Midwest Downtowns Attracting Suburban Firms

The CBDs are now seen as great places to both work and live.

The Halle Building in Downtown Cleveland

CLEVELAND—It’s not just core cities that have been able to attract firms from the suburbs. Midwest downtowns such as Detroit and Cleveland are also having a great deal of success.  The NRP Group, a developer, builder, and manager of multifamily housing, just became the latest Cleveland-area firm to make such a move. It has relocated its headquarters to the historic Halle Building at 1228 Euclid Ave. in Downtown Cleveland from its current offices in Garfield Heights, OH.

“When we first started looking for a new headquarters two-and-a-half years ago, we were drawn to the Halle Building because of its central location, which will now enable our employees to fully enjoy the city,” says David Heller, co-founder and chief executive officer at The NRP Group.

The company moved 130 employees to its new headquarters in Cleveland’s Playhouse Square district. The company, which has been experiencing rapid growth in recent years, now occupies the Halle Building’s fourth floor, or 43,000-square feet, enough space to accommodate of 200 employees and an option to expand should the need arise.

“Downtown Cleveland continues to grow not only as a central business area but also as a vibrant neighborhood – home to more than 15,000 residents,” says Mayor Frank G. Jackson. “The revitalization of our downtown area has been thanks to many companies – like The NRP Group – who recognize its valuable appeal as a place to work, play, live, grow and do business.”

The Playhouse Square district is named after the largest performing arts center in the country outside of New York. It’s the kind of amenity which brings in new city residents. As reported in GlobeSt.com, in a deal led by KeyBanc Capital Markets Inc., the corporate and investment banking arm of Cleveland-based KeyCorp, Cleveland-Cuyahoga County Port Authority expects to issue approximately $80 million in bonds for the center, and about $50 million of the will help finance the construction of The Lumen, a 34-story residence tower.

In recent years, many other Cleveland-based companies have made the move downtown from the suburbs, including Brandmuscle, Inforce Technology, Dakota Softwarem, and BrightEdge. According to the Downtown Cleveland Alliance’s annual report, over 7,529 new jobs have been created in the area and 69 business have chosen a Downtown address in 2017. Furthermore, developers added another 805 apartments to the market in 2017.

“We have long known that younger workers are excited to be downtown and desire to live and work in a walkable city,” says Heller. “But what we are finding is that our older, senior workforce are also eager for this change. We want to harness the energy of downtown to turbo-charge our already rapid growth.”

NRP Group has 700 employees nationwide. It has delivered over 33,000 residential units,  including market-rate, affordable, and senior housing, in 15 states over the last 20 years and currently manages over 17,000 units.