Park Lane Villa - http://www.parklanevilla.com/
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BACKGROUND INFORMATION
Originally built in 1923 as a luxury hotel, Park Lane Villa was an extravagant display of the wealth and prosperity of Cleveland during the “Roaring 20s”. Through the years the building served many different roles, the most recent as government assisted housing. In 2009 the developer undertook the rehabilitation of the property into 96 market rate housing units and brought back to life the hotels magnificent ballroom. CDA utilized $1.5 million from Cleveland Civic Vision Housing Fund for this pioneering project, one of the first housing projects in University Circle and meets an increasing demand for housing in this area.

PROJECT INFORMATION

Address: 101510 Park Lane

Date Close: 4/1/2009

Developer: The Finch Group

TOTAL PROJECT COST: $28,450,000

New Markets Tax Credit Allocation: N/A

CDA Loan: $1,500,000

Project Name: Park Lane Villa Website: http://www.parklanevilla.com/ Neighborhood: University Circle

Uses:
  • Multi Family

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