The Pine
Mixed-Use Redevelopment Opportunity in The Flats
Marketing description
Luxurious mixed-use redevelopment opportunity in the heart of The Flats at THE PINE located at 1720-1736 Columbus Road, Cleveland, Ohio 44113. This prime property offers a versatile canvas for creating a vibrant community hub or upscale living spaces. The potential of THE PINE is unmatched, poised to attract discerning investors looking to capitalize on the resurgence of this dynamic neighborhood. With its strategic location, this property promises a seamless blend of commercial and residential spaces, catering to a diverse range of tenants. Investors are presented with an exclusive opportunity to shape the future of this sought-after area, with endless possibilities for development. The rich history of The Flats combined with modern amenities makes THE PINE an enticing investment for those seeking to leave a lasting mark on Cleveland's real estate landscape. Explore this exceptional offering and unlock the potential of THE PINE in one of the city's most vibrant neighborhoods.
Investment highlights
Permit-Ready Redevelopment
Three historic buildings totaling 30,000 SF, with approved plans for an additional 20,000 SF of new residential space.
Fully designed and permit-ready, with construction drawings in place to streamline execution.
Mixed-Use Design
12,000+ SF of ground-floor retail and office.
45 residential units on upper floors, plus a top-floor fitness center and amenity deck with skyline and river views.
Strong Financials
Projected Year 1 NOI: $845K.
Residential rents modeled at $2.45/SF; retail/office at $15/SF gross.
Development budget of $9.6M ($187/SF), supported by ~71% debt / 29% equity.
Tax Advantage Location
Located in a federally designated Opportunity Zone.
Potential eligibility for historic tax credits and real estate tax abatement.
Prime Location & Momentum
Gateway location between Downtown, Ohio City, and Tremont.
Within 0.5 miles, over 1,000 new residential units are planned or under construction (The Pearl, Electric Gardens, TREO, Silverhills at Thunderbird, and others).
Walk Score: 78, Transit Score: 75, Bike Score: 83.
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