Services Employed

  • Market research
  • Assessing financial feasibility

 

Project Specs

  • Budget: $100 million or more
  • Up to 500,000 square feet of new office space
  • 50,000 square feet of new retail and restaurant space
  • New hotel
  • Scheduled Completion: To Be Determined

Cleveland Lakefront Development

CLEVELAND, OH

SITUATION

The City of Cleveland’s Division of Port Control aimed to create a more vibrant lakefront district by developing more than 20 acres of city-owned lakefront property adjacent to Burke Lakefront Airport. Berusch Development Partners is part of a consulting team advising Port Control on the planning, financing and development of the area.

CHALLENGE

Long-time challenges to developing the lakefront have included skepticism by developers and major office tenants as to market demand for new Class A office space; the lack of a compelling and feasible master plan; and the absence of a financing plan for overcoming high costs of road and utility infrastructure, streetscape improvements, structured parking, and constructing buildings on landfill parcels.

STATUS & RESULTS

Berusch and his team evaluated a pre-existing city-driven master plan, tested its market and financial feasibility, examined infrastructure needs and priorities, and conducted in-depth market research on office space lease-up potential, retail demand, and options for tax increment financing. The City is using the team’s work product to help solicit developers and negotiate agreements.

© 2014 Berusch Development Partners, LLC
Innovative Partner. Trusted Advisor.
BERUSCH DEVELOPMENT PARTNERS
11607 Euclid Avenue
Cleveland, OH 44106
T 216.402.8089
ABOUT US
About BDP
Russell Berusch
AREAS OF EXPERTISE
Place- and Anchor-oriented Development
Developer & Financing Agent
Expert Advisor
CAMPUS ENVIRONMENTS
Uptown, University Circle
Campus Town
Euclid 115
Flats at Wick
NONPROFITS
Green City Growers
Fries & Schuele Block
Dave’s Ohio City Market
Saint Lukes
Lee Harvard Shopping Center
Central Commons
Dave’s Slavic Village Market
Arbor Park Place
Orchard Park
MUNICIPALITIES
Cleveland Lakefront
Van Aken
Cleveland Hopkins Airport
Village View