Shaker Council Approves Two Contracts for Van Aken District

Editor's note: Shaker Heights City Council's first meeting of 2013 is on Jan. 14. Until then, we'll revisit some of the legislation passed at the most recent gathering in December.

A walkable, business and retail Van Aken District remains a vision for now, but the approval of two contracts indicates that the project will gain some traction in 2013.

Shaker Heights City Council approved contracts naming the financial advisor and real estate development advisor for the project that would reconfigure the large intersection at Warrensville Center Road, Chagrin Boulevard and Van Aken Boulevard.

Council awarded Chardon-based P3 Development Partners a $35,000 contract to serve as financial advisor of the project. Berusch Development Partners of Cleveland received a $55,000 contract to be the real estate advisor of the district.

Officials have been talking about the Van Aken project since 2008, but city councilman Earl Williams found those two ordinances to be the first signs of any real progress.

"This is probably the first tangible step that the city has taken in terms of paying professionals in the development of Van Aken-Warrensville," Williams said.

With BDP as its real estate advisor, the city is developing a package to to pitch to the development community that includes about 12 acres on Farnsleigh Road that include land in the Van Aken Shopping Center, Farnsleigh City Lot and the Van Aken Right of Way, planning director Joyce Braverman said.

BDP will also assist in office tenant recruiting, proposal and agreement evaluation, creating a developer solicitation package and more.

Meanwhile, P3's main objectives will be to find funding streams and create risk-return models for choices like Community Reinvestment Area tax abatement, Tax Increment Financing districts and various state and federal programs. The city is also asking the company to build a financial plan that will help the city generate $15 million of the $75 million in economic development needed to reach goals that include developing about 130,000 square feet of office space yielding 520 new jobs, 160 housing units and 120,000 square feet of redeveloped retail space.