Cleveland—A joint venture between locally based Stark Enterprises Inc. and Reuven Dessler, the managing partner of an investor group in Cleveland, intends to begin construction of The Beacon in June. The $62 million high-rise residential project will be located at 515 Euclid Ave., and will add 187 units above the existing nine-story, 525-space parking garage. The project also contains 8,000 square feet of retail.
The project includes a rooftop deck, an entertainment room and a built-in dog park, according to public records. When complete, The Beacon will is targeted to have a LEED-certified steel structure, and will be about 60 percent one-bedroom apartments and 40 percent two-bedroom units. NADAAA and Westlake Reed Leskosky are the architecture firms behind the design of the building.
The Beacon will rise in the heart of Cleveland, within walking distance of major landmarks, including Jack Casino, Quicken Loans Arena, Progressive Field, the Cleveland Convention Center & Medical Mart and East 4th Street.
According to crainscleveland.com, the City of Cleveland has adopted legislation authorizing the mayor’s administration to sign a tax increment financing (TIF) agreement with the developers. The TIF would grant 75 percent of the additional property taxes the project would produce over the next 30 years to help fund public infrastructure costs associated with the development. Schools will receive payments in lieu of taxes, as well as part of the remaining portion of taxes, which will total $6.5 million over the three decades.
The Beacon is expected to be open to residents in 2018.
Images courtesy of Nadaa, Westlake Reed Leskosky & Stark Enterprises Inc.