Text and image source: Michelle Jarboe at
cleveland.com
Playhouse Square plans 34-story apartment tower in downtown Cleveland's theater district
CLEVELAND, Ohio - After years of behind-the-scenes planning, Playhouse Square Foundation is getting ready to stage its biggest real estate act: Building a 34-story apartment tower at the edge of downtown Cleveland's theater district.
The nonprofit organization will own the project, a $135 million investment comprised of a 319-unit rental building and an adjacent, 550-space parking garage at East 17th Street and Euclid Avenue. Hines, a global real estate firm, will serve as the development manager, shepherding the project without holding a stake in it.
Playhouse Square's decision to push forward on a long-held development dream comes during a rental renaissance for Cleveland, which is seeing proposals for new construction pick up as the supply of potential conversion projects - older buildings primed for residential makeovers - thins.
More at:
http://realestate.cleveland.com/real...art_river_home
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