Downtown Development | The City of Lakewood, Ohio

Downtown Development

Mixed-Use Development in the Heart of Lakewood


This website serves as the landing place for detailed information throughout the Downtown Development Process.  Please continue to check the website for updates.

Community Update May 21, 2021

Conversations and progress on the Downtown Lakewood site continue! The city administration, with representatives from city council and the resident advisory panel, toured CASTO’s most recent Dexter project in Ohio City. We are looking forward to CASTO’s updated proposal for the Downtown Lakewood site.  More information can be found at: https://castoinfo.com/commercial/portfolio/ohio/the-dexter.

     

     

Community Update May 14, 2021

The City and the CASTO development team have been hard at work discussing a term sheet and revisiting the original proposal in light of current market and site conditions. The Downtown Development Resident Advisory Panel has been reengaged and will discuss the updates to the plan before the zoning process begins. The Planned Development rezoning process is expected to begin once a term sheet has been agreed to by the City and the Developer.

Community Update December 22, 2020

On December 21, 2020, City Council voted unanimously to permit Mayor George and the administration to enter exclusive negotiations with CASTO and North Pointe Realty, working towards building a term sheet for the downtown development project.  In 2017, CASTO and North Pointe Realty (CASTO team) were one of two teams selected as the most qualified to develop the nearly 6-acre former hospital site in the heart of Downtown Lakewood. The CASTO team presented an exceptional, well-designed mixed-use development that integrated into the fabric of the Lakewood community while creating a new anchor for Downtown.  Ultimately, another developer was selected to complete the project.  However, as a result of the decision of the City and selected developer not to proceed together with the project, the City has a unique opportunity to revisit the development proposal presented by the CASTO team.  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 CASTO and North Point Realty team brings together two complementary developers to execute a successful mixed-use development in Downtown Lakewood.    

CASTO is an Ohio-based developer of complex, successful urban projects around the country that consistently ranks nationally as well as locally as one of the area’s best commercial real estate developers and property management companies.  Locally, CASTO is developing The Dexter, a mixed-use project on Franklin Circle in the Ohio City neighborhood. The project offers 8,660 square feet of retail and restaurant space available on the ground floor, 115 luxury residential apartments on the upper four floors and on-site parking. Additional information can be found at https://castoinfo.com/. 

 North Pointe Realty is a local full-service commercial real estate development, property management, leasing, and brokerage firm with offices in Mayfield Heights, Lakewood and Akron.  North Pointe Realty has long-standing local relationships with the Lakewood business community and brings office building expertise from the development of more than 40 projects throughout Northeast Ohio. Additional information can be found at https://www.npointe.com/. 

 The CASTO team proposal submitted during the RFQ/RFP process is a starting point for discussions.  The plan will evolve over the planned development rezoning process, which requires multiple City Council, Planning Commission and Architectural Board of Review meetings before it is finalized. Through these public meetings the community will ensure the plan is aligned with the Development Objectives and Lakewood’s Community Vision.    

Stay up to date on the project and be notified about public meetings by checking this website or signing up for email updates. 

November 11, 2020

JOINT STATEMENT REGARDING ONE LAKEWOOD PLACE

In 2018, The City of Lakewood (the “City”) and Carnegie Management and Development Corporation (“Carnegie”) entered into an agreement regarding the redevelopment of the Lakewood Hospital site.  Over the next two years, Carnegie worked diligently, and expended significant resources to listen to neighbors, engage the Lakewood community, develop a compelling vision and design for the site and attract tenants. Meanwhile, the City demolished the hospital building and worked to prepare the site for development.  Despite this progress, the City and Carnegie have determined not to proceed with the development and have resolved all outstanding issues relating to the project.

The City and Carnegie reach this mutually agreeable resolution and wish each other well.