forwarded message ----------
From: <sweiss [at] mmart [dot] com>
Date: Mon, Mar 30, 2009 at 11:05 PM
Subject: [Info, Ideas, Feedback] Medical Mart
To: info [at] realneo [dot] us
Sweiss sent a message using the contact form at http://realneo.us/contact [1].
March 30, 2009
I was greatly dismayed to read Sunday’s Cleveland Plain Dealer article regarding my views on Cleveland, its business climate and its leadership. I wanted to reach out to you directly to correct inaccuracies in this story and reiterate I and the team at MMPI are as excited as ever about working with the county, the city, and the local business community to make the Medical Mart and Convention Center the premier location for medical industry showrooms and events.
During the interview that led to this article, I commented on the current state of REIT investor activity in Cleveland. Somehow, this statement was misconstrued as a comment on the city as a whole, and I want to be clear that this was neither my statement nor my intent.
Specifically, I noted that no major Real Estate Investment Trusts were currently investing in the city, and that this lack of investment could be seen as a negative signal by other REITs. As an example of this alarming trend among REITs, I noted a major residential REIT sold its portfolio of buildings in Cleveland that were earning 10%, reinvested in cities like Washington D.C. at 5%, and was applauded by financial analysts. I said that with the exception of Forest City, Cleveland seemed to lack outside investment by the leading REITs. This comment was presented in the story -- not as a commentary on the REIT industry -- but instead as an attack on the entire community.
Of course, Forest City and the Wolstein family remain very active, and now MMPI can help reverse this trend with the major investment we intend to make in the city. While a relatively new member of the community, I reiterated our commitment to the people of Cleveland and the long-term success of this project.
During the conversation, the reporter suggested that in Cleveland he had observed what he termed a fear of failure in regard to big projects. I responded by saying that the hope of success needed to be greater than the fear of failure. Taken out of context as it was, this statement could be further misconstrued to create the false impression that we are anything but enthused about the opportunity in Cleveland.
MMPI has made every effort to respond to media and local leaders requests for information on the progress of the Medical Mart/Convention Center project. Despite our efforts to provide as much information as we could in a timely and factual manner, much of the recent dialog around this project has been negative, inaccurate, and in some cases, personally offensive.
Despite these challenges we remain committed to providing complete and accurate information and updates regarding the development of the Medical Mart and Convention Center. We look forward to meeting with local media and community leaders to provide updates, and as a critical stakeholder in the success of this effort, we will keep you updated directly.
We remain fully confident that the people of Cleveland will be happy with the progress of this project and the positive impact it will bring for so many. As you know, we run many large and successful trade shows and facilities around the country, including The Merchandise Mart in Chicago, and each year we attract a million visitors to the cities in which we operate. We look forward to leveraging this experience and expertise to make the Medical Mart and Convention Center the next great chapter in the ongoing renaissance in downtown Cleveland.
In the meantime, I hope that you will give me a call with any questions or concerns you might have to ensure the greatest success of our partnership with you.
Best Regards,
Christopher Kennedy
President, MMPI
Links:
[1] http://realneo.us/contact