Services Employed

  • Assessing financial feasibility
  • Development planning
  • Retail Leasing
  • Deal structuring

 

Project Specs

  • Budget: $4.5 million
  • 39,000-square-foot neighborhood shopping center
  • Completion date: 2004

Arbor Park Place Shopping Center

CLEVELAND, OH

SITUATION

Longwood Plaza was a blighted 39,000-square-foot shopping center in the distressed Central neighborhood of Cleveland. It was the kind of place that many people would simply write off; it looked hopeless and not worth the massive effort that would be required to give it a second life. But the nonprofit Neighborhood Progress, Inc. (NPI) decided the nearby residents deserved to see the plaza resurrected with stores that could benefit the community.

CHALLENGE

Reaching a purchase agreement with the center’s owner took three years of sustained negotiations, as did securing a supermarket to be the anchor tenant at the redeveloped plaza.

STATUS & RESULTS

Russell Berusch, then NPI’s senior vice president of real estate, devised the project concept, negotiated a stock purchase agreement with the property’s owner, developed a joint venture agreement with the local development corporation, recruited Dave’s Supermarkets to be an anchor tenant, negotiated and closed on 10 separate financing agreements, and managed the development team through design, leasing, complete renovation, and opening.

In 2004 the new Arbor Park Place Shopping Center opened, replacing a blighting influence with a center that helps to undergird the community. It is owned by a nonprofit and its tenants include the grocery store and other quality stores.

© 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