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, PACE Equity
| 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% |
The project is expected to create 95 FTE jobs
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.
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.
The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.
