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WILLOUGHBY, OH-TerreMark Partners LLC and Vintage Development Group LLC has partnered to build a 390,000-sf, mixed-use development called Chagrin River Walk. The $50 million project, which will include retail, residential and office uses, will be built along the Chagrin River in this suburb of Cleveland.

The project will consist of 143,000-sf of retail, up to 80,000-sf of office condominium, 70 apartments and 75 residential condominiums. The project is in the planning stages, but should open in 2009, says TerreMark president Craig Kaser. The retail portion will fill a void in the area, Kaser tells GlobeSt.com. “The development will be anchored with fashion stores and significant food and beverage uses, as well as entertainment,” he says.

Tenants have not been found yet for the retail or office portion of the project, Kaser says. “We are in talks with different retailers,” he says. The property will also have a unique crescent-shaped layout. “We’ve used it successfully at the Mall of Georgia outside of Atlanta and in other properties,” Kaser says. “The biggest benefit is primarily visibility, you can stand at one end and identify stores at the other end.”

He says the average retail lease rate will be in the high $20s to low $30s. “Located about 16 miles from the Cleveland CBD, there’s a large demand for upscale retail in the area,” Kaser says. A planned second phase of the project will include another multistory condo building, he says.

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