- Posted In: Development
Cleveland Euclid Hotel Associates LLC is proud to announce the purchase of the historic Cleveland Athletic Club (CAC), from Waring Investments, located on Euclid Avenue in the Central Business District (CBD) of Cleveland, Ohio. This historic Cleveland landmark will consist of a multi-faceted capital structure allowing for the preservation of certain historic traits and further development of the property.
The purchase of CAC includes GL Housing Group, Precision Environmental, and Weingart Development. GL Housing Group is a full service real estate firm focused on the multifamily housing industry, with its affiliates J&S Management Co., Inc. and GL Development participating in the project. Precision Environmental specializes in demolition and abatement services. Weingart Development raises capital for commercial real estate investments.
The Acquisition of the real estate was made possible by Tri-State Capital Bank and the Ohio Water and Development Authority provided the funding for the demolition and abatement work.
The redevelopment and construction of CAC is expected to consist of 171 class-A luxury apartment units, 15,000 square feet of commercial space, state of the art fitness center, Olympic-sized pool, on-site parking and the second largest event center in the City of Cleveland.
The Cleveland Athletic Club has been a historic landmark in the Central Business District of Downtown since 1908. From 1911 to 2007 the club had an exclusive group of members, most memorable, 1928 Olympic medal winner Johnny Weissmueller who set a world record for the 150 yard backstroke in the club’s pool.
Downtown, Cleveland has seen great growth over the past 3-4 years with a 60% increase in rental rates, occupancy staying consistent around 92-95%, with a demand for CBD apartment units only rising. According to P.M.U.A., a national marketing firm, the need for additional multifamily market-rate units is expected to increase by approximately 5,000 units.
Now that the project has closed and Cleveland Euclid Hotel Associates LLC has control of the title, Sandvick Architects, Inc. is working on the demolition and construction drawings. Precision Environmental will then handle all demolition and abatement required for the property over the next 6-9 months followed up by Welty Construction Company handling all improvements and historic rehabilitation through 2017 and early 2018 as the units are pre-leased. The ownership group expects the property to be open for occupancy in summer of 2018.