Walmart Joins Oakwood Commons Lineup
- Apr 04, 2012
On March 22, First Interstate Properties Ltd. announced the addition of a Walmart Supercenter to its proposed Oakwood Commons shopping center. In a press release, Walmart officials confirmed that when the new center is ready, they will close the smaller Severance Center store, located just a mile away.
Oakwood Commons is First Interstate Properties’ latest retail development. It is located on the site of the former Oakwood Country Club, part of it in South Euclid and the other part in Cleveland Heights. First Interstate acquired the 63-acre South Euclid side in December 2010, and the 92-acre Cleveland Heights side last October. The entire project will include housing, national retailers and restaurants, along with a 21-acre park.
The new Walmart store will occupy 177,000 square feet, 55 percent of the development, and cost $25 million. When finished, it will employ more than 300 people. If all goes as planned, the supercenter will open in the summer of 2013.
South Euclid and Cleveland neighborhood groups have protested against the coming of the new Walmart. First Interstate president Mitchell Schneider has stated in a press release that his company is ”very pleased that Walmart has chosen to be part of this project.” He also added that “they bring new retail choices, including a full-service supermarket and exceptional prices, to the local community. They are an excellent fit for this project and offer an excellent and necessary alternative for the residents of Cleveland’s east side inner suburban communities.”
First Interstate Properties Ltd. is a Lyndhurst, Ohio-based full-service real estate development and management company. It is known for developing Legacy Village, Willoughby Commons, Steelyard Commons and Avon Commons. The company plans to invest in both South Euclid and Cleveland Heights.