McCarthy, Lebit, Crystal & Liffman Co., LPA is pleased to announce the successful acquisition of University Square on behalf of our clients, local developers Gregg Levy, a Principal Attorney at McCarthy Lebit, and Brad Kowit. This major milestone marks the beginning of an exciting revitalization project for one of Northeast Ohio’s most well-known properties.
Situated at the intersection of Cedar and Warrensville Center roads, the center has faced numerous challenges, including foreclosure, lender ownership, and bankruptcy court. Now, with the acquisition finalized, the developers are ready to transform the property and are poised to bring new life to this area. Redevelopment plans include overhauling the site into a vibrant mixed-use development and converting part of the shopping center into 210 modern apartments while reimagining the retail landscape. The retail space along Warrensville Center will also welcome new tenants, including Urban Air, an indoor trampoline and adventure park, expected to open in 2025. Kowit and Levy have decided to rename the property to Bell Tower Center, honoring the bell that has long been a fixture at the corner.
Levy stated, “This was a 5+ year journey for Brad and I to structure, negotiate, re-structure, and close this purchase of both real estate and the issuance of new Tax Increment Finance bonds, and David [Lum] and Adam [Glassman] have been there working hand and hand with us the whole way; in fact, Adam was not even a licensed attorney when he started on this project! We were able to structure a true private-public partnership with the City of University Heights on the ownership and management of an otherwise troubled garage with counsels’ guidance, as well as negotiate and juggle agreements with two major stakeholders (Target and Macy’s) and several governmental entities, including the City, the County, the Land Bank, the school board, the Port Authority, and various taxing entities. We also had to obtain approval from two separate bankruptcy courts and orchestrate a complicated debt and equity structure and documentation.”
Attorneys from McCarthy Lebit played a pivotal role in each phase of this acquisition, bringing their knowledge and skills to the forefront. The collaborative effort involved a multidisciplinary team, with contributions from our real estate, corporate, finance, and bankruptcy practices, ensuring a comprehensive and seamless process.
We are proud to represent Gregg Levy and Brad Kowit in this exciting endeavor and look forward to seeing University Square become a thriving community hub once again.