Jacobs Investments Announces Master Plan for Nautica Entertainment Complex

The Flats continue to evolve.

Jacobs Investments has unveiled a master plan reflecting the evolution of Nautica which includes an additional 664 residential units, a 150-room hotel, a 187,500 sq. ft. 15-story office building, an iconic water feature, 3,715 additional parking spaces, and other amenities for the newly-named Nautica Waterfront District, a $405,000,000 mixed-use phased development.

“The Nautica Waterfront District represents a unique opportunity that leverages our development experience and investment in Cleveland allowing Cleveland’s waterfront to continue to evolve as a vibrant urban environment,” said Jeffrey P. Jacobs, Chairman and CEO of Jacobs Investments, Inc.

According to a statement, the Nautica Waterfront District is expected to create 230 full-time jobs with $5,800,000 in annual payroll. In addition, the 15-story office building has the potential to attract 800 full-time jobs and related payroll taxes from companies relocating into the City of Cleveland. The development will also create an average of 146 annual construction jobs with a $16,600,000 annual payroll contributing in city and state taxes each year of the seven-year phased development plan.

Jacobs Investments expects ground to be broken for the project in 2018 with a seven-year build out anticipated.

“We now enter into a pre-development phase that will include conversations with the City of Cleveland regarding a variety of infrastructure issues, most important of which is maintaining Nautica’s ingress and egress to the Cleveland shoreway,” Vice President of Development for Jacobs Investments, David Grunenwald said in the statement.