Port Board approves $32 million in financing for new Roundstone headquarters, ensuring the growing company remains in Northeast Ohio
The board of the Cleveland-Cuyahoga County Port Authority agreed to provide up to $32 million in conduit bond financing for Roundstone Insurance’s new headquarters, helping to keep the growing company in Greater Cleveland and providing the space to accommodate additional employees, the Port Authority said.
Roundstone Insurance is planning a three-story building with approximately 57,000 square feet of office space located at 19621 Lake Road in Rocky River.
The Port Authority is providing taxable lease revenue bonds to assist with financing a portion of project costs. Construction is expected to begin this year with completion anticipated in the third quarter of 2024.
Vocon, a well-known Cleveland architecture firm, is designing the project, which will replace the growing company’s 20,000 square foot office in a former Lakewood church. Roundstone had outgrown the space but was able to make the space work due to remote working conditions over the last several years.
The new headquarters will accommodate Roundstone’s 140 employees and will provide room to add another 100 or more over the next five years.
“This is a winning proposition for business and jobs here in Northeast Ohio,’’ said William Friedman, president and CEO of the Port of Cleveland. “We’re pleased our economic development incentives can support our region’s companies by assisting with capital financing challenges.”
Roundstone was founded in 2003 and has been recognized as an INC 5000 Fastest-Growing Companies honoree for the past five years. The company provides a solution that gives small and midsize businesses a better alternative for affordable, high-quality healthcare for their employees. Their unique and innovative approach bands employers together in a group captive, enabling them to share costs and self-fund their employee health plans like larger Fortune 500 companies do.
