Cleveland's Economic Development Success Story
"Despite the challenging financial climate, the $197 million renovation of Euclid Avenue has become an economic development engine for the city. More than $3.3 billion worth of projects are in the works or recently finished along five miles of the vital artery.
To be sure, the progress has been slower than many would like. The number of projects would be far greater if not for an economic crisis that has stalled or killed developments across the country. And given a shortage of private lending, many of the high-profile projects along the corridor depend on institutions, tax credits and other incentives.
Nevertheless, builders are staring down the shaky real estate market and finishing town houses in University Circle. They're completing apartments in former department stores downtown. And they're pitching plans to make Midtown a biomedical and technology hub."
Thanks to Streetsblog