Development At Former Lakewood Hospital Site To Advance

LAKEWOOD, OH — The $72 million development of the former Lakewood Hospital site is expected to advance on Monday. City officials and Carnegie Development Corporation will share their vision for the project with Lakewood City Council and will ask for approval on a term sheet.

"The term sheet explains the business terms and structure of the project, the roles and responsibilities of the parties, and the minimum requirements for each party to deliver," the city said on its website.

Here are some of the notable tenets of the proposed term sheet, according to the city's website:

• The project must be finished in four years.
• The historic Curtis Block building must be maintained and renovated.
• Carnegie will pay for the construction, maintenance and programming at the site.
• The project must integrate with the design of properties on Belle and Marlowe.
• Performance bonds will be acquired to help complete the project.

The city has said that it expects the site to generate $1.5 million in taxes, annually. That is apparently a conservative estimate, at least according to the city. A combination of office spaces, storefronts and residential units will be built at the site.

"The city is investing in this project through the value of the land, which has an estimated value of between $5 and $6 million. The estimated value is primarily based on the fair market appraisal completed for Cleveland Clinic Family Health Center site in 2016, and will be confirmed by a market appraisal on the One Lakewood Place site," the city said on the project website.

The proposed term sheet and a related ordinance for Monday's City Council meeting can be viewed by clicking here.

Photo from Rick Uldricks, Patch