VOL. 38, NO. 19
MAY 8 - 14, 2017
Source Lunch
Akron
Alice Cable, executive director of the AWT Foundation
Venture capital fund will invest in Rubber City firms. Page 24
The List
Page 27
CLEVELAND BUSINESS
Region’s largest public companies Page 22
HEALTH CARE
Country will be tracking Clinic’s search By LYDIA COUTRÉ
In a decision that signals a big shift for Cleveland’s health care landscape, Dr. Toby Cosgrove last week announced he would be step down as CEO of the Clinic later this year. Over his nearly 13-year tenure, many credit Cosgrove with helping elevate the Clinic to its national reputation. The leadership transition comes during a time of potentially monumental changes in federal health care policy. In a narrow victory on
lcoutre@crain.com @LydiaCoutre
Toby Cosgrove’s successor has big shoes to fill.
Because of Cleveland Clinic’s national prominence, the next person to lead the system will also help to steer the direction of health care delivery in the United States. And the country will be watching the search.
good, president and CEO of the Tampa Bay, Fla-based American Association for Physician Leadership. “Organizations like the Cleveland Clinic represent best in class, and therefore those are the types of systems that others try to emulate,” he said. “A transition in leadership is critical because it sends some indicators as to where others should be following and watching.”
Thursday, the Republican-controlled House of Representatives passed the American Health Care Act, sending it to the Senate. Regardless of what ultimately comes out of Washington, whoever holds the reins next at the Clinic will no doubt have some major decisions to make about the system’s future. Where the Clinic wants to head next will be “reviewed under the national microscope,” said Dr. Peter An-
SEE COSGROVE, PAGE 8
REAL ESTATE
City’s western rim embarks on development boom A new wave of apartment, townhouse and institutional projects is breaking along Cleveland’s western rim near Lake Erie. More than 1,000 dwelling places are going into the 3.5-mile swath from West 25th to West 117th streets. The new projects build on decades of redevelopment efforts and the $95 million Lakeshore West project to convert the Shoreway to a tree-lined boulevard.
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C Church and State Apts., 2817 Detroit Ave.
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D Steelman building, 2885 Detroit Ave.
M 95 Lake, 9509 Lake Ave.
E Edge 32, 3200 Detroit Ave.
N The Shoppes on Clifton, NE corner of Lake Ave. and W. 117th St.
F Mariner’s Watch, 3107 Detroit Ave. G Clinton West, 3107 Clinton Ave. H Templin Bradley Lofts, 5700 Detroit Ave. I Breakwater Bluffs, NE corner of W. 58th St. and Breakwater Ave.
N INTO
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O 117 Lake, SE corner of Lake Ave. and W. 117th St. P A Place For Us, 11610 Madison Ave. Source: Crain’s research, interviews, public record
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$350 million in projects are being built or proposed along stretch between West 25th and 117th streets By STAN BULLARD sbullard@crain.com @CrainRltywriter
Suave Peter Galvin, who retired a decade ago after a 50-year career in the Cleveland real estate business, organizes trolley tours for friends
and professional colleagues of the city of Cleveland. He just added a new leg to the University Circle and downtown Cleveland circuit: the western rim of Cleveland from Ohio City to the Detroit Shoreway neighborhood. “Real estate is on fire over there,” said Galvin, whose late father built
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what’s now known as The Sphere apartments downtown. “I realized the housing going in on the West Side was never produced on the East Side,” he said. “As newlyweds my wife and I would have loved to live in such a place. It was no man’s land over there then. But now it’s growing because downtown cannot
meet the demand. Even people in my industry don’t appreciate it.” After decades of incremental efforts ranging from restoring Civil War-era homes in Ohio City to remaking upper floors of commercial buildings in the Gordon Square with affordable housing, a new scale and level of investment is beginning to
transform the western rim of the city near Lake Erie’s shoreline. Between West 25th and West 117th streets, real estate projects totaling more than $350 million are proposed or under construction that stand to add more than 1,000 dwelling units, both rental and for-sale, to the stretch. SEE HOUSING, PAGE 25
Eight over 80 Meet eight Clevelanders who continue to make a difference. Pages 13-21 Top row: Jules Belkin, Jean Murrell Capers, Peter van Dijk, Clara Rankin Bottom: Bruce Akers, William Denihan, Dr. Russell Platt, Walter D. Mueller