In 2012, when discussing activities to do in downtown Cleveland, people would talk about restaurants, theater, live music, and sports, but not retail shopping. Dick Pace of Cumberland Development set out with a vision to change this conversation when he took a master lease on the Colonial Marketplace. Based on a personal, grassroots effort to recruit local retailers and entrepreneurs, Pace’s vision was to bring together the best of Cleveland and offer unique shopping and services to the growing downtown residential and office worker populations. Since then, Pace has patiently and deliberately cultivated the businesses in the arcade to be high-caliber. With the buzz created by the unique collection of businesses, he has been able to replace vacancies with new businesses. Today, 5th Street Arcade is completely full with a long waiting list of prospective tenants.
This award was presented to Cumberland Development.