Apartment vacancies in downtown Cleveland are becoming harder and harder to find as office workers move in from the suburbs. According to the Downtown Cleveland Alliance, the occupancy rate is at 97 percent and has been rising steadily. Luckily, developers have stepped up to answer this need. One is MRN Ltd., a Cleveland-based developer that started pre-leasing the Lofts at Rosetta Center on Jan. 15.
The 85 apartments are located in the 17-story Rosetta Center building at 629 Euclid Ave., just east of East Fourth Street in the Gateway District. The property underwent a massive renovation project that cost $17 million and turned 72,000 square feet of little-used office space on five floors (floors four through nine) into much-needed housing. The state awarded the project a tax credit of $1.6 million last June.
The Lofts at Rosetta Center will offer its tenants brand new, modern studio, one-bedroom and two-bedroom apartments. The units feature designer wood plank flooring, fully equipped high-efficiency kitchens, views of the city, on-site laundry, on-site fitness, lounge areas and much more. They range in size from 544 to 1,290 square feet and in price from $715 to $1,635 per month. The first units will officially open in March.
MRN has also been working on Uptown in University Circle, a one-of-a-kind residential, arts and entertainment district. In December, the company announced plans to start work on a $21 million second phase apartment building, according to the Plain Dealer. It will offer high-end rental units and dorms for students from the Cleveland Institute of Art. The new building is scheduled for completion in August 2014.
Photo credits: MRN Ltd.
Charts courtesy of Marcus&Millichap.