Cuyahoga County Announces Support for First Newly Constructed Downtown Residential Tower
Mary Louise Madigan: (216) 698-2521; email@example.com
Cuyahoga County Executive Armond Budish announced a $2 million loan recommendation for the 515 Euclid Avenue project, subject to County Council approval.
Once completed, the development project will be called the Beacon and will include a 19-story apartment building above an existing parking garage with retail storefronts at 515 Euclid Avenue. With 187 rental-housing units, the Beacon will be Downtown Cleveland’s first new residential tower in decades.
"It is important that we continue to fund projects such as this one that will contribute to the economic growth of our region and create good paying jobs for our residents," said Cuyahoga County Executive Armond Budish.
"This project is a great example of catalytic mixed-use place-based development in downtown Cleveland, which aligns with our strategic priorities for Cuyahoga County."
The project will create approximately 600 construction jobs, 92 permanent retail jobs, and will provide housing for approximately 150 new residents to Downtown Cleveland.
"The Beacon is not just the first residential high-rise to be built in Downtown Cleveland in the 21st-Century. Its light of innovation and inspiration… provides a prominent and clear signal of the energy, relevance, status and desirability of Cleveland and Northeast Ohio," said Bob Stark, president and chief executive officer of Stark Enterprises, one of the Beacon’s developers. "The Beacon is a critical first step for Cleveland to be competitive in the Global Economy."
The developer plans to begin construction on the project this summer and expects to be completed in summer of 2018.