The sale could close in June or July. First Interstate bought the South Euclid portion of the Oakwood Club's property in December and recently exercised an option to buy the remaining 90 acres in Cleveland Heights.
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The clubhouse of the former Oakwood Club could be the center of a senior-centric housing and medical development. First Interstate Properties has committed to buying 90 acres of the former country club in Cleveland Heights. The developer bought nearly 63 acres of the property in South Euclid last year.CLEVELAND HEIGHTS, Ohio -- First Interstate Properties will buy 90 acres of the former Oakwood Club in Cleveland Heights, rounding out its purchase of a rare undeveloped tract in Cleveland's close-lying suburbs.
The company, based in Lyndhurst, bought the South Euclid portion - nearly 63 acres - of the longtime country club in December and obtained an option to buy the rest.
Last week, First Interstate exercised that option, committing to purchase the Cleveland Heights land, a clubhouse and recreational facilities.
The sale could close in June or July.
First Interstate President Mitchell Schneider would not comment on the price. Last year, the company paid $1.8 million for the South Euclid land. At a comparable price -- about $28,571 per acre -- the Cleveland Heights property would fetch more than $2.5 million.
"The members will be pleased with the end result," said Terry Coyne of the Grubb & Ellis brokerage, which represented the now-defunct club. He would not disclose the price.
First Interstate plans to turn the golf course into a shopping center, senior housing and green space -- a proposal that has met with fierce resistance from a group of residents who want the entire property preserved as a park.
In South Euclid, Schneider has asked for a rezoning of 40.7 acres for Oakwood Commons, a 325,000-square-foot project that could include national retailers and restaurants. The remaining 21 acres, along Revere and Antisdale roads, would be turned over to South Euclid for a park.
The South Euclid Planning Commission will hold a public hearing at 7 p.m. Thursday on the rezoning request.
In Cleveland Heights, First Interstate is considering senior housing and medical prospects for 75 acres -- a larger potential footprint than last year, when the company talked about developing 45 acres for retail and housing and leaving the rest as green space. Schneider still wants to use a small piece of the Cleveland Heights land for retail.
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View full sizeThe company has not submitted any plans or rezoning requests to Cleveland Heights.
"As plans unfold for this property, it's something that the lion's share of Cleveland Heights will find very, very desirable," Schneider said. "We don't plan to meet the needs of a vocal, small, somewhat fringe minority."
Led by Fran Mentch, a group of Cleveland Heights residents has been fighting the rezoning in South Euclid. In e-mail blasts and Facebook posts, they claim that Schneider plans to build a Walmart Supercenter at Oakwood Commons. First Interstate will not confirm or deny rumors about specific retailers.
"They're going to come in, they're going to make a fast buck and they're going to destroy our community in the process," Mentch said Tuesday.
She confirmed that the residents' group recently deleted comments from First Interstate employees on a Facebook page dedicated to making Oakwood into a park.
"We like free speech and all, but Facebook is not a place for it," she said. "This is a David and Goliath situation. We're not going to feed into this. It's not a level playing field."