As Joe Marinucci steps down as president and CEO of Downtown Cleveland Alliance (DCA) this month, he leaves behind an organization poised to handle the growth in a vibrant downtown ready to recover from the pandemic. Marinucci is the embodiment of DCA, serving not only as its leader, but also one of its founders. He was its inaugural president and CEO when the organization formed in 2006.
“The work we have done historically to create a more balanced downtown from an economic perspective will provide a platform for us moving forward,” says Marinucci. “Over the last 15 plus years, we have added a significant residential base to downtown — and it’s a residential base that has remained strong during the pandemic.
“We have had a softening of the market, but it is now returning. And we have more product in terms of new investments.”
Those include the City Club Apartments on Euclid Avenue and the 55 Public Square Building that is being repositioned as a mixed-use building, among other residential investments that readers can discover about later in this section.
“Those types of investments position us well,” says Marinucci, “because residents animate downtown. They go to restaurants; they take part in sporting events.”
The underlying nature of downtown has changed in the last 40 years — particularly in the last 15 years with the help of DCA.
“When we were a corporate headquartered town, we were basically a 9-to-5 town,” says Marinucci. “Our residential base is very important to our recovery. Residents bring energy to downtown in a way that, to be honest, office workers don’t.
“But office workers are also very important and a vital piece of our economic puzzle,” Marinucci adds. “Their return is very important.”
Still, growing the residential market is key, and there are two ways forward, according to Marinucci.
“We need to continue to diversify our residential base to make sure we have a portfolio of housing options that everyone can afford,” he says. “We want to make sure we are not just creating a high-end market in downtown. We also understand that we need more investment in ‘for sale’ housing downtown. Market rate apartments have fueled our growth so far, but we need more permanent residents that we can secure through ownership.”
As the city accelerates the pace of housing development moving forward, it’s also important to continue to connect to recreational opportunities and other types of green spaces in downtown and adjoining areas, Marinucci notes.
“If we do those kinds of things, we will continue to attract talent into downtown,” says Marinucci. “As long as we attract talent, we will attract and grow businesses moving forward. If you think about the mosaic of all of those things working together, it paints a picture of a downtown that is continuing to evolve. And it will be a much stronger downtown than we have today.”