On December 21, 2020, City Council voted unanimously to permit Mayor George and the administration to enter exclusive negotiations with CASTO and North Pointe Realty, working towards building a term sheet for the downtown development project. In 2017, CASTO and North Pointe Realty (CASTO team) were one of two teams selected as the most qualified to develop the nearly 6-acre former hospital site in the heart of Downtown Lakewood. The CASTO team presented an exceptional, well-designed mixed-use development that integrated into the fabric of the Lakewood community while creating a new anchor for Downtown. Ultimately, another developer was selected to complete the project. However, as a result of the decision of the City and selected developer not to proceed together with the project, the City has a unique opportunity to revisit the development proposal presented by the CASTO team. In this regard, the CASTO team has notified the City that they remain committed to this project and are enthusiastic about restarting discussions with the community.
The CASTO and North Point Realty team brings together two complementary developers to execute a successful mixed-use development in Downtown Lakewood.
CASTO is an Ohio-based developer of complex, successful urban projects around the country that consistently ranks nationally as well as locally as one of the area’s best commercial real estate developers and property management companies. Locally, CASTO is developing The Dexter, a mixed-use project on Franklin Circle in the Ohio City neighborhood. The project offers 8,660 square feet of retail and restaurant space available on the ground floor, 115 luxury residential apartments on the upper four floors and on-site parking. Additional information can be found at https://castoinfo.com/.
North Pointe Realty is a local full-service commercial real estate development, property management, leasing, and brokerage firm with offices in Mayfield Heights, Lakewood and Akron. North Pointe Realty has long-standing local relationships with the Lakewood business community and brings office building expertise from the development of more than 40 projects throughout Northeast Ohio. Additional information can be found at https://www.npointe.com/.
The CASTO team proposal submitted during the RFQ/RFP process is a starting point for discussions. The plan will evolve over the planned development rezoning process, which requires multiple City Council, Planning Commission and Architectural Board of Review meetings before it is finalized. Through these public meetings the community will ensure the plan is aligned with the Development Objectives and Lakewood’s Community Vision.