Jacobs Investments has announced a master plan reflecting the evolution of Nautica that includes an additional 664 residential units, a 150-room hotel, a 187,500 sq. ft. 15-story office building, 3,715 additional parking spaces, and other amenities for the newly-named Nautica Waterfront District, a $405,000,000 mixed-use phased development.
Cleveland, OH (PRWEB) May 09, 2016
Thirty years ago Jeffrey P. Jacobs, Chairman and CEO of Jacobs Investments, Inc., announced plans to take 22 acres of barren land on the west bank of the Cuyahoga River and transform it into the Nautica Entertainment Complex, a nationally-recognized development employing 500 people and paying more than $2,600,000 in total taxes annually. Abandoned buildings, including a 19th century power-generation plant for Cleveland’s streetcars, were given new life and today serve as the FirstEnergy Powerhouse, home to the Greater Cleveland Aquarium and Windows on the River banquet facility; and Jacobs Pavilion.
Today, Jacobs Investments has announced a master plan reflecting the evolution of Nautica that includes an additional 664 residential units, a 150-room hotel, a 187,500 sq. ft. 15-story office building, an iconic water feature, 3,715 additional parking spaces, and other amenities for the newly-named Nautica Waterfront District, a $405,000,000 mixed-use phased development.
In addition to the current 500 jobs and $2,600,000 in annual taxes generated, economic benefits of the new development will add $3,700,000 in annual real estate taxes along with $1,700,000 in annual income, sales, admission and other taxes. Real estate taxes are projected to increase by $7,100,000 annually after the tax abatement period expires.
The Nautica Waterfront District will create 230 full-time jobs with $5,800,000 in annual payroll. In addition, the 15-story office building has the potential to attract 800 full-time jobs and related payroll taxes from companies relocating into the City of Cleveland. The development will also create an average of 146 annual construction jobs with a $16,600,000 annual payroll contributing in city and state taxes each year of the seven-year phased development plan.
“The Nautica Waterfront District represents a unique opportunity that leverages our development experience and investment in Cleveland allowing Cleveland’s waterfront to continue to evolve as a vibrant urban environment,” said Jacobs. “Nautica’s vista of the downtown Cleveland skyline is second to none and is one of many reasons why Greater Clevelanders will continue to seek out the opportunity to live, work and play at the Nautica Waterfront District,” added Jacobs.
Since opening in 1986, the Nautica Entertainment Complex has drawn millions of visitors to its broad range of entertainment venues that include the Nautica Queen dining/cruise ship and Jacobs Pavilion, an outdoor amphitheater featuring nationally recognized artists, as well as the IMPROV, Shooters on the Water and Music Box Supper Club.
The Apartments at Nautica and additional housing soon followed development of the Nautica Entertainment Complex, helping fuel demand for housing in the city’s waterfront area bordering the Cuyahoga River. In addition, the Nautica Entertainment Complex has paid more than $75,000,000 in taxes since opening in 1986.
Jacobs Investments master plan for the Nautica Waterfront District calls for a seven-year build-out, breaking ground in 2018. “We now enter into a pre-development phase that will include conversations with the City of Cleveland regarding a variety of infrastructure issues, most important of which is maintaining Nautica’s ingress and egress to the Cleveland shoreway,” said David Grunenwald, Vice President of Development for Jacobs Investments.
About Jacobs Investments, Inc.
Jacobs Investments, Inc. is the owner of a variety of small-capitalized private companies, including wholly owned subsidiary Jacobs Entertainment, Inc., the owner and operator of gaming and entertainment facilities throughout the United States, including Nautica Entertainment Complex. Jacobs Entertainment’s vision is to develop a strategic and geographically diverse portfolio of gaming, lodging and mixed-use facilities that provide guests with an unrivaled entertainment experience.
With more than 2,000 employees and a long-tenured management team, the company’s experience in real estate, gaming development, financing, leasing and operations establishes JEI as a committed industry leader.
For the original version on PRWeb visit: http://www.prweb.com/releases/2016/05/prweb13396124.htm