Consumer spending is impacting the fate of development in Northeast Ohio
Americans are buying less, and some Northeast Ohio development projects are feeling the impact. Low consumer confidence is slowing the pace of many mixed-use projects, while others have been scrapped and taken back to the drawing board. In part four of our series, "NEO Development: Rebuilding Northeast Ohio," WKSU's Kevin Niedermier reports.
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| 2004 |
North Royalton city officials and residents devise a master plan
for the city. They decide to include a mixed-use development
with residential, office and retail space. Land purchases and
rezoning begin.
|
|---|---|
| 2005 |
The city signs a deal with The Coral Company, a Northeast Ohio
development firm. The agreement calls for 100 to 200 acres to be
developed. For the next 2 years, the city and the developer struggle
to put a viable package together. The weakening economy is the primary
cause of the delays.
|
| 2008 |
This summer, the city and developer abandon the original plan
when no up-scale retailer will commit to anchor the
development. A lack of disposable income in consumers' pockets
has made retailers reluctant to build new stores.
North Royalton officials and The Coral Company are working on a scaled-back plan. The hope is to take advantage of the high energy costs by building a smaller development that is more public transportation friendly, with more "green" construction. |
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Support for this series was provided by the FirstEnergy Foundation.
