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Business Briefs-Feb. 22

Published: February 22, 2017 1:00 AM

Pancakes eatery

eyes Streetsboro

Streetsboro may become the home to an International House of Pancakes restaurant later this year.

The Streetsboro Planning and Zoning Commission, in a 5-0 vote, recently approved a site plan for the restaurant and recommended City Council approve lot splits that would clear the way for the IHOP.

The restaurant would be located off Route 14 on Singletary Drive next to the plaza that houses Starbucks, AT&T and Jimmy John's and in front of Walmart, according to plans submitted to the city's planning department.

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David Budge of WXZ Development, which is building the restaurant and would own the building and land while leasing to a franchisee, said he would break ground on the new restaurant this spring or summer and hopes to open sometime later in 2017.

Budge said the proposed store is one of several planned for Northeast Ohio. "It would be the second new location in the area," he said.

The lot split creates two lots fronting Route 14, one of which is the existing plaza. The third is located just east of the existing plaza, fronting Singletary Drive. The IHOP would be located on the new lot east of the existing plaza, facing Route 14, according to plans.

 

Post office, court

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structure bought

Kent's former downtown courthouse and post office building has been sold.

Kent attorney John Flynn of the firm Flynn, Keith and Flynn has purchased the building located at South Water and West Erie streets from the city of Kent with plans to renovate the structure, which has been vacant since the Kent branch of the Portage County Municipal Court relocated to East Main Street in 2014.

The city acquired the property in a land swap involving the new courthouse site. Flynn purchased the building for $435,000. The deed for the sale has yet to be finalized, but the sale is finalized in the eyes of both parties.

"Growing up in Kent, I always admired the post office. My father owned a gas station within eyesight of the post office, so it holds a special place to me," Flynn said. "It is the most historic and iconic building in Kent."

Built in 1935-36, the building was the city's first federal building when it was dedicated by Gov. Martin L. Davey, a Kent native who once owned part of the site. It served as the post office until 1987 when the Franklin Avenue post office was built.

At that time, the building became the Portage County Municipal Court, which was located there for nearly 30 years. It has been marketed by the city since the courthouse relocated. One condition of sale is that the landmark be preserved.

Tom Wilke, Kent's economic development director, said the building's sale was approved this week by Kent City Council.

 

 

Capital spending

stats are unveiled

Manufacturing was the nation's leading investor in capital expenditures in 2015 with $239.6 billion spent for structures and equipment, according to the U.S. Census Bureau's 2015 Annual Capital Expenditures Survey.

The survey provides data on capital spending for new and used structures and equipment by U.S. nonfarm businesses with and without employees.

Businesses invested $1,638.6 billion in new and used buildings, structures, machinery and equipment (including computer software). That's up $40.7 billion, or 2.5 percent, from 2014. This is the fourth consecutive year total spending has increased.

Other top investors included mining, finance and insurance, real estate and rental and leasing, information and utilities.

Expenditures for new and used structures totaled $645.7 billion in 2015. Spending on new and used equipment totaled $992.9 billion, up $38.6 billion, or 4 percent, from 2014.

The finance and insurance sector invested $164.5 billion in capital goods in 2015, an increase of $11.3 billion, or 7.3 percent, from 2014. The mining sector invested $174.7 billion in capital goods in 2015, a decrease of $56.1 billion, or 24.3 percent, from 2014.

Investment spending in the oil and gas extraction industry totaled $149.7 billion. That's down $48.4 billion, or 24.5 percent, from 2014, and accounted for 85.7 percent of the sector's total spending.


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