Based on a recommendation from his Lakefront Development Advisory Committee, Mayor Frank G. Jackson has decided to pursue negotiations with a development group led by Trammell Crow Company and Cumberland Development LLC. Trammell Crow Company is a nationally prominent commercial real estate developer and investor headquartered in Dallas, Texas. Cumberland Development LLC is an experienced local commercial real estate company led by Richard Y. Pace.
The advisory committee arrived at their decision after going through Request for Proposals from real estate developers and subsequent interviews with those developers. After the advisory committee’s review process, a recommendation was made to Mayor Jackson.
“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,” said Mayor Jackson. “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.”
Subject to passage of legislation by City Council, the City would enter into a long-term option-to-lease agreement with the developer through which the developer would have a specified period of time to complete necessary due diligence and then decide to exercise the option. If the Developer exercises the option, the City would enter into the long-term lease – at a fair market rate as determined by appraisal – with the developer. The developer would then be required to commence, complete, and occupy the project within a specified period of time.
“We are excited to have the opportunity to develop a world-class mixed-use neighborhood along the Lakefront,” said Richard Y. Pace, Cumberland Development LLC. “We thank Mayor Jackson and the Lakefront Advisory Committee members for their leadership and look forward to the next step in this process with City Council.”
The proposed design is similar to and incorporates core design elements reflected in the Cleveland Downtown Lakefront Development Master Plan passed by the City Planning Commission in May of 2012.
The Trammell Crow/Cumberland team proposes a three-phased development plan as follows:
- Phase 1: 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.
- Phases 2 and 3 would entail mainly apartments and public waterfront amenities on Docks 30 and 28B.