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State Road Shopping Center Sale Becomes A Reality

On August 29, 2008, the City of Cuyahoga Falls and State Road Associates closed on the long-awaited transaction to purchase the State Road Shopping Center. An agreement was reached earlier this year between the City and the shopping center management to purchase the center for $10,200,000 after the City filed an eminent domain action in October 2007. "We would have never reached this point in the process without the eminent domain action" stated Mayor Don Robart. Since January, both sides have been working out the details for finalization of the deal. Cuyahoga Falls City Council approved the purchase of the ailing plaza on May 19, 2008 which excluded six outlot parcels - Arby's, Burger King, Pizza Hut, Goodyear Store, Blockbuster Video and Ameritrust. These six outlots will remain with the present ownership.



"The biggest hurdle has been overcome which will now permit us to move aggressively ahead to finalize proposals for redevelopment of the property" stated Mayor Robart.



In addition to preparing the proposals, the City has been working with the remaining seventeen businesses since the announcement in January and will permit them to continue their leases until December 31, 2008. "Our major goal is to demolish the entire plaza in the first quarter of 2009 to prepare it for redevelopment" stated Susan Truby, Development Director. The property is properly zoned and the required infrastructure is in place to design a new project. A mixed-use zoning classification will permit retail, office and residential uses. "Responses from the developers, as well as market conditions, will drive what the final use of the former plaza will become" Ms. Truby stated.



Mayor Robart is hopeful to be able to announce a development team by the end of year after completing the process for selection. "This area of our town is ripe for new development as evidenced by our master planning efforts with Basile, Baumann Prost and Associates as well as other retail experts" he stated, and "we believe we are on the right path to make the redevelopment a reality for our citizenry."
 

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