Development of Cornerstone, a new town center

Development of Cornerstone, a new town center in Parma Heights, Ohio (see April 2004 New Urban News), came to a halt after a principal developer, Joanne Schneider, was forced out of the $85 million project because of allegations of state securities violations. She and her husband, Alan Schneider, were accused of selling unregistered promissory notes in what The Plain Dealer called “a 20-year Ponzi scheme” that started long before Cornerstone. Before work stopped, one street had been completed and construction had begun on a parking garage and Claire’s Folly, an 84,000 sq. ft. family entertainment center. A court-appointed receiver has sold many of the Schneiders’ properties and has received bids for the unfinished mixed-use center from several developers. Mayor Martin K. Zanotti hopes a new developer will be chosen by the end of July, with input from the city government. “All bids embrace the ‘Main Street’ concept that is the heart of the development,” Zanotti said.