Construction begins on $80m mixed-use project in Ohio, US

WCN Editorial Team 11 May 2020 NORTH AMERICA BUILDINGS

Flaherty & Collins Properties, a US-based real estate developer, has begun construction on The Ascent at Top, a $80m luxury residential apartment development in Ohio, US.

Located at a four-acre parcel the junction of Cedar Road and Euclid Heights Boulevard, the 261-unit mixed-use community will also include 11,000ft² of commercial retail space and a 500-space parking garage.

The 460,056ft² project comprises studios, one- and two-bedroom apartment homes as well as premium three-bedroom penthouses.

The amenities of the development will include a rooftop pool and lounge, public green space, two distinct co-working patio spaces, one an indoor co-working lounge, the other an outdoor co-working patio space.

It will also feature a bark park and dog spa, fitness centre and bike storage area along with bike washes and repair station and an additional courtyard space with grill and outdoor kitchen.

Goldman Sachs Private Bank has provided a $52.6m construction loan for the project and a public-private partnership with the City of Cleveland Heights provided additional financing.

Construction on the project began this week following the financial closing and the completion is slated for spring 2022.

Flaherty & Collins Properties general counsel and lead project developer Deron Kintner said: “We’re ecstatic to close on the Top of the Hill development in Cleveland Heights.

“The City has been a tremendous partner through this process and The Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving.”

Goldman Sachs vice president Emily Turner said: “We are delighted to partner with the Flaherty & Collins team on this project.

“The need for a large construction loan and the backing of a strong sponsor made this a great fit for our firm. Our team is excited for the positive impact of this development on the Cleveland Heights community.”

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Rendering of The Ascent at Top, a luxury residential apartment development in US. (Credit: Flaherty & Collins Properties.)

 

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