Cuyahoga County Considering $ 1,000,000 Loan for Mixed-Use Housing Project in MidTown Cleveland

CLEVELAND – The Cuyahoga County Economic Development and Planning Committee has enthusiastically approved a $ 1,000,000 loan to help advance a renovation project at East 55th and Carnegie Avenue.

Pennrose is working on a $ 54.1 million project that would bring 20,000 square feet of office space and 140 apartments to the five-story Warner & Swasey building on Carnegie Avenue. Some apartments will be at market rate, while others will be tied to an individual’s salary. The senior units will be intended for independent living. Pricing could start between $ 925 and $ 1,400 / month.

Pennrose

Warner & Swasey’s five-story long factory plans to transform into apartments on the upper floors and offices on the ground floor.

Outgoing Cuyahoga County Development Director Ted Carter told the committee the loan is like other loans the county has made for redevelopment projects and meets the county’s goal of eliminating the scourge and build on previous developments.

The entire county council has yet to approve the loan.

The latest plans

Pennrose showed site plans that would fit living and office space into the large five-story structure that lines Carnegie Avenue.

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Pennrose

Pennrose’s plans show space for large parking lots that could be used for community events. The historic building along Carnegie will house apartments and offices.

The parking lot would be behind him in what is now covered by open iron structures. Pennrose developer Amber Seely-Marks suggested that open space would be available for community programs, like food trucks.

The plan also shows room for a cycle / pedestrian path under a nearby railway line.

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Pennrose

The “hangar” areas behind the factory will become a large parking lot.

Residential space would be reserved for the second, third, fourth and fifth floors while the ground floor would be transformed into offices and residential amenities.

This space emphasizes training services for community members looking for a job or for older people.

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Pennrose

Pennrose says the open floor plan of the historic factory floors gives planners great flexibility in determining what new uses for the building will be.

Pennrose says he hopes to close the building by the end of 2021. Construction would take at least 18 months, leading to a project completed in 2023. Funding for the project is still ongoing and is hoping for a second prize from Ohio Housing Finance Agency.

What is nearby?

Warner & Swasey can be found in what is now MidTown Cleveland, which sees a a multitude of newly planned projects along the high-tech corridor.

At the western end, the Midtown Apartments, add 90 luxury units near the corner of Euclid and East 30th Street.

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Kevin barry

The new sign above the entrance to the Midtown Apartments is on Euclid Avenue.

Dave supermarket is a few blocks away on Chester Avenue and East 61st, behind a recent investment in teaching hospitals.

the Cleveland Foundation moves forward with new headquarters on Euclid Avenue and East 66th Street. Other office projects east of this location have already built up a growing employee population along the Euclid Corridor during office hours.

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Cleveland Memory Project

A 1939 photo shows the exterior of the Warner Swasey building.

Pennrose says the neighboring community is 61 percent African American, 15 percent Asian, with nearly half of the community living in poverty. The median household income is $ 20,000.

Avenue Phase 2 begins

Phase 2 of The Avenue townhomes at the corner of Superior and East 12th Street in downtown Cleveland begins construction. The project’s website says some townhouses are already advertised.

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Knez

An aerial view shows what phase 2 will look like. Phase 1 is at the top left of the image and already has a few units sold.

The project is one of the only opportunities to buy a property in a downtown residential market heavily dominated by rental housing.

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Kevin barry

Initial construction begins on Phase 2 of The Avenue townhouses while an old parking sign remains on the lot.

A Cleveland Downtown Alliance Report shows that Phase 1 of The Avenue cost around $ 15 million to build. County records show some of the Phase 1 townhouses sold for between $ 450,000 and $ 550,000. Phase 2 is listed at $ 11.4 million.

Cleveland Metropolitan School District Call for Developers

CMSD and the City of Cleveland are search for developers to reuse 12 buildings and 7 sites currently owned by the district.

Developers will be able to visit the sites and will have to submit their proposals by April 30, 2021. Preliminary selections will be made by May 31, 2021, before moving to a six-month Phase 2 for due diligence.

Have you ever noticed something interesting in Northeast Ohio and wondered, “Hey … what’s going on over there?”

U.S. too. We love to know more about what shapes the world around us – the buildings, the spaces and the ways we move between them.

Next time you have questions about a building, project, or land, email me at [email protected] and I will investigate the matter for a possible story.

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