Nearly $2.5 billion worth of investments were announced in downtown Cleveland in 2013 alone

The 5th Street Arcades is also just one of many examples of the revitalization taking place.

Just two years ago the historic space was nearly half empty, now it's nearly 100 percent full of locally owned retail shops and entrepreneurs.

"We wanted to bring that vibrancy back," said Richard Pace, CEO of Cumberland Development LLC, who oversees the 5th Street Arcades. "I spent a lot of time in these arcades and it was a shame to see such beautiful architecture not being utilized and not being full and vibrant."

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