The Observer, April 21, 2006
Volume XXXVIII, Issue 25
Developer withdraws from The Triangle project
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Case has recently lost one of the three developers vying for control of the Triangle project. Developer Robert Stark, who built the $420 million Crocker Park lifestyle community in Westlake, is leaving the competition to build the proposed Arts and Retail District at the intersection of Euclid and Mayfield.
The property, known as the Triangle, is scheduled to have a facelift beginning in 2007, but Case is still looking for a developer to handle the project. The list was narrowed to three, but Stark unexpectedly pulled out of the race though he didn't specifically state why. Apparently, however, his proposal and ideas went beyond what Case envisioned.
"I'm very disappointed to be doing it," Stark said of his withdrawal. "There are two very different approaches and perspectives on what needs to be done for University Circle," he said. "We hoped to use the RFP [Request for Proposals] process to broaden and widen and deepen the perspective of the university on what should be done on the broadest scale to benefit the entire community.
"The university's focus is much more immediate. They need to do something fast and as a consequence is much more limited."
Russell Berusch, Vice President for Commercial Development, responded by saying "In essence, the Stark team set its sights on multiple properties and required that they be able to develop sites that Case does not own or control as a necessary part of the University's Arts & Retail District project.".
In the past year, Case has spent approximately $10 million to purchase 8.2 acres around the Triangle area. The university hopes to name a developer in June with construction beginning in 2007.
In the construction, most of the retail structures will be destroyed, but Case has opted to keep the three apartment towers intact.
In addition to the retail stores and restaurants Case hopes to add to the Triangle, the Museum of Contemporary Art Cleveland announced in December that it would relocate to the Euclid/Mayfield intersection if Case extends an invite.
Stark's huge project called for an acquisition of twice the amount of land already bought by Case. He'd also like to extend the Triangle development to the railroad tracks four blocks east of the Euclid/Mayfield intersection.
His proposal included three different versions, one of which calls to demolish all of the apartment complexes and build 10 apartment and multi-use buildings.
"As the major institution of higher education goes, so goes the city," Stark said in a statement. He added, "If we can't be competitive, if we can't build the finest world-class development that the university is a part of, we'll be at a competitive disadvantage forever."
The remaining two developers also envision something much larger than what Case had hoped. However, Case wants them to focus smaller first.
"Fortunately, the two remaining development teams feel they can carry out a great project on our RFP sites in a manner consistent with our stated goals," said Berusch.
