Luxury Project Starts Construction in Ohio
- May 08, 2020
Flaherty & Collins Properties has begun construction of an $80 million luxury apartment project in Cleveland Heights, Ohio. Described as the largest mixed-use residential project in the inner-ring suburb of Cleveland, The Ascent at Top of the Hill will feature 261 units with high-end amenities and 11,000 square feet of commercial space.
The 460,056-square-foot development is expected to be completed by the spring of 2022. Located on a four-acre parcel at the intersection of Cedar Road and Euclid Heights Boulevard, the property will offer studio, one- and two-bedroom apartments along with select premium three-bedroom penthouses.
A statement by the developer characterizes the apartments as “luxury market rate.” Most apartments will include private balconies and all units will have modern finishes and washer/dryers. The community will also feature a rooftop amenity area with a pool, two co-working spaces indoors and outdoors, a fitness center, a parking garage with 500 spaces, and a quarter-acre public green space.
The project is funded by a public-private partnership with the City of Cleveland Heights as well as a $52.5 million construction loan from Goldman Sachs Private Bank. The city has tried to develop the parcel for decades, with multiple development proposals having failed or been rejected since 1972.
Flaherty & Collins is building 4th & Race, a luxury 14-story residential tower in downtown Cincinnati. Last year the developer sold Union Berkley Riverfront Park, a mixed-use luxury community located in Kansas City’s riverfront area.