The Cleveland Medical Mart is a 'go' for construction after Cuyohoga County commissioners today voted to approve the necessary land purchases, a lease and option agreement for the $465 million development. The Plain Dealer has the story:
About five years after the project was proposed, commissioners approved land purchases, a lease and operation agreement with the county's private partner, Chicago-based MMPI. The board also imposed a 1 percentage point hike in the hotel bed tax to help pay for operations.
MMPI also today secured cost guarantees from design-builder Turner Construction Co. Under the agreement, Turner will complete the design and construction for $348 million.
With the purchase of five properties, workers will begin this month removing asbestos from several buildings. "Starting in the fall [of 2011], you'll see steel coming up," said Jeff Appelbaum, the county lawyer and point man on the project. Construction is expected to be completed in 2013.
MMPI spokesman Dave Johnson said 41 companies have signed letters of intent to occupy medical mart showrooms. MMPI has not identified the potential tenants, and Johnson said he didn't know when tenants would be announced.
Dallas-based Market Center Management Co. is working to develop a larger, privately-funded medical mart in Nashville. The Nashville Medical Trade Center must have a majority of its 1.5 million square feet of showroom space leased before the developer can seek financing for the $250 million project.
Bill Winsor, Market Center's CEO, told NashvillePost.com in September that the company had multiple lease proposals in the hands of prospective tenants, but said MCMC does not discuss tentative commitments.