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.
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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.
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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.
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By GlobalDataConstruction 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.)
