Thursday, March 13, 2014

Developers Selected for Lakefront Project

Posted By on Thu, Mar 13, 2014 at 12:01 PM

CleveLakefront.jpg

The latest news on the Straight from City Hall blog is that Mayor Jackson's Lakefront Advisory Committee has selected developers to pursue a mixed-use development project behind FirstEnergy Stadium, the Great Lakes Science Center and the Rock Hall.

Trammell Crow Company (a real estate group based in Dallas) and Cumberland Development LLC (a local real estate developer led by one Richard Y. Pace) will take the lead. You don't see the "Y" middle initial too often these days.

Pace, who incorporated his Cumberland Group in 2002, also was lead developer on the 5th Street Arcades, the Baker Electric Building and the Cleveland Clinic Foundation Business Operation Center. Pace lives in Shaker Heights and serves on the Great Lakes Science Center Board.

Here's Frank Jackson with a generic Mayoral quote about all this:

“Development of the Lakefront is important for the continuing economic growth of our city as well as providing amenities for residents and visitors to enjoy. I thank the Lakefront Advisory Committee members for their hard work in reviewing the submissions and their recommendation of Trammell Crow and Cumberland who have exceptional development skills, a willingness to invest, and a shared vision for a lively waterfront and I look forward to taking the next steps in the process.”

Those next steps have no specific timeline. Phase 1 in the project will include "retail and restaurant development between the Rock & Roll Hall of Fame and the Great Lakes Science Center and along the East 9th Street Pier; and an office, retail, and residential development on Dock 32."

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