Creating a vibrant real estate market is key to economic development. The revitalization of older existing properties attracts new companies and new jobs, which in turn attracts even more investment in the community.
That’s been the mantra of the City of Beachwood for decades, but it’s a city-wide initiative that also seems to be picking up steam — and for good reason, if you ask the companies growing within and relocating there.
“Our city has had a strategy for optimizing under-used sites and buildings that has resulted in several projects that are now transforming the landscape of Beachwood,” says Catherine Bieterman, economic development director for the City of Beachwood. “Revitalization has an impact on future real estate values, not only at those sites, but also the surrounding sites. And in many cases, these revitalization projects act as a catalyst for improvement of surrounding properties.”
But you don’t have to take Bieterman’s word for it.
“Beachwood is doing a phenomenal job of attracting good companies that also bring in good-paying jobs to the community,” says Austin Semarjian, executive vice president of Industrial Commercial Properties (ICP), a redevelopment company that breathes new life into former multi-tenant commercial or industrial buildings. “We find opportunities to make investments to former retail centers or business parks, to bring something new to the market, which in turn brings new jobs and development to an area.”
One of ICP’s most recent projects was a significant investment in a revitalization in Beachwood’s Commerce Park.
“It was a major financial investment on our part,” says Semarjian. “We completely cleared out the interior of the building, taking out mezzanine space and tearing down walls. We added a new roof and put in a new sprinkler system. Then we ripped off the whole façade, adding new glass and redid the parking lot. Then we put in a new epoxy floor throughout the interior space.”
But the City of Beachwood was with them all the way.
“We brought them in and they brought along their whole economic development team from the Mayor on down,” says Semarjian. “They were able to sell Millennium Controls (the new tenant) on the City of Beachwood itself, while also offering incentives to the company to help them move to Beachwood.”
As a part of another new revitalization project, a blighted Tudor-style office building was taken down to make room for Class A office space, which will be home to Skoda Gordon Dentistry, a full-service dental practice.
“We provide a comfortable and enjoyable dental experience for the little ones to the mature adults,” says Dr. Britni Skoda. “We are excited to open our brand-new Chagrin Boulevard office location with cutting-edge technologies and a luxurious atmosphere to better serve our patients. We look forward to opening the new office in January 2025 and are accepting new patients.
“The city has been incredible in facilitating this new construction,” adds Dr. Skoda. “Working with the Office of Economic Development, I was able to apply for and receive a tax abatement that allows me to invest more into my amazing new space.
“My architect and I had a great experience working with various city departments to receive approval for our new construction plans. The city has been very supportive of revitalizing an underutilized area of Beachwood. I am excited to be able to expand my office to serve more patients.” Add these two new projects to the building of a new Porsche dealership that is a part of automotive giant Penske Automotive. There have been other smaller projects as well, including Trailhead Bio-Systems, Retina Eye Centers, Chagrin Richmond Plaza, PDC Building and Sika.
