Too Profitable Parking Lots Stymie Downtown Development

Housing developers cannot afford to pay land costs and as such, parking lots have kept Cleveland from transforming its downtown into a showcase for the remade city it yearns to become.
January 14, 2004, 10am PST | Abhijeet Chavan | @legalaidtech
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"When a Los Angeles businessman scooped up prime property in the Warehouse District last year, a groan arose among those who see down town revival as the key to Cleveland's future. The $5.5 million purchase gave Duane Cameron another asset for his company's impressive real estate portfolio. But it was no deal for Cleveland. Instead of becoming what would-be developers envision - a shining residential magnet for urban pioneers who want to live where they work and play where they live - this critical corner was consigned to remain what it had been for the better part of two decades: a parking lot."

Thanks to Kristin Hopkins

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Published on Sunday, January 11, 2004 in The Cleveland Plain Dealer

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