Jacobs Unveils $405M Cleveland MU Development Plans

Jacobs Investments, the North Palm Beach, Florida-based private investment equity firm, has revealed plans that would take 22 acres of land along the west bank of the flats in Cleveland, Ohio, transforming it into a $405 million mixed-use phased development. The complex, known as the Nautica Entertainment Complex and opened by Jacobs Investments in 1986, would see the development expand to include a new 150-room hotel, a 15-story office building, 664 residential units, an iconic water feature and another 3,715 parking spaces.

"The Nautica Waterfront District represents a unique opportunity that leverages our development experience and investment in Cleveland allowing Cleveland's waterfront to continue to evolve as a vibrant urban environment," Jeffrey Jacobs, chairman and chief executive officer at Jacobs Investments, said in a press release. "Nautica's vista of the downtown Cleveland skyline is second to none and is one of many reasons why Greater Clevelanders will continue to seek out the opportunity to live, work and play at the Nautica Waterfront District."

The $405 million "live, work and play" development in the Nautica Waterfront District will create 230 full-time jobs with $5.8 million in annual payroll, the developer said. The Nautica Entertainment Complex opened in 1986 and included the Nautica Queen dining/cruise ship, amphitheater Jacobs Pavilion, the Improv, Shooters on the Water and Music Box Supper Club, the Apartments at Nautica and additional housing.

Jacobs Investments expects ground to be broken for the project in 2018 with a seven-year build out anticipated. "We expect to spend most of 2017 working on financing and drawing and permitting, and coming out of the ground in early 2018," said Jacobs' vice president of development, David Grunenwald. "We now enter into a pre-development phase that will include conversations with the city of Cleveland regarding a variety of infrastructure issues, most important of which is maintaining Nautica's ingress and egress to the Cleveland shoreway."

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