Downtown Cleveland Update with Michael Deemer

Downtown Cleveland Update with Michael Deemer

Downtown Cleveland Update with Michael Deemer

 

Downtown Cleveland Alliance Update With CEO Michael Deemer - 3-9-22


Michael Deemer, President & CEO from The Downtown Cleveland Alliance spoke to Bill about how will the recents tax credit awards impact Downtown? - Biden noted the importance of Downtowns to recovery. How does his message align with DCA’s priorities?

Michael, how will the recents tax credit awards impact Downtown?

  • The Centennial was awarded $40 million in tax credits for being a transformational project
    • Key piece of financing for the nearly $500 million project in the former Union Trust Building at Ninth & Euclid
    • Will house 860 apartment units which Millennia describes as workforce housing
    • Project includes 61-room boutique hotel, high-end restaurants and a Cleveland exposition Museum like display in the lobby
  • Development is the best indicator of investment- Announcements help us navigate our recovery.
  • Downtown is off to a strong start in 2022. 3.5 million people came to Downtown Cleveland this January. 
    • This represents a 66% recovery of January 2020 foot traffic levels and an increase of 51% since January 2021.

Speaking of recovery, during the State of the Union Address, President Biden noted the importance of Downtowns to recovery. How does his message align with DCA’s priorities?

  • During the SOTU President Biden said:

 "It’s time for America to get back to work and fill our great downtowns again with people. People working from home can feel safe and begin to return to their offices."

  • Returning workers to their Downtown offices has been a core priority for the organization.- Data shows employees benefit from collaborative work environments.
    • Increase productivity and creativity
  • The City just announced that mask mandates would be going way- Things are returning to normal, more people are vaccinated and should feel better about returning to the office
  • There’s a lot to do Downtown- MAC College basketball Tournament returns this week (March 9- 12) to Downtown Cleveland.
    • Grateful to have events like these that also help draw people back downtown, increasing foot traffic for local storefront retailers and helping us navigate our recovery. 
  • CIFF 2022 takes place March30-April 9 in Playhouse Square and they recently announced their lineup of more than 300 films

For more information, or if you’re interested in relocating or expanding your business into Downtown Cleveland, visit Downtowncleveland.com


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