CLEVELAND, Ohio — A new plan for the former Lakewood Hospital site includes hundreds of apartments and the headquarters of a growing health insurance company.
The plan would see Roundstone Insurance move a few blocks east of the century-old First Church of Christ, Scientist building to the former 5.7-acre hospital site at Detroit and Belle Avenues, according to renderings. and documents released Wednesday in the inner suburbs. website.
The insurance company, which has more than 100 employees and aims to add nearly 100 more over the next five years, would buy 65,000 square feet of office space from developers, according to the documents.
The developers of the multi-building project, CASTO Communities of Columbus and North Pointe Realty of Mayfield Heights, also plan to build more than 200 apartments on the downtown site – at least 20% of which would be reserved for low-income residents.
They also want to build nearly 30,000 square feet of ground floor storefront and restaurant, a 20,000 square foot plaza, and a 540-space parking garage. Plans also include preserving the facade of the historic Curtis Block building on the site.
The city would sell the property to the developers, who would retain ownership of everything except the Roundstone offices. All of this must be completed by the end of 2025, according to a term sheet included in the documents.
The announcement means residents and passers-by could finally start to see progress on a site that remained vacant after the 2019 demolition of the Cleveland Clinic-run hospital that closed in early 2016.
A previous deal to develop the land fell apart after a dispute over environmental cleanup and finances.
Mayor Meghan George’s administration will formally present the proposed plan and agreement with developers to city council at a meeting on Monday. If council approves the short-term deal, construction could begin this year, according to the city.
“This agreement is a significant win for Lakewood on many levels, meeting the goals the community set during the initial visioning process,” George wrote on the town’s website, of the roughly 90-year project. millions of dollars.
Lakewood planning director Shawn Leininger told the website that Roundstone likely would have had to leave town without the new development, as no other site in the suburbs had enough space for its growing needs. He said Roundstone is expected to become the second largest source of private payroll taxes for Lakewood.
To keep the business in town, George offered to give it a grant of $1.5 million over eight years. The city also offered a 15-year tax break to help pay for the construction of low-income apartments and an additional financial incentive. The municipal council must validate the terms of the agreement.
CASTO and North Pointe had previously submitted plans to the city for the site, but Lakewood officials in 2017 chose a separate proposal from Carnegie Management and Development Corp. of West Lake.
Under Carnegie, the site was to become “One Lakewood Place”, a $72 million development with 200 apartments, a dozen townhouses, storefronts and offices.
However, the city’s relationship with Carnegie fell apart after a dispute over cleaning up environmental and financial contamination. Demolition contractors working at the site in September 2019 found tetrachlorethylene – a chemical used for dry cleaning before it was more strictly regulated in the 1970s – under stone slabs and in the ground in an area that previously stood under a utility room. The land was then remediated and the town evolved with the current developers.