Current zoning for the site was recently changed by the city to allow buildings as tall as 250 feet to be built on the Flats’ West Bank. As a result, developers have shown increased interest in investing here, including a 27-story apartment tower planned by United Community Developers.
Also contacted for comment was David Grunenwald, vice president of development at Jacobs Investments Inc., and Newmark Knight Frank real estate broker Terry Coyne. None responded to e-mail inquiries prior to publication of this article.
Jacobs in 2018 proposed a $405 million development of properties he owns on the West Bank of the Flats. Most of the development was proposed to be housing, including 664 apartments. Also proposed was a hotel, offices, restaurants and parking garages.
But some real estate market insiders believed that Jacobs proposed his development to increase the value of his land for eventual sale. As one insider put it, Jacobs isn’t interested in developing in Cleveland. Everything that Jacobs does is centered around his gaming interests, namely those in Colorado. If he’s selling land here, it is to invest it in gaming elsewhere, the insider said.
|Towering above the Flats’ West Bank in a couple of years
could be The Viaduct, a 27-story apartment building. But
it may not be the last tower on the West Bank depending
on the buyer of the Nautica riverfront property (Dimit).
CASTO representatives are reportedly so happy with this project that they began looking for their next project in Cleveland. The sources said Casto was interested in redeveloping the historic Voss Industries factory, 2168 West 25th St., that sold last year for $4.775 million to an investor group incorporated as R & L Ohio City, LLC.
That group is led by Bixby Bridge Capital, LLC based in the Chicago suburb of Northbrook, IL. Coyne is involved in that project too but as an investor/partner, sources say. When Coyne got the listing for the Nautica property, CASTO reportedly turned their interest to that site.
The source said MRN has proposed an eight- to 10-story apartment building on the West 25th parking lot. It would rise across the street from the nine-story Intro apartments being built by Harbor Bay Real Estate Advisors, LLC, also of Northbrook, IL. The status of this conceptual development in light of the ongoing pandemic is not known.
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