Cannata Companies has launched Silverpoint, a 1-million-square-foot redevelopment in the Chagrin Highlands area along the border of Warrensville Heights and Beachwood, Ohio.
Silverpoint will be a mixed-use development that will feature upgraded utilities, an enhanced infrastructure and a building of up to 1 million square feet of commercial space with complimentary structured parking.
Cannata Companies purchased the property at 4291 Richmond Road from the Little Sisters of the Poor. The 250,000-square-foot existing building will be demolished by the end of 2020, which will allow for a unique buildable site. The property is 15 acres of prime real estate fronting Interstate-271.
Office space is needed in the Eastern Suburban Office Market. No new construction of larger footprints of modern, efficient space has been added to the market since the addition of office space in the mixed-use development Pinecrest in 2018.
Cushman & Wakefield Cresco Real Estate brokers Nanci Ferrante and Alex Russo are marketing the property. The brokers have attracted interest from national and local users.
The 15 acres of development land with 820 feet of frontage has Planned United Development Zoning that allows for multiple users including residential, hospitality, office, medical and retail.