AmTrust Financial, a New York based insurer, has announced plans to move 200 jobs from Seven Hills to Downtown Cleveland, with plans to add up to 800 more over the next 3 years. The multinational company is expecting job growth from its current business as well as acquisitions.
The new positions are expected to have an average pay of $50,000 a year. Local and state incentive packages worth $23 million played an important role in the relocation.
Earlier this year, AmTrust purchased a building downtown, 800 Superior, for just $7.5 million. They have committed to investing much more then that amount to renovate the former McDonald Investments building. This will add much needed jobs and foot traffic to the financial district, being re-branded as the NineTwelve District.
“We are eager to build on our existing investments in Northeast Ohio and excited to be part of the urban renaissance in downtown Cleveland, which is in the midst of a sweeping and exciting transformation,” said Barry Zyskind, the CEO of AmTrust Financial.
Vote Of Confidence In Cleveland
AmTrust Financial, headquartered in New York, has made a major investment in downtown real estate and has cast a major vote of confidence in the Cleveland area workforce. Its the sort of move that may encourage other companies to do the same thing.
Most headlines involving incentive packages have been about keeping companies in town. This one is about bringing new jobs to the city. If this becomes a trend, Cleveland will have truly achieved an urban renaissance.
Other good news about Cleveland: