The Pine redevelopment project presents an attractive investment opportunity located in the Flats district of Cleveland, Ohio, specifically at 1720-1736 Columbus Road. The mixed-use project involves 30,000 square feet across three existing buildings with approved plans for an additional 20,000 square feet, adding 45 residential apartments. The development includes an amenity deck offering panoramic views of both the downtown skyline and the Cuyahoga River. The project benefits from its strategic location in a high-growth area, with over 1,500 new apartment units recently completed or under construction nearby, including the 600-unit Thunderbird project.
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.
My name is Lior Lustig, CEO of Nadlan Group, the largest US real estate Israeli investors group, bringing over 30 years of technology experience and 20 years of real estate experience. With a background in business and technology, I have sold two startups and hold three degrees in IT & Business. Our company has been involved in projects worth over $320 million in real estate projects, spanning multi-family, multi-single, funds, and developments.
Nadlan Group provides a comprehensive real estate cycle for foreign nationals and local investors, offering education, financing, and deals in 104 languages with over 20 million web requests monthly to our main news website. The group boasts a community of tens of thousands of investors worldwide.
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