News after the bill passed

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July 28, 2022 
From Terri Hamilton Brown

Consultant to Cleveland Neighborhood Progress and Ball Burten Carr Development

as reported in the Plain Dealer August 2, 2022

“I am pleased to announce Cleveland Neighborhood Progress and Burten Bell Carr Development have made a big step forward in their efforts ....  While we have reached an agreement in principle with The Coral Company and Wilmington Trust, final contracts and closing details need to be completed before ownership can be transferred. .... We are optimistic about this progress and excited to share this update.”


June 29, 2022 
From Terri Hamilton Brown

Consultant to Cleveland Neighborhood Progress and Ball Burten Carr Development

As we end the month of June, I am writing to share an update on the efforts of Cleveland Neighborhood Progress (CNP) and Burten, Bell, Carr Development (BBC) to acquire Shaker Square.

Following Cleveland City Council’s approval of Ordinance 1038-2021, committing loans totaling $12 million for the acquisition and redevelopment of the Square, CNP and BBC engaged real estate attorneys to begin active negotiations with the City of Cleveland, The Coral Company and Wilmington Trust.  I am pleased to report our negotiations are progressing. 

On Friday, June 24, John A. Rothchild, Jr., Director of Management Services for Newmark and the Court-appointed receiver, along with Jeannine Soster, the current property manager for Shaker Square and Rick Jacobs, the building engineer, provided an exterior tour of the property for CNP and BBC staff and a team of consultants contracted to prepare a comprehensive capital needs assessment of the property.  I also acknowledge and thank Hallie Bram Kogelschatz (and Brian) of Shark & Minnow and David Saltzman of Dave’s for inviting our team to tour the inside of their spaces and for describing their concerns and repair needs to the consultants.  These conversations and the tour further revealed the magnitude of the deferred maintenance and immediate need to restore dedicated and consistent management at Shaker Square.   

Our team remains committed to these priorities.  We are working to finalize a purchase agreement with Coral and Wilmington Trust and we are engaged in contract negotiations for a property manager and leasing broker.  I will provide additional updates when I have more details to share.  

Terri Hamilton Brown

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