Covington Realty Partners

Covington Realty Partners
Investment | Multi-Family | Tenant Representation

Beachwood, OH

PROJECT OVERVIEW

Cushman & Wakefield l CRESCO Real Estate was approached by a national multi-family developer called Covington Realty Partners to find sites for new development. The client was new to the market but showed interest in the suburban City of Beachwood, Ohio.

THE CHALLENGE

The City of Beachwood has a zoning restriction on multi-family development to be 6.5 acres or larger. They also have specific requirements on the breakdown of one (1) and two (2) bedroom units within a multi-family development. To complicate the search, the City of Beachwood has very little or no inventory of land in the 6.5+ acre range.

THE SOLUTION

CRESCO Real Estate was able to find a 40,000 SF commercial building on three (3) acres of commercial zoned property for sale in Beachwood. The building was incorrectly zoned for commercial and not multi-family, the site didn’t fit the acre requirement of 6.5+ acres, and the developer had a higher percentage of one (1) bedroom units allowed in the proposed development.

CRESCO Real Estate was able to use our contacts within the city of Beachwood municipality to set up meetings with the mayor and economic development director to showcase the proposed $36 million development and how it will be a positive project for the community and that the zoning and variance changes were necessary to make the project happen.

RESULTS ACHIEVED

All necessary variances used and zoning changes required were approved and the buyer moved forward to a successful closing on the property. The development is underway and on schedule because of the efforts of our team in aiding our client through the entire process from site selection, city leader introductions, zoning and variance changes through city board approvals, and closing.

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