CLEVELAND, Nov. 20, 2015 /PRNewswire/ -- An approximately five-acre area one block west of Cleveland's Public Square currently being used as parking lots will be transformed into a brand new walkable neighborhood with luxury apartments, retail, restaurants, green space, and high-end modern amenities.
"This is going to be the most exciting thing to happen in downtown Cleveland in a very long time; it's what we've all been waiting for," said T.J. Asher, CEO of Weston Inc., a family-owned and operated company founded in Cleveland in 1972. "There was a missing piece right in the heart of our phenomenal city but now, we finally have the piece that will tie the city together."
The large scale mixed-use development was announced today by Weston and Citymark Capital™. Citymark is the private real estate investment and development company founded by Daniel Walsh, former Huntington Bank president of the Greater Cleveland region.
"This is one of the best urban development sites in America," said Walsh, who toured the country analyzing the best mixed-used sites before developing plans for the Cleveland project. "To have five acres of contiguous and essentially vacant land, literally right next to a city center, is unheard of—there's nothing else like it in the U.S. as far as we know."
"This gives us a unique opportunity to create a new and exciting destination right in the heart of our city," added Asher. "It will be a new walkable and inviting neighborhood that will provide not just a place to live, but a lifestyle."
Because of the project's central location, it will make it much easier to walk from one neighborhood to another. "People will be much more likely to want to walk from, for example, the Flats to the Warehouse District to E. 4th Street, when they have a beautiful vibrant neighborhood to walk through, catalyzing the success of all," said Joe Marinucci, president and CEO of Downtown Cleveland Alliance. "This will also be a boon to the entire region which benefits from a strong urban core."
The development boundaries span from Superior to St. Clair Ave. and W. 3rd to W. 6th Streets. The master plan involves 3 million square feet that will include 1,200 residential units with high-end amenities including a rooftop bar, deck and pool; approximately 100,000 square feet of retail; green space; and covered garage parking. The project will be built in four phases. Phase I includes 352 units, 22,000 square feet of retail, and 390 parking spaces. Developers hope to break ground on Phase I in the spring of 2016 and have units ready for occupancy by the summer of 2017.
Asher and Walsh look forward to continuing to engage with the Mayor Frank Jackson Administration to make this exciting development a reality and praised neighborhood organizations, including the Historic Warehouse District, for their support of the project as it moves through the approval process.
A world class design and construction team has been assembled to execute the project, including Gensler for architecture and design and Gilbane for construction.
About Weston Inc.
Weston Inc. is a commercial real estate company with offices in Cleveland, Ohio and Louisville, Kentucky. The family-owned and operated company was founded in 1972 with the purchase of industrial facilities in the Cleveland area. A recognized industry leader, Weston acquires, leases, manages, develops, and expands commercial real estate projects throughout the United States. With more than 12 million square feet in nine states, Weston has relationships with more than 450 tenants nationwide.
About Citymark Capital
Citymark Capital™, founded in 2014 by Daniel Walsh, invests in apartment projects with best in class real estate development companies across the United States on behalf of third party investors.
SOURCE Weston Inc.; Citymark Capital