CLEVELAND, March 23, 2016 /PRNewswire/ -- Detroit-based Bedrock Real Estate Services today announced the acquisition of The Avenue Shops at Tower City Center from Forest City Enterprises. The iconic three-story, 366,000 square foot retail center is located at 230 West Huron Road in the heart of downtown Cleveland.
The shops are currently comprised of more than 100 retailers and restaurants as well as an 11-screen movie theater. The acquisition includes approximately 3,300 associated parking spaces in attached decks and adjacent surface lots. The shops serve as a gateway to all of the city's major attractions and landmarks and sit directly above the Greater Cleveland Regional Transit Authority (RTA) central rail station where millions of rapid transit riders converge on the city with direct access to the mall.
The Avenue Shops are connected to the Ritz-Carlton Hotel, Skylight Office Tower and Terminal Tower, and via indoor walkways to Quicken Loans Arena and JACK Cleveland Casino (inside the historic Higbee Building). The shopping complex, with its dome-shaped roof, also opens onto Cleveland's Public Square, a four-block central plaza currently undergoing a $37 million renovation.
"Over the past decade or so, we have continued to increase our investments and commitment to the long-term future of downtown Cleveland. This latest acquisition is strategically connected to our other significant Cleveland investments including the Ritz-Carlton Hotel, JACK Cleveland Casino and Quicken Loans Arena. The Avenue Shops provide us with a unique opportunity to build upon the connectivity to our other downtown investments and create a one-of-a-kind urban shopping, dining and entertainment destination that will make all Clevelanders proud," said Dan Gilbert, Founder and Chairman of Quicken Loans, Founding Partner of Bedrock Real Estate and majority owner of the Cleveland Cavaliers.
The Avenue Shops at Tower City Center opened in 1990 after Forest City Enterprises, Inc. converted the historic Cleveland Union Terminal into the shopping mall featuring vaulted skylights, marble fountains, three stories of retailers and a food court.
Dan Gilbert-related companies and investments employ nearly 4,500 team members in the greater Cleveland area and a total of 5,800 team members in the state of Ohio. The companies own and occupy 3.4 million square feet of real estate.
"We strongly believe in the future of downtown Cleveland and the entire Northeast Ohio region. The Avenue of Shops acquisition is an important addition to our Cleveland family, which includes Quicken Loans, the soon to be named JACK Casino Cleveland, The Q, the Cavaliers, Monsters, and Gladiators," said Jim Ketai, CEO and Managing Partner of Bedrock Real Estate Services. "We are early in the planning stages of a unique, new design for this centrally located landmark piece of real estate. Our vision for both this exciting property and the Ritz Carlton Hotel will be announced in detail in the coming months."
Detroit-based Bedrock is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants in Detroit's technology-centric downtown. In addition, Bedrock and its affiliates have invested more than $3.5 billion in acquiring, renovating and developing 90+ properties and businesses in downtown Detroit and Cleveland totaling more than 14 million square feet.
Editor's Note: The Cleveland engagement timeline is available here.
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