Given the historic nature of Shaker Square and its importance to the surrounding neighborhoods, it’s long been a goal to keep the shopping center in the hands of local owners that recognize and have the community’s best interests in mind.

Prior to this purchase, Shaker Square suffered from deferred maintenance and other challenges – making clear the need for this jewel of a neighborhood to be protected and improved for current and future generations.

This is where local ownership comes into the picture. As of August 2022, Shaker Square is jointly owned by Cleveland Neighborhood Progress (CNP) subsidiary New Village Corporation and Burten Bell Carr (BBC). These local organizations, in partnership with CRESCO Playhouse Square Management, maintain the property and pursue development opportunities that bring economic vitality to the shopping center while preserving its historical roots and community ties.

Keeping ownership of Shaker Square in local hands was made possible with the support of the City of Cleveland, which approved $12 million in low-interest loans to CNP and BBC. Cleveland Mayor Justin Bibb and Councilwoman Deborah Gray, who represents Shaker Square, have prioritized efforts to revitalize the neighborhood.

This joint-ownership model has also created new opportunities for ongoing community engagement, allowing input from local residents and tenants to be prioritized,

Transferring ownership to CNP and BBC is designed to be a temporary move. Work is underway to create a future for the Square that includes local, long-term ownership that provides essential services to area residents and visitors while reinventing the historic district into a bustling retail hub.

Support has also come from philanthropic sponsors, including the Saint Luke’s Foundation and the George Gund Foundation.

Shaker Square has a strong and proven track record of helping owners get the most out of their real estate assets. Our team consists of commercial real estate market professionals focused on management services ranging from operations, accounting, and maintenance to property audits, project management, and consulting. For your management or maintenance needs, please contact us.