Despite the recent addition of numerous new rental units and home ownership opportunities, the demand for downtown housing continues to grow. Indeed, the market hardly missed a beat, even with the civil unrest that happened at the end of May.
“For us, the state of Ohio tax credits are so strong that it drives us into the area,” says Michael Sabracos, CEO and managing partner of Cleveland-based Alto Partners, a vertically-integrated, national real estate company that focuses on updating and adapting under-utilized historic properties. “While it’s true that we use historic tax credits in all of our work, we still believe that Downtown Cleveland is a growing market that is still very much in its infancy.”
Alto Partners certainly backs that up with investment dollars. Its most recent mixed-use project is the $77 million Euclid Grand, which blends the historic architecture of the John Hartness Building with modern retail and 239 state-of-the art, high-end residential units. It’s located just across the street from Heinen’s and Geiger’s in the heart of the Euclid Avenue Historic District, just steps from Public Square, Playhouse Square and the other world-class restaurants and attractions of downtown.
Offering one-, two- and three-bedroom housing options, residents also are pampered with exclusive amenities that include a rooftop lounge, outdoor pet park, state-of-the-art fitness club and 24/7 security services. There’s also more than 18,000 square feet of ground floor retail, as well as and underground parking for 200.
Euclid Grand residents live in a space that marries the best of traditional historic architecture with modern design and convenience. Designers cut a unique exterior courtyard into the middle of Euclid Grand that retains the steel beams from the previous structure, while letting in fresh air and light into the middle of the building for a truly artistic shared space. It’s just one example of the design expertise Alto Partners brings to its historic redevelopment projects — which will no doubt continue in Cleveland.
“A lot of other cities have already seen urban revitalization, and Cleveland is still on the tail end of that movement,” adds Sabracos. “While we have seen growth in downtown over the last several years from 15,000 units to 20,000 units, which is a huge jump, we feel demand will continue to build.”