Mayor's Corner: One-Lakewood Developer Backs Out Of Deal

Since taking office on January 1, 2020, my administration has been focused on redeveloping the former Lakewood Hospital site into an asset for our community. The prior administration entered into a Development and Use Agreement (“DUA”) with Carnegie Management and Development Corporation (“Carnegie”) to develop this site. My administration has faithfully fulfilled its obligations under the DUA, including completing the demolition and site preparation work contemplated by the DUA.

The work was completed, and, on February 7th, the City delivered the final certification letter to Carnegie verifying completion of the City’s work at the Lakewood Hospital site. Additionally, the City obtained a No Further Action (NFA) letter from a certified environmental professional confirming abatement at the Lakewood Hospital site in accordance with standards under Ohio’s Voluntary Action Program (VAP). 

On March 10, 2020, my administration submitted detailed deal points to Carnegie to continue negotiations. Instead, Carnegie has taken the position, articulated in letters to the City on April 3rd and April 10th, that they are terminating the DUA.

This action has not changed my commitment to redeveloping the former Lakewood Hospital site into an asset for our community. We know that the site, centrally located in the heart of Lakewood and with demolition, abatement and site work completed, is one of the most attractive sites for development in all of Northeast Ohio. No community can rival our density and vibrancy.

We will move forward on this site in a safe and thoughtful manner. We have an opportunity to bring to Lakewood the right project from the right team and are eager to get this underway.

Volume 16, Issue 10, Posted 1:11 PM, 05.06.2020