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Project Information & Due Diligence Profile Completed
63%
Not Verified

Funding

Funding Needed
$356 (Mio)
EB5 Funding
$37.5 (Mio)
EB-5 Investors
75
Investment Amount
$500,000
Subscription Fee
45,000

Jobs

Job Creation per Investor
33.3
Job Creation (Total)
2497.1
Category
Construction
Sub-Category
Land Subdivision

Investment

Structure
Loan
Amount of EB-5 investors anticipated for this phase?
75
Expected Maturity
5 years, from time of funding.
Expected Return
1%
Principal equity in project?
Yes

Immigration

Does this project have approved I-526's?
No
Does this Regional Center have approved I-526's?
No
Does this Regional Center have approved I-829's?
No

Location

State
Ohio
Location
Westlake, Ohio (Suburban Cleveland)
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Crocker Park

Opened: January 01, 2009

Closed: January 01, 2010


Developer Name
Stark Enterprises

Project Description

Expansion at Crocker Park can be broken down into three main components: Phase III, K Block, and the American Greetings Headquarters.


1) Phase III extends Crocker Park’s Main Street to the south, adding buildings with ground floor retail and high-end apartment units on the upper floors.

2) The K Block will be built at the north end of Crocker Park and consists of a Hyatt Place Hotel with ground floor commercial space for restaurants and bars. The Hyatt adds an important dimension to the development, providing lodging not only for Crocker Park but also for the numerous corporate guests that the American Greetings global headquarters is anticipated to draw.

3) The American Greetings Headquarters is the largest component of the expansion with the construction of a new facility comprised of more than 63,200m2 of office and retail space.

The EB-5 loan is divided into 3 advances. The first $12 million will be used to partially fund the construction of 316 upscale apartment units. The second advance of $19.5 million will be used for the partial funding for the construction of the new Hyatt Place Hotel. The third advance of $6 million will be used to partially fund the construction of paid parking facility adjacent to Hyatt Place Hotel.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Project Timeline

2014
Q1- Receive building permits
Q2- Construction begins on Crocker Park Phase III
Q3- Construction begins on American Greetings Headquarters

2015
Q1- Construction begins on K Block
Q3- Interior fit-out of Crocker Park Phase III and of the American Greetings Headquarters starts
Q4- Interior fit-out of K Block starts

2016
Q1- Crocker Park and American Greetings Retail spaces open
Q3- Move in to American Greetings Headquarters begins
Q4- Crocker Park Apartments ready for move-in

Crocker Park : Map

Westlake, Ohio (Suburban Cleveland)



Project Location Description

Westlake is an affluent suburb on Cleveland’s west side. Westlake and the surrounding communities provide a large consumer base to support such a mixed-use development and two interstate highways provide high levels of connectivity to the rest of the region.

News & Updates

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 April 27, 2017
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 April 20, 2017
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News & Updates 2

Future Cleveland development could be hit in crackdown on visas-for-cash program
Future Cleveland developmen...
A federal immigration progr...
 April 20, 2017
 States: 1
Extend the EB-5 foreign investor program that's yielded millions for Cleveland jobs: editorial
Extend the EB-5 foreign inv...
Congress must act quickly t...
 April 27, 2017
 States: 1

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