In 2016, the Playhouse Square Foundation acquired this 0.9-acre parking lot at Chester Avenue and East 13th Street for future development. It did so in order to put more feet on Euclid Avenue. The reason is that PHSF overbuilt The Lumen’s parking garage with 550 spaces, perhaps 200 more spaces than were needed for the apartment tower’s residents. And while it still needs that parking garage, PHSF doesn’t need as many parking spaces as it did before it built The Lumen. PHSF did that as it was wrapping up the financing package for The Lumen which was also built on a parking lot.Ī reason why PHSF reportedly likes this site is because it’s next to a 750-space parking deck the foundation already owns. In 2016, the foundation strategically acquired the 114-space parking lot for future development. But where?īefore the pandemic, a 0.9-acre site at the southeast corner of Chester Avenue and East 13th Street was in PHSF’s crosshairs for a new building that some have dubbed Act II, according to two sources. So adding more residents is in PHSF’s interest. It is connected to the Playhouse Square theaters and several adjoining restaurants and shops (MyPlaceCuyahoga/KJP). Next to it in light-green is the Playhouse Square garage at 1450 Chester. That site is at the southeast corner of Chester Avenue and East 13th Street. The Lumen’s location on Euclid Avenue is outlined in blue with a potential site for an encore project dubbed Act II shown in dark-green in the upper-left. The Lumen brought roughly 450 people to live, play and some work in the district 24/7 even when it’s not showtime, regardless of a pandemic or civil unrest. While PHSF’s bread-n-butter are its visitors from elsewhere downtown, the city, metro area and beyond, having more people living there creates a more sustainable dynamic. And the best way to do that is to put more people and their wallets in the district around the clock. Once its debt-to-equity ratio is improved by selling The Lumen, a second building can be afforded to achieve one of PHSF’s goals - to create a more vibrant theater district. PHSF also received millions of dollars in donations for recent capital campaigns to limit increases in its debt burden.Įven so, it has taken significant debt to build The Lumen. The project received significant public sector support including $50 million in tax-free bonds from the Port of Cleveland, a $4 million grant from the State of Ohio’s Capital Budget, a $10 million loan from Cuyahoga County, 30-year tax increment financing and a $1 million loan from the City of Cleveland. The Lumen was built for $138 million and sources are saying that PHSF will sell it on the market through their broker CBRE.
Leasing success with The Lumen is prompting the Playhouse Square Foundation to pursue a follow-on residential project (Ian Meadows/UrbanOhio). Looking west along Euclid Avenue, from Cleveland State University’s campus into Playhouse Square, The Lumen dominates the skyline from this vantage point on the east side of downtown Cleveland. None are as new, were built as apartments or offer the contemporary luxury as The Lumen. And there’s the 43-story, 417-foot-tall Landmark Place apartments in Hamilton, ONT built as apartments 48 years ago. Another one nearby is the 475-foot-tall, 96-year-old Book Tower in Detroit but is a mixed-use building. The closest residential tower that’s taller is the 410-foot-tall, 30-story The Residences at the Alcoa Building in Pittsburgh that was converted from offices. It is not only the tallest residential building in Cleveland, it’s the tallest in Ohio. And it will be able to sell The Lumen for less money than another for-profit developer, such as Greystar, could build a comparable tower.īut it should be noted that there is no tower within 140 miles of Cleveland that can compare to the 396-foot-tall Lumen. NEOtrans sources acknowledge that, but also are aware of what conversations are being had at PHSF regarding The Lumen and a desire for a follow-on project.īecause PHSF is tax-exempt and doesn’t seek a financial return on its investments, it was able to build The Lumen for less money per square foot than other recent or pending high-rise apartment towers in Cleveland. She said the foundation has not made any other decisions about the future of The Lumen or an encore development to The Lumen.
The Lumen clearly does (Ruken/UrbanOhio). Some buildings are called luxury multifamily properties but they don’t really deserve the tag. The architects were Solomon Cordwell Buenz of Chicago and Vocon of Cleveland. The finishes in The Lumen are top-notch, including those in the fifth-floor amenity level shown here.
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