A New Mixed-Use Neighborhood in Cleveland’S Opportunity Zone Sites Available for Sale Or Lease
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THUNDERBIRD A NEW MIXED-USE NEIGHBORHOOD IN CLEVELAND’S OPPORTUNITY ZONE SITES AVAILABLE FOR SALE OR LEASE CONTACT EXCLUSIVE AGENTS: JOSEPH KHOURI KEVIN MOSS First Vice President Senior Associate +1 216 658 6120 +1 216 363 6453 [email protected] [email protected] THE SCRANTON PENINSULA Proximity matters. Thunderbird is uniquely positioned within a half mile of Public Square and a very short walk to Ohio City and Tremont. DOWNTOWN DOWNTOWN THE FLATS OHIO CITY DOWNTOWN TREMONT OHIO CITY THE FLATS OLD RIVER ROAD THE SCRANTON PENINSULA Sites available for sale or build to suit. TOTAL AREA SF: 594,646 | Acres: 13.65 CARTER ROAD C AVAILABLE LOT A AREA SF: 324,178 | Acres: 7.44 COLUMBUS ROAD COLUMBUS Development Package Available •Plans B •Entitlement Progress Documents SCRANTON ROAD A AVAILABLE LOT B AREA SF: 181,568 | Acres: 4.17 AVAILABLE LOT C AREA SF: 88,900 | Acres: 2.04 CARTER ROAD CARNEGIE AVENUE * CONCEPTUAL DESIGN & RENDERING THE SCRANTON PENINSULA Thunderbird is one of the most uniquely positioned properties in Cleveland. The site is located on the Scranton Peninsula, along the Cuyahoga River in the Flats, facing downtown Cleveland and surrounded by and connected to Ohio City and Tremont neighborhoods. • UTILITIES: Water/sewer provided to • VIEWS: Panoramic views of Cleveland Carter Road. skyline. • ZONING: Semi-industrial (allows • NEIGHBORHOOD: West 25th for multi-family or retail). City support Street, West Side Market, Hoopples, to rezone or provide variances as Cleveland Rowing Foundation (less needed. than 5 min walk). • STREETS: Simple, private drives • DESIGN: Walkable and dense, envisioned to create a small-block, with an eye toward sharp, but urban neighborhood. straightforward design. Master planned • LOCATION: Less than a half mile (10 and coordinated, but flexible and min walk) from Ohio City, Tremont and realistic. Public Square. • BREWERY: Great Lakes Brewery will • TRAILS AND PARKS: Surrounded by be joining the neighborhood with a trails and parks: Towpath, Centennial new, state-of-the-art facility that will be Link, Red Line Greenway, Merwin’s designed at neighborhood scale with Wharf, Irishtown Bend Park (planned), a bar/restaurant, and a pedestrian- Thunderbird Riverfront Park and Trail* oriented design. (proposed). * Thunderbird Park is in the very • RIVERFRONT: Over 1400’ of river nascent stages of planning, is frontage. forward looking and uncertain if it will be realized. DEMOGRAPHICS OPTIMAL HIGHWAY ACCESSIBILITY: 1 mile 3 miles 5 miles I-90W: 5 mins. 2020 Population 15,316 97,368 257,806 I-90E: 10 mins. 2020 Daytime Population 67, 843 147,038 338,386 I-71S: 5 mins. 2020 Average HH Income $88,432 $49,876 $48,285 I-77S: 7 mins. 2025 Average HH Income $101,180 $57,253 $53,803 I-490W: 5 mins. I-490E: 7 mins. TRAFFIC COUNTS Scranton/Carter RD (ODOT 2016): 4,257 per day Lorain/Carnegie BDG (ODOT 2013): 14,040 per day THE SCRANTON PENINSULA Thunderbird will establish a new dynamic neighborhood in the heart of a reemerging American City. AN ASPIRATION A Vision of Cleveland’s Future to the continuously expanding park system Located in the center of Cleveland and void including direct adjacency with the new 17- of any existing buildings, the blank canvas acre park at Irish Town Bend and the existing of the Scranton Peninsula’s eastern side is park on the southern side of the Peninsula, envisioned as a small, compact and walkable creating an active and living waterfront community, designed with both the honest experience on the south bank of the Flats. and self-evident character embedded in the city as well as a thoughtful overlay of A LIVING ROOM placemaking that looks beyond Cleveland Intimate and Human-Scaled Development today and towards a bright future. Conscious of the large site and surrounding infrastructure, the district is composed of a A CROSSROADS series of well-designed small spaces, cozy From Downtown to Neighborhoods walkable streets, and short building blocks With well-established and burgeoning with compatible but diverse architecture. neighborhoods of Ohio City, Tremont and Downtown all within a half mile of the district, A CONTEXT the district will be developed to support these With a Focus on Views, Adjacencies and a River neighborhoods, creating a waterfront link Home to some of the most spectacular that binds them and establishes a continuous views of Cleveland, the district is designed network of places to live, create, mix and to orient viewers to the landmarks on the work. horizon through framed spaces and a A WATERFRONT gradient of building heights that respond to An Amenity to the Neighborhood and the site’s topographic changes. Thunderbird Community is conceived of a predominately mid-rise The district is designed with a continuous development (5-7 stories) with the potential public waterfront, culminating in a world class for strategically placed higher rise buildings park on the southern edge that will connect (8+ stories). All designed around view corridors and pedestrian experience. THE VISION Proposed park and Riverfront Trail Amenities View from the Public Space along Carter Road looking North * CONCEPTUAL DESIGN & RENDERING THE SCRANTON PENINSULA Thunderbird will establish a new dynamic neighborhood in the heart of a reemerging American City. OPPORTUNITY ZONE & ECONOMIC INCENTIVES Site is located in newly created Opportunity Zone: (Contact Tracey Nichols, Director Financial Services, Project Management Consultants 216-566-5825) • An Opportunity Zone is an economic development tool designed to spur economic development and job creation in economically-distressed communities where new investments may be eligible for preferential tax treatment. • Investors can defer and reduce capital-gains taxes when they reinvest profits from other asset sales (including, but not limited to, real estate, stocks or art collectibles, etc.) into a qualified Opportunity Zone fund within 180 days following the sale of a prior investment. • Opportunity Zone Funds are eligible for a basket of tax benefits, including deferral of current capital gains, a tax reduction of up to 15% on current gains, and no capital gains taxes on appreciation if the investment is held for 10 years. The tax benefits for investors increase the longer the asset is held. - After 5 year hold, reduction of 10% - After 7 year hold, reduction of 15% - After 10 year hold, investors permanently avoid any capital gains tax on the post-acquisition gains. • Potential governmental economic incentives available through the City of NOTE: CONTEXT IMAGERY COURTESY OF PERKINS+WILL Cleveland’s Economic DevelopmentTHUNDERBIRD Department.RENDERING SHOWN FOR RENDERING PURPOSES ONLY TO DEMONSTRATE SITE AND CONTEXT the SHEET NRP BUILDING 1 SHEET group SCRANTON PENINSULA NORTH ELEVATION (WOONERF) 1" = 40'-0" SCALE SCRANTON PENINSULA NRP CONCEPT SET A1 A6 Cleveland, OH 03/17/2020 * CONCEPTUAL DESIGN & RENDERING THE VISION Residential Opportunity Site Plan Lot A LEGEND ENTRANCE TO BACK OF HOUSE TRANSFORMER LOADING ELEVATOR TRASH ROOM EXIT DIRECTION * CONCEPTUAL SITE PLAN SITE PLAN CONCEPT 1" = 70'-0" THE VISION Pedestrian Oriented View within the Pedestrian Passage looking North * CONCEPTUAL DESIGN & RENDERING THE VISION Residential Opportunity View of Lower Lobby / Courtyard Lot A * CONCEPTUAL DESIGN & RENDERING the SHEET NRP BUILDING 1 SHEET group LOWER LOBBY COURT VIEW NORTH ELEVATION (WOONERF) 1" = 40'-0" SCALE SCRANTON PENINSULA A7 A6 Cleveland, OH 03/17/2020 A VIBRANT, TRANSFORMING CITY Cleveland is a rich city filled with world class destinations. Cleveland Clinic 18 Million A TOP 5 ANNUAL VISITORS HEALTH SYSTEM Walkable Downtown Cleveland Sports Cleveland 3 PRO TEAMS AND APPEARANCES IN BOTH THE NBA FINALS AND MLB A TOP CITY IN THE COUNTRY FOR WORLD SERIES IN THE LAST YEAR VISITORS WHO WANT TO GO CAR-FREE Playhouse Cleveland Square Museum of Art A TOP 5 A TOP 5 THEATER DISTRICT ART MUSEUM Flats East Bank Ohio City OVER $500 MILLION HOME TO THE LOCALLY INVESTED IN THE LAST TEN OWNED YEARS WEST SIDE MARKET A VIBRANT, TRANSFORMING CITY Major Sports Number Hotel Lake Erie Teams of Rooms Lake Erie Flats East Bank Voinovich Bicentennial Park Aloft 150 DOWN- Proposed Lakefront Development Comfort Inn 145 DoubleTree 379 RESTAURANTTOWN & Drury Plaza 189 HOSPITALITYCLEVE OVERVIEW- Hampton Inn 194 North Coast Harbor Hilton 600 LAND Hilton Garden Inn 240 Holiday Inn Express & Suites 141 Hyatt Regency 293 Port of Cleveland Kimpton Schofield 122 Marriott at Key Center 175 Metropolitan at the 9 156 Radisson at Gateway 142 FIRST ENERGY Renaissance 491 STADIUM Burke LakefrontResidence Airport Inn 175 Warehouse District Ritz-Carlton 205 Proposed The Westin 484 Pedestrian 2 Bridge University Hotel 161 Wyndham at Playhouse Square 205 Total Hotel Rooms 4,647 Downtown Cleveland Cuyahoga River EY Tower Flats East County Bank Courthouse Cleveland City Hall Lakeside Ave Lakeside Ave W 10 Cleveland Public East 4th Auditorium th St 2 Warehouse District Cleveland Convention STARBUCKS Global Center St Center for th St Galleria at Ontario St St Health th Erieview th Flats West Innovation E 9 W 9 St W 6 Bank th Center St Greater W St Clair Ave St Clair Ave Cleveland Aquarium E 12 St ST rd th Sherwin Cleveland St Jacobs th Ginza E 6 Pavilion Williams W 3 One Center Sushi House Future World Key Tower E 18 HQ 2023 Cleveland Public Public Square Library W Superior Ave Superior Ave Superior Ave Campus 200 Public Fifth Third District W Superior Ave St Square Center th 6 The St E 12 Federal Arcade th OHIO CITY Courthouse Tower Theatre District City The E 13 Beacon