Cumberland Development to break ground for second building on downtown Cleveland lakefront – cleveland.com
CLEVELAND, Ohio -- Cumberland Development is prepared to sort out its second undertaking on downtown Cleveland's lakefront, the place building will begin this week on an extended-mentioned condo building close to the Rock and Roll Corridor of Fame and Museum.
The $12 million undertaking, on a half-acre web site as soon as used as a skateboarding park, will mix excessive-finish flats with retail and places of work in a three-story building. Designs present 16 residences atop half a dozen storefronts, with parking tucked inside.
A groundbreaking occasion will happen at midday Tuesday, in accordance to an advisory distributed by the town on Monday. Cleveland Mayor Frank Jackson, Cleveland Metropolis Council President Kevin Kelley and Councilman Kerry McCormack, who represents a lot of downtown, are scheduled to attend.
Dick Tempo, chief govt officer for Cleveland-based Cumberland, deferred to the town on particulars of the occasion.
The undertaking, referred to as Harbor Verandas, might open in late July or early August subsequent yr. The building is the second of three that Cleveland-based Cumberland expects to develop alongside or close to the East Ninth Avenue Pier.
The primary, a two-level restaurant and event space referred to as Nuevo Fashionable Mexican & Tequila Bar, opened simply earlier than the Republican Nationwide Conference final summer time.
Building on the third building, a single-story retail connector between the Rock Corridor and the Nice Lakes Science Middle, would possibly begin subsequent yr. All three websites are metropolis-owned, and Cumberland controls them by way of lengthy-time period land leases.
Cumberland also is working with the Trammell Crow Co., a serious actual property outfit based mostly in Dallas, on a lot larger plans for metropolis-owned lakefront land north and east of FirstEnergy Stadium. The builders' scheme for that property hinges on touchdown a serious workplace tenant, or a number of corporations, to anchor a district that additionally will embody flats, retail and parking.
However that is an bold endeavor, with vital infrastructure necessities and appreciable prices. Between funding challenges and building problems, even small buildings on the lakefront, like Nuevo and Harbor Verandas, are tough to pull off. As with Nuevo, Cumberland is fronting the cash to get building began, in hopes of firming up a financial institution mortgage and different financing inside a number of months.
"Whereas we've not gotten every thing finalized, we're very shut," Tempo stated, including that he goals to have the entire items in place by the tip of October.
Harbor Verandas will embody 10 two-bed room flats and 6 three-bed room items, starting from roughly ,700 to 2,000 sq. toes. Projected rents fall between $2.20 and $2.25 per sq. foot. Based mostly on these figures, a two-bed room condo would possibly lease for $three,740 a month - close to the highest of the market within the metropolis.
The flats every will embody giant, lined out of doors areas and water views.
Cumberland plans to transfer its places of work into one of many downstairs retail areas from the Fifth Avenue Arcades downtown. The road-stage lineup additionally will embody Cleveland Bike Excursions and, presumably, a Cleveland Pickle sandwich store.
Funding for the undertaking might embody a mortgage from Chemical Financial institution, bond financing by way of the Cleveland-Cuyahoga County Port Authority and financing by way of a program referred to as Property Assessed Clear Vitality, or PACE, tied to vitality effectivity.
The flats shall be eligible for property-tax abatement, which the town routinely grants for new and renovated properties that meet sure green-building requirements. And the town is offering a $425,000 grant for sewer work across the web site.