Hoover
Property Purchased For Redevelopment On
Monday, January 28th, California developer
Stuart Lichter, with Industrial Realty Group (IRG), announced
the purchase of the former Hoover Company facility in
North Canton, Ohio from T.T.I. Floor Care of North America,
in a deal that includes Ohio partners Chris Semarjian,
with Industrial Commerce Ltd., and Robert DeHoff of DeHoff
Development. The facility encompasses 88 acres and 1.4
million square feet of office and industrial buildings.
Lichter and his partners plan to turn the facility into
a modern mixed use complex made up of manufacturing and
warehouse space, new and remodeled office space, residential
units, retail, and a possible hotel. The partnership
has already signed a lease with an unidentified tenant
for the warehouse building, and negotiations are underway
with three other businesses for different space needs
in the complex. At the press conference held at the facility
on January 28, Chris Semarjian estimated
that the project could support 350 to 850 jobs over the
next five years depending upon the extent of the office
space needed. Lichter, as head of Industrial Realty Group
LLC, is known for taking distressed industrial sites
and repurposing them into successful multi-tenant properties
that are competitive in attracting new companies and
jobs to the cities where his projects are located. Some
of his other Northeast Ohio projects include Canal Place
in Akron, which was an old B.F. Goodrich factory, and
the former Ford assembly plant in Lorain. In addition,
Lichter has just recently completed a deal with the City
of Akron and the Goodyear Corporation to build a new
corporate headquarters and to repurpose the company’s
older headquarters and adjacent properties into a large
mixed use project similar to what he will be doing at
the Hoover site. To read more about the Hoover property
acquisition, click
here. To read more about Stuart Lichter,
click
here, and to learn why Lichter likes Ohio for development,
click
here.
Higher
Paying Jobs Growing In Northeast Ohio Team
Northeast Ohio released its latest quarterly Economic
Review. The report provides an in depth analysis
of the 16 county region’s occupations and reveals some
important indicators for future economic development
in Stark County and in the Cleveland + region. Northeast
Ohio’s economy grew in 2007 with employment higher than
it has been since 2002. Higher paying jobs are growing
faster in the region with occupations paying more than
$37,800 up more than 10% since 1992. That time span has
also seen an increase of 128,000 jobs in the region.
Quality of life can be linked to “real” per capita personal
income. An analysis that factors in cost of living when
analyzing per capita income shows that the four metro
areas in Northeast Ohio have a “real” personal income
better than cities such as New York, Orlando, Phoenix,
and San Francisco. To read the full report, click
here.
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