City Council Approves One Lakewood Place Term Sheet

On Monday, May 7th, Lakewood City Council approved Proposed Ordinance 27-18, authorizing the execution and delivery of an agreement by and between the City of Lakewood, Ohio, and Carnegie Management and Development Corporation, related to the development of City-owned property at the southeast corner of Detroit Avenue and Belle Avenue. This vote approved the One Lakewood Place term sheet and enabled the City of Lakewood to draft and enter into a development and use agreement with Carnegie Management and Development Corporation.

The term sheet explains the business terms and structure of the project, the roles and responsibilities of the parties, and the minimum requirements for each party to deliver. By approving the term sheet, Lakewood City Council has made it possible for the City of Lakewood to realize the benefits of the One Lakewood Place development. Just a few examples of the benefits include the restoration of the historic Curtis Block Building, the development of Lakewood’s only Class A Office Space, new residential housing and a new community gathering space.

To review the ordinance and the term sheet in its entirety, click here.

Be on the look-out for future updates and the opportunity to weigh in on the design process of One Lakewood Place at upcoming public meetings.