{"id":1004053070,"date":"2012-06-24T21:02:56","date_gmt":"2012-06-25T05:02:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=53677"},"modified":"2022-12-05T15:42:06","modified_gmt":"2022-12-05T23:42:06","slug":"investor-trio-to-breathe-new-life-into-avenue-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investor-trio-to-breathe-new-life-into-avenue-tower\/","title":{"rendered":"Investor Trio to Breathe New Life into Avenue Tower"},"content":{"rendered":"<p>By Adrian Maties, Associate Editor<\/p>\n<p>With Downtown Cleveland\u2019s occupancies approaching 96 percent and growing, according to Metro Trends,\u00a0a local group of investors is hoping to acquire the residential portion of the Avenue District condominium tower downtown and rent out the empty apartments.<\/p>\n<p>Located at the intersection of East 12th Street and St. Clair Avenue, the tower has a sad story. It had the bad luck to be \u201dborn\u201d during the last recession and only five units were sold in the 10-story building before a contractor filed to foreclose on the property in early 2010. Until recently, its future seemed certain to include a sheriff\u2019s sale.<\/p>\n<p>And this is where the group of <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/avenue1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-53678\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/06\/avenue1.jpg\" alt=\"\" width=\"300\" height=\"187\" \/><\/a>investors comes in. Called the \u201cAvenue District Investors L.L.C.,\u201d it includes Tim Zaremba, brother of Nathan Zaremba, Avenue District&#8217;s original developer; construction contractor Tony Panzica; and industrial-office developer Fred Geis. The plan calls for the trio to buy the empty condos for $6.8 million, while two parking lots east and south of the condo building and earmarked for potential future development would still go to auction. Once priced between $240,000 and $1.2 million, the 57 unoccupied units would become high-end rentals. The proceeds from the condo sales would be divided to satisfy a $15.5 million loan from KeyCorp&#8217;s Key Community Development New Markets Investment Fund and a $12.2 million note from what is now PNC Corp.<\/p>\n<p>The ball is now in judge John P. O\u2019Donnell\u2019s court. He is considering the proposal and could decide on it at a June 29 hearing. If the group&#8217;s plan succeeds, it could bring the building back to life, help the people who own units in the tower and revive a dormant corner. It could also help all those looking to rent apartments in downtown Cleveland.<\/p>\n<p>Image courtesy of Google Maps.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adrian Maties, Associate Editor With Downtown Cleveland&rsquo;s occupancies approaching 96 percent and growing, according to Metro Trends,&nbsp;a local group of investors is hoping to acquire the residential portion of the Avenue District condominium tower downtown and rent out the empty apartments. Located at the intersection of East 12th Street and St. Clair Avenue, the [&#8230;]<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[1815],"class_list":["post-1004053070","post","type-post","status-publish","format-standard","hentry","category-cleveland","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Investor Trio to Breathe New Life into Avenue Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/investor-trio-to-breathe-new-life-into-avenue-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor Trio to Breathe New Life into Avenue Tower\" \/>\n<meta property=\"og:description\" content=\"By Adrian Maties, Associate Editor With Downtown Cleveland&rsquo;s occupancies approaching 96 percent and growing, according to Metro Trends,&nbsp;a local group of investors is hoping to acquire the residential portion of the Avenue District condominium tower downtown and rent out the empty apartments. 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