New $13M Condo Project Planned in Cleveland
- Oct 24, 2016
by Laura Calugar
Cleveland—Bluewater Capital Partners LLC recently signed a deal to purchase an industrial building in the northwestern part of the Murray Hill School complex. The Cleveland Landmarks Commission approved Bluewater’s request to demolish the original building and replace it with a 26-unit condo project, which will be known as Quattro. RDL Architects will design the new building. According to cleveland.com data, the $13 million development is expected to open in late spring of 2018.
Located at 2044 Random Rd. in a historic district, Quattro will be constructed following the demolition of the existing woodworking shop. At three-quarters of an acre, the property is surrounded by Tony Brush Park and the Singer Steel building, a warehouse-like structure that was transformed into a parking garage several years ago.
Local investors are planning a five-story condominium, which is expected to attract interest from area suburbanites looking to downsize. Units will range from 2,100 to 3,000 square feet. Pricing could start at $475,000 and peak at $765,000. Townhouse-style units will be built on the first floor of the building, shielding the 52-space parking garage tucked inside. Bluewater is looking to find buyers for a quarter of the units before construction starts. The company plans to take advantage of the 15 years of residential property-tax abatement, which Cleveland commonly offers for new homes that meet certain green-building standards.
Almost all of the 19 homes at Bluewater’s last project, University Place Townhomes on East 118th Street in University Circle, have been sold. According to Yardi Matrix data, multifamily fundamentals are strong in the City of Champions, with more than 11,500 multifamily units in different stages of development.
Images courtesy of Cleveland Landmark Commission