- Funding Needed
- $356 (Mio)
- EB5 Funding
- $37.5 (Mio)
- EB-5 Investors
- 75
- Investment Amount
- $500,000
- Subscription Fee
- 45,000
- Job Creation per Investor
- 33.3
- Job Creation (Total)
- 2497.1
- Category
- Construction
- Sub-Category
- Land Subdivision
- 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
- 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
- State
- Ohio
- Location
- Westlake, Ohio (Suburban Cleveland)
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Crocker Park
- 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
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