Updated June 2016.…First we’ll start with the Downtown Cleveland Alliance’s video to show you how fun it would be to live in downtown Cleveland. Now that you are all hyped to live IN the city, not just near it, here is the challenge: downtown Cleveland has a 95% occupancy rate and finding a rental or a place to buy is a tough job. But the nice side effects that have emerged from the high demand for residential buildings include a nicely changing downtown landscape that appeals to more than just the 9-5 workforce. Here is just one example: Perk Park, just 3 years ago was a concrete 1970’s bunker. Today it is a green oasis that provides a fabulous front lawn for several residential buildings including Seasons at Perk Park, The Chesterfield and Reserve Square. Thanks to the non-profit, LandStudio, which makes sure that public art and greenspace are inserted all over NE Ohio.
Perk Plaza is now one of THE best spots to find a roving gourmet food truck, especially on Walnut Wednesdays in the summer months when as many as a half dozen trucks sell very creative roadside food. One local media outlet even named their favorite food trucks (Like them on Facebook to find out where their next appearance is).
Here is a little history so you understand why our downtown is just now developing a strong residential population when our city is over 200 years old. Unlike many cities our age in the US, Cleveland never had a residential population in its downtown in the early years. Downtown was a commercial district that was strictly business. Fast forward to the 1980’s…. a few urban pioneers and artists began squatting in empty buildings downtown. They loved the old warehouses with 15-20′ ceiling heights, huge windows and tons of natural light so close to the lake and they got it started. Today roughly 12,000 residents live in downtown Cleveland (compared to just 4,500 in the 2000 census). About 80% of the residential units are rentals and 20% are owned (condo, townhome, etc). The goal, is to have 25,000 residents by about 2020. Here is a story from Crain’s Cleveland Business from August 2014 with an update on residential population in downtown.
According to the Downtown Cleveland Alliance (which tracks roughly 5,000 units in about 50 residential buildings), the average sale price for a home in downtown is $240,000 and the average rental price is $1.15/sq. ft. This will continue to rise as demand grows. You can now find $500,000 condos and $1.25/square foot rentals. Downtown is the fastest growing residential market in the entire city of Cleveland! They say a major tipping point is when a full sized supermarket opens in a neighborhood. And locally owned Heinen’s, with almost 20 grocery stores in Cleveland and Chicago, has agreed to do just that. Their first downtown grocery store opened in March 2015 and we predict it’s beautiful rotunda (former Cleveland Trust Bank
headquarters building) will quickly become one of downtown’s most popular gathering spots (wine & beer bar on mezzanine level turns this market into a cool urban happy hour spot). And, K&D developers announced the addition of a furniture store that will open in 2015 on the ground floor of their 1717 building.
Below is a short list of the buildings that seem to appeal to our corporate clients the most (note this is NOT inclusive, there are lots of buildings NOT listed here, but we feel this best reflects the quality level of our clients, corporate executives relocating into NE Ohio).
To keep track of future developments, we also list buildings that in process of being rehabbed or with future plans for becoming residential buildings so if someone mentions them to you, you know what we know.
Don’t be discouraged if a building tells you they have 200 ppl on the waiting list. Those 200 ppl may whittle down to 5-6 after they cross off everyone who wanted a different size apartment, or who have already found something somewhere else, or who need to move in/out on very different dates than you. Sometimes its all about the timing. And many buildings are now charging a few hundred dollars to be put on a waiting list, we know this is unusual, but it keeps the list to only those who are really interested so it’s a real number. And, you get your money back when you drop off the list or you move in. This is just a sampling, lots of other buildings can be found on the Downtown Cleveland Alliance’s website or in this archived article from Cleveland Magzine which has as great map!
Archer Apartments – formerly known as National Terminals, this would not have been one we would have recommended in the past, since it was affordable housing and had a very mixed bag of tenants, however it is under new management and will be completely rehabbed by 2016
Bingham Building apartments on W. 9 close to Lakeside
The Bradley Building apartments on W. 6 close to Lakeside
The Cloak Factory condos, although a sub-let might be possible for rent
The Hat Factory apartments on W. 6 between St. Clair & Lakeside
Perry Payne Building apartments on Superior Avenue at W. 9
The Pinnacle for purchase condos – with rental sublets occasionally available
Worthington Building to be developed – it’s almost hidden on Johnson Court between W. 6 & W. 9th and is massive, will have 70 apartments & 13 condos -won much needed tax dollars in Dec 2013 to begin construction – no opening date set yet
To Be Named – announced in late 2015 – plans for a large surface parking lot that will be phase 1 of a development that will eventually be 1200 apartments (first phase 352 apartments) at the corner of W. 6 & St. Clair – no targeted open date
Playhouse Square (theater district)
Residences at Hanna apartments on corner of Prospect & E. 14
The Avenue Distict apartments, including penthouses with balconies, on E. 13 & St. Clair
Seasons at Perk Park on Chester just west of E. 13
The Halle Building, on Euclid at E. 13th Street – just purchased by K&D to be developed as apartments (2017 opening or later)
The Creswell Apartments, under development, on Huron Road between Euclid & E. 9th Street, opening TBD
Gateway District (Progressive Field & Quicken Loans Arena together are known as Gateway)
Lofts at Rosetta apartments on Euclid Avenue at E. 4
Residences at 668 apartments on Euclid Avenue between E. 6 and E. 9
The Park Building condos on corner of Ontario & Euclid overlooking Public Square
The Lofts at Southworth apartments on corner of Ontario & Euclid next to The Park Building
Former May Company department store on Euclid at Public Square won tax dollars for renovation in Dec. ’13 but plans for apartments still not detailed
nuCLEus – 51 story mixed use building will have both apartments and for-sale condos and is expected to break ground late 2015 or early 2016 on a former parking lot on Huron & E. 4th Street near The Q
The Standard Building – renovation plans underway for this gorgeous 1920’s building that is 21 stories tall and is just steps from Public Square was bought in 2014 with goal to re-do as a residential building. No open date set
The Flats (along Cuyahoga River)
Flats East Bank – on Cuyahoga River, brand new construction, 250 apartments roughly $2/SF rental cost
Crittenden Court Apartments – high rise at the bottom of St. Clair Hill at W. 10th Street
Kirkham Place – 4 story townhomes with rooftop decks (for purchase, not rent) on W. 10th Street on the Flats East Bank
Stonebridge – located on the west bank of The Flats
Nine/Twelve District – between E. 9 & E. 12 and from Euclid north to Lakeside Avenue
The 9 – former Ameritust Tower on E. 9th between Euclid & Prospect, floors 1-13 are Marriott Autograph hotel and floors 14-29 are apartments
Schofield Residences – opened in spring of 2016 at the corner of E. 9th & Euclid, it is anchored by the Kimpton Hotel (floors 1-6) and offer high end concierge style living available similar to The 9
The Ivory on Euclid formerly known as the Truman Building at 1020 Euclid – one of few downtown rental buildings to offer terraces and a rooftop green patio.
The Residences at 1717 – former East Ohio Gas Building, E. 9th & Superior with 200+ units and furniture store on 1st floor
Campus District (near Cleveland State University’s campus)
TO COME: City Blue Building, 1937 Prospect Avenue (purchased in early 2015 for renovation into 40 apartments)
Some other resources:
Downtown Digs – annual publication that helps marketing residential living in downtown Cleveland and here’s a great article called Moving Targets in July 2014 Cleveland Magazine that highlights all large urban residential projects in the planning stages or under construction for 2015 and beyond.
Great map created by Cleveland State University to visually see where the pockets of residential living are in downtown Cleveland
Read this if you are Worried about finding a place to park, where to shop for groceries or crime & safety. And, every summer, downtown hosts a “house tour” called Walk & Dine. Coordinated by the Historic Gateway Neighborhood Association they showcase a mix of private condos, loft apartments and rental buildings. They even taek you on a few hard hart tours to show you what is under construction and to come!. Great hosts all willing to let hundreds of strangers stomp through their private homes while eating and drinking! Get on the mailing list now for next year.
Another great website for condos for sale in downtown or close by urban neighborhoods is My Cleveland Condo.
If you would like more information on how Executive Arrangements can help your recruit or new hire see themselves living in NE Ohio by matching their interests and needs with the neighborhoods and resources in our region, please call us at 216.231.9311.