Lakewood Can Enter Negotiations On Developing Former Hospital

Cleveland OH

22 December, 2020

1:07 PM

Description

LAKEWOOD, OH — Lakewood City Council voted to allow city officials to enter exclusive negotiations with CASTO and North Pointe Realty for the downtown development projects. "City Council and my administration have been aligned on moving a redevelopment project forward at this site. At every step, my team has sought their input and kept them apprised. I look forward to negotiating a deal that will benefit the citizens of Lakewood who have waited patiently for the right project," George told Patch in an email. City Council voted unanimously to permit Mayor Meghan George and her administration to enter negotiations. The CASTO team (made up of CASTO and North Pointe Realty) were one of two finalists selected in 2017 for consideration for developing the former Lakewood Hospital site. Ultimately, city officials selected Carnegie Management and Development to develop the site. The original One Lakewood Place was an estimated $72 million project that would have converted the former 5.2 acre Lakewood Hospital site into a mix of residential units, office space, and shops. But that deal fell apart because of financial disagreements, George said in April, and the ensuing vacuum allowed CASTO to re-emerge as a possible development partner. "In this regard, the CASTO team has notified the City that they remain committed to this project and are enthusiastic about restarting discussions with the community," the city said on its website. The CASTO proposal would serve as a starting point for discussions. The plan would have to be reviewed at multiple City Council, Planning Commission and Architectural Board of Review meetings before being finalized. The community will be encouraged to participate in the process to ensure the new development meets Lakewood's standards.