Listed by Cushman & Wakefield CRESCO Real Estate
Unpriced
3663 Park East Drive
Details
APN 742-29-017
Property Type Retail, Land
Sub Type Commercial
Tenancy Vacant
Stories 1
Acreage 2 - 10
Zoning Commercial, U-4C
Parking Spaces 463 spaces
Investment Type Redevelopment
Retail
Marketing description
The subject property at 3663 Park East Drive in Beachwood, Ohio represents a rare large-scale redevelopment opportunity within one of Northeast Ohio’s most affluent and supply-constrained submarkets. The 9.98 AC site is fully entitled and positioned at the intersection of I-271 and Chagrin Boulevard, offering exceptional regional visibility, access, and long-term development flexibility.
Formerly improved with a full-service hotel, the site has completed key upfront due diligence including zoning approvals, Phase I environmental work, ALTA survey, and demolition planning, significantly reducing execution risk for a future developer. Zoned U-4C, the property allows for a broad mix of uses including multifamily, office, retail, hospitality, and medical, enabling phased or master planned development strategies.
The site benefits from exposure to more than 160,000 vehicles per day along I-271 and sits within a premier trade area defined by high household incomes, dense employment, and established luxury retail, healthcare, and office anchors. With municipal openness to economic incentives and tax abatement based on project scope, the property offers a compelling platform for both near-term development and long-term value creation.
Investment highlights
- 3-Mile Avg Household Income $169,429
- 3-Mile Population 57,342
- Availability Options Include Sale, Ground Lease & Joint Venture
- Land Size 9.98 AC
- Zoned U-4C Mixed-Use
- Businesses within 3-Miles 4,578
- Great Visibility with VPD of 164,962
- Total Office Space of Over 5M
- Site Overview: 9.98 acres located in Beachwood, one of Northeast Ohio's most established and affluent commercial corridors. The property represents the largest fully entitled redevelopment site within the immediate trade area
- Development Flexibility: The site supports a range of transaction and development strategies, including outright sale, ground lease, build-to-suit, or joint venture. Phased development is feasible, with the ability to deliver or monetize individual pads over time.
- Entitlements & Due Diligence: Key predevelopment items have been completed, including zoning approvals, Phase I environmental review, ALTA survey, and demolition planning. reducing execution risk for future development.
- Zoning Framework: Zoned U-4C, allowing for a broad mix of uses such as multifamily, office, retail, hospitality, medical, and complementary commercial concepts.
- Visibility & Exposure: Exceptional regional exposure with frontage and sightlines to 1-271, benefiting from traffic counts exceeding 160,000 vehicles per day.
- Market Fundamentals: Positioned within a dense employment and retail node featuring millions of square feet of Class A office, destination retail, and institutional healthcare anchors.
- Demographics: The surrounding trade area is characterized by some of the highest household incomes and strongest purchasing power in Northeast Ohio.
- Municipal Support: The City of Beachwood has demonstrated openness to economic incentives, including potential tax abatement, subject to development scope and planning
Listing Contacts
Listed by Cushman & Wakefield CRESCO Real Estate
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