CLEVELAND, OH (WOIO) – Cleveland 19 seeks to launch downtown projects. NuCLEus project is by far the most ambitious one which tries to become a reality in downtown.
Stark Enterprises’ developed 48-floor spire of glass is intended to alter the skyline in Cleveland.
The building is intended for the parking lot and parking structure across the Q and Road Street. It would include 200,000 square feet of office space, a luxury hotel, restaurant, retail as well as 500 apartments and condos.
In 2014 the above-mentioned project got basic approval by Cuyahoga County. However, one shovel has yet to be put in the ground.
In addition, the project needs major financing. Therefore, Stark is still trying to deal with both the county and the city of the Cleveland Metropolitan School District (CMSD).
Tax Incremental Financing (TIF) is a creative way to get a financial approval for the project.
The request of the TIF for NuCLEus is far from being voted on the city. However, the CMSD CEO ERIC Gordon tries to do his best in order to get the project completed with website and community meetings to answer all questions.
CMSD would like to take that $18 million and get it matched by State grants for an extra $38 million and use for school building and renovation projects. The school board was intended to vote on its assistance of the TIF plan in its August 22 meeting but it was pulled from the program with no rearranged vote.