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Mar. 3, 2014

Victory Center Prepares to Receive Tenants in Health-Tech Corridor

By Adrian Maties, Associate Editor

What was once a vacant building is about to be launched as a mixed-use complex. Garson Victory LLC,  a partnership led by real estate broker Scott Garson, redeveloped 7012 Euclid Ave. after purchasing it in late 2010 for $2.7 million. The result was Victory Center, a complex featuring offices, labs and research facilities and now ready to welcome tenants.

According to real estate website PropertyShark, the four-story building was constructed in 1917. It occupies 3.3 acres of land in the core of Cleveland’s Health-Tech Corridor and offers 165,965 square feet of space.

Garson Victory worked on the project with a local development team including Domokur Architects, on project and construction services; Partners Environmental Consulting; historic consultant Heritage Consulting; LEED consultant HLMS Sustainability Solutions; and NAI Daus. It also collaborated with the city of Cleveland and the state of Ohio.

The developers used tax credits to finance the renovation of the building’s core and shell. The  project received a $4.2 million Historic Tax Credit Award from the state of Ohio in December 2011. It will generate another projected $3.7 million in Federal Historic Tax Credits. Huntington National Bank will finance tenant improvements and other project-related costs.

The total cost of the project was $26.6 million. It delivered a LEED Silver-certified building, ready to house Cleveland’s growing incubator and accelerator growth-stage companies, biomed and tech businesses. Local stakeholders such as BioEnterprise Inc., Jumpstart Inc., Magnet Inc. and Global Cardiovascular Innovation Center are working to attract business tenants to Victory Center.

“The goal of this space is to give local companies room to grow,” Scott Garson, developer and investment partner, said in a statement for the press. “It’s a prime location for occupants to capitalize on Cleveland’s increased investment in tech and biomed businesses, where they can leverage a wealth of local resources and support.”

Photo credits: www.victorycentercleveland.com

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