Hoover Property Purchased For Redevelopment ­ On Monday, January 28th, California developer Stuart Lichter, with Industrial Realty Group (IRG), announced the purchase of the former Hoover Company facility in North Canton, Ohio from T.T.I. Floor Care of North America, in a deal that includes Ohio partners Chris Semarjian, with Industrial Commerce Ltd., and Robert DeHoff of DeHoff Development. The facility encompasses 88 acres and 1.4 million square feet of office and industrial buildings. Lichter and his partners plan to turn the facility into a modern mixed use complex made up of manufacturing and warehouse space, new and remodeled office space, residential units, retail, and a possible hotel. The partnership has already signed a lease with an unidentified tenant for the warehouse building, and negotiations are underway with three other businesses for different space needs in the complex. At the press conference held at the facility on January 28, Chris Semarjian estimated that the project could support 350 to 850 jobs over the next five years depending upon the extent of the office space needed. Lichter, as head of Industrial Realty Group LLC, is known for taking distressed industrial sites and repurposing them into successful multi-tenant properties that are competitive in attracting new companies and jobs to the cities where his projects are located. Some of his other Northeast Ohio projects include Canal Place in Akron, which was an old B.F. Goodrich factory, and the former Ford assembly plant in Lorain. In addition, Lichter has just recently completed a deal with the City of Akron and the Goodyear Corporation to build a new corporate headquarters and to repurpose the company’s older headquarters and adjacent properties into a large mixed use project similar to what he will be doing at the Hoover site. To read more about the Hoover property acquisition, click here. To read more about Stuart Lichter, click here, and to learn why Lichter likes Ohio for development, click here.

Higher Paying Jobs Growing In Northeast Ohio ­ Team Northeast Ohio released its latest quarterly Economic Review. The report provides an in depth analysis of the 16 county region’s occupations and reveals some important indicators for future economic development in Stark County and in the Cleveland + region. Northeast Ohio’s economy grew in 2007 with employment higher than it has been since 2002. Higher paying jobs are growing faster in the region with occupations paying more than $37,800 up more than 10% since 1992. That time span has also seen an increase of 128,000 jobs in the region. Quality of life can be linked to “real” per capita personal income. An analysis that factors in cost of living when analyzing per capita income shows that the four metro areas in Northeast Ohio have a “real” personal income better than cities such as New York, Orlando, Phoenix, and San Francisco. To read the full report, click here.

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