CH announces developer for Top of the Hill project
The City of Cleveland Heights's Top of the Hill Project [took] the next step in the development process at [its Oct. 17] meeting. City Council [voted on] legislation to authorize the City to negotiate a non-binding letter of intent with Fairmount Properties. [See editor's note.]
"We were very pleased with the results of our Request for Qualifications process. Several excellent development teams were interested in partnering with us to bring a spectacular development to the Top of the Hill," said City Manager Tanisha Briley. "We believe that says a lot about the interest and excitement surrounding this site and in new development in Cleveland Heights."
The Top of the Hill Project refers to the approximately four acres of City-owned property at the corner of Cedar Road and Euclid Heights Boulevard at the top of Cedar Hill. As a highly visible property at the gateway between the Heights and University Circle, developing this property has been a long-time goal of the City.
The selection of a development partner is the culmination of a six month process. The City received six responses to a Request for Qualifications issued in April that was then narrowed down to two firms, Fairmount Properties and Flaherty & Collins out of Indianapolis. The City received presentations in open sessions from each firm and performed further due diligence before making their selection.
"My colleagues and I were very impressed with both Flaherty & Collins and Fairmount Properties and either team would have delivered an exciting project at this site", said Mayor Cheryl Stephens. "Tonight's consideration of Fairmount Properties for the Top of the Hill project is the beginning of an exciting step forward for economic development in our City."
Cleveland-based Fairmount Properties has completed more than $1 billion in development projects since their founding in 1998, including mixed-use projects similar in scope to what is being envisioned for the Top of the Hill.
Additional information about this project and the two finalists considered can be found on the City's website at http://www.clevelandheights.com/toh.
[Editor's Note: The Heights Observer received the preceding press release from the City of Cleveland Heights and is publishing it in its entirety. City Manager Tanisha Briley confirmed that Cleveland Heights City Council passed legistation at its Oct. 17 meeting to authorize the negotiation of a letter of intent with Fairmount Properties for the Top of the Hill.]
City of Cleveland Heights
City of Cleveland Heights