Burten Bell Carr (BBC) and Cleveland Neighborhood Progress (CNP) have partnered to ensure that neighborhood resident and merchant interests are represented in the foreclosure of Shaker Square. Wilmington Bank filed for the right to foreclose on Coral Company, the current owner of Shaker, in December, and the court appointed John A. Rothschild, Newmark Grubb Knight Frank (NGKF), as the receiver in early 2021. The receiver will manage the square until a new owner is approved by the Court.
The property managers for NGKF are Judy Simon, Judithsimon@ngkf.com, and Emily Dennis Emily.firstname.lastname@example.org. The daytime phone # is 216-453-3062 and after hours is 800-259-6132. BBC has convened several meetings with the tenants of Shaker Square, and they report that the property management team has been responsive to their maintenance and repair requests.
CNP and BBC convened a group of public, non-profit, philanthropic and community stakeholders to engage them on two work streams in regard to Shaker Square 1) complete the due diligence necessary to make an offer to the receiver/court to ensure the asset is held in responsible hands; 2) develop a structure that will foster the long-term health of Shaker Square.
A potential buyer needs to appreciate the activist community and tenant base at Shaker Square and that its landmark status doesn’t allow for substantial changes to its current footprint. To that end, Shaker Square Alliance has been circulating a petition to ensure that Judge Kilbane, who will be presiding over the foreclosure, is aware of the resident interest in the Square. By mid-April there were over 1200 signatories to the petition.