Our Village was determined to turn prime, Village-owned real estate into something special when we turned to Russell Berusch to help develop an inspired concept that would fit into our unique community. Russell has impressed us with his clear understanding of both Chagrin Falls and the dynamics of the local real estate market. He has been a trusted advisor who negotiated an agreement for the construction of multiple townhomes. This new downtown development added to our community’s vitality and tax base. We have since turned to Russell three more times to advise us on critical development issues.”
Mayor, Village of Chagrin Falls
The Village of Chagrin Falls had bought prime downtown land in an attempt to retain a prominent financial services firm. When that firm ultimately decided to move to another suburb, Chagrin Falls needed guidance to determine how best to use the site. It turned to Berusch Development Partners which determined that the optimum use of the site was not offices but housing – high-end, high-density townhomes that would give the street mass as well as gateway appeal.
Setting a sale price for the land that was both fair to the Village and financially feasible for the developer.
|STATUS & RESULTS
Berusch advised the Village of Chagrin Falls on the best strategy for zoning, packaging and selling the Village-owned property in the heart of downtown Chagrin Falls for residential development. The firm wrote a request for proposals, assisted the Village in selecting a developer, and represented the Village in complex negotiations with the developer for the residential project, which broke ground in 2011.