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| A large property close to Edgewater Park and downtown Cleveland sold yesterday to Property Advisors Group, a developer with a 45- year history of investment in Greater Cleveland. The sale could offer a new lakefront housing development and cause more real estate dominos to fall in what has been an industrial area for more than a century (Cresco). CLICK IMAGES TO ENLARGE THEM |
Some real estate developers join a parade already in progress. Others start the parade. Property Advisors Group (PAG) appears to be in the latter category with their acquisition yesterday of a large property at 8400 Lake Ave. on which it intends to build housing.
PAG is starting what some expect will be the arrival of more investors and more residential developments along and north of Lake Avenue, between Detroit Avenue and Clifton Boulevard. This is an area that hasn’t yet seen the kind of investment activity as Gordon Square to the east or the stability of the Edgewater neighborhood to the west.
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