UNIVERSITY HEIGHTS, Ohio — The long-awaited redevelopment project at University Square in University Heights finally has the green light to move forward.
During a University Heights City Council meeting on Monday night, Mayor Michael Dylan Brennan announced the update about University Square.
"I have great news to report on University Square. We have two significant developments today that move this project forward that I may now report on publicly," said Mayor Brennan.
According to Mayor Brennan, over the weekend, Macy's came to final terms on the agreement, allowing the University Square redevelopment project to move forward. The bankruptcy court approved and confirmed the sale of the University Square shopping center to KL Holdings on Monday morning.
The city has been working with KL Holdings since 2019 to redevelop University Square. However, the sale was initially held up after COVID-19 and obstacles with other stakeholders.
In December 2022, University Heights negotiated a Memorandum of Understanding (MOU) with the several stakeholders of University Square.
"After extensive negotiations per the framework set forth per that MOU, including those last-minute negotiations filed over the weekend, the parties have come to terms that allow the sale to proceed," said Mayor Brennan.
Closing will occur 90 days after Monday's court order, which will mark the start of the redevelopment work, including the peel back of the garage, the conversion of the Cedar Tower into apartments and a new family active entertainment venue in the former Tops grocery store.
Project renderings can be viewed below:
Additionally, Mayor Brennan said that the Cuyahoga Cuyahoga County Community Development Committee approved the application submitted by University Heights administration for $500,000 in county ARPA funds to go toward the parking garage repairs and improvements.
"Most of all I want to thank the residents for always believing in what we were doing and giving me the chance back in 2017 to lead this effort as your mayor to redevelop University Square. Of all the reasons why I ran for this office, it is the one that has been the most elusive, most difficult to achieve. And the one that may now be the sweetest," said Brennan.