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Chicago & Midwest  + Healthcare  | 
Former Cleveland Area Hospital Property in $90M Million Redevelopment

Former Cleveland Area Hospital Property in $90M Million Redevelopment

After scuttling a deal to redevelop the now closed Lakewood Hospital in suburban Cleveland because of uncertainty surrounding the pandemic, a new $90 million mixed use development plan is now on the table.

Anchoring the development of the roughly 5.7 acre property will be a new 65,000 sf office building located on the corner of Detroit and Belle streets that will be the new headquarters for the rapidly growing Roundstone Insurance Company. 

Cleveland Planning Director Shawn Leininger said a deal has been reached between the city and the development team of CASTO Communities and North Pointe Realty. 

There will be nearly 30,000 square feet of ground-floor retail or restaurant tenants in the Roundstone Insurance anchor building that will add to the already thriving Downtown Lakewood business district.

A 20,000 square foot plaza and community space is to be built that will be used for  public events and gatherings as well as park space for the 200 apartments planned for the development.

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Shawn LeiningerCASTO CommunitiesNorth Pointe Realty

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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