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NAIOP RETAIL DEVELOPMENT OF THE YEAR

NAIOP-"RETAIL DEVELOPMENT OF THE YEAR"-MAY 2011
WALGREENS-EASTLAKE, OHIO

JND Properties LLC was awarded the 2010 Retail Development of the Year by NAIOP, at their Annual Awards of Excellence Program. JND was recognized for the successful $6 million redevelopment of Eastlake’s “Gateway Corner” that resulted from perseverance and bi-partisan public and private efforts.

The “Gateway Corner” to the City of Eastlake had become a blighted site for the community. The corner included a former auto salvage yard/used car lot, a former 1949 built residence /law office and a 1950 bar/restaurant, all which did not compliment the nearby ball park district and other investment in the area. Over the years, there were many attempts to redevelop the corner; however, they were all unsuccessful as property owners were uncooperative and unwilling to sell. Veteran broker/developer, Arnold King, along with his son Richard, took it upon themselves to secure the parcel, assembling a 3.35 acre site on behalf of JND Properties, to develop the site for Walgreens and additional retail users. At the same time the City, along with the developer and broker team began what would be a two year process to overcome ODOT’s initial objection to providing a break in a limited access highway. Access off SR-91 was essential in order for Walgreens to relocate their existing Eastlake store (originally developed by JND in 1995) to this A+ corner.

The City had just completed a comprehensive land use plan outlining their visions for this corner. JND worked extensively with the Mayor and Council to design a site plan that was compatible with the City’s vision for the Vine Street corridor. This design balanced the traditional feel of the surrounding residential neighborhood with aesthetic and architectural similarities to the ball park district, home to the Lake County Captains. This enabled the p

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