Baker Electric Building - A New Tech Hub
One of the more amazing transformations of a building that I was privy to during my time as “Tech Czar,” was the Baker Electric Building (also known as the Carpenter Press Building) located on Euclid Avenue and E. 71st. The building was designed by Frank B. Meade and built in 1910 for the Baker Electric Motor Car (quick note – Cleveland was a leader in electric car technology nearly a hundred years ago). Baker Electric was founded and operated by Walter C. Baker a tech pioneer and memorable entrepreneur. The building was used as car showroom. Over the years it has been the site of many companies most notably as the home of Carpenter Press.
A real estate partnership including Cumberland Development, New Era Builders and Ariel Ventures bought the building in June of 2006. The new owners understood that there was a shortage of incubator and post-incubator space for technology based companies. (Quick side note – I was trying to get the City of Cleveland to buy Carpenter Press Building at the same time the new owners were reviewing the sight. I wanted to create a biotech incubator and R&D facility.) The new owners immediately began the renovation of the 52,000 square foot facility. It was totally gutted, a new parking lot was put in, back-up power and the original car showroom has been brought back as close to its original state as it can be. The goal was to create an environment to develop over a 100 new tech jobs in the Midtown corridor.
Current tenants now include:
· Bunge BIPHOR – an innovator of pigments and coatings
· Volcano Corporation – a company that develops intravascular ultrasound technology
· Diagnostic Hybrids – an R&D company that specializes in molecular diagnostic kits
· iNetworks – a Pittsburgh-based venture capital group
· Cumberland Development – owner and real estate development company There is only 20,000 square feet available in the building and it is estimated that it will be fully-occupied by the end of summer. The project cost almost $7.1 million and was supported by New Markets Tax Credits and $1.0 million from the County’s Brownfield Redevelopment Fund. Unfortunately, no City participation. The building is now listed on the National Register for Historic Places and was redeveloped utilizing green and sustainable design practices and will receive a LEED Silver Certification. This building’s proximity to University Circle (and especially the Cleveland Clinic) and Downtown will make this a very attractive building for new tech companies. Of course, having a venture capital group on site is always a provocative development. I have always been proud of this development, especially given its Midtown location. Of course, more development is necessary in the Midtown area but my sources in the real estate area are detailing to me that there is significant real estate speculation in the Midtown area. This could be a fantastic corridor (now with the RTA Silver Line nearing completion) for tech and biotech. Stay tuned for new developments and congrats to all those involved in the Baker Electric Building.
· Volcano Corporation – a company that develops intravascular ultrasound technology
· Diagnostic Hybrids – an R&D company that specializes in molecular diagnostic kits
· iNetworks – a Pittsburgh-based venture capital group
· Cumberland Development – owner and real estate development company There is only 20,000 square feet available in the building and it is estimated that it will be fully-occupied by the end of summer. The project cost almost $7.1 million and was supported by New Markets Tax Credits and $1.0 million from the County’s Brownfield Redevelopment Fund. Unfortunately, no City participation. The building is now listed on the National Register for Historic Places and was redeveloped utilizing green and sustainable design practices and will receive a LEED Silver Certification. This building’s proximity to University Circle (and especially the Cleveland Clinic) and Downtown will make this a very attractive building for new tech companies. Of course, having a venture capital group on site is always a provocative development. I have always been proud of this development, especially given its Midtown location. Of course, more development is necessary in the Midtown area but my sources in the real estate area are detailing to me that there is significant real estate speculation in the Midtown area. This could be a fantastic corridor (now with the RTA Silver Line nearing completion) for tech and biotech. Stay tuned for new developments and congrats to all those involved in the Baker Electric Building.
