Please help by checking out this rumor however you can.
Help us find the truth.
We were told by a supporter that the developer and his global investment group worked a deal with South Euclid City Hall.
The deal?
Trade the rezoning of Oakwood for paying off the city’s $20 million debt on Cedar Center.
How? By developing it? Buying it? Both? We don’t know for sure and we all need to find out.
If the global investment firm is going to develop Cedar Center, that is good news for the whole community.
But, this should not go on beyond the view of citizens of the community.
Last night the South Euclid Planning Commission approved rezoning Oakwood and letting Big Box, fast food drive-thru, and strip retail be built there. Big Box retail is destructive of local business and the community.
Next there will be a public hearing held by South Euclid City Hall. But, according to the rumor, City Hall has already decided to rezone Oakwood, and the public hearing will be a sham.
DEVELOP CEDAR CENTER NOT OAKWOOD
Contact the official below and ask what they know about this quid pro quo.
South Euclid City Council members contact info: here
Georgine Welo, Mayor (216) 381-0400 mayor@seuclid.com
Cleveland Heights City Manager citymanager@clvhts.com
Cleveland Heights City Council
Whoa. This jives with some of the scuttlebutt I’ve been hearing through the development community as well.
Oddly enough, Coral Company just announced that they would be showing their first site plans for the redevelopment within the next few weeks.
What this likely says is that Coral received the cash it needs from an investor to get the project rolling. They have been incapable of raising enough capital to do anything until now.
It would definitely explain the expedited procedure on the whole rezoning (was it ever a real question? of course not.) and why SE officials have been so reluctant to talk about the rezoning, the TIFF that Cleveland Heights still has not agreed to, and whether or not there is a legitimate contract with Coral.
Please allow First Interstate Properties to address rumors alleging the trading of financial support for Cedar Center in exchange for rezoning the former Oakwood Country Club property in S. Euclid, now owned by First Interstate’s affiliate, FISE LLC.
In the statements below, “First Interstate” means First Interstate Properties, Legacy Capital Partners, any business entity in which any owner of First Interstate have any interest as broadly defined as possible, any Owner of any interest in First Interstate (including any family members as broadly defined as possible), any employee of any entity any First Interstate owner or any of the forgoing are affiliated with, etc.
1. First Interstate has never had any conversation or communication, either in private or anywhere else that could be construed in any way to create or infer a link between the proposed Oakwood Commons project and Cedar Center. Period.
2. First Interstate has never had any conversation with The Coral Company, any affiliate of The Coral Company, Peter Rubin (owner of The Coral Company), any of his employees or any other person or entity regarding any involvement by First Interstate in financing the development (as broadly defined as possible) of Cedar Center or any part thereof.
3. First Interstate has never had any conversation with any public official or private party regarding any trade-off of any kind in exchange for rezoning the retail portion of Oakwood, except our public offer to donate 21 acres of green space to be preserved for the community in conjunction with the rezoning.
4. Finally, neither First Interstate nor FISE are affiliated with any global real estate investment firm. First Interstate is affiliated with Legacy Capital Partners, a real estate equity fund company that has over 100 investors, all of whom are U.S. residents or entities.
Legacy Capital Partners does have an investment with an affiliate of the Coral Company in a project in Westlake, Ohio. Nonetheless, statement #2 above is true and includes Legacy Capital Partners.
Thank you for allowing First Interstate to set the record straight.
Susan Windle, Marketing Coordinator
First Interstate Properties
Thank you for your response.
Does “First Interstate” means First Interstate Properties, Legacy Capital Partners, any business entity in which any owner of First Interstate have any interest as broadly defined as possible, any Owner of any interest in First Interstate (including any family members as broadly defined as possible), any employee of any entity any First Interstate owner or any of the forgoing are affiliated with, etc.”
have any investments in projects outside of the U.S.?
Thank you.
No.
” Finally, neither First Interstate nor FISE are affiliated with any global real estate investment firm. First Interstate is affiliated with Legacy Capital Partners, a real estate equity fund company that has over 100 investors, all of whom are U.S. residents or entities. ”
These entities may be registered in the U.S. and the individuals may be “residents”, but still represent interests and funds that are largely outside of the U.S.
Legalese aside, what kind of global financial connection does Legacy Capital Partners and First Interstate have?
Thank you for your help with this.