CubeSmart, a self-storage real estate investment trust (REIT) and third-party management firm, is seeking zoning approval to convert a former Macy’s building in Richmond Heights, Ohio, to a mixed-use development that will include self-storage and retail. As a vote between the four members of the board of zoning appeals resulted in a tie last week, the project’s fate will now be decided by the planning and zoning committee on Nov. 7, according to the source.
The property at 641 Richmond Road is in the Richmond Town Square, which has become largely vacant after the exit of Macy’s and other anchor stores. The storage portion of the building would comprise 130,100 square feet of climate-controlled space across part of the first floor and all of the second. CubeSmart would lease the remaining 30,800 square feet on the ground floor to a retailer, according to Phil Seyboldt, the city’s building commissioner.
Macy's closed the location in March 2015 and has been looking to sell the site since. Other retailers at the mall once included JC Penny Co. and Sears. The planning commission agreed in February to add several business uses, including self-storage, to the property’s zoning in an attempt to attract new companies to the shopping center.
The building is on the market for $2 million. CubeSmart would spend another $8 million renovating the space, Seyboldt said. The deal would also include 9 acres of parking lot. CubeSmart could also purchase an outparcel property and build a restaurant, said Mayor David Roche, who called the mixed-use project “viable.”
CubeSmart owns or manages 910 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.
