City of Cleveland Engages with First Interstate Properties for Redevelopment of Former Dave’s Supermarket and Ponderosa Site

March 9, 2026—CLEVELAND, OH — The City of Cleveland today announced that it has formally engaged First Interstate Properties, Ltd. to advance feasibility and redevelopment planning for the former Dave’s Supermarket property at 15900 Lakeshore Boulevard and the adjacent former Ponderosa property in Collinwood.
Working in partnership with Cuyahoga Land Bank, the City has entered a Feasibility Assessment Agreement with First Interstate Properties to evaluate a potential mixed-use redevelopment concept for the approximately 6.4 acres. The agreement establishes a structured due diligence process, including market studies, environmental review, financial modeling, and site planning.

The City acquired the property in January 2025, following authorization by Cleveland City Council, and is currently held in the City’s Land Bank. The acquisition was intended to catalyze reinvestment after the supermarket’s closure in April 2022 left the Collinwood neighborhood without a full-service grocery store and the long-vacant former Ponderosa site further contributed to disinvestment in the area.

“This engagement marks an important step forward,” said Mayor Justin M. Bibb. “We stepped in to stabilize the site, and now we are moving forward with experienced partners to determine a financially viable, community-centered redevelopment plan that restores food access and activates this key corridor.”

Under the feasibility process, First Interstate Properties, the City, and Cuyahoga Land Bank will complete a series of phased deliverables over the coming months, including environmental assessments, preliminary design concepts, traffic and utility studies, and a detailed proprietary development pro forma. The City and the Land Bank will review each milestone to determine overall project feasibility before advancing to a formal development agreement.

“We’re excited about the opportunity to move this potential Collinwood development forward,” Cuyahoga Land Bank President and CEO Ricardo León said. “Using environmental assessments and other Land Bank tools, we’re able to help de-risk projects and clarify what’s possible to create a strong, feasible path for long-term neighborhood health.”

“With the Cleveland Metroparks’ working on the 150+ acre lakefront portion of Euclid Creek Reservation, modeled after the vitality they created at Edgewater park, as well as the City’s revitalization efforts for the E 185th corridor, we are excited to participate in the ongoing revitalization of this important neighborhood,” said Mitchell Schneider, President of First Interstate Properties, Ltd.

Councilman Michael D. Polensek of Ward 10 emphasized the importance of maintaining a strong community focus as planning progresses. “Over the next year, I look forward to working with the City Administration, the Cuyahoga County Landbank, and above all First Interstate, in repurposing this critical piece of property in our community, which I have worked on for years. This is all a part of a bigger vision of re-imagining the Lakeshore Boulevard corridor between East 156 Street and East 171 Street. First Interstate has a proven track record of development, and I look forward to their vision and due diligence on this critical site.”

Over the next year, the City and its partners will conduct technical analysis, financial modeling, and stakeholder engagement to determine the appropriate path forward. No final development approvals or land transfers will occur until the project is determined to be feasible and receives the necessary legislative and administrative authorizations.