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In a letter emailed to residents earlier today (click here to read the letter), Cleveland Heights Mayor Kahlil Seren announced that MPACT Collective, an innovative development company from Long Island, New York, has signed a Master Developer agreement with Namdar Realty Group, which owns much of Severance’s property, giving MPACT development rights over the Severance site, allowing the two companies to partner on a plan for its redevelopment.
“The partnership between Namdar Realty Group and MPACT is the first significant step towards redeveloping Severance in almost a decade and represents a huge opportunity for Cleveland Heights,” wrote Seren. “I’m grateful to Namdar for their collaboration, and I’m excited they’ve chosen MPACT Collective to work with on the project.”
On its website, MPACT Collective describes itself as “an impact-based, best-in-class opportunistic development company with significant experience in high barrier to entry projects.”
The City of Cleveland Heights reached out to MPACT Collective more than a year ago because their approach to development seemed to fit Severance’s needs. MPACT has repeatedly succeeded at taking high-challenge, large-scale properties like Severance and building partnerships to put them to their highest and best use.
MPACT approached Namdar, another Long Island-based company, shortly thereafter. After nine months of due diligence, they finalized their partnership agreement.
MPACT focuses on three priorities with their projects: developing a shared vision that reflects the surrounding community’s interests and desires, creating the greatest value possible from the property, and ensuring the project is financially viable.
“As the Master Developer on a project, we create a well-structured, predictable development environment that mitigates potential problems. Our approach makes the project attractive to investors and potential development partners that might otherwise be reluctant to engage,” MPACT Collective Managing Director Ryan Porter said. “And we organize a conversation with stakeholders and the community that lasts the life of the project. It builds trust and keeps us on track toward the shared vision for the property.”
“We’re looking forward to starting this conversation in Cleveland Heights,” Porter added. “With enough will and creativity of the community and City, we can make amazing things happen at Severance.”
“Severance Town Center is Cleveland Heights’ greatest development opportunity and challenge,” Seren said. “Few communities like ours have the chance to revitalize forty contiguous acres of underutilized property in the heart of their cities. We can’t yet say what a redeveloped Severance will look like, but we can say it will be transformational for Cleveland Heights.”
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