The passage paves the way for the city and developer to enter into a development agreement for the project that could include 250 apartments, condominiums, retail and restaurant space and a 750-car parking garage on four city-owned acres at Euclid Heights Boulevard and Cedar Road.
“This is like being engaged,” Briley said of the memorandum of understanding, “and the development agreement is like getting married.”
Although a development agreement is till to come, Briley said groundbreaking on the project could take place in less than a year. Construction on the first phase of the project, expected to cost more than $100 million,would take 18-24 months.
The city acquired the property, a onetime apartment building that was converted for use by Doctor’s Hospital, in the late 1960s. Circumstances, or finances, were never quite right to proceed with a development, until now.
“It took about 50 years to get to this project,” said Councilwoman Melissa Yasinow. “We’ve gone through a lengthy list of RFQ (request for qualifications) partners to see a beautiful new development come to Top of the Hill.”
“There will be public meetings held,” Vice Mayor Jason Stein said. “There’s going to be plenty of time to address the concerns of council and the community.”