Cleveland's Health Tech Corridor Sees Higher Land Values
Cleveland's Health Tech corridor is a 4-mile stretch between downtown's Playhouse Square and the campus of Case Western Reserve University.
When Cleveland's officials first began to publicly talk about the Health Tech Corridor as the future of hundreds of businesses, the year was 2008..
The land was blighted with old factories, trash piles and unused lots.
Tracey Nichols, the city's economic development director, says remembers people said saying the plan was crazy.
But then, the RTA invested $200 million into streetscapes and transit along Euclid Avenue, dubbing it "the health line". Other investments both public and private followed. Now, with a fiber optic cable system being put in and new companies expanding their offices along the corridor, there is a change in perception and value.
Nichols says Land prices, especially between East 55th and 79th street along Euclid, Chester and Carnegie avenues are increasing.
"We're now seeing the appraised value at about $175,000 an acre which is much higher than when we initially started over 10 years ago in that area," Nichols says.
A decade ago, the land was being sold for between $15,000 and $20,000 an acre.
(Story by Sarah Jane Tribble)