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.
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.
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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.