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A New Mixed-Use Neighborhood in Cleveland’S Opportunity Zone Sites Available for Sale

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A New Mixed-Use Neighborhood in Cleveland’S Opportunity Zone Sites Available for Sale THUNDERBIRD A NEW MIXED-USE NEIGHBORHOOD IN CLEVELAND’S OPPORTUNITY ZONE SITES AVAILABLE FOR SALE CONTACT EXCLUSIVE AGENTS: JOSEPH KHOURI KEVIN MOSS First Vice President Senior Associate +1 216 658 6120 +1 216 363 6453 [email protected] [email protected] THUNDERBIRD AT THE SCRANTON PENINSULA THE DETROIT-SUPERIOR BRIDGE FLATS NEXT STOP: TERMINAL TOWER & PUBLIC SQUARE HOPE MEMORIAL BRIDGE DETROIT AVE. ABBEY AVE. W 25 th ST. TREMONT LORAIN AVE. OHIO W 25 CITY th ST. © 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Licensed Real Estate Broker. OLD RIVER ROAD THUNDERBIRD AT THE SCRANTON PENINSULA Sites available for sale or build to suit. Sites Available For Sale LOT A THE CARTER ROAD NEARLY FULLY ENTITLED AVIAN MULTIFAMILY DEVELOPMENT SITE (300+ UNITS) Acres: 7.44 COLUMBUS ROAD COLUMBUS LOT B B Acres: 4.17 SCRANTON ROAD A THE AVIAN Coming Soon - 20,000 SF Office Building Under Construction GREAT LAKES BREWING CO. CARTER ROAD Recently Purchased for Future Development CARNEGIE AVENUE * CONCEPTUAL DESIGN & RENDERING THUNDERBIRD AT 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 THUNDERBIRD AT 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. THE AVIAN THUNDERBIRD AT 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. THUNDERBIRD AT THE SCRANTON PENINSULA Proposed Park and Riverfront Trail Amenities View from the Public Space along Carter Road looking North * CONCEPTUAL DESIGN & RENDERING THUNDERBIRD AT THE SCRANTON PENINSULA Opportunity Zone & Economic Incenttives 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 Cleveland’s Economic Development Department. * CONCEPTUAL DESIGN & RENDERING NOTE: CONTEXT IMAGERY COURTESY OF PERKINS+WILL THUNDERBIRD 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 THUNDERBIRD AT THE SCRANTON PENINSULA LOT A - 7.44 AC Nearly Fully Entitled Multifamily Development (300+ Units) LOT A AT TOWPATH TRAIL STARTING POINT LOT A - Nearly Fully Entitled Development Site. Recent Due Diligence Includes: TIER 1 DUE DILIGENCE (WITH NDA): TIER 2 DUE DILIGENCE: • Design Review Committee Package • Full City Application • Consultant Contracts • Energy Green Study • Opportunity Zone Fund • Drawings • Site-Civil Due Diligence • Tax Abatement Application • Market Study • Title Reports • TIF Application • Signage • Peninsula Project Overview THUNDERBIRD AT THE SCRANTON PENINSULA Irishtown Bend (ITB) Project The Irishtown Bend project is a plan that leverages the immediate need to keep the severely eroding slope from sliding into the Cuyahoga River, a critical infrastructural corridor and active shipping channel, with the creation of a new urban waterfront park providing open space and recreational opportunities to the adjacent underserved community now disconnected from the river. • 34 Acres of Land on the steep west bank of the Cuyahoga River • The projects call for the creation of a 17-acre site that will connect Ohio City on Cleveland’s near west side to the Flats, Downtown and Lake Erie. • The stabilization fo the hillside will make possible construction of a green space with unparalleled views of the Cuyahoga River 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. • In the summer of 2019, The U.S. Department of Transportation awarded $9 million towards the stabilization of ITB through a grant
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