New Economy Neighborhood
The New Economy Neighborhood (NEN) is a mixed-use technology research district adjacent to Opportunity Corridor, a transportation boulevard. Envisioned uses include a mix of high-performance office space in three- to five-story structures with ground floor commercial at key corners. Parking will be accommodated in a mix of surface and structured spaces tucked behind buildings. Investments in the existing rail station will encourage pedestrian activity and expands transportation options. Green infrastructure is planned to detain and clean storm water.
This area will bring economic growth into the Fairfax neighborhood. NEN is envisioned to be a center for innovation and technology incubation, and to provide additional collaboration with the Global Cardiovascular Innovation Center which opened in 2010. The first development in this area is IBM Explorys, currently under construction at Cedar and E. 105th Street and expected to be completed in 2018.
A neighborhood market analysis by Cleveland State University offers the following, “Greater Cleveland is transitioning into a knowledge economy, led by the region’s growing “eds and meds” sector. This transition is underpinning the City of Cleveland—which houses the region’s top hospitals and universities—as a place of importance in terms of reinvestment.”
The analysis pinpoints a part of the city that is of particular importance. It is the intersection of E. 105th St. and Cedar Ave. in Fairfax, the location of the new Economy Neighborhood. . “The block is arguably the geographic epicenter of the region’s transition into the knowledge economy. Continued investment in the vicinity could be catalytic.”