Every year, Cleveland’s growing healthcare economy nourishes dozens of successful start-up companies. Until recently, however, once these firms outgrew their space at the Cleveland Clinic or one of the city’s business incubators, they almost inevitably fled to the suburbs or moved out of the region. That’s because the city lacked the real estate product they needed: flexible, technology-ready office space with room to grow.
But now, thanks to the recent completion of the 128,000-square-foot MidTown Tech Park on Euclid Avenue, start-ups that once left for the ‘burbs have good reason to stick around. Last month, Hemingway Development, which built the MidTown Tech Park on a former used car lot on a spec, inked a 10-year deal to lease 27,000 square feet to Cleveland HeartLab. The fast-growing start-up, which has swelled from eight to 80 employees in just two years, plans to move in next month.
This recent good news, leaders say, signals that the decades-old plan to transform the area into a hub for healthcare and technology companies is finally coming to fruition.
Fresh Water Cleveland, 10/13/11