DEVELOPMENT PLAN. PLEASE LOOK OUT FOR FUTURE POSTS ON THIS TOPIC. FIRST, A LOOK BACK
I CAME ACROSS A "POSITION" PAPER ON LAKEFRONT DEVELOPMENT, FROM THE YEAR 2000. EXCERPTS ARE BELOW.
At the dawn of a new century, Euclid faces significant challenges. City vision and leadership is essential for seeing these challenges not as obstacles, but as opportunities for renewal. A significant portion of that renewal rests upon these twin pillars: Conversion of the Americana Apartments into condominiums and the construction of a marina.
Euclid's Challenges
According to Euclid's Master Plan Update of 1996, only 142 homes are valued over 150K. Market studies show that potential demand for upscale housing at a minimum of 700 homes. The exodus of wealthier residents rests primarily on this critical shortage of high value housing. Today, only 55% of Euclid dwellings are owner occupied. The City Master Plan update of 1996 describes high density apartment complexes as "have{ing} little remaining long term viability." In other words, they are obsolete. It is no surprise that reducing rental units is a clear goal of the Update.
Marina Project Interest
A Marina constructed at the Americana will spur the conversation of the Americana. Marina interest stretches back to 1966. Then spokesman for the Ohio Natural Resources Department explained that "{George} Voinovich has been one of the leading proponents of a marina for the City." Mayor Kenneth Sims and Ohio Natural Resource Director Fred Moor and Ohio Division of Watercraft Chief Paul Sarossy "are impressed with Euclid's sincerity to have this recreational facility due to the interest exhibited in the project by Mayor Sims and Recreation Director Red Orr."
Regarding the Americana the minority owner, the Simon family is on record favoring the conversion of the American into condominiums as being good for Euclid. Even more critically, there is a market for conversion according to the 1998 Danter Company report.
The Wealth Effect
The Americana/marina project significantly increases both City and School revenues without tax rate increases. Conversation of the Americana means higher valued residential units, meaning that folks with a higher income would purchase them. This leads to higher taxes, and, more disposable income
that can then be spent in downtown Euclid.
The Keystone: Marina Development
Back in 1966, Mayor Sims and ONRD Director Morr discussed Mr Voinovich's marina concept. Mr. Morr dismissed it: without a breakwater, no marina was possible. At that time, no local money was available to pay for breakwater construction.
But, today, money is available through Tax Increment Financing (TIF). Under TIF, private investment in the Americana Creates the additional property tax revenues for the breakwater/marina.
Making It Happen: Steps for City Leaders
Americana conversion and marina development provides the (partial) answer for Euclid's challenges. No other plan proposed is as comprehensive in scope and dramatic in impact. Yet, the first step for City leaders is one of attitude. It seems our public leadership sees every Americana/marina challenge as an insurmountable obstacle. No developer will ever step forward; no developer will take a risk in
Euclid's future with City Hall believing in that future. It is time for City leadership to step out of the shadow of doubt and negativity and into the sunlight of conviction and possibility. By doing so, they will ensure a renaissance on the lake shore, and, secure the promise of Euclid's future
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Today, the Americana is known as Harborcrest, and, the Horizon House is now Waters Edge. Both are owned by the K&D Group which still has interest in our lakefront project. The challenges Euclid faced when I wrote this paper still exist today. And, the benefits of real lakefront development holds the same potential for Euclid today, as it did back in 2000. More in coming posts.
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