Prime Development Site

• Shoreway Realty Group is pleased to offer a 4.288-acre, fee-simple parcel at 5475 North Marginal Road, in Cleveland, Ohio at the junction of Lake Erie and East 55th Street.
• The Sellers purchased the property and retained Vocon, Inc. to plan a 212-214 unit, residential apartment building on the site with the maximum exposure of various units to Lake Erie views. The preliminary plan which was approved by the Cleveland Planning Commission is attached herein.
• The property and the project have been granted 15-year, residential tax abatement by the City of Cleveland. This is provided by Cleveland Ordinance 1376-2019 which passed City Council on December 2, 2019. This constitutes 100% tax abatement for all improvements over the tax value of the property when the project gets constructed.

• In addition, the project and the site have obtained a 30-year tax increment financing. Tax increment financing (“TIF”) which permits the increase in value over the current tax value to be abated for the portion of such real estate taxes that are not payable to the Cleveland Municipal School District for an additional 30 years after the completion of construction.
• A copy of the various agreements related to the TIF are available for review. Due to certain delays and the legislation that established the TIF, the actual TIF will expire prior to 30 years, but the City of Cleveland has indicated that, upon commencement of construction, we could apply to extend it for the full 30 years.

Site and Surveys

• The actual project site includes not only the 4.288-acre parcel of fee-simple land but a 0.4188 parcel of land which was part of the original East 55th Street right-of-way which has since been vacated by the City of Cleveland.
• The eastern half of the vacated East 55th Street, together with some additional land currently being used by the Northeast Ohio Regional Sewer District will be partially developed into a park by the development on the site. Additional E.55th Street site maps available with signed CA/NDA.
• The park will be passive, consisting of a walkway, picnic tables, barbecue grilling areas and benches. The mini park will provide lakeside viewing areas.
• In the event a purchaser elects not to build a residential project on the site, there will be no residential tax abatement, but the TIF will apply to all commercial activities which would be conducted on the site from year 1 through year 30. The property is zoned general retail -GR.