Shaker Square's road to recovery
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Dave's has renewed its lease on Shaker Square. Photo: Sam Allard/Axios
It's been two years since the nonprofits Cleveland Neighborhood Progress and Burten, Bell, Carr Development purchased the east side shopping center Shaker Square to prevent an out-of-state buyer from swooping in.
Why it matters: The owners this week unveiled more than $5 million in recent investments, paid for with both public and private dollars, that have helped retain Dave's Market as an anchor tenant, attracted a new coffee shop and positioned the retail hub for future purchase.
Flashback: The nonprofits secured a $12 million loan from the City of Cleveland to acquire Shaker Square after its foreclosure in 2020.
- The goal was to "stabilize and reposition" on a five-year timeline, Cleveland Neighborhood Progress CEO and president Tania Menesse tells Axios, and to find an eventual buyer who would work in partnership with local stakeholders.
Driving the news: Dave's Market has agreed to a six-year lease extension, with options to renew.
- It's getting $350,000 from the City of Cleveland and the Square's nonprofit owners for renovations as part of the deal.
Plus: Melissa Garrett, who owns and operates UnBar Cafe in Larchmere, is set to open a new space — Cafe Indigo — in the former Dewey's Coffee location in November.
- She said at a press conference Monday that it will offer coffee, ice cream and sandwiches.
Zoom in: Recent improvements include exterior projects, like new awnings, ornamental lighting, roofing, repaved and striped parking areas, and facade work.
- It also includes costly HVAC and electrical upgrades.
State of play: The Square is currently 90% occupied, Menesse tells Axios, with longstanding anchors (CVS Pharmacy, Atlas Cinemas) and popular restaurants (Edwins, Zanzibar) alongside service-oriented small businesses (dry cleaners, nail salon) and local nonprofits (Cleveland City Dance, Cleveland Rape Crisis Center).
- After Cafe Indigo opens, the only two vacant storefronts will be the former Balaton restaurant, which closed in early 2022, and the former Cosmic Bobbins shop, most recently occupied by U.S. Rep. Shontel Brown's campaign headquarters.
What they're saying: Triangulating a mix of shops and services that cater to the Square's daily users while also attracting weekly and monthly visitors has been the work of a consultant, Boston's Agency Landscape + Planning.
- Menesse said the last time Shaker Square sought community feedback was in 2018 but that COVID has reshaped the way consumers interact with retail outlets and that preferences may have changed.
What's next: Early recommendations from the Shaker Square vision plan, which include both strategies for the Square's retail and public spaces, will be shared at a community event at the former Dewey's space 4-7pm Sept. 19.