Harbor Bay Real Estate Advisors has a contract to buy the Market Plaza shopping center across from the iconic West Side Market at West 25th Street and Lorain Avenue and is finalizing a deal to purchase a nearby parking lot.
Cleveland.com reported that the Chicago-area developer plans to demolish the existing structure, which is fully leased to tenants including H&R Block, KeyBank, Fantasy Nails, Pizza Hut and Sherwin-Williams, and erect a 12-story building with offices, apartments, retail and parking.
According to the report, plans presented to a neighborhood block club show roughly 137,000 square feet of offices, 260 apartments, up to 46,000 square feet of retail and between 550 and 560 garage parking spaces.
Mark Bell, Harbor Bay's CEO, didn’t reveal anticipated project costs or purchase prices for the properties to Cleveland.com.
Harbor Bay still has hurdles to overcome. The project will require some zoning tweaks, related to its square footage but not its height, and city design approvals. And the developer is talking to city officials about financing, the news outlet reports.