Marc Lefkowitz | 02/03/06 @ 12:45pm
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?