland can and will be a dense, mixed-use neighborhood where jobs and housing are accessible to people of diverse backgrounds and a place where biking, walking or taking transit is more attractive and convenient than driving. To achieve this vision, we are centering our work around the belief that building the city of the future means nurturing, retaining and attracting the diverse talent of the future. We’re focused on creating a place where young people want to be, a high-density, walkable and transit-oriented downtown 15-minute city center, where people can meet their needs within a short trip because mobility options are easy and attractive, and the retail and amenity options are plentiful. When talent considers where to live and advance their careers, they are looking for places that are actively adding jobs and opportunities. Downtown Cleveland is that place. In a historic vote of confidence in the city, Sherwin-Williams will break ground on a million-square-foot global headquarters in the heart of downtown by the end of this year, retaining thousands of jobs with the promise of additional growth. Cross Country Mortgage is relocating its corporate headquarters to downtown Cleveland, redeveloping historic buildings, and adding 600 jobs to the core. Rocket Mortgage has committed to adding more than 600 jobs to its offices in the heart of downtown. It is not enough, however, just to be a strong employment center. People want to be where there are fun and irresistible experiences to be had — the type of authentic experience that inspires one to get out and choose the city over droll virtual experiences and two-dimensional Zoom fatigue. Clevelanders and visitors alike should be able to come downtown and enjoy world-class amenities, engaging parks, public spaces and street art, and plentiful things to do and see. Activating downtown’s streets with magnetic experiences is a priority for DCA. Even as we work toward these goals, we know that our accomplishments are only as meaningful as what people are experiencing when downtown. In other words, downtown can’t just be good, it needs to feel good. DCA’s Ambassadors have been on the street every single day over the last 18 months keeping downtown clean, safe and welcoming. Shortly after I assumed my new role, DCA raised the Ambassadors’ starting wage to recognize their outstanding efforts as essential workers and to ensure that we can continue to attract great workers to build on our program.

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.

See DOWNTOWN, on Page 9

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

8 | CRAIN’S CLEVELAND BUSINESS | SEPTEMBER 27, 2021

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OPINION

DOWNTOWN

From Page 8

In creating jobs and experiences, Downtown Cleveland must be a leader in achieving greater equity and inclusion. This is the right thing to do and an economic imperative. More diverse and inclusive talent pools mean greater economic output. The young talent that our region seeks to nurture, retain and attract expects downtowns to be welcoming models of inclusion. This is why events like the Juneteenth Freedom Festival and the affordable housing planned for The Centennial at East 9th and Euclid are so essential to the downtown we are building. As with all civic work, affecting change cannot be done in a vacuum — it requires strong collaboration and good public policy. DCA published our first ever

public policy agenda ahead of the mayoral election to outline our priorities as we build a 24/7, 15-minute neighborhood that retains and attracts the next generation of talent. We coupled the policy agenda with a mayoral questionnaire to hear directly from the candidates about their vision and ideas for downtown. Given the outsized economic and cultural impact that downtown Cleveland has on the city and region, it is vital that federal, state and local public policies support its continued growth in a way that is equitable and inclusive. We look forward to working with the new administration to make Cleveland an easier and more attractive place to do business, develop neighborhoods and buildings, and live in a welcoming environment. Above all, we are excited by the transformational opportunities that this moment offers for all who experience downtown Cleveland.

LETTER TO THE EDITOR

Nonprofit leaders know how to run successful businesses Rick Foran, a real estate developer, wrote on this Opinion Page on Sept. 13 that a for-profit entity should operate the West Side Market versus the City of Cleveland. He goes on to say that it should not be operated by a nonprofit organization. I quote him: —Nonprofits typically are not adept at running a successful business.— Personally, as the president and CEO of UCP of Greater Cleveland, a 71-year-old reputable nonprofit organization, I am offended. I cannot be alone in my reaction among the nonprofit community. Meaning of “business:” A person, partnership or corporation engaged in commerce, manufacturing or a service; profit-seeking enterprise or concern. After spending the first half of my career with two local large for-profit corporations and the second half of it with UCP, I have personally witnessed the similarities and differences between for-profit and nonprofit organizations. UCP is in the health and human services BUSINESS staffed by professional, licensed individuals, and we bill for those services. Believe it or not, nonprofits strive to make a profit in some or all of its programming (or business), however, have increasingly fallen short of that as government funding has trended significantly downward, especially over the last decade. United Way and other funders have narrowed their missions, resulting in some agencies, like ours, losing dollars that were depended upon. We continue to bob and weave through these obstacles to find a way to continue to operate our businesses. Tremendous gaps in health and human services needs in our community are filled with extremely high quality, unique services and

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the providers chasing every billable penny. Beyond that, UCP’s development department manages to raise close to $1 million each fiscal year to allow us to continue our work through corporate, foundation and individual donations. We experience all of the same challenges as for-profits — staffing, diversity/equity, finances, operations, board of directors relations, etc. We wear many professional hats and accomplish a tremendous amount of work. Our successes include communicating and selling our mission, rightsizing our programming, partnering with businesses and community partners, managing to our budget and receiving clean audits, setting and following through on leadership succession, etc. What we do NOT have is the advantage of price setting, which would actually make our work much easier and sustainable. If Mr. Foran believes that nonprofit leaders are unable to run a successful business, he is sadly mistaken. We are not a group of soft-hearted do-gooders with good intentions void of business acumen. We are highly skilled, collaborative, smart and dedicated professionals who choose to work in the nonprofit arena. Making a financial profit is not all that qualifies an organization as “successful.” Success for most is considered as the ability to continue to serve the organization’s mission. And in relation to the future of our cherished West Side Market, thank you ,Mr. Foran, for bringing it to light. Patricia S. Otter President and CEO UCP of Greater Cleveland SEPTEMBER 27, 2021 | CRAIN’S CLEVELAND BUSINESS | 9

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CRAIN’S 2021

RESIDENTIAL REAL ESTATE AGENTS

GOING FOR GOLD The job of helping clients sell or buy a home during a pandemic is tough enough. Imagine what it was like doing that coming out of a pandemic when summer 2021 sales reached a fever pitch and homes were going faster than legendary Olympic sprinter Usain Bolt. These 25 real estate professionals waded through both challenges in the past year, and did so with distinction. They represent many levels of the real estate model — and include associates, agents, brokers and owners/CEOs of their own firm. It’s a group that also includes the soon-to-be first minority president of the Akron-Cleveland Association of Realtors. They are involved in various benefits, charities and causes, including animal shelters, the Cleveland Metroparks Zoo, at-risk children and cancer research. They work for self-owned agencies and for some of the country’s bigger real estate firms, but their messages about their work and business are clear: Dealing with real estate is about helping people reach their dreams.

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METHODOLOGY: The honorees did not pay to be included. Their profiles were drawn from the nomination materials submitted. This list is not comprehensive. It includes only individuals for whom nominations were submitted and accepted after a review by editors. To qualify for the list, nominees must be based in Northeast Ohio and have a licensure in good standing in Ohio. They must work for a real estate organization and showcase professional achievements. They must be active in community and/or philanthropic activities, mentoring programs, and/or diversity and inclusion initiatives.

TIM ALI

CRAIG CANTRALL

MATT CHASE

JENNY CHUNG CHIN

President Tim Ali Realty

Broker and owner Chestnut Hill Realty Inc.

CEO The Chase Group

Realtor Howard Hanna Smythe Cramer

Tim Ali is president of his own realty group in Middleburg Heights. He has been a real estate agent since 1988 and a broker since 1992. Ali has actually run two realty businesses. He founded and ran First American Realty, then sold it. When so many other Realtors reached out to him when he was on his own, he decided to open and build Tim Ali Realty, which serves eight counties and the Lake Erie islands. Ali is married to Dr. Diane Cutter of the Cleveland Clinic, and has two sons, Max and Luke. He proudly points out that his family also includes two rescue German Shepherds, Nikki and Bella. He also serves as council representative-at-large for Middleburg Heights. Ali hosts an annual bowl-a-thon that helps raise money for animal shelters, the Middleburg Heights food pantry, Christmas for Kids and other charities that help the needy. Among the organizations his benefits have donated to: The Rotary, Kiwanis, Special Olympics, St. Bartholomew Parent School Support Group, Cleveland Clinic Children’s Hospital, St Jude’s Children’s Hospital and the Berea Animal Rescue. — Pat McManamon

Craig Cantrall purchased Chestnut Hill Realty more than 30 years ago. The Beachwood-based company specializes in the luxury real estate market. As of early September, Chestnut Hill had 11 properties with list prices of $2.45 million or higher, including the historic Gwinn Estate in Bratenahl Village, and 15 homes priced above seven figures. Cantrall, who has been in the business for 40-plus years, “knows neighborhoods like the back of his hand and has an uncanny ability to match people to homes,” the nomination said. His ability to build and maintain strong relationships with clients has helped Chestnut Hill thrive, the nomination said. This year, the company launched a new website and revamped the way it markets its listings, which has helped the firm reach “new client demographics.” Chestnut Hill says it helps its clients buy a home in “less time, with greater flexibility, and at the lowest price.” Cantrall, according to the nomination, is “deeply connected to his community.” Among the causes and organizations he supports are VeloSano, Denzel Ward’s Make Them Know Your Name Foundation, the Greater Cleveland Food Bank, Rainbow Babies & Children Hospital, and the Big Shots & Little Stars Fundraiser. — Kevin Kleps

Matt Chase, CEO of The Chase Group, aims to find balance — between abundance and giving back, and between work and enjoying life. A Lorain County native who studied business at Bowling Green State University, Chase began his career as a buyers' agent. He worked his way up to partner, gained knowledge and experience, and eventually started The Chase Group, which ranked on the 2021 America's Best Real Estate Professionals list as No. 18 in units out of all large teams in Ohio and No. 21 in sales volume for large teams. He looks for unique ways to support the community and give back to Northeast Ohio, which led him to found and lead the nonprofit Thanksgiving Heroes. The organization provides meals to families in need on Thanksgiving Day each year. He spends his free time in his garage of toys, his barn of horses or on his boat — often with his business partners and brothers, as well as team members in tow and talking shop, according to the nomination. “A firm believer that life was meant to be enjoyed, Matt runs his real estate business to fund the perfect life for his family and encourages and coaches members of his organization to do the same,” according to the nomination. —Lydia Coutré

Prior to joining Howard Hanna Smythe Cramer nearly 30 years ago, Jenny Chung Chin worked as a senior escrow auditor for Chicago Title Insurance Co. Chin, who acquired her real estate license in 1982, earned a bachelor of business administration degree in finance from John Carroll University. Now a certified residential specialist, certified relocation counselor and accredited buyer’s Realtor, Chin helps people from all over the United States relocate to the Cleveland area. “Jenny helped my whole family find new houses in Cleveland. Our mother was very insistent on feng shui concerns, and Jenny selected homes very carefully with that in mind. As a result, all my siblings and I have very healthy homes,” according to a client testimonial in Chin’s nomination. In addition, Chin is chair of OCA Greater Cleveland Chapter — Asian Pacific American Advocates, formerly the Organization of Chinese Americans Northeast Ohio. The nonprofit advocates for the social, political and financial health of Asian Pacific Americans. — Leslie D. Green

10 | CRAIN’S CLEVELAND BUSINESS | SEPTEMBER 27, 2021

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CANDICE EBERHARDT Owner and broker Eberhardt Realty & Management Candice Eberhardt will become the first minority president of the Akron-Cleveland Association of Realtors (ACAR) in 2022. It’s a touchstone moment of pride for the Akron native. Eberhardt became a licensed realtor in 2001 at the age of 20. She graduated with a degree in real estate in October 2011 from Hondros College. She earned her broker’s license in 2012 and opened her own agency, Eberhardt Realty & Management, in the Wallhaven area of West Akron in 2012. In 2016, ACAR honored her with the Tomorrow’s Leaders Today award, and in 2017, she was honored as an Emerging Leader by the National Association of Real Estate Brokers. She has worked since 2016 as a mentor for Project Grad at Buchtel High School. She is housing chair for the Akron NAACP, past president of the Akron Realtist Association, on the zoning board and tax abatement committees for the city of Akron and has been on the board of directors for Ohio Realtors since 2017. She is also a proud graduate of Leadership Akron Class 34 and loves reading and traveling. “I believe,” she says, “in operating with good energy.” — Pat McManamon

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'My focus is to lead with a humble heart' Life came at Candice Eberhardt fast in 2020. In July, the woman who opened her own real estate firm in 2012 traveled to Johns Hopkins Hospital in Baltimore for a six-hour procedure to remove an invasive, but benign, brain tumor. Four months off and a strong will to recover had her back in late 2020. Eberhardt proudly says she has now made a 100% recovery. — Pat McManamon  You are the president-elect of the Akron-Cleveland Association of Realtors and will be the first minority president in 2022. What does that mean to you? I honestly can’t believe it’s happening. For so long, it seemed very far off. I’m extremely excited, but also extremely nervous because I want to make everyone proud. Two things that reassure me are knowing I have a great support system and that I’m surrounded by people who genuinely care.  Can your example inspire others? I didn’t do it for the “wow” factor, but that’s what I’ve heard quite often: “Wow, you’re making history.” And yes, I am making history, but I’m still the same old person. I’ve never necessarily cared for the spotlight, but it comes with the territory and my focus is to lead with a humble heart.  What led you to sell real estate? My grandfather John Eberhardt was one of the first few African American brokers in Akron. He owned an Eberhardt Realty in the ’70’s and ‘80s. I thought, “Why don’t I do this for some extra cash?” So I got my real estate license. For 10 years, I was working third shift at Roadway and then FedEx, and I sold houses during the day. In 2009, I began getting in trouble for falling asleep third shift so I was placed on days. I began losing clients. I made the decision to leave my job at FedEx to pursue real estate full time. I attended Hondros, got my degree, opened an office and it just kind of took off from there.  What is your philosophy when working in realty? Is it purely dollars and cents? It really isn’t. I’m helping people make one of the biggest decisions of their lives. This is the largest investment that they’ll ever make. I want to make sure they have everything they need to fulfill that dream. I have clientele from every background and from every income bracket and everyone is treated the same. About 10 years ago, I helped a client in her mid-50s purchase her first home and she cried in my arms at closing.  Can real estate produce wealth and can it help minority communities? Absolutely. Home ownership creates immediate wealth for those who take the steps. As we know, the homeownership rate for African Americans is a lot lower than it is for other groups, and I pride myself on working the last 20 years to change those statistics. A lot of minorities are not in the position where we have finances or housing passed on to us like others, so providing them with the education is key. They think it’s unobtainable and I’m helping them push past any inhibitions in order to achieve that goal.

“AS WE KNOW, THE HOMEOWNERSHIP RATE FOR AFRICAN AMERICANS IS A LOT LOWER THAN IT IS FOR OTHER GROUPS, AND I PRIDE MYSELF ON WORKING THE LAST 20 YEARS TO CHANGE THOSE STATISTICS. A LOT OF MINORITIES ARE NOT IN THE POSITION WHERE WE HAVE FINANCES OR HOUSING PASSED ON TO US LIKE OTHERS, SO PROVIDING THEM WITH THE EDUCATION IS KEY.”

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2021 NOTABLE RESIDENTIAL REAL ESTATE AGENTS LINCOLN COVERDALE

SONYA EDWARDS

Owner CT Homes Network

Executive director and broker ESOP Realty

Before Lincoln Coverdale began helping sell homes, he protected both them and the people inside. Coverdale was a firefighter and paramedic before he shifted into residential real estate many years ago. Helping people, according to his nomination, is at the heart of his life and business philosophies. Finding some success in his local market, the Cleveland native and product of Illinois’ Lake Forest College became a licensed Realtor along with his wife, Kim, in their favorite vacation spot, Colorado. But what started as simply an idea to keep busy during the summer months in the Centennial State would soon grow into a thriving business. CT Homes Network was established in fall 2014. It now operates in four states — Ohio, Colorado, Maryland and South Carolina — and is looking to expand to more. As a lead agent, Coverdale works with clients to solve complex real estate transitions, from relocations to custom home building. “Lincoln has taken his expertise, systems and market intelligence across the country to maximize everything a career in residential real estate has to offer,” according to his award nomination. — Jeremy Nobile

As founder of ESOP Realty Inc. in Cleveland, Sonya Edwards uses real estate as a way to support members of the community, from first-time homebuyers to older adults. ESOP Realty, a subsidiary of the Benjamin Rose Institute on Aging, is a nonprofit real estate agency doing business as Branches Real Estate. Agents at Branches are salaried, not commissioned, the nomination noted, and commissions instead go toward “financial counseling, foreclosure prevention counseling, and transitional housing counseling” for older adults. The agency’s model also allows community development corps and land bank employees to become licensed agents. The nomination said that Edwards has a “vision of realty for social good: that real estate can help people transcend poverty by making the dream of homeownership available, affordable and sustainable for more members of our community, simultaneously contributing to neighborhood stabilization.” Prior to founding Branches, Edwards served as the director of financial counseling and a foreclosure prevention advocate at ESOP, or Empowering and Strengthening Ohio’s People. Her career also included almost 20 years as a real estate agent and manager at the Gearhart-Edwards Realty Group Inc. — Rachel Abbey McCafferty

MARY HROMYKO

RUDOLPH JONES III

AMBER LEWIS

LAUREN MASTRACCO

Realtor Progressive Urban Real Estate

Agent Keller Williams Greater Metropolitan

Realtor New Era Real Estate Group

Realtor Howard Hanna

Rea How

Mary Hromyko made a big career change after spending the first 25 years of her professional life fundraising for such renowned Cleveland institutions as the Gordon Square Arts District and University Circle Inc. She also spent an impressive 18 of those 25 years at the Cleveland Museum of Natural History, where she created the popular young professionals group, the Nature League. Eight years ago, she left that field and joined Progressive Urban Real Estate — a move that allowed her to continue to put her passion for Cleveland and its cultural history to use. As a Realtor, her favorite part of selling real estate is guiding young and first-time homeowners through the complex process of buying a home. Sam McNulty, Cleveland entrepreneur and developer of a seven-unit townhouse project in Duck Island that Hromyko represented, refers to her as an inspiration and said when it comes to the Cleveland real estate industry, she is “a thought leader.” “Mary is a passionate advocate for the city of Cleveland and Northeast Ohio and the tremendous quality of life we enjoy here,” McNulty said. Currently, Hromyko serves on the Capital Campaign Board for the May Dugan Center in Ohio City and volunteers for several civic organizations in the Cleveland area. — Kim Palmer

Rudolph Jones III is a three-year member of Keller Williams’ Capper’s Club and a million follower producer. In an office with more than 300 agents, Jones was on the top listing agents list three times in a six-month period in 2021. He has increased his business volume for the Keller Williams Greater Metropolitan office in Pepper Pike by 289%. Jones “has built a business that is serving his community with integrity and polish,” one of his nominators said. He mentors other agents, and has an average of 4.7 stars (out of 5) on 12 Zillow reviews. Jones is active in community service through the Prince Hall Masonic Temple of Greater Cleveland. The larger Prince Hall group is a branch of the North American Freemasonry for African-Americans founded by Prince Hall in 1784. Hall was a free Black man living in Boston, an abolitionist and advocate for education for young African Americans. Jones volunteers at Notre Dame College, hosting informational career meetings with students and alumni. His nominator calls him a “conduit for the real estate industry to many college students” and “a man of God working a kingdom business.” — Pat McManamon

Amber Lewis is a connector. “She has the ability to bring people together and connect the dots,” Julius Cartwright, past president of the National Association of Real Estate Brokers, told Crain’s in 2018. She’s making those connections at New Era Real Estate Group, a team she founded with Lydia Pope in 2019. The focus, they write on the company’s website, is on “community-based real estate services.” “Our team’s commitment to excellence will maintain our relationship with you for generations to come,” the pair said. Lewis’ own relationship with Northeast Ohio is a long one. She also works at KeyBank in its enterprise project management office, is a past president of the Cleveland Realtist Association, and earned degrees from Cleveland State University and Baldwin Wallace University. During 2020’s real estate boom, she shared details about the hot market on Fox 8. “What a story to tell your grandkids, that you bought a house during a pandemic,” Lewis said. “You kept moving and you didn’t let that stop you.” — Amy Morona

As a child, Lauren Mastracco enjoyed searching The Plain Dealer for open houses she wanted to attend with her mom. Now, she has her own team, is a Million Dollar producer and a winner of Howard Hanna in Northeast Ohio’s Green Penguin Award for exceptional client evaluations. The Realty Alliance honored Mastracco with the National Sales Excellence Award. Mastracco helps her team thrive by making creative and efficient use of social media, such as Instagram and Facebook, to interact with the regional and national community. She educates the community about the intricacies of real estate through bootcamps and workshops, and shares her DIY experiences. Mastracco is chair of the Lakewood YMCA and serves on the board of the Teaching Cleveland Foundation. She earned her master’s degree in nonprofit administration from John Carroll University in 2014 and received her real estate license in 2018. Prior to working in real estate, Mastracco worked for the Centers for Families and Children. — Leslie D. Green

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GETTY IMAGES/ISTOCK PHOTO

MIKE FERRANTE

PETE FORMICA

Associate broker 21 Mike Team / Century 21

Owner The Safe Harbor Team/ Keller Williams Greater Metropolitan

A lifelong Clevelander, Mike Ferrante guides the 21 Mike Team, which ranked second in the country in number of sales for all of Century 21. In each of the last four years, Ferrante was named a Grand Centurion producer, a special recognition from Century 21. Ferrante is a member of the board of directors of the Akron-Cleveland Association of Realtors (ACAR). His emphasis: ACAR’s strategic initiative on diversity and inclusion. He also chairs the ACAR Grievance Committee, and is a member of the Century 21 Fine Homes and Estates Advisory Board. Ferrante has an MBA from the Case Western Reserve University Weatherhead School of Management. He may one day be given an honorary master's for understanding the impact of social media. His team has hundreds of videos on the 21 Mike Team YouTube channel. Most are educational efforts, offering market updates to real estate training to tips for buyers and sellers. The team also has a Facebook page, and a recent TikTok video from the team about a medicine cabinet with a secret compartment had more than 110,000 views. Eat your heart out, influencers. — Pat McManamon

Pete Formica’s superpower is his deep understanding of the intricacies of residential transactions. Formica has been a licensed Realtor since 2000, managing an office of 90 agents in the past. He has also worked with investors to personally buy, renovate and sell more than 100 homes. Formica joined Rocky River’s The Safe Harbor Team in 2008 and set himself apart with an ability to solve challenges that inevitably arise in real estate deals, said Keller Williams Greater Metropolitan CEO Michael Repasky. “He is focused on finding win-win situations for all parties involved by figuring out what specific transaction needs to get completed, if we need to escrow funds for a later repair or get the buyer to pay for a boundary survey when the seller cannot afford it and be reimbursed at closing,” Repasky wrote in the nomination. Formica prides himself on accuracy and integrity. Repasky estimates that Formica’s pre-comparative market analysis home values are accurate more than 90% of the time, and his properties close within 95% of the list price he set with his clients. Formica is currently working on multiple housing developments, including The Enclave, a mixed-use community on the site of the former Woodville Mall in Northwood. — Judy Stringer

SALLY MESSINGER Realtor Howard Hanna Sally Messinger has been in real estate for more than 40 years. Her large service area includes seven Northeast Ohio counties, though she primarily focuses on the eastern suburbs. A Top 1 percent agent and member of the Howard Hanna Mega Million Dollar Club, she has been responsible for more than $300 million in sales. Marc Freimuth, an attorney at Wachter Kurant, said, “I have been practicing real estate law in this community for 50 years, so I have some further perspective of and appreciation for Sally’s knowledge, skills and professionalism. This has never been a hobby for her. It is her career and profession, and she is totally committed to it and to each and every client she represents. Her long and broad experience have developed into expertise and give her perspective that few other agents have.” According to her nomination, Messinger and her husband have been active in the community for many years. She was a member of the Cleveland Zoological Society board of directors and is a life member of the National Council of Jewish Women. Messinger, who earned political science and math degrees from George Washington University, started her career as a computer programmer. — Leslie D. Green

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2021 NOTABLE RESIDENTIAL REAL ESTATE AGENTS INNA MURAVIN

LYDIA POPE

JOE RATH

HOLLY RITCHIE

CEO Distinct Home Group / Keller Williams Greater Metropolitan

President, agent and broker E&D Realty and Investment Co.

Director, real estate operations Redfin

Agent Keller Williams Chervenic

Sale How

Inna Muravin left behind a 10-year career at Ryan Homes, in which she was named sales performer of the year numerous times, to start her own real estate business in 2014. Now the CEO of the Distinct Home Group at Keller Williams Greater Metropolitan in Beachwood, Muravin continues to be recognized as a top performer. She’s been honored as a Keller Williams International double platinum medalist, been named one of America’s Best (No. 23 in units and No. 30 in volume) and has consistently received the President’s Sales Club Pinnacle of Performance award from the Ohio Association of Realtors. Michael Repasky, team leader for Keller Williams Greater Metropolitan, explained in his nomination of Muravin that “she understands that community is the most important thing to be sold.” Muravin, the daughter of immigrants, shows the importance of community in her many charity efforts, such as organizing a food drive for the Greater Cleveland Food Bank, donating supplies for Providence House of Cleveland, and donating and volunteering for Keller Williams Red Day, a worldwide day of service for all KW agents, among other efforts. The Kent State University graduate, who considers herself a mother first, enjoys spending as much free time as possible with her two daughters and her husband, Gary. — Elizabeth McIntyre

Lydia Pope has packed a prominent real estate career into 25-plus years. Pope joined the industry in 1995 and now leads a group of Cleveland businesses: E&D Realty and Investment Co., E&D Realty Property Management, E&D Construction Division and New Era Real Estate Group Inc. She has obtained her MBE (Minority Business Enterprise), SBE (Small Business Enterprise), DBE (Disadvantaged Business Enterprises) and WBE (Women Business Enterprise) certifications. In addition, Pope is president of the National Association of Real Estate Brokers Inc., where she's the third woman to hold that position in the organization's 74-year history. Pope since 2006 also has been a certified housing counselor and branch manager for NID Housing Counseling Agency, a HUD-approved affiliate organization with offices in Cleveland and Detroit. Her bio describes her professional passion as "advocating and providing education to promote the dream of home ownership." She holds a bachelor's degree from Cleveland State University and an MBA from the University of Phoenix. Pope is an active member of the Body of Christ Assembly in Cleveland. She and her husband, Pastor LeNard E. Pope Sr., have four adult children. — Scott Suttell

Joe Rath supervises the Seattle-based, publicly traded real estate services and brokerage company's operations in Ohio, Florida, North Carolina, South Carolina and Tennessee. That was a promotion from managing Redfin in Ohio, including Cleveland, Cincinnati and Columbus. He joined the technology-rooted discount brokerage in 2014. He helped launch its Cleveland presence by selling 100 homes in 2015. He later stepped into management to oversee local profitand-loss margins, listing revenue and customer satisfaction. Rath is devoted to the industry, as he is a second-generation Ohio-licensed broker. Before joining Redfin, he was a managing broker at ERA Rath, his family's brokerage in Rocky River. “I owe everything to the real estate industry,” Rath said in his nominating form for the 2021 Crain’s real estate agents list. He also gives back in a big way to both the profession and the community. Among other trade roles, he serves as a member of the National Association of Realtors data strategies committee and, in 2021, he is state political coordinator for the Ohio Realtors trade group. Rath has served as chairman for the city of Lakewood’s loan approval board. He also is active discussing the industry, including its challenges, with local news media. — Stan Bullard

Holly Ritchie is the top-producing real estate agent in the tri-county area of Mahoning, Columbiana and Trumbull counties. In 2020, her team sold more than 350 properties with a total sales volume of $65 million. Ritchie works with Keller Williams Chervenic Realty in Canfield. She uses a team concept that includes 19 buyer’s agents and other support staff. The team’s focus is working quickly to find the right home for the right buyer, while allowing each team member to help with his or her specialty. The concept allows faster reaction time, which is vital in today’s market. Ritchie’s team was honored with the Pinnacle of Excellence Award in 2020, given by the Ohio Association of Realtors, a feat that fewer than 3% of Realtors achieve. The commitment from Ritchie’s team goes beyond selling and buying homes, according to the nomination. The group does its best to help the community where it works by volunteering to clean up vacant homes that may or are bringing down neighborhood values. — Pat McManamon

JOSEPH SEIFERT

RYAN SHAFFER

SUSAN SMITH

HENRY STOUDERMIRE JR.

Realtor RE/MAX Results

Realtor, associate broker Ryan Shaffer Sales Team / EXP Realty

Listing and buyer's agent Smith Garofoli Team / Howard Hanna

Broker, president McMullan Realty

Joseph Seifert used to help save people’s houses from being destroyed. Now he’s putting people into new homes. A real estate agent for RE/MAX Results for the past seven years, Seifert has a web page full of appreciative reviews from people he’s helped to find apartments and houses in the Greater Cleveland area. Constance Powall, a partner with the Gertsburg Licata law firm in Independence who nominated Seifert, might have struck on why Seifert does so well with clients. “Before becoming a Realtor, Joe was a fireman. His ability to give back to his community and care for others has always been part of who he is. That innate ability has carried over into his real estate career,” Powall said in his nomination. You see, real estate is Seifert’s second career. He previously spent 27 years as a firefighter and paramedic in Bay Village. He apparently brought other firefighter attributes to his new job as well, such as organization and efficiency. “One of the qualities I respected the most was his no-nonsense style. As a busy attorney, I don’t have time to waste. He gets to the point quickly yet professionally, always respecting the client’s time,” Powall noted. — Dan Shingler

Ryan Shaffer got his real estate license and began working in the industry full time in 2012. Five years later, in 2017, he was ready to start his own sales team at EXP Realty. One of the main reasons behind that decision is his dedication to service, a desire to “assist our clients in a competitive and demanding marketplace,” as he put it in an email about his nomination. “My hands-on approach to training the agents I work with and ensuring the highest level of customer satisfaction,” he said, “guarantees a positive experience again and again.” Along with repeat business, that can mean positive word on the street for his brand. And although he spends much of his time keeping up with local business affairs and the economy, vital markers for the Northeast Ohio real estate market, you can also find Shaffer hiking in the Cuyahoga Valley National Park or visiting farmers markets and trade shows. Other passions include “trying new restaurants and dining experiences” and, it goes without saying, “cheering for Cleveland sports teams.” But if homes are his business, home is also his top priority: “most importantly, spending quality time with my family.” — John Kappes

Susan Smith, who earned an MBA in marketing from the University of South Alabama, has spent her career in sales and marketing. She was marketing manager for Ryder transportation, vice president of sales and marketing for a division of Fuqua Industries and director of marketing for Leaseway, a $1.4 billion company. Later, she co-founded Fibres Inc., a natural fiber women’s apparel chain with more $5 million in sales. After nearly 20 years with Fibres, Smith joined Howard Hanna. “Susan Smith has a wealth of experience … and was able to help us cope with the stress of dealing with moving and the pandemic. She was very quick to understand and adapt to our priorities,” said Seth Hirschfeld, president of Adara Futures, according to her nomination. Smith is also active in her community as a fundraiser for several nonprofits, including the Alzheimer’s Association, University Hospitals’ Five Star Sensation, the American Diabetes Association and North Coast Community Homes, which provides housing for individuals with mental illness and developmental and other disabilities. She serves on the board of directors of RonWear Port-able Clothing and the advisory board of North Coast College, formerly the Virginia Marti School of Fashion. — Leslie D. Green

A commitment to homeownership runs in Henry Stoudermire Jr.'s blood. His father founded McMullan Realty Inc. in 1962, at a time when minority-owned real estate companies were a rarity. Stoudermire, now the company's president, has devoted himself to helping renters become owners, particularly in predominantly Black neighborhoods on Cleveland's East Side. "Taking my dad's mantle and leading that charge is my goal in life," he wrote in a recent email. Stoudermire leads a team of 14 agents from an office in the Lee-Miles neighborhood, at the southeast end of the city. Two of his three sons are licensed with McMullan. A past president of the Cleveland Realtist Association and the Ohio Realtist Association, he currently serves as board chairman for both trade groups. The organizations are focused on reducing barriers to ownership in minority communities. Stoudermire is passionate about the value of counseling, before and after a home purchase. For decades, McMullan has helped clients get "mortgage-ready" — and encouraged them not to give up on an American Dream that often feels far beyond reach. "That hasn't changed," he said during a conversation last year. "That's part of the business that we do. And that's how my father did business." — Michelle Jarboe

14 | CRAIN’S CLEVELAND BUSINESS | SEPTEMBER 27, 2021

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KATHLEEN VISCONSI Sales associate Howard Hanna Kathleen Visconsi is committed to buying and selling homes, and to her hometown. As director of Your Hometown Chagrin in Chagrin Falls, Visconsi has been involved in promoting and preserving one of Ohio’s most charming small towns. Visconsi, a sales associate at Howard Hanna in Pepper Pike, uses her contacts throughout Greater Cleveland to maximize her sales. As director of Your Hometown Chagrin, Visconsi led the nonprofit volunteer group’s work to preserve the lifestyle and environment of Chagrin Falls. Based on the Main Street Model developed by the National Trust for Historic Preservation, Your Hometown’s events include the Chagrin Falls Historic Home and Garden Tour, Chagrin on Tap and Yoga by the Falls. The Bee Gees also would be proud of Visconsi; "You should be dancing" is part of her lifestyle. Earlier in September, Visconsi fox-trotted the night away in an effort to raise money for Geauga County’s court-appointed special advocate program to help abused and neglected children. Among other community work, Visconsi has been a member of the Women’s Council of the Cleveland Museum of Art and the Playhouse Square Leading Ladies. — Pat McManamon

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CHERYL WIEGAND SCHROER Realtor RE/MAX Above & Beyond Cheryl Wiegand Schroer has considerable experience in sales, having sold Avon cosmetics and furniture before embarking on a career in real estate 35 years ago. The venture has been a success. Wiegand Schroer has more than $12 million in annual sales and is a Top 5% income earner in her industry. Also, Real Trends ranks her 138th in transactions in Ohio. Wiegand Schroer, who specializes in properties in Brecksville and Broadview Heights and surrounding suburbs, earned the RE/MAX Lifetime Achievement Award in 2018. RE/MAX also named her to its Platinum Club for three consecutive years, from 2018 to 2020. The recognition is for associates who earn $250,000 to $499,999 in gross commissions. She has numerous designations. They include certified residential specialist, graduate of the Realtor Institute, accredited staging professional, e-PRO, certified luxury home market specialist and internet technology specialist. In addition to her work in real estate, Schroer serves in her church and supports several nonprofits. — Leslie D. Green

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RYAN YOUNG CEO The Young Team / Keller Williams Greater Metropolitan A chef by training, Ryan Young left the culinary and hospitality world 12 years ago to cook up success at his parents’ Pepper Pike realty business. He became CEO of The Young Team in 2012 and has built it into one of “the largest and most successful real estate organizations in the U.S.,” according to Keller Williams Greater Metropolitan CEO Michael Repasky. The Young Team ranks No. 1 in units and No. 2 in volume among large teams in Ohio and No. 24 in units throughout the entire country. “In 2020, Ryan closed over $125 million in volume,” Repasky said in the nomination, “and (he) is on pace to blow past that number this year.” Young recently launched a luxury division, Young Luxury, offering boutique services that high-end clients typically only get on the East and West coasts. The University of Nevada Las Vegas graduate also co-founded FlashHouse LLC, a Cleveland startup that makes quick-buy offers to homeowners in order to resell the properties. FlashHouse expanded into the Greater Columbus market earlier this year. Outside the office, Young is a member of the Orange Schools Foundation, helping to support short- and long-term development efforts for his alma mater; sponsors the annual Bainbridge Invitational; and participates in the Empower Sports basketball program. — Judy Stringer

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REAL ESTATE FORUM

A VIRTUAL EVENT OC T. 6 10-11A.M. EVOLVING RETAIL TRENDS IN OHIO AND BEYOND

FEATURED SPEAKERS SCOTT WOLSTEIN Chief executive officer The Wolstein Group

IVY GREANER Chief operating officer Bedrock

MODERATOR EZRA STARK Chief operating officer Stark Enterprises

MICHELLE JARBOE Real estate and economic development reporter Crain’s Cleveland Business

AKRON

FROM CRAFTS TO COFFEE

It's still all in the family for the Alberty brothers

BY JUDY STRINGER

It had been a minute since brothers Greg, Brian and Kevin Alberty were in business together. Just over 2.9 million minutes, more precisely, when on Aug. 24, they opened Akron’s first Biggby Coffee location, a 350-square-foot drivethrough-only on West Market Street. “We were in a much larger entity before, with a lot of family members,” Brian said. “This allows us brothers to do something on our own in a smaller venue and with a whole lot less stress.” The Albertys are the grandsons of Pat Catan’s Craft Store founder Pat Catanzarite. The Strongsville-based, family-run business had 34 locations in four states by the time arts and craft heavyweight Michael’s Cos. Inc. purchased it in February 2016.

Low startup costs

Along with the product, the simplicity of the BCubed model was a big draw for the Albertys. The BCubed building is made up of three prefabricated, modular units, which are delivered “with utilities, refrigerators, freezers and most of the other equipment already inside,” Brian said. Even after site development, the store takes up the equivalent of about eight parking spaces. “The building is so small that it doesn’t need to have a big footprint,” Greg said. “It can fit on a piece of property that really no one else can use.” That simplicity also meant relatively low startup costs. Pre-opening investment for a brick-and-mortar Biggby Coffee with indoor dining and a drive-through can reach up to $378,000, according to the compa“WE KNOW A LOT ABOUT RUNNING A ny’s 2020 Franchise COMPANY, BUT NOT A LOT ABOUT THE Disclosure Document. A BCubed is FOOD AND BEVERAGE SECTOR, SO roughly half that. THERE’S BEEN A BIT OF A LEARNING The brothers bought rights to opCURVE WITH THAT.” erate two Northeast — Greg Alberty Ohio Biggby franchises and hope to Greg said the trio began research- open the second one — likely closer ing partnership opportunities “about to Cleveland — within a year. Brian a year” after the Pat Catan’s sale. They said their goal is to own between five landed on Biggby Coffee’s BCubed, a to 10 of the BCubeds in the next five standalone drive-through option years. Biggby Coffee area repreBiggby debuted in 2018. It was a concept the brothers had sentative Moe Charara said seen firsthand during frequent fami- there are eight locations in ly trips to Port Clinton, one of only the Cleveland and Akron markets and an additional two BCubed locations in Ohio. “That’s where we fell in love with nine stores are “under development” and expected to open Biggby Coffee,” Brian said.

within the next two to three years, making Northeast Ohio one of the brand’s fastest-growing regions. “The first store in Cuyahoga County was opened in 2019, so 13 stores open or in development within two years has been great,” he said. The Albertys’ Akron location is the site of a former 10 Minute Oil Change shop at the intersection of West Market and Sand Run Road. It won out over 19 other Greater Cleveland properties, including the parking lot of the new Meijer in Seven Hills. West Market Street ultimately had the best traffic count, Kevin said, and the city of Akron was easy to work with. “This concept is so new that you kind of have to educate the city as to what it’s about, so that was one of the biggest problems at some of those sites,” he said.

of which are in Michigan. Because Northeast Ohio is home to “a substantial number” of Michigan transplants and vacationers, he said, getting traction locally has not been a problem. “We are also in a very high-visibility location, near Sand Run Metro Park and Fairlawn County Club and just down the street from the popular Highland Square neighborhood,” Brian added. The Akron store has a walk-up window in addition to the drive-through, which he said has drawn “a surprising number” of non-vehicle customers. They plan to add seating on a small patio area for customers who want to sit and sip. Learning to operate a food-service business has been a “fun

The Alberty brothers bought rights to operate two Northeast Ohio Biggby franchises and hope to open the second one within a year. | DAN SHINGLER/CRAIN’S CLEVELAND BUSINESS

challenge,” according to Greg. “We know a lot about running a company, but not a lot about the food and beverage sector, so there’s been a bit of a learning curve with that,” he said. “Right now, the challenge there is supply chain shortages. … Sometimes we are running around buying stuff just so we don’t run out of anything, but we make it work.” Brian said their parents are thrilled the boys have found a business they can do together. “Mom said she’s happy as long we don’t fight, and if we start to fight, she said, ‘I’m ripping that thing away from you.’ ” Contact Judy Stringer: clbfreelancer@crain.com

Learning curve Fortunately, Brian said, the Biggby brand itself is not new to many area residents. The East Lansing, Michigan-based franchise operator has more than 260 locations across the nation, some 200

GETTY IMAGES/ ISTOCK PHOTO

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CRAIN'S LIST | CUYAHOGA COUNTY EMPLOYERS

CRAIN'S LIST | SUMMIT COUNTY EMPLOYERS

Ranked by full-time equivalent employees in county as of June 30, 2021

RANK

COMPANY

STAFF IN COUNTY

TYPE OF ORGANIZATION

TOP LOCAL EXECUTIVE

RANK

COMPANY

STAFF IN COUNTY

TYPE OF ORGANIZATION

TOP LOCAL EXECUTIVE

CLEVELAND CLINIC 9500 Euclid Ave., Cleveland 216-444-2200/clevelandclinic.org

36,110

Health care provider

Tomislav Mihaljevic, president, CEO

SUMMA HEALTH 1077 Gorge Blvd, Akron 330.375.3000/summahealth.org

5,973

Health care provider

Cliff Deveny, president, CEO

UNIVERSITY HOSPITALS 11100 Euclid Ave., Cleveland 216-844-1000/uhhospitals.org

17,706

Health care provider

Cliff Megerian, CEO

AULTMAN HEALTH FOUNDATION 2600 Sixth St. S.W., Canton 330-452-9911/aultman.org

5,213

Health care provider

Rick Haines, CEO

MINUTE MEN COS. 3740 Carnegie Ave., Cleveland 216-426-9675/minutemenhr.com

13,075 1 Staffing, workers' compensation administration and employment services

Jay Lucarelli, CEO

CLEVELAND CLINIC 9500 Euclid Ave., Cleveland 216-444-2200/clevelandclinic.org

4,620

Health care provider

Tomislav Mihaljevic, president, CEO

U.S. OFFICE OF PERSONNEL MANAGEMENT 1900 E St., N.W., Washington D.C. 202-606-1800/opm.gov

12,166

Federal government

Kiran Ahuja Michael Rigas, directors

GROUP MANAGEMENT SERVICES INC. 3750 Timberlake Drive, Richfield 330-659-0100/groupmgmt.com

4,505 1

Benefits and employment services firm

Michael Kahoe, president

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

10,022

Insurance company

S. Tricia Griffith, president, CEO

MINUTE MEN COS. 3740 Carnegie Ave., Cleveland 216-426-9675/minutemenhr.com

4,412 1

Staffing, workers' compensation administration and employment services

Jay Lucarelli, CEO

GROUP MANAGEMENT SERVICES INC. 3750 Timberlake Drive, Richfield 330-659-0100/groupmgmt.com

9,959 1

Benefits and employment services firm

Michael Kahoe, president

AKRON CHILDREN'S HOSPITAL One Perkins Square, Akron 330-543-1000/akronchildrens.org

4,308

Pediatric health care provider

Grace Wakulchik, president, CEO 2

CUYAHOGA COUNTY 2079 E. 9th St., Cleveland 216-443-7220/cuyahogacounty.us

7,336

County government

Armond Budish, county executive

AKRON PUBLIC SCHOOLS 10 N. Main St., Akron 330-761-1661/akronschools.com

3,435

Public school district

Christine Fowler-Mack, superintendent

CITY OF CLEVELAND 601 Lakeside Ave., Cleveland 216-664-2406/city.cleveland.oh.us

7,244

Municipal government

Frank Jackson, mayor

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

2,765

Tire manufacturer

Richard Kramer, chairman, president, CEO

THE METROHEALTH SYSTEM 2500 MetroHealth Drive, Cleveland 216-778-7800/metrohealth.org

6,929

Health care provider

Akram Boutros, president, CEO

SUMMIT COUNTY 175 S. Main St., Akron 330-643-2520/co.summitoh.net

2,732

County government

Ilene Shapiro, county executive

CLEVELAND METROPOLITAN SCHOOL DISTRICT 1111 Superior Ave., Cleveland 216-838-0000/clevelandmetroschools.org

5,791

Public school district

Eric Gordon, CEO

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

2,362

Electric utility holding company

Steven Strah, president, CEO

AMAZON 21500 Emery Road, North Randall 206-266-1000/amazon.com

5,190 2

Online retailer

—

AMAZON 21500 Emery Road, North Randall 206-266-1000/amazon.com

1,850 3

Online retailer

—

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

4,624

Banking and financial services company

Christopher Gorman, chairman, president, CEO

CITY OF AKRON 166 S. High St., Akron 330-375-2316/akronohio.gov

1,805

Municipal government

Daniel Horrigan, mayor

CASE WESTERN RESERVE UNIVERSITY 10900 Euclid Ave., Cleveland 216-368-2000/case.edu

4,606

Private university

Eric Kaler, president

UNIVERSITY OF AKRON 302 Buchtel Common, Akron 330-972-7111/uakron.edu

1,754

Public urban research university

Gary Miller, president

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

4,206

Manufacturer of paint, coatings and related products

John Morikis, chairman, president, CEO

SIGNET JEWELERS 375 Ghent Road, Akron 330-668-5000/signetjewelers.com

1,673

Jewelry retailer

Virginia Drosos, CEO

SWAGELOK CO. 29500 Solon Road, Solon 440-248-4600/swagelok.com

4,007

Manufacturer of industrial fluid system products and assemblies

Thomas Lozick, chairman, CEO

GIANT EAGLE INC. 5300 Richmond Road, Bedford Heights 412-967-4551/gianteagle.com

1,588

Multi-format food, fuel and pharmacy retailer

Brian Ferrier Sr., VP, regional retail operations

GIANT EAGLE INC. 5300 Richmond Road, Bedford Heights 412-967-4551/gianteagle.com

3,636

Multi-format food, fuel and pharmacy retailer

Brian Ferrier Sr., VP, regional retail operations

GOJO INDUSTRIES INC. One Gojo Plaza, Akron 330-255-6000/gojo.com

1,496

Manufacturer of skin health and surface hygiene products

Carey Jaros, president, CEO; Marcella Kanfer Rolnick, executive chair

NESTLE USA 30003 Bainbridge Road, Solon 440-349-5757/nestleusa.com

3,184

Food and beverage company

Steve Presley, chairman and CEO, Nestle USA

WALMART 702 S.W. 8th St., Bentonville Ark. 800-925-6278/walmart.com

1,369 4

Operator of retail supercenters, groceries and club stores

Jessica Villanueva, regional vice president

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

2,752

Manufacturer of arc welding, cutting and robotic products

Christopher Mapes, chairman, president, CEO

JOANN INC. 5555 Darrow Road, Hudson 330-656-2600/joann.com

1,301

Craft and fabric retailer

Wade Miquelon, president, CEO

MEDICAL MUTUAL OF OHIO 2060 E. 9th St., Cleveland 216-687-7000/medmutual.com

2,342

Health insurance company

Rick Chiricosta, chairman, president, CEO

HUNTINGTON NATIONAL BANK 200 Public Square, Cleveland 800-480-2265/huntington.com

1,280

Banking and financial services company

Sean Richardson, regional president, Cleveland

GREATER CLEVELAND RTA 1240 W. 6th St., Cleveland 216-621-9500/riderta.com

2,063

Public transit agency

India Birdsong, general manager, CEO

STATE OF OHIO 30 E. Broad St., Columbus 614-466-2000/ohio.gov

1,264

State government

Mike DeWine, governor

WALMART 702 S.W. 8th St., Bentonville Ark. 800-925-6278/walmart.com

2,053 3

Operator of retail supercenters, groceries and club stores

Jessica Villanueva, regional vice president

DIEBOLD NIXDORF INC. 5995 Mayfair Road, North Canton 330-490-4000/dieboldnixdorf.com

1,160

Financial, retail selfservice technology and services provider

Gerrard Schmid, president, CEO

STATE OF OHIO 30 E. Broad St., Columbus 614-466-2000/ohio.gov

2,029

State government

Mike DeWine, governor

CARDINAL HEALTH AT-HOME 1810 Summit Commerce Park, Twinsburg 330-963-6996/cardinalhealth.com

1,000 4

Provider of medical supplies delivered directly to consumers

—

SOUTHWEST GENERAL 18697 Bagley Road, Middleburg Heights 440-816-8000/swgeneral.com

1,836

Health care provider

William Young Jr., president, CEO

BWX TECHNOLOGIES INC. 24703 Euclid Ave., Euclid 216-912-3000/bwxt.com

940

Pressure vessels, steam generators and electro-mechanical parts provider

Dave Broussard, GM, BWXT Nuclear Operations Group Barberton

FORD MOTOR CO. 5600 Henry Ford Blvd., Brook Park 313-322-3000/ford.com

1,750 4

Automobile manufacturer

Kevin Heck, plant manager, Cleveland Engine Plant

ASSOCIATED MATERIALS LLC 3773 State Road, Cuyahoga Falls 330-929-1811/associatedmaterials.com

819

Manufacturer of exterior building products

Brian Strauss, president, CEO

HYLAND 28500 Clemens Road, Westlake 440-788-4988/hyland.com

1,380

Content services software developer

Bill Priemer, president, CEO

WESTERN RESERVE HOSPITAL 1900 23rd St., Cuyahoga Falls 330-971-7000/westernreservehospital.org

818

Health care provider

Robert Kent, president, CEO

Research by Chuck Soder (csoder@crain.com) | Information is supplied by the employers unless footnoted. NOTES: 1. This is a staffing firm; the vast majority of these employees work on behalf of other companies. 2. Estimate from MWPVL International; total employment for distribution centers only. 3. Crain's estimate 4. From the organization’s website; represents total employment, not full-time equivalent employment.

Research by Chuck Soder (csoder@crain.com) | Information is from the employers unless footnoted. NOTES: 1. This

is a staffing firm; the vast majority of these employees work on behalf of other companies. 2. Christopher A. Gessner is slated to become president and CEO on Oct. 18. 3. Estimate from MWPVL International; total employment for distribution centers only. 4. Crain's estimate.

18 | CRAIN’S CLEVELAND BUSINESS | SEPTEMBER 27, 2021

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9/24/2021 1:12:51 PM

MEDIA

Crain Communications buys cannabis media firm BY KATHERINE DAVIS/ CRAIN'S CHICAGO BUSINESS

Crain Communications, the Detroit-based media company that owns business publications throughout the U.S, including Crain’s Cleveland Business, is adding another media brand to its portfolio, this time one focused on the cannabis industry. Crain announced it is acquiring

Green Market Report, a digital media company that covers financial news in the cannabis sector. The deal is expected to close Sept. 30. Crain declined to disclose terms of the deal. New York-based Green Market Report was founded in 2017 by Debra Borchardt, a financial journalist and former Wall Street executive, and Cynthia Salarizadeh, who has a background in public relations and

cannabis law. “They focus on the financial, business and economic side of the cannabis industry, so it’s a natural fit with our other business brands,” KC Crain, president and CEO of Crain, said in a statement. Green Market Report, which attracts 150,000 page views per month, publishes daily news written mainly by a network of freelance journalists. Borchardt, Green Market Report’s editor, is the

only staffer joining Crain’s as a fulltime employee and will continue to operate out of New York. Crain’s portfolio now consists of 21 brands in the U.S., Europe and Asia, including Ad Age, Automotive News and Modern Healthcare, as well as regional business publications in Chicago, Cleveland, Detroit and New York. Crain last added a brand to its portfolio in 2019: GenomeWeb, also based in New York,

BOURBON

From Page 1

Single-barreled savior Ah, Blanton’s. The corn-based grail of bourbons for many a sipper. More on that later — for Blanton’s, you, too, must wait. At 9 a.m., the buying begins. Each person is allowed to buy one bottle. To purchase another, they must get back in line and then they’re not allowed to purchase the same liquor they bought the first time, assuming any is left. It’s not just the Giant Eagle in Solon or Giant Eagle stores generally that deal with this either. Liquor stores — technically, state liquor agencies — all over Ohio deal with similar scenarios, and the rules and times to get the good stuff vary from place to place. OK, back to Blanton’s. It’s arguably the bourbon that rescued the industry and started this whole crazy scene in 1984. It was the first modern bourbon to be sold in “single-barrel” bottles, where each bottle is not a blend from various barrels but is taken from a single, usually numbered barrel. Single-barrel bourbons are in high demand because, like vintage wines, once a barrel is gone, it’s never reproduced in exactly the same way. Blanton’s also illustrates why it’s worth it to bourbon lovers to get up early to wait in line. While Blanton’s is hard to get in Ohio, it’s also relatively cheap. If you’re lucky enough to find it in Ohio, you’ll pay $54.99 a bottle, plus tax. The retail price. That’s because Ohio is one of 17 so-called “controlled states,” where liquor isn’t controlled by retailers as it is elsewhere; it’s sold on consignment. You might buy your bourbon at an Ohio beverage store or grocer, but that retailer doesn’t own that liquor, the state does. And the state only sells it for the retail price. But, at $55 a bottle, Blanton’s almost never makes it from the counter to the shelf and is sold immediately. You can get it elsewhere. It’s readily available in non-controlled states, but not for 55 bucks. You’ll spend $250, $300, or even $400 for a bottle, depending on the market at any given time and where you buy it. And you’ll have to physically go to another state, because shipping liquor to Ohio is illegal. If $400 is small change to you, oh well — many of those in line waiting to buy bottles like the way Ohio conducts its bourbon business. “This rewards people who have a love for bourbon and not just whoever has the most money — if I had to pay $300 for a bottle of Blanton’s, I could not afford it,” one optimistic bourbon fancier said while waiting in line.

It’s 9 o’clock on a Saturday and the regular crowd shuffles into a Giant Eagle liquor store, where some have been waiting in line to buy bourbon since about 8 a.m. | DAN SHINGLER/CRAIN’S CLEVELAND BUSINESS

‘People think I’m Voldemort’ That’s music to the ears of Jim Canepa, whose job it is to get as much high-demand bourbon into Ohio as possible as superintendent of the Ohio Division of Liquor Control. He also wants to see the stuff he gets distributed fairly and agrees that it should be available to everyone and not just the very wealthy. “The folks you were in line with sort of made the best and key points in all of Canepa this, which I love,” Canepa said. Canepa said he spends a lot of his time chasing what’s known as “allocated” liquor. It’s the stuff that can’t be made quickly enough to keep up with demand, so distillers can’t just fill every order they get for it. They dole it out judiciously in an effort to keep as many of their customers as happy as possible and to secure market share for their other products. His can be a very unpopular job, Canepa said, because many people don’t understand why they can’t buy

whatever bourbon they want, whenever they want. But the laws of economics, combined with Ohio’s liquor policies and how bourbon is made, say differently. “People think I’m Voldemort before they get to know me. I’ve been called comrade; I’ve been in memes with horns and a tail,” Canepa said. “What people fail to understand is the laws of supply and demand as it relates to consumer and retail goods, whether it was Beanie Babies back in the day or a PlayStation 5, or the new Ford all-aluminum truck. Whatever it is and whatever the consumer supply-and-demand issues are, they somehow separate those when it comes to allocated bourbons … and they get angry when it’s not at their store.” For bourbon, the situation is especially challenging because bourbon must be aged — often, the longer, the better. But until recently, distillers weren’t putting bourbon away for years in barrels like they are today. No one wanted the stuff much until about three or four years ago.

But Canepa, who came to his job in 2017, has increased Ohio’s share of allocated bourbon, and the state is getting a lot more bottles of Blanton’s and other rare whiskeys today than it was when he arrived. According to data provided by the state, Ohio got 7,200 cases of Blanton’s in fiscal 2021 — more than twice what it got in 2018, when the state was sent 3,380 cases. Similarly, Ohio got 7,374 cases of Buffalo Trace, another popular bourbon, in the latest year, up from 4,190 cases in 2018. And Weller Special Reserve? Ohio got 22,575 cases in 2021, more than 10 times the 2,100 cases it got in 2018. So why isn’t the stuff readily available? Because demand has grown even faster than supply in Ohio, said Canepa and others who follow the market.

No tolerance for shenanigans Canepa gets high marks, if not from all the retail customers in Ohio, at least from those who know the bourbon world, like Jason Callori of Columbus, who has a popular YouTube channel called Mash & Drum

reports on genomics business and scientific news. Across its brands, Crain reaches 78 million readers globally and employs more than 650 people across 10 offices. “Crain is one of the highest-quality business news organizations in the country,” Borchardt said in the statement. “Their team, resources and respected journalism will make the perfect partner as Green Market Report continues into the future.” that’s dedicated to bourbon. He got to Ohio about when Canepa took over the state’s liquor operations. “Ohio has done a way better job of bringing stuff in,” Callori said. “When I first moved here, I was saying, ‘Man, there are a lot of brands not here that I could get in New York,’ but it’s really improved.” Callori also gives Canepa high marks for bringing in new premium brands introduced by popular distillers and for its success in bringing some bottles exclusively to Ohio. But, perhaps most importantly, Callori said, Canepa has cleaned up the market. “All the special bottles that were coming in were going to the (liquor store) workers and not the community. Jim kind of changed that, and now we’re sort of the land of Weller,” Callori said. Canepa said he has no tolerance for shenanigans like stores selling to insiders. He also warns folks against buying liquor in Ohio and attempting to sell it elsewhere for more money, as is reportedly done via shadowy groups on social media. “If you’ve got a permit to sell, you sell it — at a bar, restaurant, casino or liquor agency. If you don’t have a permit to sell it, you can’t sell it,” Canepa said. “That’s called bootlegging. And that’s not an Ohio rule, that’s a United States rule.” Callori wouldn’t even discuss secondary-market sales in depth. He said he knows they occur, but when he’s mentioned them, his audience has reacted angrily. “The first rule of Fight Club is you don’t talk about Fight Club,” Callori said. Fortunately, you don’t have to get bloodied to buy bourbon in Ohio, or break any laws. You just have to want it enough to make an effort. The state has been coming up with new ways to make things fair without waiting in line, though. Today, Ohio runs online lotteries for the very best bottles, something Canepa said was an idea of Mark Brown, a modern bourbon icon and CEO of Sazerac Co., which makes popular brands like Buffalo Trace and the legendary Pappy Van Winkle. Canepa said he asked Brown what he needed to do to get Pappy’s into Ohio. “Sell it fairly,” he said he was told, and the lottery was suggested. Ohio adopted the lottery system and, as a result, Pappy’s is sometimes — though not often — available in Ohio stores. When it is, it sells for $119 for a bottle of the 15-year-old version, which might be the best buy in all of bourbon. It fetches $3,000 a bottle elsewhere. Yeah – gulp, indeed. Dan Shingler: dshingler@crain.com, (216) 771-5290, @DanShingler

SEPTEMBER 27, 2021 | CRAIN’S CLEVELAND BUSINESS | 19

P019_CL_20210927.indd 19

9/24/2021 1:14:07 PM

C e

SOUTHPARK MALL

GREAT NORTHERN MALL

Strongsville, shopping center

North Olmsted, shopping center

Requested reduction: -$123,866,600

Requested reduction: -$65,137,200

Proposed value: $58,000,000

Proposed value: $39,482,200

COSTAR

v w le

I-X CENTER

KIMPTON SCHOFIELD HOTEL

Cleveland, convention center

Cleveland, hotel

Requested reduction: -$22,746,300

Requested reduction: -$22,144,800

Proposed value: $2,524,100

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

Proposed value: $0

HILTON CLEVELAND DOWNTOWN

ju th T In m s

c c re e 1 w m te te

d to w to a

Cleveland, hotel Requested reduction: -$18,903,300 Proposed value: $65,000,000

b n s

R th

Property name

City

Property type

Requested reduction

Proposed value

Westgate

Fairview Park

shopping center

-$14,631,200

$38,000,000

The Vue

Beachwood

apartments

-$12,250,000

$55,000,000

1111 Superior

Cleveland

office, parking

-$11,200,000

$45,000,000

Huntington Garage

Cleveland

parking

-$10,162,100

$6,000,000

Cleveland Marriott Downtown at Key Tower

Cleveland

hotel

-$9,313,500

$15,000,000

SOURCE: CUYAHOGA COUNTY BOARD OF REVISION; CRAIN’S CLEVELAND BUSINESS ANALYSIS

20 | CRAIN’S CLEVELAND BUSINESS | SEPTEMBER 27, 2021

P020_P021_CL_20210927.indd 20

C w n c o v re

c a h H a v c

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

The complaints, some with appraisals and financial statements attached, illuminate how sharply income dropped last year for certain landlords and businesses. An office building in Solon suffered when its largest tenant, a law firm that specializes in evictions and foreclosures, could not pay rent due to federal moratoriums on ousting people from their homes. In downtown Cleveland’s theater district, Playhouse Square saw average monthly net profit before taxes plunge from $235,000 to $25,000 at its 750-space garage. Across the county, filers are seeking to shave an average of 40% off their valuations. The requests range from a 4.5% drop for a Shaker Heights nursing home to a claim that the Kimpton Schofield Hotel, on East Ninth Street downtown, was worthless last autumn. In April, the General Assembly passed Senate Bill 57, which created an opportunity for property owners and certain commercial tenants to challenge their 2020 values based on the impact of the pandemic and state regulations. The filing period ran from Aug. 3 to Sept. 2. Local school districts will bear the brunt of any reductions, and boards of education are sure to fight back. The board of revision expects to start hearings on the cases in late November or early December, said administrator Ron O’Leary. Losing $581 million in value might not seem like much for a county that is home to $97 billion worth of real estate. But the proposed cuts could lead to upward of $20 million in tax refunds, based on an average tax rate of 3.5% for commercial properties. “Certainly, we expect the school districts to oppose these COVID complaints, just as they do ordinary complaints,” said Robert “Kip” Danzinger, a property-tax attorney in Cleveland. His firm, Sleggs, Danzinger & Gill, filed 70 pandemic-related complaints in Cuyahoga County alone. Danzinger’s clients include the publicly owned Hilton Cleveland Downtown hotel, the Vue apartments in Beachwood and the 1111 Superior office tower and garage. He would not discuss specific cases. Filings show that the operator of the Hilton, a 600-room convention hotel developed by Cuyahoga County, is asking to reduce the property’s value from $83.9 million to $65 million. At the Vue, the owner is claiming an 18.2% decline in value, citing increased vacancy, unpaid rent and higher sanitizing costs. “We don’t just file on every single property,” said Danzinger, who stressed that owners must prove that the pandemic and public-health orders eroded the value of their real estate. “I can’t tell you the hundreds of calls that we received where we had to explain to property owners that this new statute was not a guaranteed tax relief,” he said. “I think a lot of property owners, they read about the new law, and they thought it was a government handout, similar to other government handouts.” Senate Bill 57 set a valuation date of Oct. 1 for pandemic-based complaints. It opened the door for boards of revision to consider the fallout from COVID-19 in real time, and to adjust values for 2020 accordingly. Without

During a special filing window created by the state legislature, the Cuyahoga County Board of Revision received nearly 200 complaints from property owners claiming that their real estate lost value last year due to the pandemic and public-health orders. Most of the complaints involved hotels, shopping centers, parking lots, garages and nursing homes. Local school districts have until Oct. 20 to file opposing complaints. This list shows the properties claiming the largest drops in value.

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

From Page 1

Malls top the list of properties seeking pandemic tax relief

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

TAXES

9/24/2021 2:09:46 PM

Cuyahoga County real estate values up 12.8%

ng es

since last reappraisal

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

COSTAR

BY MICHELLE JARBOE

Cuyahoga County property values are up 12.8% since 2018, with the hectic housing market leading the way. That’s the finding from the Cuyahoga County Fiscal Office, which recently finished its triennial real estate update. The process, based on three years’ worth of sales data, yields new market values that serve as the basis for recasting tax bills. Since 2018, when the county conducted its last sexennial reappraisal, residential values have climbed 16%. Maple Heights saw the sharpest spike, at 29%, while the average home value in Cleveland rose 23%. No city experienced a decline. Commercial real estate values jumped 4.8%, on average, with the steepest gains in Olmsted Township and Parma Heights. Independence lost 3% in commercial value, while Orange slipped by 2%. Lou Gentile, who oversees commercial appraisals for the county, said that pre-pandemic real estate transactions indicated that values ought to rise about 11%. But local officials worked with the state to implement more modest increases for battered property types, such as hotels and nursing homes. “Some of the sectors were reduced, but there are other sectors that are performing really well,” said Gentile, who pointed to apartments, big-box stores and fast-food restaurants. “The apartment market is booming,” he said, “and the number of sales continues to surprise me.” The 2021 values will inform tax bills payable in 2022. Higher

valuations don’t necessarily lead to higher bills, due to the intricacies of the state’s property-tax system. Industrial property values increased by an average of 8.7%. The sector boasts near-record low vacancy, with strong demand for high-quality warehouse and distribution space. Property owners who recently took advantage of a new state law to seek pandemic-related decreases in value for 2020 won’t see the effects of those complaints spill into 2021. The timing of the triennial update will put some hard-hit landlords and businesses in the position of filing fresh complaints next year.

“THE APARTMENT MARKET IS BOOMING AND THE NUMBER OF SALES CONTINUES TO SURPRISE ME.” — Lou Gentile

Owners can submit complaints to the Cuyahoga County Board of Revision between Jan. 1 and March 31. Ron O’Leary, the board’s administrator, said the volume of regular valuation complaints was surprisingly modest in early 2021. But he’s bracing for an onslaught in 2022. “This year was the smallest year that anybody could remember in 20-some years,” he said. “I expect that next year will be the heaviest year that anybody can remember in 20-some years.” Michelle Jarboe: michelle.jarboe@crain.com, (216) 771-5437, @mjarboe

Property value increases, by city

MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

Real estate values across Cuyahoga County are up an average of 12.8% from the last mass reappraisal in 2018. Change in municipal total value 0% to 5% increase

5% to 10% increase

10% to 15% increase

above 15% increase

Lakewood 24% Cleveland 13% Hunting Valley 0%

the law, property owners would have been forced to wait until early 2022 to “I THINK A LOT OF PROPERTY OWNERS, THEY READ file such claims, based on 2021 val- ABOUT THE NEW LAW, AND THEY THOUGHT IT WAS A ues. The law also allows owners of vi- GOVERNMENT HANDOUT, SIMILAR TO OTHER rus-stricken properties to file more GOVERNMENT HANDOUTS.” frequent appeals. Ohio counties conRobert “Kip” Danzinger, a property-tax attorney in Cleveland duct mass reappraisals every six C R— A I N ’ S C L E V E L A N D B U S I N E S S | S E P T E M B E R 3 - 9 , 2 018 | PA G E 21 years and update values at the threeyear mark. In normal times, most taxpayers can appeal only once during a with the city, changed hands in AuNursing homes generated a dozen gust. The building is set to reopen as filings, based on occupancy decreasthree-year period. In Franklin County, the most pop- an event center and industrial space. es of 10% to 32%. Attorneys said that Cleveland attorney Kenneth Fish- many facilities struggled as residents ulous county in the state, landlords and businesses filed 334 pandem- er filed the pandemic-related com- died, family members pulled relaic-related complaints. Hamilton plaint on behalf of I-X Center Corp.’s tives out and prospective tenants deCounty, home to Cincinnati, received previous owner, the family-owned cided not to move in. 82 filings. The Summit County Board Park Corp. business conglomerate. Industrial and residential proper“The I-X Center is probably the ties — both hot real estate sectors — of Revision is vetting 41 complaints, best example of how the pandemic accounted for only a few complaints. 16 of them involving hotels. In Cuyahoga County, 43 com- impacted a property owner,” he said. Almost all of the industrial filings reFisher also filed complaints on lated to a group of buildings in plaints center on hotels, with an average proposed drop of 37.1% in val- SouthPark Mall and Great Northern Brooklyn leased to Areway Metal Finue. Three dozen parking complaints Mall. The properties collectively ac- ishing and related companies, which posit a typical decline of 57.3%. Most count for $189 million of the $581 sought bankruptcy protection in earof those garages and lots are down- million in real estate value at stake. ly 2020. Starwood Capital Group, which town or near Cleveland Hopkins InOnly one homeowner filed on a sold SouthPark in April for $57.7 mil- personal residence. An East Fourth ternational Airport. David Seed, a Cleveland lawyer lion, says the Strongsville retail cen- Street condo owner claims that his who represents school districts, ex- ter was worth $58 million last year. property value fell by 54% last year pected the volume of complaints to The county values it at $181.9 million. due to business closures and scuttled The proposed value for Great events in the downtown dining and be even higher. Now, he said, the challenge for attorneys and boards of Northern, in North Olmsted, is $39.5 entertainment district. The other resrevision across the state will be pars- million — a 62% drop. idential filings involve rental homes Owners of department stores, in- and fallow farmland. ing the relationship between revenue cluding Saks Fifth Avenue and Dillosses and real estate values. “I think,” O’Leary said, “somebody It’s obvious that hotels were hurt lard’s at Beachwood Place, also are would have a very hard time making by the pandemic, for example. But looking for succor based on steep a compelling case that a residential even at the worst point, the brick- falloffs in sales. Smaller retail land- property’s value was negatively imand-mortar they occupy had some lords filed a flurry of complaints. So pacted by the pandemic.” did representatives of freestanding merit, Seed said. “Imagine if you own a stock, and restaurants, two bowling alleys and a Michelle Jarboe: michelle.jarboe@ they told you that your dividend’s go- handful of child care centers. crain.com, (216) 771-5437, @mjarboe ing to get slashed for the next year or two,” he said. “The stock price goes down. That doesn’t mean that it’s Advertising Section worthless.” Hotel buyers, like other commercial real estate investors, don’t look at a single year in deciding what to pay for real estate. They evaluate longterm performance, and projections. Yet the Kimpton Schofield’s owner, an affiliate of Cleveland-based CRM Companies, is asking the board of re- To place your listing in Crain’s Cleveland Classifieds, vision to reduce the hotel’s value to zero. CRM filed a similar complaint contact Ainsley Burgess at 313-446-0455 on its 777 Rockwell parking garage, another downtown property that or email ainsley.burgess@crain.com bled cash last year. The hotel, at East Ninth and Euclid Avenue, and its first-floor restaurant were in the red, according to the filing. The apartments upstairs are tax-exempt under the city’s abatement program for new or renovated homes. The property posted a net operating loss of $1.3 million for 2020. “That is just ridiculous,” hotel consultant David Sangree said of claiming a $0 value. ENVIRONMENTAL CONSULTING BUSINESS OPPORTUNITY The president of Hotel & Leisure Advisors, a Lakewood-based conBusinesses for Sale sulting firm, Sangree has been workDistributor of Motorcycle ing on pandemic-related appraisals Parts & Accessories for properties across the state. HoteSales $1.9M liers are reporting value declines of mike@empirebusinesses.com anywhere from 10% to 50%, he said. www.empirebusinesses.com “Each property is a unique assign440-461-2202 ment,” Sangree said, noting that downtown real estate fared worse SPORTS AND ENTERTAINMENT than suburban hotels, and resort lodging was relatively unscathed. The state lockdowns that stymied hotels also forced a shutdown at the I-X Center, the massive, city-owned venue on Cleveland’s West Side. The private operator of the 2.2 million-square-foot complex filed a complaint seeking a 90% reduction in the property’s value, to just over $2.5 million. The building was empty from mid-March 2020 until late last year, when Purell maker GOJO Industries leased part of it for storage. I-X Center Corp., the company that controls the property through a lease

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THE WEEK KEY ROLE FILLED: Progressive Corp. is turning to a 3M executive to fill the critical job of chief marketing officer at the Mayfield Village-based insurance giant. The company on Thursday, Sept. 23, announced that Remi Kent will join the company as CMO on Nov. 1. She will succeed Jeff Charney, a legendary marketing executive who in March announced that he intended to retire from Progressive. Kent will report directly to Tricia Griffith, Progressive’s president and CEO, and will be part of the Progressive executive leadership team. Kent has worked for the last eight years at St. Paul, Minnesota-based 3M. For the last year, she has been senior vice president and global chief marketing officer of 3M’s Consumer Business Group.

The 17-story apartment building in the city’s Warehouse District will undergo a renovation by the new owner, an affiliate of Snavely Group. A planned acquisition of an adjoining property may allow the company to develop another property atop the parking garage that serves the building. | MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

ON THE MOVE: The United Church of Christ plans to move its central office next year, in a transition that will keep a national headquarters in downtown Cleveland while positioning a historic Gateway District building for redevelopment. The church, which put its longtime home at 700 Prospect Ave. up for sale this summer, recently signed a lease at the AECOM Centre office building on East Ninth Street. The decision ends years of real estate deliberations for the church, a 64-year-old institution that represents more than 773,000 members across the country. The new, 30,000-square-foot office space is

PEOPLE ON THE MOVE

scheduled to open in January. Moving from a nine-story building to a much smaller, leased space will save hundreds of thousands of dollars a year. In July, the church quietly put its office building on the market, at an asking price of $7 million. WELCOME TO DOWNTOWN: Snavely Group, the Chagrin Falls-based real estate developer with a big portfolio of projects throughout the region, has taken a big step into the downtown Cleveland apartment market by buying, through an affiliate, Crittenden Court, the 17-story apartment building at 955 W. St. Clair Ave. Most recently, Snavely has been known as the developer of The Quarter, the apartment, retail and office project at West 25th Street and Detroit Avenue in Ohio City. The project transformed the intersection on the west end of the Detroit-Superior Bridge, which connects downtown and the near West Side. The $19.75 million purchase of Crittenden through 955 St. Clair LLC not only gives the developer control of the 208-suite building, but positions it for a potential future development nearby, atop the multilevel parking garage that serves the apartment building. U.K. DEAL MOVES FORWARD: Parker Hannifin Corp. received the go-ahead from shareholders of Meggitt PLC to acquire the United Kingdom-based aerospace and defense supplier. Mayfield Heights-

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

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based Parker, a maker of motion and control technologies, said Tuesday, Sept. 21, that Meggitt shareholders voted in favor of Parker’s 6.3 billion-pound ($8.7 billion) buyout offer. Next up for Parker: securing the approval of the U.K. government. Parker expects the transaction will proceed and close in the third quarter of 2022. Parker has promised to continue supplying the U.K. government, and to maintain technology and manufacturing in the country. A majority of Meggitt’s board will remain British. Meggitt, headquartered in Coventry, U.K., had revenue of about $2.3 billion in 2020. It has more than 9,000 employees. CHANGE AT THE TOP: Law firm Squire Patton Boggs appointed Michele Connell, who has served as the firm’s Cleveland office managing partner — and who was the first woman to hold that position — since spring 2016, as global managing partner for the firm’s U.S. LLP, which covers 34 of the firm’s 45 international offices. In that role, Connell, a former diplomat for the U.S. Department of State, will succeed Fred Nance. She will be the first woman in that position. Nance, who will remain part of the executive leadership group, is taking on a role as head of the firm’s newly created Office of DEI (diversity, equity and inclusion). Filling Connell’s role as the firm’s Cleveland office managing partner, meanwhile, is Canton native Steve Auvil, a patent attorney who has led the U.S. litigation practice for the firm’s intellectual property and technology groups. TRANSFORMATION AWAITS: Ohio launched a long-awaited incentive competition for so-called “transformational” real estate projects. The application portal for the Transformational Mixed-Use Development Program went live Tuesday, Sept. 21, on the Ohio Department of Development’s website. The deadline to apply is 5 p.m. on Oct. 29. Firstround applicants will vie for $100 million in tax credits, $80 million of which are earmarked for projects in or near major cities. To qualify, projects must include at least two uses — parking does not count — and must promise to have a dramatic impact on the site and surrounding area. MATERIAL EVENT: Mayfield Heights-based advanced materials producer Materion Corp. agreed to acquire the electronic materials business of H.C. Starck Solutions for $380 million. The purchase of what’s known as HCS-Electronic Materials, based in Newton, Massachusetts, is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approval. HCS-Electronic Materials is a provider of high-purity tantalum sputtering targets, which Materion said are “important in the manufacture of today’s leading-edge semiconductor chips.” Materion said the acquisition builds on its existing portfolio of electronic materials and thin film target products, and “will significantly enhance the company’s position as a leading supplier to the high-growth semiconductor industry.” HCS-Electronic Materials is expected to generate revenue of about $145 million in 2021.

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Executive editor Elizabeth McIntyre (216) 771-5358 or emcintyre@crain.com Group publisher Jim Kirk (312) 397-5503 or jkirk@crain.com Associate publisher Amy Ann Stoessel (216) 771-5155 or astoessel@crain.com Managing editor Scott Suttell (216) 771-5227 or ssuttell@crain.com Assistant managing editor John Kappes (216) 771-5359 or john.kappes@crain.com Web editor Damon Sims (216) 771-5279 or dpsims@crain.com Assistant editor Rachel Abbey McCafferty (216) 771-5379 or rmccafferty@crain.com Art director Kayla Byler (614) 312-7635 or kayla.byler@crain.com Senior data editor Chuck Soder (216) 771-5374 or csoder@crain.com Cartoonist Rich Williams REPORTERS

Stan Bullard, senior reporter, Real estate/ construction. (216) 771-5228 or sbullard@crain.com Lydia Coutré, Health care/nonprofits. (216) 771-5479 or lcoutre@crain.com Michelle Jarboe, Enterprise reporter. (216) 771-5437 or michelle.jarboe@crain.com Amy Morona, Higher education. (216) 771-5229 or amy.morona@crain.com Jay Miller, Government. (216) 771-5362 or jmiller@crain.com Jeremy Nobile, Finance/legal/beer/cannabis. (216) 771-5255 or jnobile@crain.com Kim Palmer, Government. (216) 771-5384 or kpalmer@crain.com Dan Shingler, Energy/steel/auto/Akron. (216) 771-5290 or dshingler@crain.com ADVERTISING

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Crain’s Cleveland Business is published by Crain Communications Inc. Chairman Keith E. Crain Vice chairman Mary Kay Crain CEO KC Crain Senior executive VP Chris Crain Secretary Lexie Crain Armstrong Chief Financial Officer Robert Recchia G.D. Crain Jr. Founder (1885-1973) Mrs. G.D. Crain Jr. Chairman (1911-1996) Editorial & Business Offices 700 W. St. Clair Ave., Suite 310, Cleveland, OH 44113-1230 (216) 522-1383 Volume 42, Number 35

Crain’s Cleveland Business (ISSN 0197-2375) is published weekly, except no issue on 1/4/21, combined issues on 5/24/21, 6/28/21, 8/30/21, 11/22/21, at 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113-1230. Copyright © 2021 by Crain Communications Inc. Periodicals postage paid at Cleveland, OH, and at additional mailing offices. Price per copy: $2.00. Postmaster: Send address changes to Crain’s Cleveland Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. 1 (877) 824-9373. Subscriptions: In Ohio: 1 year - $79, 2 year - $110. Outside Ohio: 1 year - $110, 2 year - $195. Single copy, $2.00. Allow 4 weeks for change of address. For subscription information and delivery concerns send correspondence to Audience Development Department, Crain’s Cleveland Business, 1155 Gratiot Avenue, Detroit, MI, 48207-9911, or email to customerservice@crainscleveland.com, or call (877) 824-9373 (in the U.S. and Canada) or (313) 446-0450 (all other locations), or fax (313) 446-6777.

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