CLEVELAND, Ohio — Three acres of downtown Cleveland that largely consists of parking, however as soon as had plans for a 54-story tower, could get new life after being bought from one actual property developer to a different.
Bedrock, the real-estate arm of Dan Gilbert’s Rock corporations, introduced Friday that it purchased the location of the previous nuCLEus challenge from Stark Enterprises. The three.17 acres are located on the intersection of East 4th road, Prospect Avenue and Huron Highway. It’s adjoining to the Rocket Mortgage FIeldHouse and Progressive Area and close to the Tower Metropolis Middle.
In a joint information launch, Bedrock and Stark Enterprises didn’t announce the worth of the acquisition. Public information for the sale weren’t instantly obtainable.
The acquisition features a two-story retail constructing, a seven-story parking deck and a floor lot. Its central location made it a chief spot for growth, however the mixed-use challenge that was slated for it by no means got here to fruition.
When first introduced in 2014, the nuCLEus challenge included a 54-story tower, new retail area at road degree and a parking storage. A brand new plan was launched in 2019 that scaled again the design. The newest plan was for 2, 24-story towers that sat atop a six-floor parking storage and retail area.
Bedrock mentioned the acquisition enhances its lately introduced plan for the Cuyahoga Riverfront.
“Stark Enterprises fairly rightly recognized the previous nuCLEus web site as an excellent location for a high-impact growth and a real catalyst alternative in downtown Cleveland,” Kofi Bonner, CEO at Bedrock mentioned in a ready assertion
“The location has vital potential to raised tie the downtown space collectively and supply important options and world-class facilities to reinforce the group, bringing us one step nearer to realizing a 15-minute neighborhood and an 18-hour metropolis.”
Bedrock mentioned it might think about a mixture of makes use of for the property, however didn’t element any plans for the location.
Stark Enterprises CEO Ezra Stark mentioned his firm passing the baton to Bedrock.
“It was a troublesome choice to promote, however as a Cleveland born and bred firm with a ardour for town and its individuals, we really consider it’s what’s finest for downtown,” Stark mentioned in a ready assertion.
Sean McDonnell covers enterprise and client matters for cleveland.com. You’ll be able to attain him at [email protected] Learn earlier tales at this hyperlink. Additionally:
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