Large-Scale Projects (200+ Jobs)
Incentive packages may be available for large scale projects, with over 200 new jobs, based on new payroll and investment. These incentives are customized and generally available within one week from receiving the payroll and investment information. Examples of recent large-scale projects assisted by the Department of Economic Development can be found below.
Brandmuscle, a growing marketing technology company, moved their 160 employee operations into Downtown Cleveland in November 2012. The company leased two floors at 1100 Superior Avenue (approximately 55,000 sq. ft.). Their new offices are located in the 22-story building adjacent to the renovated Perk Park. Brandmuscle, which was formed by Phil Alexander in 2000, had outgrown their offices space in the suburbs.
As the company was looking for sites in Northeast Ohio, several sites were identified including space in Downtown. The Department of Economic Development assisted with a Job Creation Incentive Grant of $630,000 to help offset renovation costs with the build-out of the vacant office space. Since 2012, Brandmuscle continues to grow through acquisitions and mergers in Cleveland, Austin and Chicago. They now employ over 400 people in the three cities, of which over 40% are predominantly millennials that live in their respective downtowns. The company’s office in Cleveland has over 160 employees and is home to the core of Brandmuscle’s product development, sales and marketing team. Find out more about the recent growth of this company from Crain’s Cleveland Business.
AmTrust Financial Services/GMAC
At a time when Cleveland was facing the loss of big office tenants to the suburbs, AmTrust Financial purchased the 800 Superior building in downtown Cleveland and committed to bringing in 1,000 new jobs, including relocating their affiliate GMAC’s offices from Winston-Salem, NC. Thus began the urban renaissance in downtown Cleveland’s NineTwelve’s residential and business district. The deal represented a huge win for Cleveland which was the biggest single-company boost for downtown’s office market in years. Total acquisition and renovation cost was $24,000 with The City providing a non-school TIF valued at $1,500,000 and a payroll grant valued at $1,286,500. Local CDFI partners provided New Markets Tax Credits and mezzanine financing. This was a big deal helping to revive “a largely vacant building and brightening the City’s ailing financial district” while bringing in approximately $40 million in payroll to the region. Read more.