8/7/2019 Press Release - First Interstate Exercises Option for Oakwood

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PRESSRELEASE

FORRELEASE:March7,2011

FirstInterstateExercisesOakwoodOption

FirstInterstatePropertiesLtdannouncedtodayithasexerciseditsoptiontoacquiretheCleveland

HeightsportionoftheOakwoodCountryClub.“WeexercisedthisoptiononMarch1,sowenowcontrol

theentireparcel,”saidMitchellC.Schneider,presidentofFirstInterstate,headquarteredinLyndhurst.

“Wedohavesomeflexibilityregardingtheactualdatetotaketitle,butIexpectthatwillhappenwithin

thenextseveralmonths,”saidSchneider.

AsubsidiaryofFirstInterstateacquirednearly63acresofthenow-defunctclublastDecemberandhas

beenworkingwithSouthEuclidtocreatea21-acreparkanda40-acreLEED-certifiedandsustainably-

designedshoppingcenterontheSouthEuclidportionoftheproperty.Theparkwillincludenearlyone

mileofwalkingandbikingtrailsandotheramenitiesforlocalresidents.Theproposedshoppingcenter

willbeapproximately325,000squarefeet.“WearethrilledtoworkwiththecityofSouthEuclidto

supportitsGreenNeighborhoodsInitiativebycreatingpermanentgreenspaceandanewcommercial

projectincorporatinggreendesignconceptsandservingasNortheastOhio’sfirstshowcase

demonstrationprojectforlarge-scalegreendevelopmentpractices,”saidSchneider.Theshopping

centerportionoftheprojectrequiresrezoninginSouthEuclidandiscurrentlyunderconsiderationbyits

planningcommission.

TheoptionFirstInterstateexercisedonMarch1includesthebalanceoftheformer150-acrecountry

club.TheClevelandHeightspropertyconsistsofmorethan90acresandincludestheformerclubhouseandrelatedfacilities.Thelandiscurrentlyzonedforresidentialdevelopment,allowingformorethan

250newhomeswithoutachangeinthezoning.

FirstInterstate’sinitialplan,announcedlastDecember,includedusingabout20acresinCleveland

HeightsasanexpansionoftheOakwoodCommonsretailshoppingcenter,whichismostly

encompassedbySouthEuclid,usinganother25acressurroundingthecurrentclubhouseandotherclub

facilitiesfor“senior-orientedhousing,”andnearly50-acresofgreenspace.“Weareactivelylookingata

widevarietyofnon-retailoptionsfor75acresinClevelandHeights,sowehaven’tsubmittedanyplans

yettothecity,”saidSchneider.“Ourplanistocomeupwitharealistic,economically-feasibleplan

bringingamixofhousing,seniorcarefacilitiesandhighpayingjobstothisparcelofland,whilestill

preservingagreen,campus-likeenvironmentthatcanbeenjoyedbytheentirecommunity.”

FirstInterstateProperties,Ltd.isaLyndhurst-basedfullservicerealestatedevelopmentand

managementcompany.Sinceitsinception,FirstInterstatehasbuiltasoundreputationasa

developmentfirmconcernedaboutandresponsibletowardtheimpactsofcommercialgrowthon

surroundingareas.LocalretailprojectsincludeLegacyVillageinLyndhurst,SteelyardCommonsin

Cleveland,AvonCommonsinAvonandCreeksideCommonsinMentor.Formoreinformation,please

visitourFacebookpageat http://www.facebook.com/pages/First-Interstate-

Properties/176798765687837,ourwebsiteathttp://www.first-interstate.com ortheOakwood

Commonswebsiteathttp://www.oakwoodcommons.net/.