Construction Begins on Cleveland Affordable Housing
- Aug 30, 2017
Work is about to start on Aspen Place, an affordable apartment development in the Cleveland EcoVillage (a demonstration project in sustainable urban living), developed by Detroit Shoreway Community Development Organization (DSCDO). The property will have 40 units upon completion, all open to households making between 30 percent and 60 percent of area median income.
Located adjacent to the W. 65th Street Rapid Transit Station, Aspen Place counts as transit-oriented development. The developer has formed a partnership with the Greater Cleveland Regional Transit Authority to provide free transit/bus passes for the property’s tenants.
DSCDO, owner and manager of the property, also aims to achieve a near-50 percent reduction in energy demand compared to the minimum Ohio Building Code requirements. That will be achieved using performance management systems, as well as resident engagement to optimize awareness about the cost-saving features available in the building.
Enterprise Community Loan Fund and Enterprise Community Investment, both subsidiaries of Enterprise, provided $250,000 in predevelopment capital and $8.7 million in equity, respectively. Other providers of project funding include KeyBank, the Ohio Housing Finance Agency, the City of Cleveland, Cuyahoga County, and the Finance Fund. Marous Brothers Construction will be the design builder.
Aspen Place was one of seven developments in the country to receive Enterprise’s inaugural pre-development design grant. That grant kick-started a design competition among several architecture firms, to elevate the quality of the development’s design.