American Greetings Finalizes Transaction to Begin Construction of Creative Studios
Stark Enterprises and the City of Westlake to Develop Third Phase of Crocker Park
Cleveland, Ohio (March 26, 2014) – American Greetings Corporation, along with Stark Enterprises and the City of Westlake, is pleased to announce the finalization of the transaction to relocate its world headquarters (Creative Studios) to Crocker Park in Westlake and the development of the third phase of Crocker Park. This includes the new Creative Studios, more than 300 new rental apartments, a new hotel and over 220,000 square feet of new retail and restaurants.
“Projects of this magnitude require foresight and tremendous partnership, and we want to thank all of those involved for making this project a reality,” states Elie Weiss, president of American Greetings real estate. “We would like to specifically recognize the role that Jobs Ohio and the City of Westlake has played in bringing this project to fruition."
Construction of the third phase and infrastructure will begin in early April and new tenants are expected to begin opening in the summer of 2016. American Greetings’ construction will begin in September 2014 with an anticipated move-in date for spring 2016.
“Today’s announcement is the result of 15 years of doggedly pursuing making Crocker Park the best example of a mixed-use community core development anywhere,” said Robert Stark, president and chief executive officer, Stark Enterprises. “We are extremely grateful to American Greetings, the City of Westlake and all those who have worked so hard to make this a reality."
The combined project will cost $350-$400 million and will provide thousands of jobs to the area.
"The City of Westlake is excited that this important step is complete and looks forward to continuing to work with American Greetings as they establish their new world headquarters,” said Michael Killeen, president of Westlake City Council. “These joint efforts of all parties will also ensure the completion of Crocker Park in becoming an even more outstanding place to live, shop, work and play.”
About American Greetings Corporation
For more than 100 years, American Greetings Corporation has been a creator and manufacturer of innovative social expression products that assist consumers in enhancing their relationships to create happiness, laughter and love. The Company's major greeting card lines are American Greetings, Carlton Cards, Gibson, Recycled Paper Greetings and Papyrus, and other paper product offerings include DesignWare party goods and American Greetings and Plus Mark gift-wrap and boxed cards. American Greetings also has one of the largest collections of greetings on the Web, including greeting cards available at Cardstore.com and electronic greeting cards available at AmericanGreetings.com. In addition to its product lines, American Greetings also creates and licenses popular character brands through the American Greetings Properties group. Headquartered in Cleveland, Ohio, American Greetings generates annual revenue of approximately $2 billion, and its products can be found in retail outlets worldwide. For more information on the Company, visit http://corporate.americangreetings.com.