An Exceptional, Hometown Developer with a National Reach

A real estate developer is a person or company that invests in land or buildings and turn them into something new such as residential, retail centers, or mixed-use districts. Developers coordinate financing, construction, and leasing or sales.

Their main goal is profit. But at the same time, good developers create projects that attract people and contribute to the long-term growth of a community. To do so, they often work closely with city officials.

Without the developer RMS, the Van Aken District would not have happened. Led by the Shaker Heights-based Ratner family, particularly Jon Ratner, RMS was the driving force behind the project. RMS is a locally based, well-capitalized developer with a national reach in terms of expertise and resources. Relatedly, the partners in RMS were key operating officers in a public company, Forest City Enterprises, that still is a major national real estate developer and had extensive experience in developing high quality commercial, retail, and residential properties.

The commitment and capabilities of RMS made them exceptional partners for the City of Shaker Heights. While that combination is hard to replicate, many other aspects of the Van Aken District, such as its financing structure, community engagement process, phased development approach, and the way public and private partners worked together, can be adapted and applied elsewhere. That’s why we’re focusing on this case.

You will learn more about real estate development in the next section.