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CCCIC Recommends $1 Million Economic Development Loan for Mixed-Use Rehabilitation Project
Contacts:
Miranda Kortan: (216) 698-2546; mkortan@cuyahogacounty.us
CUYAHOGA COUNTY, OH – The Cuyahoga County Community Improvement Corporation (CCCIC) reviewed and recommended at its December 9th meeting a $1 million Redevelopment and Modernization Loan to Warner and Swasey LLC through the County’s Department of Development. The loan is set to be reviewed by County Council in January 2021, and if approved, will assist in the historic adaptive reuse of the former Warner and Swasey manufacturing plant located at East 55th Street and Carnegie Avenue in Cleveland’s MidTown and Health-Tech corridor neighborhood. The project will result in a dynamic mixed-use and mixed-income complex that will provide workforce housing and commercial office space oriented to employment in technology and advanced manufacturing for community residents.
“We are pleased to be investing in mixed-use and mixed-income projects such as the historic and strategically located Warner and Swasey complex,” said Cuyahoga County Executive Armond Budish. “If approved by County Council, the County’s funding will support Pennrose LLC in renovating the former Warner and Swasey facility, which will offer extensive housing and employment opportunities in Cleveland’s MidTown and Health Tech corridor and its contiguous eastside neighborhoods, which the County greatly supports.”
The project will be developed by Pennrose LLC, a full-service nationally known real estate development firm. The company is requesting funding for the purchase and complete rehabilitation and renovation of the iconic 200,000 square foot structure which was once home to Warner and Swasey, one of the country’s leading machine-tool makers.
The resulting project will create 140 residential apartment units, including 1-,2-, and 3-bedroom units in the upper floors of the building. The apartments will provide affordable housing to seniors and households earning 15 percent, 30 percent, and 60 percent of the Area Median Income (AMI), as well as workforce housing affordable to households earning 60 percent to 120 percent of AMI. The renovation will include 20,000 square feet of commercial space on the ground floor, which will be targeted toward organizations focusing on workforce development and supportive services in technology and manufacturing opportunities for area residents.
“Pennrose LLC is looking forward to saving this storied and treasured building which will generate sustainable community development and economic benefits to this important section of the City of Cleveland,” said Lasserre Bradley III, Regional Vice President of Pennrose. “We are extremely grateful to Cuyahoga County for its anticipated critical assistance in this effort.”
Total project cost for the redevelopment is $54.1 million. The developer is seeking both non-competitive federal and competitive state historic tax credits. The project has won a competitive award of Low Income Housing Tax Credits (LIHTC). Bank lending, State of Ohio, and City of Cleveland will round out its capital sources.
Miranda Kortan: (216) 698-2546; mkortan@cuyahogacounty.us
CUYAHOGA COUNTY, OH – The Cuyahoga County Community Improvement Corporation (CCCIC) reviewed and recommended at its December 9th meeting a $1 million Redevelopment and Modernization Loan to Warner and Swasey LLC through the County’s Department of Development. The loan is set to be reviewed by County Council in January 2021, and if approved, will assist in the historic adaptive reuse of the former Warner and Swasey manufacturing plant located at East 55th Street and Carnegie Avenue in Cleveland’s MidTown and Health-Tech corridor neighborhood. The project will result in a dynamic mixed-use and mixed-income complex that will provide workforce housing and commercial office space oriented to employment in technology and advanced manufacturing for community residents.
“We are pleased to be investing in mixed-use and mixed-income projects such as the historic and strategically located Warner and Swasey complex,” said Cuyahoga County Executive Armond Budish. “If approved by County Council, the County’s funding will support Pennrose LLC in renovating the former Warner and Swasey facility, which will offer extensive housing and employment opportunities in Cleveland’s MidTown and Health Tech corridor and its contiguous eastside neighborhoods, which the County greatly supports.”
The project will be developed by Pennrose LLC, a full-service nationally known real estate development firm. The company is requesting funding for the purchase and complete rehabilitation and renovation of the iconic 200,000 square foot structure which was once home to Warner and Swasey, one of the country’s leading machine-tool makers.
The resulting project will create 140 residential apartment units, including 1-,2-, and 3-bedroom units in the upper floors of the building. The apartments will provide affordable housing to seniors and households earning 15 percent, 30 percent, and 60 percent of the Area Median Income (AMI), as well as workforce housing affordable to households earning 60 percent to 120 percent of AMI. The renovation will include 20,000 square feet of commercial space on the ground floor, which will be targeted toward organizations focusing on workforce development and supportive services in technology and manufacturing opportunities for area residents.
“Pennrose LLC is looking forward to saving this storied and treasured building which will generate sustainable community development and economic benefits to this important section of the City of Cleveland,” said Lasserre Bradley III, Regional Vice President of Pennrose. “We are extremely grateful to Cuyahoga County for its anticipated critical assistance in this effort.”
Total project cost for the redevelopment is $54.1 million. The developer is seeking both non-competitive federal and competitive state historic tax credits. The project has won a competitive award of Low Income Housing Tax Credits (LIHTC). Bank lending, State of Ohio, and City of Cleveland will round out its capital sources.
