Cuyahoga Valley Industrial Center
Our team has been the exclusive land manager for the Greater Cleveland Community Improvement Corporation since 2006, when we were selected to become the Managers of the Commercial and Industrial Land Bank for the City of Cleveland. The team that we formed, VRP North Coast LLC, was structured as an economic development, asset management and environmental mediation firm with VRG as the lead asset management firm and Allegro Realty Partners and Hull & Associates as our partners. For this project, we used the legal structure of a community improvement corporation to enable the city to activate a way to undertake and manage its commercial land bank assets.
The Cuyahoga Valley Industrial Center project is the redevelopment of a 65-acre former coke plant located along I-77 in the urban core of Cleveland, Ohio. VRP managed the development of the entire site, which involved remediation measures such as a 40-foot grade correction, and utilizing innovative cost savers such as beneficial re-use of dredge material as well as the steel slag which is a by-product of the manufacturing process.
VRP, the City, and the Community Improvement Corporation worked with the Ohio EPA, the Army Corp. of Engineers, and community stakeholders to redevelop this site, which has become one of the biggest examples to date of the beneficial reuse of a Brownfield in Cleveland, and represents the largest shovel-ready industrial site in the city in over half a century. It is now configured to potentially accommodate 750,000 square feet of new manufacturing space and attract approximately 750 to 1,000 new jobs. This will result in annual taxes of up to $750,000 in new income taxes to the City of Cleveland, and $1.9 Million in new income taxes to the State of Ohio. Annual property taxes realized by Cuyahoga County could reach $2.1 million as a result of our team’s efforts and success. Furthermore, this project will spur additional industrial development in the City of Cleveland.
This unique project illustrates how utilizing materials otherwise considered waste (dredge spoils and slag fines) to restore a landscape set aside for industrial by-product (slag heaps) for economic development can benefit an entire region through creative reuse and affordable alternatives to managing industrial waste.
On February 19th 2014, the Cuyahoga Valley Industrial Center became a Certified Ohio Job Ready Site as designated by the Ohio Development Services Agency. This is a prestigious award meeting many rigorous standards for achievement.