Experience in real estate from architecture to management.
Richard Y. Pace, President.
Richard Yost Pace, A.I.A. created Cumberland Development, LLC in January 2002 as a real estate development company focused on adding value to underperforming properties through the use of creative and sustainable design.
Cumberland Development, LLC currently owns and manages the Cleveland Clinic Foundation Business Operation Center in Independence, Ohio. The property is a 306,000 gross square foot building on 47 acres surrounded by the Cuyahoga Valley National Park. The building was constructed in 1957 by Republic Steel as the most “state of the art” steel research and development facility in the world. After Cumberland Development purchased the property from the International Steel Group in September 2002, LTV Steel vacated the building and Cumberland renovated the facility for multi-tenant use. The building currently is 100% occupied with research tenants and two divisions of the Cleveland Clinic Foundation.
In 2006, Cumberland partnered with New Era Builders (MBE) and Ariel Ventures (MBE/FBE) to purchase and reposition the Baker Electric Building in Cleveland, Ohio. The building was built in 1910 for Baker Electric Motor Vehicle Co. as their showroom and service center and is listed on the National Register for Historic Places. The building has been renovated for research and technology companies, including Simbionix, Bunge Biphor, Diagnostic Hybrids and Arteriocyte. The building has received historic and new market tax credits.
In 2012, Cumberland master leased the retail portions of the Colonial and Euclid Arcades. These century-old shopping arcades are unique architectural landmarks. Cumberland will reposition the facilities to create a vibrant shopping experience for the downtown Cleveland market. Located adjacent to the nationally recognized East 4th Street development, the Arcades will create a unique local retail incubator, with local fashion designers, gift shops, artists and local food purveyors.
Richard Pace is a registered architect in Ohio. He received his architectural degree from the University of Michigan in 1979. He then began his architectural practice with Dalton, van Dijk, Johnson Architects in Cleveland, Ohio. While at the firm, he managed numerous large and complex projects, including masterplans for Cleveland’s Waterfront, Warehouse District and University Circle. He managed corporate headquarter projects for BF Goodrich, Lubrizol and Parker Hannifin. And he managed preservation of the Society for Savings Building on Public Square (Keybank Headquarters) as well as for President Garfield’s home, Lawnfield. He became a Partner in the architectural firm in 1989 and became Managing Partner in 1992. During his management of the firm, engineering was integrated into the firm’s services and an office in Phoenix, Arizona was added. During this same period the firm’s staff more than doubled to 125 people and the revenues increased from $4 million per year to $18 million per year. He sold his ownership in the firm to his Partners at the end of 2001.
His other real estate development experience includes the purchase, renovation, management and successful sale of three apartment buildings in University Circle and a commercial project, the Lorenzo Carter Building, in the Warehouse District in Cleveland.
Dick lives in Shaker Heights, Ohio with his wife, Cheri, and his son, Alex and daughter, Catherine. He currently serves as a Trustee for the Great Lakes Science Center and Breakthrough Charter Schools.