Marc Lefkowitz | 03/03/06 @ 10:56am
FutureHeights is running an opinion poll on what to do with the recently vacated Medic building on Coventry Road in Cleveland Heights. Consensus seems to be building that the area would be best served by a specialty food retailer like Trader Joes or Constantino’s as an anchor in a mixed-use development.
Mixed-use can include housing units above the retail, which helps spread out the cost of the development and adds more potential customers living nearby.
With Coral recently pulling out of a similarly proposed mixed-use development on Lee Road, it casts some doubt whether local developer Michael Montlack, owner of the Medic building, would take that financial risk.
Question #1: What lessons can Montack learn from Coral in terms of the right price point for condos - and maybe mixing in rental units - in Cleveland Heights?
Question #2: What sort of financial incentives does the city of Cleveland Heights have to offer for this type of community development?
Background: Cleveland has access, because of its population, to major federal urban redevelopment funds such as the Community Development Block Grants and newer programs like the Core City Fund. But, what is in Cleveland Heights’ pot for development?
Question #3: Is it necessary for inner-ring suburbs like Cleveland Heights to offer incentives in order to grease the treads for developers to build larger scale projects? At what point does the county or state step in and offer financial assistance?