After a long collaborative effort by the City of Brecksville, the Veterans Administration, and the DiGeronimo Companies, the former Veterans Administration (VA) site is poised to bring new economic activity and growth to the City of Brecksville. The City of Brecksville, its Community Improvement Corporation (CIC) and the DiGeronimo Companies have entered into a partnership via a Development Agreement to demolish the existing buildings on site therefore creating an exceptional location for future development in a financial structure that is very attractive to the City.
Reaching a deal with the VA took years of negotiations, and the coordinated and diligent efforts of the Mayor, the city’s legal counsel and the City Council. “Our City is a wonderful and safe place for growing businesses and families. Our belief in the strength of our city kept us moving forward to reach an agreement with the VA to acquire the site”, said Mayor Hruby. The acquisition of the site was the first step in the next phase of the story of the former 103 acre VA campus situated along the Interstate 77 corridor.
“The Development Agreement lays out specific terms of our deal and was accomplished over the course of several months of negotiations. The Council and I believe that this partnership is in the best interests of the residents of our City”, said Mayor Jerry Hruby. This agreement avoids the city from paying millions of dollars in demolition and environmental remediation costs to bring the site to a development-ready state. While the DiGeronimo Companies will be responsible for the development of the site, the city has negotiated a structure whereby the City will be directly compensated for the success of the project. “This deal commits the DiGeronimo Companies and the City to work together to create a place that our residents will be proud of and allows the City to use its financial resources in a fiscally prudent fashion”, added Mayor Hruby.
Since the decision was made in 2004 to close the Louis Stokes VA Medical Center campus in Brecksville, the City has been planning on how to revitalize the area and bring new jobs. The hospital relocated to its main campus at Wade Park Cleveland in 2011. Then, in November of 2016, after extensive work by the Mayor and City Council, the residents of Brecksville approved a ballot measure to create an overlay district for the site. The overlay district conditionally allows additional uses beyond those allowed previously by the office-lab zoning, while keeping major decisions within the purview of the City.
“We are very excited about the city’s decision to work with us on such a significant project. Our decision to invest was based on the vitality of the city, and the conditions for continued responsible growth of the community created by the city officials”, said Vic DiGeronimo Jr., CEO of DiGeronimo Companies. Kevin DiGeronimo, Principal at DiGeronimo Companies, added that “It was an enormous effort by Brecksville to officially acquire the land. Now with the Development Agreement in place, it allows us to formally start site planning as well as marketing efforts to attract tenants”.
The City of Brecksville and the DiGeronimo Companies are now committing to work together to create a comprehensive strategy to bring our joint vision to reality.
About the City of Brecksville The City of Brecksville was founded in 1811. Located in the heart of rolling woodlands approximately fifteen miles south of the Cleveland, the City of Brecksville is home to more than 13,400 citizens. The City is 19.68 Square miles in size and is the home, in part, of the Cuyahoga Valley National Park, Emerald Necklace of the Metroparks. The city is listed by many rating agencies as one of the safest communities in the State of Ohio and its property taxes are in the lower 20% of the County. Brecksville is known for its excellent city services, outstanding, excellent rated City Schools and outstanding city facilities. The city is well managed financially and has a AAA Bond rating. For more information visit www.Brecksville.oh.us.
About DiGeronimo Companies From conception, through design, demolition, site work, construction, funding, development and operation, the DiGeronimo Companies bring a turn-key philosophy to real estate development. Encompassing 9 different entities, the DiGeronimo Companies have been operating for over 61 years in various businesses. Winners of over 30 major industry awards, the DiGeronimo Companies take great pride in their environmental stewardship, and community relationships. For more information, visit www.DiGeronimoCompanies.com
Pinecrest, Cleveland’s newest mixed-use district by DiGeronimo Companies and Fairmount Properties, took home Gold (the top honor for mixed-use developments) in the International Council of Shopping Centers (ICSC) Global Awards for North American Design and Development.
Pinecrest lands new $171.5 million loan