Cleveland Hotel to be Converted Into Senior Housing
The Lake County Ohio Port and Economic Development Authority completed a $49 million bond financing packaging for Tapestry Wickliffe to transform the building.
By Laura Calugar
The Lake County Ohio Port and Economic Development Authority has completed a $49 million bond financing package for Tapestry Wickliffe LLC to convert the former 196-key hotel in Cleveland into a 167-unit senior housing property, according to the Crain’s Cleveland Business publication. A combination of taxable and tax exempt bonds have been issued for the project and the Lake County commissioners approved the bonds in late September. LaSalle Development Group Ltd. is the developer and future manager of the planned community. Most recently, La Salle Group traded two new assisted living centers in Texas and Illinois.
Located at 28500 Euclid Ave. in Northeast Ohio in Lake County, the asset sits on approximately five acres and is approximately 12 miles east of downtown Cleveland, at the junction between interstates 90 and 271. The project includes a four-story building encompassing 56 memory care and 111 assisted living units. Construction of the senior living facility is scheduled to be completed in September 2018.
The former hotel was is a Mosley Select Suites property compromising 124,212 square feet, constructed in 1973.
Image via Google Street View