Shaker Square’s new owners hit the roof with capital needs assessment - Cleveland.com
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Shaker Square’s new owners hit the roof with capital needs assessment - Cleveland.com
With an assessment of capital needs that could exceed $10 million, the new owners of Shaker Square have now expanded their priority checklist beyond three original items.
In no specific order, those were “roofs, roofs and roofs,” consultant Terri Hamilton Brown told the Shaker Square Alliance last year as the capital needs assessment was still being compiled.
Those replacements will still top the list, although the priorities will also include facade improvements, electrical and HVAC upgrades, lighting, parking lots and awnings, Burten Bell Carr Development Executive Director Joy Johnson said in a recent update to the Shaker Square Alliance.
February 2023 Newsletter
Newsletter
February 2023
Thank you for signing up to receive email communications from Shaker Square. We’re eager to share updates and news about everything happening on the Square.
This fall, the ownership team was busy building a strong support system for Shaker Square.
- CRESCO Playhouse Square is now serving as the property manager and has been working hard to address the overwhelming maintenance and bookkeeping needs.
- FASS Real Estate Services is the Square’s commercial brokerage firm. The team at FASS has completed a market study to help us determine the most successful types of tenants for Shaker Square.
- At the recommendation of CRESCO Playhouse Square, we have added a maintenance person to our on-the-ground team. Our top priority has been to be responsive to the needs of our tenants, both inside and outside of their spaces.
- We are contracting directly with Block by Block to provide improved services from our clean and safe ambassadors. Safety and security are top concerns for both tenants and residents at the Square
Holiday Recap
We were as disappointed as the rest of the community that the holiday lighting was not as impactful as we had hoped. Unfortunately, significant electrical issues did not allow for portions of the Square to be illuminated. CRESCO Playhouse Square is working on resolving those issues. Additionally, some of the lighting equipment was sadly stolen from the holiday display.
We were thrilled with the success of Burten, Bell, Carr’s Holiday Jam, held on December 16 on the Square, and we hope you were able to join us for the event. In addition, we’d like to thank the Shaker Square Alliance for donating festive wreaths to decorate the merchants’ storefronts.
Financial Update
Over the next five years, improvements to the Square are expected to cost over $10M. The good news is that immediate improvements can be made with the $5M raised from various sources. The priorities for these improvements include roof replacements, façade improvements, electrical and HVAC upgrades, lighting, parking lots, and awnings.
This month, you can expect to see an increase in our social media presence, and in early March we will launch a new website that showcases the Square’s unique impact on the community around it.
Thank you for your support and interest in the ongoing work at Shaker Square.