Shoreway Realty Group is pleased to offer a 4.288-acre, fee-simple parcel at 5475 North Marginal Road, in Cleveland, Ohio at the junction of Lake Erie and East 55th Street.
The property and the project have been granted 15-year, residential tax abatement by the City of Cleveland. This is provided by Cleveland Ordinance 1376-2019 which passed City Council on December 2, 2019. This constitutes 100% tax abatement for all improvements over the tax value of the property when the project gets constructed.
In addition, the project and the site have obtained a 30-year tax increment financing. Tax increment financing (“TIF”) which permits the increase in value over the current tax value to be abated for the portion of such real estate taxes that are not payable to the Cleveland Municipal School District for an additional 30 years after the completion of construction.
The actual project site includes not only the 4.288-acre parcel of fee-simple land but a 0.4188 parcel of land which was part of the original East 55th Street right-of-way which has since been vacated by the City of Cleveland.
The mini park will provide lakeside viewing areas.
In the event a purchaser elects not to build a residential project on the site, there will be no residential tax abatement, but the TIF will apply to all commercial activities which would be conducted on the site from year 1 through year 30. The property is zoned general retail -GR.
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