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Lee Road mixed-use project scrubbed

Marc Lefkowitz  |  02/03/06 @ 12:45pm

From FutureHeights:

Lee Road project canceled.   Domain on Lee by The Coral Company, Cleveland Heights' first multi-use development slated to begin construction last year and plagued with delays, has canceled its development plans.  The City of Cleveland Heights intends to continue its development of a 400 space parking garage to serve that area.  Stay tuned for further info.

What's the story behind Coral pulling out of one of the most promising urban in-fill developments for the region? Are they over-extended with Shaker Square, Cedar Center, Severance and many other projects? 

Background: The City of Cleveland Heights passed a zoning ordinance last year that allowed for higher density on Lee Road, opening the door for Coral's proposed four floors of residential units above ground-floor retail. With 32 units on roughly 400 square feet or a tenth of an acre, the development would be very dense. 

Question: Although the advertised starting price was $300K, well-placed sources inform GCBL blog that, because of luxury amenities and finishes, the condo units were going to be closer to $500K-$700K - is that too high an asking price for the street? What sort housing amenities are appropriate for this development and can keep costs in check?

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