CLEVELAND — Editor's note: The video in the player above is from a story published on July 2, 2021.
A new residential complex may soon be replacing the Ontario Stone building on the West Bank of the Flats.
According to Rico Pietro, Principal of Cushman and Wakefield Commercial Real Estate Services, the owners of the long-coveted property, located on a five-acre parcel of land, decided earlier this year after seeing the major developments made within the city over the past several years that it may be time to sell the land.
Pietro says that it was the realization that Cleveland was quickly developing into an up-and-coming city that led the owners to decide it was officially time to sell the land to make room for additional change in Northeast Ohio.
"We wouldn't have pitched this five years ago," Pietro said. "But with all of the developments over the past few years, they felt it was a good time."
The project, which will cost a potential developer an estimated $100-$150 million to see it to fruition, would create a 26 story apartment building with 400-500 units-- ranging from singles to penthouses. Additionally, the complex would include a full-service fitness center, an infinity pool, as well as a rooftop space for events, potentially with breathtaking views of Lake Erie and downtown Cleveland.
Pietro says that while discussions are early, the Cushman & Wakefield agency has already seen deep interest from developers, some willing to travel hundreds of miles to be a part of this possible project.
"It's that compelling of a site," Pietro said.
On Wednesday, Dimit Architects sent 3News a series of new renderings showing a proposed apartment development in the West Bank of the Flats, in the spot currently up for sale.
Pietro says the mock-ups-- and the selling of the property-- stem from a growing "appetite" from Northeast Ohioans looking to make the move into the downtown area, and to find prime real estate that grants them access to the glamour of downtown Cleveland, while also being close to the desired waterfront.
"This is a world-class, luxury living development," Pietro told 3News' Hope Sloop.
In terms of outside amenities, the complex would have unique access to the Cleveland Metroparks' Wendy Park, located right on the water, which offers visitors volleyball courts, a fishing pier, boating and paddlesports, and the Whiskey Island Still & Eatery.
The development is also conveniently located just opposite of the East Bank of the Flats, featuring restaurants and clubs beloved in the area.
The Flats has been one of the many neighborhoods in Cleveland to experience a wealth of new developments in the past decade, with much more to come.
In terms of a potential timeline moving forward, Pietro believes that the market and interest in this type of development is "frothing" at the moment and that while more details are still to come, things could potentially move quickly.
"This kind of site merits that kind of interest," said Pietro.
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