The Morning Journal (Lorain, OH)
Ariel on Broadway coming along
Details coming into place as demolition is complete, events drawing crowds
The Ariel Broadway construction zone is beginning to look a lot like the Ariel Broadway Hotel.
The building has been under renovation for months at 301 Broadway in Lorain.
Now, it has a more descriptive name: Ariel on Broadway Hotel, Event Center & Rooftop.
Since the beginning of this month, at least 500 people visited the hotel.
Lorain Mayor Jack Bradley’s prayer breakfast and inauguration drew about 300 people Jan. 11.
Three days later, the Lorain County Chamber of Commerce hosted the first Business After Hours gathering at the hotel.
“I have to say this is the, by far, the largest turnout we’ve ever had for a Business After Hours,” Chamber President Tony Gallo told the crowd of about 200 people.
Gallo told building developer Radhika Reddy that the January event sets the tone for the rest of the year.
“Obviously, she set the bar even higher,” he said.
The Chamber event featured hors d’oeuvres and drinks.
But the most popular thing to do was take a walking tour of the basement sports bar, the first floor lobby, restaurant space and shops, the second-floor suite with a deck and the fourthfloor bedrooms.
Reddy led those visits, along with Manager Laurie Cadwallader and Event Manager Julie Aviles.
Although construction is not finished, the space clearly is taking shape to serve as a hotel and event center.
Demolition is done; detail work will follow.
During a brief presentation, the crowd listened, and at times, cheered as Reddy spoke about reconstructing a hotel through a 100 percent women-owned partnership.
Reddy served as the general contractor on the project and credited the help of “so many.”
The project started when
Lorain Port Authority Executive Director Tom Brown attended an event at one of Reddy’s Cleveland buildings.
Seeing the city skyline view there, he pitched another building project in Lorain, Reddy said.
After that, Brown and Port Economic Development Specialist Tiffany McClelland helped create a financing plan for the remodeling.
Lorain attorney Anthony
Giardini mediated the transfer of the building from Spitzer Great Lakes Ltd. Co.
The Community Foundation of Lorain County, the Chamber, United Way of Lorain County and a number of organizations have been helpful, Reddy said.
City staff brought an entrepreneurial spirit to the project, she said, and Lorain architect Gary Fischer contributed.
A real estate accountant
by trade, Reddy has not shied away from the economics of the hotel and conference center, a $10 million project.
Ariel on Broadway used federal historic tax credits that were crucial to cover costs.
“These projects in urban areas don’t cash flow,” Reddy said.
Cost of construction is high, and at full cost, the hotel would never break even, she said.
“So, you do need subsidy, government help and support to make these type of projects happen,” Reddy said.
She praised Bradley for his desire to make Lorain a more friendly environment for business development.
A state energy loan also helped cover costs.
With all the various financing, the project will have debt service of about $500,000.
The crowd laughed when Reddy said she just kept talking because she is an accountant.
“People think, why don’t you make these projects happen? It’s not easy for a city to cash flow and make this without the support,” Reddy said. “It takes public-private partnership, and that’s what we found in Lorain.”
“And what she didn’t say is, when you have family and friends coming in to visit, you can bring them here because she needs your help, especially during the slower winter months,” Gallo said.