BEDROCK ACQUIRES STARK ENTERPRISES’ DOWNTOWN CLEVELAND SITE PREVIOUSLY SLATED FOR THE NUCLEUS PROJECT

Bedrock and Stark Enterprises announce the acquisition and sale of the former nuCLEus site, adding 3.17 acres to Bedrock’s growing downtown Cleveland development portfolio. Situated at the intersection of East 4th Street, Prospect Avenue and Huron Road, the site is well-positioned to connect downtown Cleveland’s exciting array of arts & culture, entertainment, sports, retail, and dining amenities in the Gateway District.

Adjacent to Rocket Mortgage FieldHouse and Progressive Field and near The May and Tower City Center, the downtown development site complements Bedrock’s recently announced Cuyahoga Riverfront Master Plan, in partnership with the city of Cleveland and world-renowned architect David Adjaye.

“Stark Enterprises quite rightly identified the former nuCLEus site as an ideal location for a high-impact development and a true catalyst opportunity in downtown Cleveland,” said Kofi Bonner, chief executive officer at Bedrock. “The site has significant potential to better tie the downtown area together and provide essential features and world-class amenities to enhance the community, bringing us one step closer to realizing a 15-minute neighborhood and an 18-hour city.”

Bedrock’s acquisition is comprised of:

  • 611 Huron Road: seven-story parking deck
  • 612 Prospect Avenue: two-story retail building
  • 522 Prospect: surface lot

“As we pass the baton to Bedrock, we’re confident that they will build and improve upon our original vision to create a dynamic, impactful development on the site,” said Ezra Stark, chief executive officer at Stark Enterprises. “It was a tough decision to sell, but as a Cleveland born and bred company with a passion for the city and its people, we truly believe it’s what is best for downtown. We will continue to bring that same passion to our existing properties, as well as at our ongoing and future developments.”

Originally slated for residential, commercial, retail and parking development, Bedrock will determine the ideal purpose and applications for the former nuCLEus site. Initial considerations include a mix of uses to enhance accessibility and equity, while also providing neighborhood essentials and entertainment features.

Financial terms have not been disclosed.

About Bedrock

Bedrock is a full-service real estate firm specializing in innovative city-building strategies, reaching far beyond the boundaries of bricks and mortar. Since its founding in 2011, Bedrock and its affiliates have invested and committed more than $5.6 billion to acquiring and developing more than 100 properties in Detroit and Cleveland, including landmark developments at the Hudson’s Site, the Book Tower restoration, City Modern and the May Company Building.

Bedrock’s portfolio totals more than 19 million square feet of office, retail and residential space within new construction and adaptive reuse projects. For more information on Bedrock’s projects, visit bedrockdetroit.com or engage with us on FacebookInstagramTwitter and LinkedIn.

Click here to view a complete timeline of Bedrock and the Rock Family of Companies’ engagement within the Detroit community.

About Stark Enterprises

Stark Enterprises is a full-service real estate development company headquartered in Cleveland, Ohio specializing in acquisition, development, leasing, property management, construction, architectural design, landscape architecture and marketing. With nearly $2 billion invested in retail, entertainment, office, residential, hotel, and student housing developments, Stark Enterprises is committed to building vibrant communities and creating great experiences throughout their entire portfolio of properties.

Stark Enterprises’ portfolio currently spans across seven states with plans of expansion as they aggressively grow their residential arm, Stark Living, from its origins in Northeast Ohio at Crocker Park and The Beacon, to a series of build for rent developments in Florida and across the Southeast. Click here to view the full portfolio of residential properties.

For more information visit starkenterprises.com and follow them @StarkCLE. #ItsAllAboutTheExperience

 

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