Freshwater Cleveland: 5th St Arcades adds several new retailers, nears 100% occupancy

The historic Colonial and Euclid Arcades in downtown Cleveland suffered from 40 percent vacancy last year, yet this year they added a slew of new shops and have gone from half-empty to nearly completely full.

Renamed the 5th Street Arcades, the once-moribund properties have been turned around by Dick Pace of Cumberland Development, who has breathed new life into the spaces by luring entrepreneurial tenants with fresh concepts and excitement about downtown.

"Step by step, we're getting there," says Pace, who has focused on locally themed retail that serves downtown residents and office workers. "Each month, there's something new going on. Our tenants cross-market and help each other."

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