Located at the NASA Lewis Research Center, the adaptive reuse of the Development Engineering Building and Annex will provide a historic renovation resulting in a mixed-use project including market-rate apartments, a boutique hotel, restaurant and brewery and conference and events space.

Project Partners:  Erie Bank, Foss Ohio, Foss Bridge Credit

Project Details

Completed Under Construction; 2021 Completion
Location 21046 Brookpark Rd; Fairview Park
Project Type Mixed-Use; Historic Rehab
Program 92 Market-Rate Apartments; 59-Room Boutique Hotel; 12,000 SF restaurant and brewery; 6,000 SF conference and event space
Sponsor Ceres Enterprises
CDA Investment $3 million loan
Total Project Costs $46.1 million
Community Demographics Poverty Rate: 4.30%
Median Income: 105.6%
Unemployment Rate: 6.10%

Impact

  • Job Creation

    The project is expected to create 95 FTE jobs

  • Advances Neighborhood Revitalization

    The project is catalytic in that it is expected to spark future investments and activity in the area. It received support from both cities of Fairview Park and Cleveland and fills an identified need for Cleveland Hopkins airport which has an average age of comparable hotels of 35 years. The project is located in a qualified Opportunity Zone as well.

  • Diversity and Inclusion

    The project sponsor committed to construction participation goals for Minority, Female, and Cleveland Small Business (MBE/FBE/CSB) as well as minority, female and City of Cleveland residents.

  • Executed Community Benefits Agreement

    The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.