DEVELOPMENT OPPORTUNITY 1600 MERWIN AVENUE

OFFERING MEMORANDUM INVESTMENT CONTACT

ELIOT KIJEWSKI, SIOR Senior Vice President +1 216 525 1487 [email protected] TABLE OF CONTENTS

01 EXECUTIVE SUMMARY 03

02 DEVELOPMENT OVERVIEW 05

03 AREA OVERVIEW 12 CUSHMAN & WAKEFIELD | CRESCO REAL ESTATE 3 Summit Park Drive Suite 200 MARKET OVERVIEW 19 , 44131 04

2 | Cushman & Wakefield | CRESCO Real Estate | EXECUTIVE SUMMARY EXECUTIVE SUMMARY

1600 Merwin Avenue is positioned perfectly within in . This premier development opportunity on the West Bank of the Flats sits across from , Rocket Mortgage Fieldhouse and Tower City. Its location, adjacent to the under construction Irishtown Bend and at the base of the Towpath Trail, invites you to be a part of the many amenities Cleveland has to offer, all within walking distance. This unique riverfront development opportunity gives residents a chance to take advantage of the area's unique natural assets including riverfront activities, trails and boating. With it's unparalleled riverfront access, 1600 Merwin Avenue is the gateway to a neighborhood you can create.

THIS IS YOUR OPPORTUNITY TO CREATE CLEVELAND'S NEXT NEIGHBORHOOD.

4 | Cushman & Wakefield | CRESCO Real Estate | DEVELOPMENT OVERVIEW THE DEVELOPMENT

PARCEL OVERVIEW

6 | Cushman & Wakefield | CRESCO Real Estate | Development Overview THE DEVELOPMENT

FLOATING DOCK PLAN

7 | Cushman & Wakefield | CRESCO Real Estate | Development Overview THE NEIGHBORHOOD

8 | Cushman & Wakefield | CRESCO Real Estate | Development Overview INVESTMENT HIGHLIGHTS

CLOSE TO KEY JOB DRIVERS • Property is located in the East Bank of the Flats in downtown Cleveland • 1.5 acres of land amongst five (5) parcels • Redevelopment of land • Close proximity to restaurants, shopping, lodging and many more amenities ENTERTAINMENT AND LIFESTYLE NEARBY • JACK Cleveland Casino, Rocket Mortgage Fieldhouse and Progressive Field • Thirsty Dog Brewery, Great Lakes Brewery, Platform Beer Co., Collision Bend Brewing Company and many more • Shopping, hotels and accomodations EXCEPTIONAL TRANSPORTATION LINKS • Metroparks Water Taxi - The eLCee2 Water Taxi shuttles 17 passengers and up to four (4) bicycles on a first-come-first-serve basis, and is ADA accessible and dog friendly. The Water Taxi connects you from the East Bank to the West Bank and is used for history tours, nature tours and private tours

• Lolly the Trolley is the friendliest tour and transportation service in the city. City sightseeing tours cover 20 miles and over 100 points of interest all year long

• RTA (Cleveland public transportation) and Rapid access

9 | Cushman & Wakefield | CRESCO Real Estate | Development Overview TAX ASSESSMENT TAXES

ADDRESS PARCEL ADDRESS 2019 ASSESSED VALUE 2019 LAND VALUE TOTAL TAXES 1600 Merwin Avenue 101-16-001-002 1600 Merwin Avenue $873,900 $193,000 $29,935 Cleveland, Ohio 44113 101-16-020 1599 Leonard Street $390,500 $71,400 $13,377

LOCATION 101-16-019 1615 Merwin Avenue $143,400 $65,400 $4,912

1600 Merwin Avenue is a multi-parcel, 1.5 acre 101-16-027 1628 Fall Street $367,300 $88,200 $12,582 site in downtown Cleveland. The site is located steps from The Flats, with close proximity to 504210015320 614 SW Flagler Ave $259,590 $5,213 $5,787 highways and amenities. Total $2,680,580 $54,040 $62,935

10 | Cushman & Wakefield | CRESCO Real Estate | Development Overview DEMOGRAPHICS

NEIGHBORHOOD DEMOGRAPHICS

MEDIAN AVERAGE DAYTIME TOTAL POPULATION HOUSEHOLDS HH INCOME HH INCOME POPULATION BUSINESSES 1 Mile 12,546 6,030 $57,271 $98,691 48,162 2,364 3 Miles 93,652 39,487 $36,146 $59,549 121,365 6,602 5 Miles 247,791 108,511 $36949 $55,269 183,866 10,914 10 Minute Drive 94,403 40,307 $36,687 $61,506 118,387 6,489

11 | Cushman & Wakefield | CRESCO Real Estate | Development Overview AREA OVERVIEW AREA MAP

13 | Cushman & Wakefield | CRESCO Real Estate | Area Overview THE WEST BANK OF THE FLATS The Flats in downtown Cleveland is a symbol of sophistication - private investment, healthy waterways, historic preservation, upscale residences, refined culinary offerings, entrepreneurship and chic nightlife. Among its bridges, roads, riverbanks and viaducts, the Flats connects old and new; downfall and rebirth; grit and sophistication.

The rich history is inspiring to many - including investors - because of the buildings which were expertly constructed under bridges, on steep hills and along the river, allowing for stunning views.

Throughout the West Bank you'll find little pieces of history, and paradise with endless entertainment opportunities.

Cited from thisiscleveland.com

14 | Cushman & Wakefield | CRESCO Real Estate | Area Overview THE EAST BANK OF THE FLATS The East Bank offers chef-driven menus, fan favorites and familiar franchises. Illuminated bridges, outdoor patios and conversation light up the Flats every night of the week.

cited from thisiscleveland.com

15 | Cushman & Wakefield | CRESCO Real Estate | Area Overview 04

16 | Cushman & Wakefield | CRESCO Real Estate | Area Overview CLEVELAND DEVELOPMENTS

IRISHTOWN BEND

A vision for this space calls for the creation of a 23-acre site that will connect Ohio City on Cleveland's near west side to the Flats, Downtown, and Lake Erie. Stabilizing the hillside will make possible construction of a green space with unparalleled views of the and the downtown skyline, and regional trails connecting Lake Erie to the Cuyahoga Valley National Park and points south on the 101-mile Towpath Trail.

Cited from land-studio.org

17 | Cushman & Wakefield | CRESCO Real Estate | Area Overview CLEVELAND DEVELOPMENTS

CANAL BASIN - TOWPATH TRAIL

Towpath at Canal Basin Park on Columbus Road Peninsula

The project will involve tree planting and creation of grassy areas and the addition of benches. An open-air pavilion is planned for the site in the future. In 2022, plans to build 12 docks for day-use boaters at the edge of the park, creating a new link between land and water.

18 | Cushman & Wakefield | CRESCO Real Estate | Area Overview MARKET OVERVIEW HOUSING - 2020 ANNUAL REPORT

Downtown Cleveland is the region’s 15-minute city, where residents can walk, bike, or scoot to meet their daily needs within a short distance from their homes. The challenges of 2020 underscored this value, as easy access to amenities like greenspace, groceries, healthcare, and safe HOUSING community spaces became vital to a healthy lifestyle.

Downtown Cleveland is ’s fastest growing neighborhood. Our growth Downtown saw an anticipated drop in the rental occupancy rate as to nearly 20,000 residents is due to the increasing value of convenience, walkability, a large influx of new supply became available over a short period. In and community. response, DCA launched the Live Downtown Now resident attraction campaign to highlight our diverse array of housing options and resident amenities.

FOR SALE MARKET 2020 2019 Total Sales 71 76 Average Sales Price $310,338 $248,731

Average Price PSF $215.86 $187.49

RENTAL MARKET 2020 2019 Occupancy 84.1% 90.0% Rent PSF $1.57 $1.58

Market Rate Units 8,797 7,520

31% RESIDENTIAL GROWTH 2010-2020 19,645 RESIDENTS IN DOWNTOWN CLEVELAND pg 11

DCA 2020 Annual Report

20 | Cushman & Wakefield | CRESCO Real Estate | Area Overview REAL ESTATE DEVELOPMENT - 2020 ANNUAL REPORT REAL ESTATE DEVELOPMENT

The best indicator of downtown’s trajectory is our strong portfolio of ongoing and planned investment. In 2020, downtown completed $320 million in development, including transformative residential projects, outdoor recreation enhancements, office spaces, and hotel renovations.

[ 2020 PROJECTS ]

COMPLETED UNDER CONSTRUCTION » Avenue District II » 2125 Superior » The Avian » 75 Public Square » Downtown Playground » Avenue Townhomes » The Hilliard Building » Euclid Grand » Indigo Hotel » Flats East Bank » The Lumen » NCH Finger Bridge » The May » Prospect Yard $320 MILLION IN DEVELOPMENT COMPLETED IN 2020 » Towpath Trail pg 10 DCA 2020 Annual Report

21 | Cushman & Wakefield | CRESCO Real Estate | Area Overview Affiliated Business Disclosure and Confidentiality Agreement

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your limited use to determine whether you wish to express an interest in 1600 Merwin Avenue located in Cleveland, Ohio, as more particularly described herein (“Property”). This confidential memorandum and its contents (“Memorandum”) contain brief, selected information pertaining to the business affairs of the Property’s owner (“Owner”) and it has been prepared by Cushman & Wakefield | CRESCO Real Estate as Owner’s exclusive agent. This Memorandum does not purport to be all-inclusive or contain all of the information that a prospective purchaser or investor may need or desire. Neither Owner, nor Cushman & Wakefield | CRESCO Real Estate nor any of their respective officers, directors, principals, shareholders, agents, or employees has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Owner and Cushman & Wakefield | CRESCO Real Estate expressly disclaim any and all liability that may be based on the information contained herein, errors therein, or omissions therefrom. All financial data contained herein is unaudited. The projections and pro-forma information contained herein represent estimates based on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that the actual results will conform to such projections and you should make your own projections and reach your own conclusions. All due diligence, analysis, and verification of the information contained in this Memorandum is solely your responsibility without any representations as to the Properties' physical, environmental, or financial condition being imputed to Owner or Cushman & Wakefield | CRESCO Real Estate.

By your receipt of this Memorandum, you agree that this Memorandum is of a confidential nature and that you will hold and treat it in the strictest of confidence, and that you will not, directly or indirectly, disclose this Memorandum, or any part thereof, to any other person or entity without the prior written authorization of Owner, Cushman & Wakefield | CRESCO Real Estate, and that you will not use this Memorandum in any manner detrimental to the interest of Owner and Cushman & Wakefield | CRESCO Real Estate. Upon request, you will promptly return this Memorandum, and any other material received from Owner and Cushman & Wakefield | CRESCO Real Estate without retaining any copies thereof.

This Memorandum shall not be deemed an indication of the state of affairs of Owner or constitute a representation that there has been no change in the business or affairs of the Property or Owner since the date of preparation of this Memorandum. Neither Owner nor Cushman & Wakefield | CRESCO Real Estate undertakes any obligation to provide additional information or to correct or update any of the information contained in this Memorandum. No legal duty, obligation, or commitment shall arise by reason of this Memorandum. Owner reserves the right, in its sole discretion, to reject any offer or terminate negotiations with any party.

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2021. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. A licensee at Cushman & Wakefield | CRESCO may have an interest in the client entity offering this property for sale.

22 | Cushman & Wakefield | CRESCO Real Estate | Area Overview crescorealestate.com

Investment CONTACTS

ELIOT KIJEWSKI, SIOR Senior Vice President +1 216 525 1487 [email protected]

CUSHMAN & WAKEFIELD | CRESCO REAL ESTATE 3 Summit Park Drive Suite 200 Independence, Ohio 44131

23 | Cushman & Wakefield | CRESCO Real Estate | Area Overview