Floor & Decor Case Study
- 4291 Richmond Road
Warrensville Heights, OH
- Client: Floor & Decor
- Square Footage: 80,000
- Real Estate Type: Retail
- Services: Planned Use Development
In 2020, Cannata Companies launched Silverpoint, a redevelopment site in Warrensville Heights adjacent to the Chagrin Highlands area along the border of Orange Village and Beachwood. The 15-acre development site boasts 820 feet of frontage along I-271 and has Planned Unit Development Zoning, which allows for multiple uses.
Originally, the developer was focused on creating office space as the Eastern Suburban Office Market was expanding in 2019. That all changed in March of 2020.
As the pandemic continued to rage on, our team, along with the developer, quickly realized that the intended use of the development site needed to pivot. The site had been re-zoned for mixed-use with a focus on larger office users, but now needed to support the changing demands of the market.
Our team strategized with the developer to convince the city to get a conditional use variance approved for the site, which allowed our developer to utilize the property in a non-conforming way. Once that goal was accomplished, our team was able to effectively market the opportunity, which was amplified by the highway visibility and access along with the regional demographics of the surrounding communities.
Floor & Decor, a flooring and décor specialty retailer based out of Smyrna, Georgia had been combing the market and was having difficulties finding a visible regional location. After discovering the signage on the highly visible frontage of I-271, they determined the Warrensville Heights location would be suitable for their entrance into the NE Ohio Market. Floor & Decor now occupies 80,000 SF of showroom space and over 300 feet of highway frontage on a ground lease. It is the anchor tenant for additional development that exceeds the city’s and developer’s expectations.