The News Herald (Willoughby, OH)
Giant Eagle to anchor site
Marketing continues for development
“We are still in the very early stages of the project. At this time, we are unable to speculate on the new store’s impact on other area locations.” Giant Eagle Public Relations Specialist Nicole Hannaway
It’s official. The anchor tenant of Visconsi Companies’.City Market development is a 55,000-square-foot Giant Eagle.
This — the so-called worst-kept secret in town — was confirmed recently by a statement provided by the grocery store chain’s corporate office.
“We are excited to work with the city and developer to begin the process of bringing a new Giant Eagle supermarket location to the Mentor area,” the statement reads.
“We currently have no timeline to announce, as we are still in the very early stages of the project.”
Public Relations Specialist Nicole Hannaway also confirmed that it won’t be a Market District model, initially thought to be intended for the site.
“The vast majority of our supermarkets operate under the Giant Eagle banner, and we are committed to growing and enhancing our Giant Eagle presence just as we are for Market District and GetGo,” she said.
“Whether we open a new Giant Eagle or invest resources
into remodeling a current location, we strive to bring a world-class shopping experience to area customers, complete with the freshest high-quality foods and innovative, convenience-oriented services.”
Visconsi Vice President of Development Bradley A. Goldberg previously indicated that aspects of the City Market project were scaled back because of changes to the retail market after the conceptual design — along with a rezoning — was approved by voters in 2015.
When asked whether the Plaza Boulevard Giant Eagle would remain open, Hannaway said, “Again, we are still in the very early stages of the project. At this time, we are unable to speculate on the new store’s impact on other area locations.”
Meanwhile, Goodman Real Estate Services Group is actively marketing the property, now that demolition is complete of some old structures on the site — about 20 acres northwest of Route 615 and Tyler Boulevard.
Marketing materials provide some insight into what the location has to offer, including the fact that Mentor is home to 1,700 companies with more than 32,000 employees.
The development will total 172,000 square feet, and is targeted to open in fall 2018.
The design shows six outlots and an area designated as Phase II. A rendering provided by the real estate brokerage firm indicates that negotiations are underway for lots fronting Route 615 and one on Tyler Boulevard that is targeted for a Taco Bell.
“Other than the grocery store, we have not committed to any tenants right now,” Goldberg said during an August interview. “We’re talking to a variety of users and uses.
“They’re primarily food and retail. … It’s a service, food and traditional retail (development). Basically, we have more users and uses than we’ve got land opportunity.”
Four existing businesses will remain on Route 615 — El Rodeo Mexican restaurant, Mentor Family Restaurant, Enterprise RentA-Car and Jim’s Discount Car & Truck. A daycare on Tyler Boulevard will be preserved as well.
Road improvements are anticipated to start in early spring, and buildings are expected to start going up in spring and summer.
“It depends on the weather,” Goldberg said.
The estimated cost of site improvements, not including buildings, is $13 million. About $1.7 million of that is in the public right of way.
Among the proposed improvements are new traffic lights on Route 615 and Tyler Boulevard to serve the development. An agreement with VOH-Mentor, LLC — Visconsi’s local development arm — calls for the city to construct and complete these improvements by Aug. 1.
The agreement also spells out how the city intends to fund its portion of the project, including a 100 percent, 30-year tax increment financing deal.
The “TIF” enables the city to make payments on the work with taxes accrued on the increased value of the property once the development is completed.
The appraised value of the improvements will be more than $20 million and the taxes generated by the project will be sufficient to cover the cost of the upgrades, according to the developer.
“The Mentor Schools will be ‘kept whole,’ meaning they will receive all of the monies they would have received had the TIF agreement not been in place,” Mentor Economic & Community Development Director Ronald M. Traub said.