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MMPI: Med Mart Identity Could Be Reimagined 20120521-NEWS--1-NAT-CCI-CL_-- 5/18/2012 4:01 PM Page 1 $2.00/MAY 21 - JUNE 3, 2012 Forest City MMPI: Med mart overdue on identity could Terminal Tower loan be reimagined Emphasis will be placed on convention center, Developer houses 500 where project’s greatest economic impact lies workers in city icon By JAY MILLER put over the building’s entrance for By STAN BULLARD [email protected] promoting what will go on inside. [email protected] “I think the convention center is Construction workers are bringing really going to be a winner,” Mr. A $38 million loan secured by into focus the look of the Cleveland Bennett said during a meeting with Terminal Tower, the Public Square Medical Mart & Convention Center Crain’s editorial board last Monday, skyscraper the Guide to Cleveland rising on the city’s Mall. Less clear, May 14. “That’s three-quarters of the Architecture calls “the landmark of though, is whether the meeting and square footage, and that’s where the the city,” is overdue. trade show complex will go by that economic impact is.” How that debt will be resolved by name by the time it’s ready to open At the same time, Mr. Bennett the building’s owner, real estate giant in 16 months. said MMPI is rethinking the status Forest City Enterprises Inc. — which Jim Bennett, a former McKinsey of the medical mart in its marketing has its headquarters and more than & Co. consultant hired last month of the complex and the med mart 500 employees in the 52-story struc- by developer MMPI Inc. to oversee name itself. The reconsideration is ture — remains to be seen. the complex, has been soliciting the based on feedback he’s receiving as The loan matured April 1 and was thoughts of community and medical he meets with various constituen- assigned April 20 to so-called “spe- industry leaders as he works on a cies interested in the project, which cial servicing” with CIII Special Ser- strategy to achieve the greatest bang is moving away from an early focus vicing of Irving, Texas, Cuyahoga for the buck from the county’s $465 on single-vendor showrooms. County land records show. Compa- million investment in the project. Picking up a brochure headed nies such as CIII work to maximize And what he’s hearing is that “medical “Cleveland Medical Mart & Conven- recoveries from distressed loans on mart” may not be the right name to See IDENTITY Page 31 behalf of debt holders. Jeff Linton, spokesman for Forest City, said the company is “working NOTICE TO READERS with the special servicer to come to an acceptable resolution on it.” He No print edition May 28 declined to outline what Forest City Crain’s will not publish a print edition on hopes to obtain in the talks with CIII. Monday, May 28, due to the Memorial Day Land records show Terminal Tower holiday. SPE LLC, the corporation Forest City Throughout our hiatus, though, be sure to uses to own the tower, received the STAN BULLARD check www.CrainsCleveland.com for the loan in 2005; the loan subsequently A special servicer has been assigned to the loan on Cleveland’s iconic Terminal latest business news and blogs. See TERMINAL Page 34 Tower. Canton officials roll out red carpet for shale industry players ‘Utica Capital’ already seeing influx of businesses INSIDE: A new database is aimed at providing easier access to the region’s By DAN SHINGLER Even those leading the charge can’t shale gas supply chain. Page 3 Chesapeake [email protected] keep up. Although they can list quite began drilling at a few newly arrived businesses, officials say. its first horizontal Cleveland can have its Rock and officials at the city and the Canton But no one is complaining, because rig in Stark Roll Hall of Fame and Museum. Regional Chamber of Commerce the businesses still are coming, and County in early Canton aims to be the capital of a don’t know exactly how many shale there is plenty of prospecting left to May and should whole different kind of rock — the gas-related companies already have do among other companies looking complete its well energy-rich Utica shale — and the set up shop in and around Canton. for a place to land atop the Utica by early to mid- city south of Akron that for decades Businesses sometimes pop up before shale. June, company has been economically off key sud- city and chamber representatives “From an economic development officials say. denly is pickin’ and grinnin’. even know they’re looking for space, See CANTON Page 30 STEPHEN HERRON SPECIAL SECTION 21 7 An update to our 2010 list NEWSPAPER ■ Pages Entire contents © 2012 74470 83781 by Crain Communications Inc. W1-W15 Vol. 33, No. 21 0 20120521-NEWS--2-NAT-CCI-CL_-- 5/18/2012 12:45 PM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM MAY 21 - JUNE 3, 2012 CRAIN’S ON THE WEB WHERE THE WOMEN ARE In 2011, women accounted for 47% of all employed people age 16 and over in Crain’s releases new the United States, according to datafrom the U.S. Bureau of Labor Statistics, but there were huge variations in the share of women in specific occupations. Bioscience Directory For instance, nearly 96% of speech pathologists are women, while women 700 W. St. Clair Ave., Suite 310, ■ Crain’s, with the help of BioOhio, has created a make up only 4.3% of aircraft pilots and flight engineers. Here are data for Cleveland, OH 44113-1230 directory to help raise the profile of companies that women as a percent of the total employed last year in selected occupations: Phone: (216) 522-1383 are on the cutting edge of technology and leading the Fax: (216) 694-4264 state’s economic transformation. The directory is a Occupation Percent women www.crainscleveland.com resource for individuals and companies that are Speech pathologists 95.6% Publisher/editorial director: looking to do business with bioscience companies. Brian D. Tucker ([email protected]) To purchase the directory, visit www.Crains Elementary/middle school teachers 81.7 Editor: Cleveland.com/section/bioscience. Mark Dodosh ([email protected]) Social workers 81.6 Managing editor: Scott Suttell ([email protected]) REGULAR FEATURES Meeting/convention/event planners 76.2 Sections editor: Amy Ann Stoessel ([email protected]) Tailors/dressmakers/sewers 74.9 Assistant editor: Best of the Blogs ..........35 List: Investment Joel Hammond ([email protected]) Classified .....................34 advisers ...................32 Psychologists 71.2 Sports Senior reporter: Editorial .......................10 List: Financial Hotel/motel/resort desk clerks 64.4 Stan Bullard ([email protected]) Going Places ................12 planners .............32-33 Real estate and construction Accountants/auditors 61.3 Reporters: Letter...........................11 Tax Liens .....................14 Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology Dan Shingler ([email protected]) Energy, steel and automotive Tim Magaw ([email protected]) Health care and education Michelle Park ([email protected]) Finance Ginger Christ ([email protected]) Manufacturing, marketing and retailing Research editor: Deborah W. 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Rafferty ([email protected]) Billing: Susan Jaranowski, 313-446-6024 in Cash Management, ([email protected]) Credit: Todd Masura, 313-446-6097 Risk Management and, ([email protected]) Audience development manager: of course, Relationship Erin Miller ([email protected]) Crain Communications Inc. Management. Keith E. Crain: Chairman Rance Crain: President That’s Key. We have experts in every aspect of financial Merrilee Crain: Secretary Mary Kay Crain: Treasurer services. Starting with the relationship. We are KeyBank. William A. Morrow: Our Relationship Managers help you access a team of Executive vice president/operations senior level specialists to assist you with any financial need. Brian D. Tucker: Vice president Robert C. Adams: Group vice president We are also KeyBanc Capital Markets Inc., a full service technology, circulation, manufacturing corporate and investment bank. So when your financial Paul Dalpiaz: Chief Information Officer needs become more sophisticated, like maximizing liquidity Dave Kamis: or managing risk, we have the expertise to help you succeed. Vice president/production & manufacturing G.D. Crain Jr. We’re not just the expert you deserve. We’re what you expect. Founder (1885-1973) Mrs. G.D. Crain Jr. Chairman (1911-1996) Subscriptions: In Ohio: 1 year - $64, 2 year - $110. ;VSLHYUTVYL]PZP[RL`JVT^OH[`V\L_WLJ[ Outside Ohio: 1 year - $110, 2 year - $195. Single copy, $2.00. Allow 4 weeks for change of address. For subscription information and delivery concerns send correspondence to Audience Development Department, Crain’s Cleveland Business, 1155 Gratiot Avenue, Detroit, Michigan, 48207-2912, or email to custom- KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC and KeyBank National Association (KeyBank N.A.) are separate but affiliated companies. 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