Cedar Tree Center I is a 208,000–square-foot Design-Build state of the art 32’ clear warehouse/distribution facility. Phase I consisting of 104,000 square feet will be completed the 1st Quarter, 2019.
Type:
Land Development & Design-Build Construction
Location:
3620 Mallard Run, Sheffield Village, Ohio 44054
Size:
175 acres, 208,000 s.f.
Our Goal:
To create value for the new ownership of a long stagnant and stalled 175-acre industrial park by incorporating the initial opportunity of a new first-class, high-bay warehouse/distribution facility into a comprehensive, long-term strategy for the overall development.
Our Challenges and Solutions:
WETLANDS & STORM WATER MANAGEMENT
- Challenge – To clarify and analyze the degree and scope of the wetlands and storm water management, as the park had a long history of interaction between various agencies and prior ownerships at both the public and private level.
- Solution – We worked closely with our wetlands consultant, the US Army Corps of Engineers, and the municipality’s engineering consultants to define parameters and restrictions, and to develop a course of action for additional mitigation and storm water management, which is now being implemented.
DESIGN—SITE AND MASTER PLANNING
- Challenge – Working within the constraints of wetlands and existing infrastructure to maximize the initial development opportunity without limiting the overall potential for growth within the park.
- Solution – We used all relevant information available to us to identify immediately available development sites within the park. We then modeled several scenarios weighing those current opportunities against future potential growth and maximum potential value, providing ownership with the ability to make informed risk/reward decisions.
MARKET ECONOMICS
- Challenge – Justifying millions of dollars in speculative additional investment in a development that had historically performed poorly under prior ownership, and attracting quality tenants to such a location with the park’s history.
- Solution – To provide competitive rates for potential tenants, we needed to work with the municipality to secure some form of incentive. Since the traditional TIF incentives had been used by prior ownership to create the infrastructure, and the tax receipts have been insufficient to cover even that debt service, we collaborated closely with Sheffield Village to implement a unique model of municipal support that required no monetary contribution or guarantees from the Village. We were able to secure a 75% tax-abatement for a 10 year period, making the next investment viable.
Our Result:
Having largely completed the in-house design, LDC Construction will be breaking ground at Cedar Tree Center I in early spring 2018 for the first phase of a new, first-class 208,000 SF, 32’ clear height, precast concrete industrial facility with ESFR fire protection, LED lighting, energy efficient heating, truck access for over-the-road trailers, and parking for 300 employees.