The two square miles of real estate between downtown Cleveland and
University Circle are bursting with development. To ensure that work continues to flourish, a local nonprofit has established an endowment fund.
Last month, economic development corporation
MidTown Cleveland, Inc. announced the creation of the
MidTown Cleveland, Inc. Endowment Fund at the
Cleveland Foundation. The fund, under the foundation's guidance, proposes to build a sustainable revenue source to secure continued activity in the burgeoning district. This will include promotion of the
health-tech corridor, a three-mile expanse of hospitals, business incubators, educational institutions and high-tech companies situated within MidTown.
The growing tech corridor isn't the only project the fund will support, notes MidTown chairman John Melchiorre. The group plans to leave other "footprints" on the community as well, be they demolishing old buildings, planting flowers along Euclid Avenue or helping transform distressed properties into job-creating enterprises.
"The Cleveland Foundation has been a leading supporter of the revitalization of Midtown, so this is just the latest way our two organizations have joined forces for the betterment of that neighborhood," said Kaye Ridolfi, senior vice president of advancement at the Cleveland Foundation.
Founded by Cleveland businessman Mort Mandel and others some 30 years ago, MidTown Cleveland has helped develop the area into a business district home to 600 companies and 18,000 employees. Executive director Jim Haviland views MidTown as part of the city's renaissance, and believes the fund will sustain the region for decades to come.
"It helps us to continue the role we play" within the neighborhood, says Haviland.
Sources: John Melchiorre, Jim Haviland, Kaye Ridolfi
Writer: Douglas J. Guth