{"id":1004124234,"date":"2015-07-29T07:59:14","date_gmt":"2015-07-29T15:59:14","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=356470"},"modified":"2020-04-05T22:26:48","modified_gmt":"2020-04-06T06:26:48","slug":"cleveland-developers-cant-get-enough-apartments-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cleveland-developers-cant-get-enough-apartments-2\/","title":{"rendered":"Cleveland Developers Can\u2019t Get Enough Apartments"},"content":{"rendered":"

By Adrian Maties, Associate Editor\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/p>\n

\"West<\/a><\/p>\n

West 25th Street Lofts<\/p>\n<\/div>\n

In a report released earlier this year, Marcus & Millichap<\/a> revealed that a thriving rental demand and a renewed focus on development in downtown Cleveland will headline activity this year, especially as the region gets ready for the 2016 Republican National Convention. The real estate services firm also said that, after adding the most supply in a decade, developers will continue in force. And that\u2019s exactly what a development team led by Chris Smythe and Rick Foran is doing on West 25th Street.<\/p>\n

According to Crain\u2019s Cleveland,<\/em> the long-planned West 25th Street Lofts project finally broke ground<\/a> this week, after the team led by Smyth and Foran closed on $15 million in funding on July 22. At a cost of $27 million, the development calls for the conversion of a one-time brewery in Ohio City into 83 lofts, including one-, two-, and three-bedroom units. In an interview for Crain\u2019s Cleveland<\/em>, Chris Smythe said that the lofts will go for market rates.<\/p>\n

The developers did not reveal when they expect to finish the project. West 25th Street Lofts is financed with the help of Ohio historic preservation credits and a U.S. Department of Housing and Urban Development 221 loan. The latter is a 40-year, nonrecourse FHA-insured loan with an interest rate of 3.9 percent. It covers both construction and permanent funding.<\/p>\n

Rendering courtesy of <\/em>City Architecture<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A new residential project just broke ground near downtown Cleveland.<\/p>\n","protected":false},"author":925,"featured_media":1004506194,"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":[],"class_list":["post-1004124234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-latest"],"acf":[],"yoast_head":"\nCleveland Developers Can\u2019t Get Enough Apartments - 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\/cleveland-developers-cant-get-enough-apartments-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleveland Developers Can\u2019t Get Enough Apartments\" \/>\n<meta property=\"og:description\" content=\"A new residential project just broke ground near downtown Cleveland.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cleveland-developers-cant-get-enough-apartments-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-29T15:59:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T06:26:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/West25-StreetRendering.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Cleveland Developers Can\u2019t Get Enough Apartments\",\"datePublished\":\"2015-07-29T15:59:14+00:00\",\"dateModified\":\"2020-04-06T06:26:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/\"},\"wordCount\":238,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/West25-StreetRendering.jpg\",\"articleSection\":[\"Cleveland\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cleveland-developers-cant-get-enough-apartments-2\\\/\",\"name\":\"Cleveland Developers Can\u2019t Get Enough Apartments - 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