LAKEWOOD, OH — The McKinley Place development project is being recognized by Smart Business magazine as one of the 2017 recipients of the Commercial Development Awards. The magazine describes the project as an inspiration to other communities.
The former site of the McKinley School had been vacant on Lakewood's west side for years prior to the project starting in 2015. The city wanted to facilitate development at the 3-acre site, hoping it would begin contributing to the city's tax base again.
n October 2015, Liberty Development began construction on a 40-unit attached townhome neighborhood at the site. Now, 33 units have been sold. The city speculates on its website that the development will add approximately $15 million to the city's tax base.
“McKinley Place complements the surrounding neighborhood while helping to fill an important housing need in Lakewood: first-floor living," said Lakewood Mayor Michael Summers in a statement. "This type of housing is an attractive option for both Millennials and empty-nesters alike.”
Smart Business says one of the challenges for the project was the curious shape of the parcel and the aesthetic demands of commercial-heavy Detroit Avenue and the existing residential neighborhood. With only seven units left in the townhomes, Liberty clearly found a model that worked.
“We are proud to be recognized for helping to build a new neighborhood that complements such an outstanding community. McKinley Place represents the best in public private partnership and our team at Liberty and our residents at McKinley feel fortunate to be part of Lakewood,” said Tom Kuluris, president of Liberty Development Company, in a statement.