By Adrian Maties, Associate Editor<\/p>\n
Columbus-based data center company\u00a0Superior Technology Partners L.L.C. plans to buy a 2.3-acre site between East 61st and East 63rd streets for a $35 million to $40 million project. The land is part of a 14-acre site.<\/p>\n
The state chose the site, located in the middle of Cleveland’s emerging health-and-technology corridor, in 2009 for a regional psychiatric hospital. The city spent millions of dollars to clear the land and prepare it for construction, but the project was abandoned when the Ohio Department of Mental Health instead chose the less-costly option of renovating a Summit County hospital.<\/p>\n
The 80,000-square-foot data center would create 40 high-paying jobs. It could boost the local economy, attracting business from outside the region. Superior Technology Partners is also interested in expanding and buying the land between Euclid and Chester avenues and East 59th and 61st streets. The city is still determining its market value. Superior Technology Partners has not asked for any incentives.<\/p>\n
In other real estate-related news, the Brotherhood of Locomotive Engineers and Trainmen, the nation’s oldest labor union, has put its historic headquarters building up for sale. The Chartwell Group is marketing the building for $8.8 million.<\/p>\n
The 21-story building is located at 1370 Ontario St. Known as the Standard Building, it was constructed by the railroad union in 1924 to house the country\u2019s first labor bank. Three of its four sides are clad in cream-colored terra cotta with a recurring starburst motif. It was designated a Cleveland landmark in 1979.<\/p>\n
Real estate experts think the 400,000 square feet of offices plus three basement floors could be converted into a hotel or apartments.\u00a0With the construction of a new casino, convention center and medical mart, the demand for new downtown rooms will surely be on the rise. The Standard Building could prove to be a very attractive target to developers looking to turn largely vacant office buildings into housing. The building is also eligible for state and federal tax credits aimed at historic preservation, which could help cut the cost of development.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Adrian Maties, Associate Editor
\nColumbus-based data center company\u00a0Superior Technology Partners L.L.C. plans to buy a 2.3-acre site between East 61st and East 63rd streets for a $35 million to $40 million project. The land is part of a 14-acre site.
\nThe […]<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[],"class_list":["post-1004053448","post","type-post","status-publish","format-standard","hentry","category-cleveland","category-latest"],"acf":[],"yoast_head":"\n