REAL ESTATE Krueger Group, RHM form joint venture for two Rocky River development projects. PAGE 2
CANNABIS: Market downturn highlights growing pains in marijuana industry. PAGE 10
CRAINSCLEVELAND.COM I OCTOBER 31, 2022
JORDANS SNEAK THEIR WAY INTO BUSINESS ATTIRE
MAGNET’s new headquarters aims for more BY RACHEL ABBEY MCCAFFERTY
The heart of MAGNET’s work has long been manufacturers. But with the opening of its new headquarters in Cleveland’s Hough neighborhood, MAGNET’s scope is broader. The new center is more than just a space for manufacturers to problem-solve and innovate. It’s a place for the community to gather, for children to play and for students to learn, for adults to train for new careers and for, yes, manufacturers to explore new technologies. New England Patriots owner Robert Kraft is known for wearing Nike Air Force 1s everywhere he goes, from the White House to his own wedding, while actor Jason Sudeikis wears Air Jordans with his outfits, from the Jordan 11s he wore at the Golden Globes to the Jordan 1s he wears on Ted Lasso. | ALAMY PHOTOS
Wingtips, meet Jumpman BY JOE SCALZO
LASH
The trendiest dress shoes in America aren’t wingtips, but you can buy them with wings. They aren’t designed for tuxedos, but you can get them with patent leather. They’re made to be worn on maple, but they’re increasingly found underneath cherry, oak and walnut. They’re called Air Jordans. And while millions of Americans have suited up with them since 1985, it’s increasingly likely they’re doing so while wearing a suit.
C-suiters, meet Js. “Living in these times, people aren’t so uptight about the rules of outfits,” said Jevon Terance, an international fashion designer (and lifelong sneakerhead) from Lorain. “You can still be respected and still make CEO moves wearing a sneaker under a big desk.” Of course, mixing sneakers and suits isn’t exactly new. Converse’s Chuck Taylors have always had a retro appeal, Will Smith was wearing Jordan 5s with a tuxedo jacket on “The Fresh Prince of Bel-Air” as far back as 1990, and companies like Cole Haan have made a mint from selling dress sneakers. But dress sneakers are just that: sneakerized versions of dress shoes. Air Jordans are different. They were made for basketball courts, not boardrooms. While those two different arenas sometimes intersected during Jordan’s playing career, it was more niche, something you saw in hip-hop or skater culture.
MAGNET: The Manufacturing Advocacy and Growth Network secured the space for its new headquarters at 1800 East 63rd St. in the fall of 2020. Ground broke on renovations at the building, the former Margaret Ireland school, in August 2021. MAGNET moved in to the new building this October, with formal opening events held the last week of the month. See MAGNET on Page 17 Personal View: Ethan Karp, MAGNET CEO and president, explains vision behind new headquarters. Page 8
A changing of the guard at the 5th Street Arcades BY MICHELLE JARBOE
The local developer who transformed a pair of moribund retail arcades in downtown Cleveland into an eclectic business incubator has handed over the keys, passing control of the property to global real estate giant CBRE Group Inc. In September, developer Dick Pace ended a decade-long run as the master lessee and manager of the 5th Street Arcades. The 60,000-square-foot property is a rare retail bright spot in a downtown where shopping, particularly at malls and other indoor centers,
has struggled. Now tenants are wondering what the future holds. “I had a 10-year master lease at the arcades, and it expired,” Pace said. “I could have done a renewal for 10. But I’m 66. I just didn’t see myself doing it when I was 76.” The conjoined corridors, historically known as the Colonial and Euclid arcades, run between Euclid and Prospect avenues at the north end of the Gateway District. The property, owned by Summit Hotel Properties Inc. of Austin, Texas, also includes a 175-room Residence Inn hotel. See RETAIL on Page 15
BRAD STAR
KEY/UNSP
See JORDANS on Page 16
The 5th Street Arcades are a rare retail success in downtown Cleveland, which has struggled to repopulate its shopping centers. | MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS
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