Description

Jones Lang LaSalle Americas, Inc. ("JLL"), as sole and exclusive agent, has been retained by ALERG, LLC ("Ownership") to offer to qualified investors the opportunity to acquire a prime, 43-acre lakefront redevelopment platform located at 33570 Lake Rd in Avon Lake, Ohio ("the Property"). The Property includes a half-mile of frontage on the shores of Lake Erie 16 miles west of Cleveland. The Property provides a unique opportunity to acquire full control of a large infill parcel that anticipates conversion to mixed use development.

Ownership acquired the closed Avon Lake Generating Plant in 2022, successfully demolishing and remediating the site. It is now ready for new development. In conjunction with the City of Avon Lake, Ownership completed a conceptual master plan. This public-private redevelopment framework includes public improvements for recreational use and private development utilizing tax incremental financing.

Avon Lake boasts desirable demographics and economic strength that exceed the Cleveland Metropolitan Area and Ohio averages. The community benefits from nearby employment hubs and quality schools. A new development on the lakefront is poised to capture top of market pricing from future residents as one of the only large-scale waterfront redevelopment opportunity in the Cleveland metropolitan market.

Jon Vanderplough License #: OH - 2005015674

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Attributes

Land area gross

17.49 ha

Media

Investment highlights

Former Power Plant has been Fully Demolished and Remediated
Opportunity for Full Site Control with Flexibility to Sell Park Land through Assignable PSA with the City of Avon Lake to Reduce Basis
B-3 Zoning with Optional Chapter 1219 Overlay, 1,200 Residential Units Approved
Rare Lake Erie Frontage with Marina Opportunity
Strong Area Demographic Profile
Public-Private Redevelopment Framework in Place that Includes Tax Incremental Financing