Stroll along Euclid Avenue, and you’ll find yourself within walking distance of more than 10 new or under-construction residential developments following a pandemic jump-start.
“We’re right around 90% occupancy of the housing market, and we have just over 9,000 rental units,” says Michael Deemer, president and CEO of Downtown Cleveland Alliance. “That’s probably around 1,000 units across downtown that are available.”
The ongoing pandemic revealed a two-way street for downtown housing and businesses — and Deemer isn’t just talking about Euclid Avenue. COVID-19 both increased the desire to live in walkable neighborhoods and decreased the need for
office space, a perfect storm for a flood of repurposed developments in downtown Cleveland.
It’s no coincidence that white quartz countertops and stainless steel stoves have replaced cubicles and desks. A December report from Downtown Cleveland Alliance shows that Cleveland’s office buildings are seeing just 58% of the foot traffic they had in February 2020.
Deemer says the housing renaissance follows a landmark year for downtown, with the district passing 20,000 residents in 2021. Currently, 600 housing units are under construction with 3,000 more being planned, targeting frontline workers and young professionals making their way downtown.
So far, it all seems to be working.
“We have the largest residential downtown in the state of Ohio,” says Deemer. “It’s the fastest-growing neighborhood in the Northeast Ohio region, and it’s become an increasingly important part of the downtown economy.”
The Centennial: The Millennia Co. is set to transform the former Huntington Bank Building on Euclid Avenue into The Centennial, which will offer 868 affordable units renting for between $0.74 and $2 per square foot. The project was approved in August 2021, but construction work has not yet started.
45 Erieview Plaza: Work on the curved, 16-story building fronting East Ninth Street could begin as soon as this month. Dallas-based developer Bluelofts Inc. is reportedly looking to hollow out the empty workplace to make way for 368 luxury apartments and a slew of mixed-use amenities, including an indoor dog park and a coffee shop.
55 Public Square: K&D Group out of
Willoughby initiated work on 55 Public Square in October 2021 after buying it for $17 million the preceding February. Floors two through 11 of the 22-story tower will be available for rent in 2023.
75 Public Square: Another Millenia project, 75 Public Square started showing its tranche of 114 apartments in the Illuminating Co.’s original headquarters in January. Units range from 500 to 1,200 square feet and will rent for $1,195 to $3,040.
City Club Apartments: A Michigan-based developer of the same name is looking to turn the parking lot at the corner of Prospect Avenue and East Eighth Street into 304 luxury apartments. Ground was broken on the 23-story building last year, and it’s slated to begin renting in spring 2023.