Nadlan Invest- The Pine, Columbus Road Mixed-Use Redevelopment

THE PINE, Columbus Road MIXED-USE REDEVELOPMENT OPPORTUNITY

The Pine redevelopment is a mixed-use investment opportunity located in Cleveland's historic Flats district, offering 30,000 square feet of existing space across three buildings and approved plans for an additional 20,000 square feet for residential development. The project includes 45 residential units with premium amenities like an amenity deck that provides breathtaking views of the downtown skyline and Cuyahoga River. The site, positioned in an Opportunity Zone, allows investors potential eligibility for historic tax credits.

The development is fully permit-ready, with construction drawings already completed. It sits within a high-growth area benefiting from nearby projects like the 600-unit Thunderbird development and over 1,500 new apartment units recently completed or under construction. The Pine project features first-floor retail or office space and plans for residential units on the upper floors. Financial projections estimate an annual retail revenue of $171,000 and $914,250 from apartment rentals, totaling gross annual revenue exceeding $1 million. The total development budget is approximately $10.6 million, with a loan-to-cost ratio of 70.2%. Additionally, the site includes 10 surface parking spaces, and the surrounding area offers amenities and proximity to significant urban developments, such as the Circle Square project.

The development plan incorporates amenities such as a fitness center and amenity deck, emphasizing livability for tenants. Proximity to major employers and the evolving infrastructure of downtown Cleveland ensures the long-term value of the investment, contributing to the area’s broader $5+ billion development pipeline. The mix of retail and residential uses, coupled with high-end urban amenities, creates a comprehensive urban living experience within a historically rich area, positioning The Pine for substantial returns in the coming years.