Experience in real estate from architecture to management.
Richard Y. Pace, President.
Richard Pace is a registered architect in Ohio. Upon receiving his architectural degree from the University of Michigan in 1979, Pace began his practice with Dalton, van Dijk, Johnson Architects in Cleveland, Ohio. During his time at the firm, he managed numerous large and complex projects, including master plans for the city’s waterfront, Warehouse District and University Circle, as well as corporate headquarter projects for BF Goodrich, Lubrizol and Parker Hannifin. He also managed the preservation of the Society for Savings Building on Public Square (KeyBank Headquarters) as well as the preservation of President Garfield’s home in Lawnfield.
Pace became Partner at the firm in 1989 and Managing Partner in 1992. During his time in management, the firm integrated engineering into its services; an office in Phoenix, Arizona was added; the firm’s staff more than doubled to 125 people, and revenues increased from $4 million to $18 million annually. At the end of 2001, Pace sold his ownership in the firm to his Partners and, in 2002, founded Cumberland Development, LLC.
Cumberland Development currently owns and manages two properties - the Cleveland Clinic Foundation Business Operation Center in Independence, Ohio, and the Baker Electric Building in Cleveland, Ohio - and maintains a master lease on the ground floor retail portion of a third - the historic Euclid and Colonial Arcades, now branded as the 5th Street Arcades, in downtown Cleveland.
In early 2014, the City of Cleveland selected Pace as the developer for the Cleveland Lakefront project. In June 2014, Cleveland City Council approved plans for the $700 million development that will be built over three phases. The project, a joint venture between Cumberland Development and Trammell Crow Company of Dallas, is situated on 20+ acres north of the Cleveland Browns’ stadium and Rock and Roll Hall of Fame and Museum, and will include a school, a boutique hotel, restaurants, office space and apartments.
Pace’s 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 downtown Cleveland’s Warehouse District.
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 Breakthrough Charter Schools.