is located at 38250 Mentor Avenue, a prime one acre lot located in what is known
as the Gateway to Downtown Willoughby, Ohio. The land has 155 feet of frontage
with private parking and direct adjacent access to a public parking lot with
approximately 300 free public parking spaces.
This ideal location in Downtown Willoughby will appeal to both
employees and customers of this thriving business district as well as the
diverse population of people from Lake County as well as surrounding counties,
Geauga and Cuyahoga.
projections by the Ohio Census Bureau, the population of Willoughby is expected
to increase by 3% within the next two years.
In addition, the new Willoughby courthouse is currently being built
across the street from 38250 Mentor Avenue, bringing more business from its
employees and visitors as well as the expansion and redevelopment of Vine Street
and Mentor Avenue.
the second largest city in Lake County with a population of 23,000 per 2000
census. It is located between the
largest populated city, Mentor, and the third most populated city, Eastlake.
Both of these cities have grown and are still expanding in terms of business.
The current occupancy rate of Downtown Willoughby is 97%.
Likewise, within the past ten years, Willoughby has developed into an
economically thriving and diverse city within Lake County, contributing to Lake
County's rank as 8th in retail sales ($2,002,986,000) out of 88 counties in
Ohio. According to a recent study,
40% of all food dollars is spent on meals eaten and purchased outside the home.
In fact, according to the most recently available statistics from the
census, Lake County grossed over $98,742,000 in food and drink revenues in one
year. Of this, Willoughby grossed over $31,546,000 from food and
number of new business additions to Willoughby as well as its renovations and
redevelopment to existing businesses, especially the revitalization of Downtown
Willoughby and the expansion of Vine Street, has attracted and brought more
visitors and consumers to this area. The
more recent additions of a Lowe's Home Center, Target, Office Max, Giant Eagle,
Willoughby Commons Movie Theater, BJ's Wholesale Club, Panini's Restaurant,
Fifth Third Bank, Starbuck's Coffee Shop, and several major banks have further
contributed to the wide demographic of this area.
Notably, Downtown Willoughby is known for its quintessential and historic
looking buildings that house antique shops, coffee houses, pubs, beauty/barber
shops, wine shop, and floral shops along its tree lined streets.
In fact, Downtown Willoughby has many bars and restaurants that are
thriving. Visitors and consumers to the area will be able to experience a fine
dining restaurant with entertainment. Moreover,
during weekends and holidays it is often difficult to make reservations or even
obtain a seat at the various restaurants in Willoughby.
In addition, the expansion and redevelopment of Vine Street and Mentor Avenue
has made access to Downtown Willoughby easier, thus attracting more consumers
and visitors. In fact, the Carmen
and Grace Vitalone Plaza is located at the Gateway to Downtown Willoughby, which
has over 18,780 cars passing through this busy intersection daily, making
this an ideal site for business exposure. Likewise,
the new courthouse is being built across the street from, Carmen and Grace
Vitalone Plaza making the location a popular and ideal spot for employees and
visitors. The abundance of business
in Willoughby and the central location of the Carmen and Grace Plaza in this
city creates a large and diverse customer base for the tenants to draw from. The
building is designed to enhance the historic quality and architectural landscape
contributing to the ongoing development of the downtown area.
The building will also house a new hair styling salon and day spa as well
as contain additional leasing spaces for other lucrative business opportunities
and condominiums. Some businesses have already expressed a strong interest in
locating their businesses and residents in this economically thriving, central
area. Thus, the development of this
new building will serve as both a site for prospective businesses as well as
generate additional revenue to the city as well as existing businesses.
Finally, the construction of the building at this time will prove to be cost
efficient. Due to the present
economy, construction companies have decreased the cost of their services in
order to secure work. The City of
Willoughby is also offering a tax incentive to encourage the ongoing development
and renovations to the area. An
eight year tax abatement is currently being offered for the construction of new
buildings as well as for renovations to current businesses.
Additional Information, please contact
Joseph Vitalone 440 942-0112
WORKING TO ATTRACT BUSINESSES
by Jenny May
News Herald -Staff Writer
March 6, 2004
council expands community reinvestment areas to create incentives
Willoughby city officials hope to attract more businesses and
improvements to the city by offering more tax incentives. To motivate businesses
in Willoughby to expand or others to relocate to the city, council is expanding
the city's community reinvestment areas (CRAs).
A CRA is a region of the city where investors receive a tax abatement if
they make an improvement or construct a new building.
Such areas are generally older city neighborhoods, said Community
Development Manager Janice Lipscomb. "It's to encourage investment in older
residential and commercial areas," Lipscomb said. Willoughby previously had
three community reinvestment areas. They were:
* The area along Lake Shore
Downtown area and industrial areas along Elm Street and Ben Hur Avenue.
Willoughby Commons, where the new Lowe's Home Improvement Warehouse was built.
city is expanding each of those to form two larger CRAs."We're going to
expand the CRAs from the center of Willoughby out east and west," Lipscomb
said. "We would like to see more improvements happening in some of our
older industrial parkways." If investors construct a new building in
community reinvestment areas, they will pay no new taxes on the building for
five years. If investors add on or otherwise improve an existing building to
meet CRA standards, they will pay no new taxes on the improvements for eight
years. Downtown Willoughby was one of the city's original community reinvestment
Mayor David E. Anderson said Willoughby Commons on Euclid
another example of a successful CRA, where several stores and restaurants
including Target, Giant Eagle, Don Pablo's Mexican Kitchen and Red Robin are
located. The mayor said the shopping plaza was revitalized about five years ago
because it was in a CRA. "That was the biggest area (improved),"
Anderson said. "That entire area sat vacant for 20 years." Anderson
hopes expanding the CRAs will attract businesses that are expanding or
relocating. "All the national indicators on the economy are up," the
this settles into the Midwest and our businesses are in a position once again to
expand and grow, we want to be in a position to encourage these businesses to
expand in Willoughby and encourage businesses that are relocating that
Willoughby is a great place to relocate to. I'm very pleased that we are now
able to offer these types of incentives."