Avison Young markets 40+ acres of lake frontage in Avon Lake, OH

The land sale is aimed towards activation of the Cleveland MSA lakefront for mixed-use development

Avon Lake, OH – Avison Young has been retained by Avon Lake Environmental Redevelopment Group, LLC (ALERG) to sell 43.23 acres of lakefront land at 33570 Lake Road in Avon Lake, OH. As part of the larger Avon Lake Power Plant and Redevelopment initiative, the land will be available for mixed-use development to activate the Lake Erie shoreline following the major environmental remediation project. Demolition and remediation activities remain underway and are scheduled for completion in mid-2025.

Representing ALERG is Don Lydon based in Avison Young’s Cleveland office and Richard Shields and Judson Martin of Avison Young’s Chicago office.

“The Avon Lake project goes beyond the scope of a traditional real estate development in its impact on the local community and alignment with national objectives and with favorable interest rates, we think this is the optimal launch point for new owners to join the effort,” said Lydon. “From its former use as a coal-fired power plant to a thriving lakefront community with vibrant public space, this site offers an exceptional opportunity to those looking to take part in an exciting revitalization project.”

In 2022, ALERG acquired the former Avon Lake Generating Plant with the plan to demolish all structures and remediate the property. In conjunction with the city of Avon Lake, ALERG has created a plan for the redevelopment of the lakefront Parcel 1 for public use and private development as well as a conceptual Master Plan, established Development Agreement, proposed zoning overlay, public improvement plans, and a tax increment financing (TIF) strategy and plans to finance public acquisition of the lakefront and public and certain private improvements.

“The coveted location on the lake just 17 miles west of Cleveland, Avon Lake offers strong housing and population growth,” said Shields. “The successful offeror will be able to support and participate in the further development efforts as the project progresses.”

Avison Young will solicit proposals from prospective buyers with the intention of entering into a definitive Purchase and Sale agreement in 2024 and invite the purchaser to participate in the finalization of Zoning, Tax Increment Financing (TIF) district formation and budget, and the Development Agreement activities.

“This once-in-a-lifetime opportunity to transform and develop 40 acres on Lake Erie is unlike anything else going on in Ohio and supports national efforts to not just be better stewards of our environment, but to maximize the potential of our urban, suburban, and rural spaces,” said Scott Reschly, President, ALERG.