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, Ohio.
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.
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.
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.
