Downtown Cleveland Alliance looks to build on neighborhood's housing momentum

Source: WOIO
Source: WOIO

DOWNTOWN CLEVELAND, OH (WOIO) - Officials with the Downtown Cleveland Alliance are trying to take advantage of downtown's housing momentum and build it into a neighborhood.

"This is a real anchor project for both Euclid Avenue and East 6th Street," said Tom Yablonsky, executive vice president with the Alliance.

Yablonsky is referring to a new apartment building at 515 Euclid Ave. called The Beacon. It's going to sit atop a seven-story parking garage, and the additional 19 floors will make for a total of 26.

The original plan, decades ago, was to someday go vertical and build up.

Officials say it is 187 units of new construction "high end" rental housing. There will be one- and two-bedroom apartments ranging from just more than $1,000 a month up to $3,000.

Officials say downtown Cleveland's occupancy rate for the past six years has been at 100 percent.

"East 6th Street is a very strong south connector through downtown," said Yablonsky. "It's right at that corner, and we have two other large projects of scale on the same block. As we speak, the Garfield is being done at East 6th and Euclid, and the Leader building is already open at East 6th and Superior.

The project is expected to generate 300 construction jobs. Construction is scheduled to start in July. The Beacon should open its doors to residents in 2018.

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