Jacobs Entertainment Inc. is searching for a developer to remake an enormous chunk of the West Financial institution of the Flats.
The corporate on Friday, March 6, introduced that it has listed on the market about 5.6 acres of the Nautica Waterfront District. The asking value: $17.5 million. The corporate has retained the companies of Richard Sheehan and Terry Coyne, from the Cleveland workplace of Newmark Knight Frank, to market the property to native, regional and nationwide builders.
Jacobs Leisure stated the land — now a group of parking heaps close to the FirstEnergy Powerhouse and edging as much as the boardwalk alongside the Cuyahoga River — “has now grow to be out there for residential growth” as the results of a rezoning accomplished late final 12 months that permits building of residential buildings as much as 275 toes in top.
“By strategic gross sales and joint-ventures, Jacobs Leisure’s goal is to create quite a lot of attention-grabbing alternatives for residential residing that includes magnificent views of the Cleveland skyline,” the corporate stated in a press release.
Jeffrey P. Jacobs, the president and CEO of Jacobs Leisure, stated that including a mixture of residential choices, together with condominiums, townhomes and residences, will proceed an “evolution” of downtown Cleveland as a spot to work, stay and play — a change that he stated his agency’s opening of Shooter’s on the West Financial institution in 1986 helped to create.
“Our major goal then was to encourage individuals to take a look at downtown Cleveland in a optimistic new gentle,” Jacobs stated. “The final decade has led to nice demand for residing in downtown Cleveland and now over 30 years later, we’re redesigning for residential growth crucial 5 acres of waterfront area in downtown Cleveland.”
Jacobs Leisure stated it’ll proceed “to personal, function and increase” its core Nautica district companies: Jacobs Pavilion, Home windows on the River, the Larger Cleveland Aquarium and the Nautica Queen. The corporate additionally will “stay energetic in serving to foster the enterprise of its tenants,” together with Shooter’s on the Water, the IMPROV Comedy Membership and the Music Field Supper Membership.
A doc describing the providing notes that four.2 acres of the property is being provided as a conventional land buy. Two parcels set again from the river, however near the Powerhouse, totaling about 1.four acres, are marketed as “air rights” — the property curiosity within the area above the bottom.
Cleveland.com reported that the providing is structured in such a means the customer “would buy the appropriate to develop the area above the prevailing car parking zone, whereas Jacobs would proceed to personal the bottom.” To protect views, Jacobs “is proscribing use of that portion of the positioning to elevated inexperienced area,” in line with Cleveland.com.