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