LAKEWOOD, Ohio — Nearly two weeks after Lakewood announced it reached an agreement to part ways with Carnegie Management and Development Corporation regarding the proposed $72 million mixed-use One Lakewood Place development, city officials are talking about the decision.
“We’re paying Carnegie $255,000 to avoid future litigation, which could tie up the site for years to come,” Lakewood Mayor Meghan George said. “We believe this was in the best interest of the city.
“My focus is to ensure that we’re in the best position to move forward. The outcome of this settlement allows the city to begin a new chapter with a new developer on this site. We’re looking forward to that.”
The mayor noted the agreement includes the city retaining Carnegie-completed market studies, surveys and geotechnical reports that will provide value for any future developer.
“It’s disappointing that this partnership fell through,” Lakewood City Council President Daniel J. O’Malley