CCCIC Recommends $350,000 Development Loan for Tech Hub Facility

Posted on

Miranda Pomiecko: (216) 698-2546; 

CUYAHOGA COUNTY, OH – The Cuyahoga County Community Improvement Corporation (CCCIC) reviewed and recommended approval for a $350,000 Mixed Use/Place-Based Economic Development Loan to The Hive My Place LTD at the August 14th CCCIC Board of Trustees meeting. The borrower’s project, named “The Hive” will attract and house tenants that are primarily young, tech-focused companies.

“We remain committed to supporting cutting-edge, high technology entrepreneurs and to targeting the type of industries that will be occupying The Hive,” said Cuyahoga County Executive Armond Budish. “The Hive will be adding 30 technology-related jobs and add to the rich environment and fabric of the Flats mixed-use neighborhood.”

The Hive My Place LTD is a real estate development company formed in 2018 for the purpose of purchasing, renovating and modernizing the mostly vacant building located at 2019 Center Street, Cleveland, Ohio. The building formerly housed the County Engineers Office but is now being positioned to attract growing high-tech firms such as Wisr, a fast-growing software company which helps higher education students and alumni build connections in student-alumni reconnections and recruiting, and Employstream, an onboarding and candidate engagement platform built for efficient and effective hiring and staffing. Also slated as a tenant is the architectural firm, Richard L. Bowen & Associates, Inc.

“I’d like to thank the Department of Development for participating in the redevelopment capital stack for The Hive. The County’s confidence in our project shows the market its dedication to tech focused job creation,” stated Rico Pietro, Principal at Cushman & Wakefield/Cresco Real Estate.

This building is in a strategic location near the central business district. The total project/investment is estimated at $5.7 million. The project is expected to create 30 new jobs.