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The Beauty Shoppe Expands to Cleveland's Health-Tech Corridor
Expanding its operations to Cleveland, The Beauty Shoppe, is a successful coworking operator from Pittsburgh which will occupy 18,000 square feet of the historic Victory Building (photo below) at 7012 Euclid Avenue starting this summer.
A partnership including BioEnterprise, the City of Cleveland, the Cleveland Foundation, the Health-Tech Corridor, MidTown Cleveland, and JumpStart identified a need for flexible short-term space for start-ups and small businesses, issued a national RFP conducted by the Health Tech Corridor Leadership Consortium seeking experienced co-working operators, and selected The Beauty Shoppe, to own and operate the coworking space at Victory Center.
“This transformative investment provides opportunity for small businesses to continue their many contributions towards the economic growth of Cleveland,” said Mayor Frank G. Jackson of the City of Cleveland, which provided a grant to offset the space’s construction. “The coworking space will create a diverse community of student entrepreneurs, tech startups, and neighborhood small business owners and enable them to grow cost-effectively in the City, creating jobs and strengthening our economy.”
Coworking is shared office space which typically offers conference rooms, WiFi, 24-7 access, a range of shared desk and office options, and the ability to be part of a community in exchange for a modest monthly fee and no lease commitment. Coworking spaces in the U.S. have grown from one in 2005 to 781 in early 2014, according to a report by the Commercial Real Estate Development Association (NAIOP).
“The creation of coworking space will make a big difference for business growth and community development in our neighborhoods,” said Phyllis Cleveland, Cleveland City Councilwoman for Ward 5, where The Beauty Shoppe will be located. “I was impressed with what The Beauty Shoppe has done in the East Liberty neighborhood of Pittsburgh. It has created and fostered a spirit of innovation, collaboration and synergy. I am excited to help bring them to Cleveland.”
Additional financing for the project will come from an equity investment by The Beauty Shoppe’s principals, a loan from micro lender ECDI, a period of reduced rent from the Victory Center’s owners, and a recoverable grant from the Cleveland Foundation.
“The Victory coworking space will fill an important need for businesses who want professional space but can’t commit to a long term lease,” said Jeff Epstein, Director of the HTC. “Startups and small businesses have virtually no options today for high quality, ready-to-occupy, short term space.”
In January, the Cleveland Foundation awarded a $150,000 recoverable grant to support this project, with a portion of the grant to be forgiven if 20% of the coworking members are Greater University Circle or Health-Tech Corridor residents.
“Some of the Cleveland Foundation’s priority initiatives include the revitalization of the Greater University Circle area and the Health-Tech Corridor, the spine that connects this area with our city’s thriving downtown,” said Lillian Kuri, Program Director at the Cleveland Foundation. “The foundation’s investment in this coworking project is a key part of this revitalization and, through our grant, we are working to ensure that residents from surrounding neighborhoods will be among the first to have the opportunity to take advantage of this space.”
In addition to office space, The Beauty Shoppe will offer programming, classes, and events relevant to its members and to the broader community. BioEnterprise and JumpStart, among other support organizations, will have a presence in the space and support activities and programming there.
“We’re thrilled to be bringing The Beauty Shoppe to Cleveland,” said The Beauty Shoppe co-founder Matthew Ciccone. “Our vision is to redefine the workplace by creating a professional environment that looks and feels like your favorite coffee shop or boutique hotel lobby, but functions like a modern corporate office. We can’t wait to open up in Cleveland.”
Monthly memberships at The Beauty Shoppe could start at $150 for a shared desk, with a dedicated desk or office available for a higher monthly fee.
The design for The Beauty Shoppe will be chosen from a selection of winners from a Cleveland Institute of Art interior design contest held at a public event at JumpStart in Febuary of this year. To read more about this semester long project engaging young artists with real world problems visit CIA's blog.
The Beauty Shoppe was chosen for this Cleveland location not just for its operational acumen, but for its undeniable dedication to community development. In Pittsburgh, it has played a critical role in catalyzing economic and social development in a previously declining neighborhood. Likewise, The Beauty Shoppe hopes to support and spur growth in the Health-Tech Corridor by developing a broad, diverse and inclusionary community of members. As a key concept in their development plan, it was important for them to not only support growth, but include the residents surrounding the HTC and facilitate focused investments back into the neighborhoods. The Beauty Shoppe will be a key catalytic project for the Midtown area of the Health-Tech Corridor, generating a community within a community, and continue to foster and accelerate an environment of collaboration and innovation.
Individuals or businesses interested in Cleveland’s Health-Tech Corridor or those who wish to locate at The Beauty Shoppe should contact Jeff Epstein at email@example.com.
Beauty Shoppe Cleveland in the news:
02/21/2015: Coworking craze hits Cleveland's Midtown, as Beauty Shoppe inks deal at Victory Center (photos)
03/02/2015 Victory Center to house new coworking space in the Health-Tech Corridor
About the Cleveland Health-Tech Corridor
The HTC is a prime location for attracting and growing health and technology businesses. A 1,600 acre area connecting Cleveland’s downtown core with University Circle, the HTC is home to four colleges, four hospitals, five business incubators, the fastest commercially available fiber network in the United States and over 130 health-tech and high-tech companies.
About The Beauty Shoppe
The Beauty Shoppe has operated coworking spaces in Pittsburgh, PA since 2011, and is currently managing over 20,000 square feet of space with over 180 members in Pittsburgh’s East Liberty neighborhood. We are a growing team dedicated to designing and operating branded coworking spaces that seek to create value for our members and for the communities we serve.