Sheffield Lake finds developer for town center
SHEFFIELD LAKE — City Council unanimously passed an ordinance Monday night approving a memorandum of understanding between the city and North Coast Capital Partners for marketing and eventually developing the Sheffield Lake Town Center shopping center.
“I am excited,” said Mayor John Piskura. “We’ve done a lot of work and waited a long time to actually move forward with a legitimate company for viable redevelopment.”
The city bought the center in 2008 and has already signed a 5-year lease with Apples supermarkets. Piskura said a health-care provider is interested in putting a medical facility in the center and “a couple smaller tenants” have also expressed interest. He declined to be more specific until deals are finalized.
North Coast Capital Partners, in exchange for a 12-month option to buy the property along Lake Road, will market and “use their resources to pre-lease and eventually develop” the center, Piskura said.
North Coast Partners will also respect the city’s plan of replacing demolished buildings with eco-friendly buildings and using green energy sources for power including two existing wind turbines, solar panels and geothermal heating.
“I’m very proud, and I think City Council is proud,” Piskura said of the shopping center and plans for its future use. “The residents eventually are going to love it.”
The site consists of 21 acres and 170,000 square feet of retail space in eight buildings.
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