Renew Partners LLC (Renew), a real estate developer in Northeast Ohio, recently purchased and has announced plans to redevelop Victoria Place in Downtown Painesville, Ohio. Victoria Place, formerly a retail mall, is currently being used as an office building. Renew, through its affiliate Vic Place LLC, acquired the 191,000 square foot property from Painesville Commercial Properties Inc., an affiliate of the CentiMark Corporation, North America's largest roofing contractor. Plans for the building complex include commercial & retail space and potential apartments. The building is currently home to 13 commercial tenants who will remain.
Renew has already engaged JCI Contractors, Inc. for consulting and pre-construction services. The group is currently in the process of rolling out a plan to update the building's critical infrastructure components, such as the HVAC, lighting, etc.
Renew is no stranger to developing large, complex projects of this sort. Renew is led by Chuck Borsukoff and Shawn Neece, who, along with JCI Contractors (JCI), redeveloped the Historic Hotel Ashtabula into medical offices and is currently occupied by Signature Health and own the building through its 4726 Main Avenue LLC affiliate. This 55,000 square foot historic adaptive reuse rehabilitation project is the largest in Ashtabula County's history. The same team also completed the adaptive reuse of the Historic Mentor Village Hall and the Old Chardon Post Office. Both buildings are now offices for the accounting firm NMS. In late 2018, Renew, through other affiliates, also acquired the Historic Castle Block property, Carlisle-Allen Department Store Complex in downtown Ashtabula and has already begun the design and pre-construction process. With a development budget of nearly $25 million, the properties will soon be home to apartments and commercial retail. In September of 2019, through it's Vineyard Hotel Group LLC affiliate, Renew codeveloped with Emerald Hospitality Partners a brand new, $11.5 million Hampton by Hilton hotel in Madison, Ohio. The 4-story, 82-room hotel is the first hospitality property in Renew's portfolio.
Chuck Borsukoff & Shawn Neece both agree and say, "We are pleased to embark on this new development and be part of the resurgence of downtown Painesville."
"We're excited to roll up our sleeves and get to work on this great building," explains Charlie Borsukoff, President of JCI Contractors, Inc. "We look forward to being at the forefront of the Downtown Painesville redevelopment process. We are especially appreciative of the City of Painesville, including Cathy Bieterman (Economic Development Director), Monica Ireland-Dupee (City Manager), our development partners, and all the other community stakeholders that helped make this a reality."