Cushman & Wakefield | CRESCO’s David Leb represented the buyer in the purchase of the property located at 12501 Madison Avenue in the historic Birdtown neighborhood in Lakewood, Ohio. CRESCO’s Connor Redman represented the seller. Jim Miketo, owner of Forest City Shuffleboard in Ohio City, plans to transform the 20,471 square foot property into approximately 20 new residential apartments, becoming the largest residential development the neighborhood has seen in the last 10 years.
Birdtown, which derives its name from the many streets named after birds, was originally founded as a solution for the National Carbon Company to provide housing and convenient transportation for their many employees. The neighborhood quickly grew to become a self-sustaining village and a place of ingenuity which is still reflected in the community today.
“Birdtown is one of those hyper-local niches neighborhoods that will always retain its authenticity, says Cushman & Wakefield | CRESCO Managing Director, Nate Kelly. “It’s close to transit and parks, dense and walkable. Yet, in a city that is in high demand, there are still value opportunities.”
Miketo says his development company’s sole mission is to uncover unique opportunities in neighborhoods with rich history.
“We are all about elevating historic neighborhoods and galvanizing communities while bringing new and unique developments to the area,” says Miketo. “This property is a cornerstone building in a community that has incredible historic significance and a thriving demographic. We’re beyond excited to be able to contribute to such a beautiful neighborhood and help continue its rich legacy.”
The building is among the tallest on the street in the neighborhood, and the plan is to convert the property into a multi-story apartment building, complete with a new fitness center, dedicated parking, outdoor spaces for grilling and an expansive rooftop deck that promises to overlook Lake Erie and the downtown Cleveland skyline. The first floor of the building will also provide approximately 9,000 square feet of retail space with prime frontage on Madison Avenue.
“Jim is a developer with persistence, vision, and an eternally optimistic disposition—the ideal combination for a developer in transitioning neighborhoods,” said Leb. “He loves the challenge—and he’s making a big bet here, with an investment that is poised to bring more residents and active retailers to the neighborhood.”
“There is a growing sense of optimism about Madison avenue in the Birdtown neighborhood, and the groundswell is building about the potential here,” says Redman. “With exceptional highway access, walkability and eclectic pockets of retail – it’s a neighborhood that is ripe for reinvestment and rejuvenation, and a place that people really want to live.”
The development joins several other new developments in the neighborhood such as Korean BBQ, Liliana Bridal Shop and the recently announced Birdtown Brewing and Hola Tacos. Plans to break ground are set for mid – late 2020.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.