History of Cedarwood Companies
What has now become a company that offers a full range of real estate services to a wide array of clients and has developed tens of millions of both commercial and residential properties across the United States, Cedarwood began with very humble beginnings. The company was founded in 1972 by Tony Petrarca with just himself, his wife Lenora and a single laborer. Tony knew that hard work, perseverance, and attention to detail was the only way to shape the company into what it has become today.
70’s
It all started in Akron, Ohio.
In the 1970s, Cedarwood started developing and building apartment homes in Northeast Ohio. The first of these projects was Cedarwood Village apartments, one of the first large projects in Akron Ohio’s Merriman Valley, once a farming community along the Cuyahoga River. Cedarwood Village apartments later expanded to be part of Liberty Commons, a charming colonial-style complex of apartments, restaurants, retail shops, and professional suites.
80’s
Creating a Solid Foundation
By building a strategic business plan and creating a solid foundation of projects throughout the 1980’s, Cedarwood was in the position to expand into a full-service real estate company. The company began to branch out into every aspect of the development business from design to construction to property management. The 80’s brought about projects in the residential, office, hospitality, mixed-use, and both freestanding and full shopping center retail spaces across 17 states. Cedarwood became recognized as a national real estate company.
One of Cedarwood’s largest projects of this decade was Sterling’s (now Signet) corporate headquarters, the parent company of Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, Blue Nile, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel and Ernest Jones. Signet’s offices now span over half a million square feet of real estate.
90’s
More Growth & Expansion
The 1990s brought more growth and expansion to the Cedarwood Companies. Most of the projects were focused on the retail and hospitality industries. Cedarwoods footprint spanned approximately 32 states across the country and numerous regional offices in addition to the corporate headquarters still located in Akron, Ohio.
00’s
A New Millennium, New Retail Power Centers
Cedarwood’s main focus in the new millennium was on retail power centers and program development. Many of the shopping centers Cedarwood developed, they still own and maintain today. Many of the projects designed and built in this decade included some of the top national anchors such as Sam’s Club, Dick’s Sporting goods, Walmart, Kohl’s, Target, Toys ‘R’ Us, Best Buy and The Home Depot, just to name a few. Some of the companies Cedarwood has had the fortune of working with closely through their program development division have been Borders, Office Max, CVS, Q the Sports Club, Jared the Galleria of Jewelry. Even through the economic downturn of late 2007 through mid-2009, Cedarwood was able to continue to stay focused and remain one of the top developers in the US.
10’s
A Shift to Multifamily Communities
In staying cognizant of the ever-changing real estate industry, Cedarwood shifted its focus to multifamily communities. Five of Cedarwood’s ever expanding portfolio of communities were designed, developed and built at this time. Cedarwood also continued to work closely with their growing book of program development clients which grew to include Chase Bank, Advance Auto and Stripes Convenience Stores and Gas Stations. In 2018, Cedarwood moved its headquarters out of Merriman Valley in Akron, Ohio to their beautifully renovated suites in Fairlawn, Ohio.
20’s
Celebrating 50 Years of Commercial Real Estate Development
In 2022, Cedarwood had the laudable pleasure of celebrating their 50th year in business! Cedarwood still continues to have many multifamily community projects and has even expanded on some of their existing projects to include additional neighborhoods. Their base of projects has also expanded to include senior living communities and self-storage facilities. Even through a world-wide pandemic, Cedarwood continued to thrive and persevere through the downshift in business felt around the world. The company continues to look for opportunities across the industry and has several multifamily communities planned for future development. To date, Cedarwood has developed projects in most of the states across the country.
