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Tag: Cleveland Housing

  • Circle Square at University Circle Adds Another Skyscraper to One of the Hottest Rental Markets in Cleveland – Cleveland Scene

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    Housing demand remains high in University Circle, and Circle Square is ready to meet it. The neighborhood’s newest skyscraper, the 24-story East Stokes building, could break ground as soon as spring of next year, according to a presentation at a recent Cleveland Planning Commission meeting. Rents in the new building are expected to go for about $3.50 to $4 per square foot, or about $2,000 per month for a 500-square-foot, one bedroom apartment. 

    It’s all part of the larger Circle Square project, which opened with the 24-story Artisan building in 2023 and was later followed by the nine-story Library Lofts in 2024. The entire complex will ultimately include some 1,000 apartments. Circle Square aims to create a walkable urban center on upper Chester Avenue, an area roughly bounded by Chester to the north, Euclid to the south, Stokes to the east and E. 105th St. to the west. 

    “It’s amazing how much you guys have done so fast,” said Lillian Kuri, chair of the Cleveland Planning Commission, at a recent meeting where the final design was approved. “And how all the vision and hopes for it, you’re delivering on. It’s extraordinary what’s changed in such a short span of time.”

    Elise Yablonsky, Chief Place Management Officer with University Circle Inc., said the new skyscraper helps achieve goals for the area, which now has about 6,500 residents. “For decades, we have been working to increase the vitality of University Circle through increasing residential density,” she said in an email. “Within the planning process, we’ve heard calls for increased housing options, additional retail, and more walkable environments, all of which this development is advancing.” 

    Yablonsky noted that the project is across the street from an affordable senior housing complex, and that the density of the project will also support new retail as well as transit-oriented lifestyles.  

    The glass-walled Stokes East building will occupy about half a block on Chester between Stokes Blvd. and MLK Jr. Dr. It will feature 281 apartments, and there will also be 17,000 square feet of retail space on the ground floor as well as a 300-space parking garage. The units will range from about 600 square feet to about 2,400 square feet, slightly larger than the nearby Artisan building. 

    Pricing has not yet been released, but if similar to the Artisan, it will be about $3.50 to $4 per square foot. This is slightly higher than other newer University Circle buildings, which are priced more like $3 per square foot, including Innova and Skyline on Stokes. However, it’s comparable to One University Circle, the luxury apartment building across the street. The Artisan building is 90 percent occupied, according to a leasing agent who recently gave Scene an in-person tour. 

    Amenities that are slated for the Stokes East building include a rooftop space with a hot tub, cold plunge pool, swimming pool, patios, grills and firepits. The nearby Artisan building also features a golf simulator, dog wash, package delivery area, coworking space, workout room, entertainment room, and more, and it’s expected that the amenities at the Stokes East building will be similar. 

    It hasn’t yet been determined what type of retail will be built there. “The type of retail we’ve always advocated for at this location is a combination of food and amenity retail,” said developer Steve Rubin with Midwest Development Partners. “A bank branch, a dry cleaner, day to day errands that you want to do, along with at least one bistro type restaurant and some ethnic foods.” 

    With the new Meijer grocery store located nearby, plans to add a grocery store have been scuttled, and the developers are looking for a new anchor tenant for the project. 

    Rubin told the planning commission that the intention with the Stokes East project is to make the units slightly larger than those at the Artisan and the nearby Library Lofts, so that the products don’t compete with each other. “This is a passion project for us,” Rubin said. “We’re looking forward to when all the connective tissue is in place and people cannot just walk but sit and have a cup of coffee with someone.” 

    The developers are shooting for a spring 2026 or 2027 start date, contingent on financing for the project. 

    According to an April 2025 report from Rent Cafe, Cleveland is the 40th hottest rental market in the U.S. right now., with an average 93.1% occupancy rate, up from 92.9% in 2024. The average rent in Cleveland is $1,543, a 2.37% increase from a year ago. While Tremont, Ohio City and downtown are all considered relatively expensive neighborhoods. University Circle is definitely the priciest, with an average rent of $2,189 per month compared with Tremont’s $2,010 per month. 

    According to Rent Cafe, Cleveland is the most expensive urban rental housing market in Ohio, with an average monthly rent of $1,543 compared with $1,340 in Columbus and $1,452 in Cincy. 

    Chuck Schulman, president of Carlyle Management, a third party property management company that manages some 14,000 units across Northeast Ohio, said University Circle’s success shows there’s demand for luxury housing in this area – and it’s not quite done yet.

    “It’s keeping people in the area,” he said of the Circle Square project. “People working at the university or at the hospitals aren’t going outside the geographic area because there are nicer places to live in.” As far as the higher prices go, Schulman said people are willing to pay top dollar to live in University Circle. “It’s pulling people in from the inner ring or secondary suburbs, because there’s new products available in the city where they want to live. They have alternatives. You don’t have to leave the area to go shopping or get a cup of coffee.” 

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    Lee Chilcote

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  • With Residential Units Rising on Part of the Scranton Peninsula, Will Retail and Development Follow on Its Industrial Half?

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    click to enlarge

    Mark Oprea

    The Collins, the first apartment complex to open up on Scranton Peninsula, is also the start of the area-as-neighborhood.

    When Arnold Hines began his search for a new apartment earlier this year, he took into account price, space, amenities and areas where he could ride his e-bike.

    In early August, Hines picked out The Collins, a new apartment complex that opened its doors in January on the southwestern part of the Scranton Peninsula. During a recent tour, Hines told Scene its location was one of the reasons he ended up leasing there.

    “I love the fact that it’s in the Flats, its adjacent to Ohio City and Tremont and Downtown,” Hines, an events producer in his fifties, said in mid-August in the complex’s courtyard. “Really, we’re right here, in the center of everything.”

    Hines is pretty much right. The Collins, and its soon-to-open neighbor across Carter Road to the west, Silver Hills, is the first official notch forward in a master plan for the peninsula going back to at least 2018. And the first residential property ever built there.

    The blossoming neighborhood will boast more than 600 units of housing for about a thousand people by the end of the decade.

    Living at The Collins, where rents start around $2,000 a month, comes with standard luxury perks: An outdoor pool flanked by flatscreen TVs and grills. A gym stocked with all-black equipment. Ritzy coffee machines and garage of complimentary bikes.

    It certainly seems like the latest master plan, released by Geis and JRoc Development, in 2021, is beginning to come to fruition. One imagined with blocks of taprooms, happy cyclists, boutique offices and coffee shops.

    “You can start to see some vision of that,” Aaron Pechota, vice president of develop at the NRP Group, the developers behind The Collins, told Scene. “It’s a really cool residential neighborhood with some commercial uses.”

    But go up Carter Road, past BrewDog and a stunning sight of Downtown, and another world appears. Overgrown grass lots fenced in with barbed wire. Construction companies and riverfront yacht services. Marine workers lugging orange cones. Yards of idled cars waiting to be repaired or junked. And, further down Scranton Road, rows of faceless brick buildings abutting brownstones that haven’t been touched in decades.

    Since 2023, the Bibb administration has touted its interest in reshaping Cleveland in the image of the 15-minute city, a city with everything a resident may need—groceries, meds, groceries, coffee, hardware—within the span of a 15-minute walk or quick bike ride. Cleveland City Planning’s pursuit of testing out Smart Code, the planning code embedded with this philosophy, could boost this citywide if passed.

    click to enlarge A huge swath of Scranton Peninsula—roughly 70 acres—is owned by Scranton Averell, Inc., land that hosts yacht service companies, construction firms or industrial wasteland. - Mark Oprea

    Mark Oprea

    A huge swath of Scranton Peninsula—roughly 70 acres—is owned by Scranton Averell, Inc., land that hosts yacht service companies, construction firms or industrial wasteland.

    Scranton Peninsula isn’t exactly making strides towards such a status. Yet.

    The Collins’ three buildings have no retail spaces; neither does Silver Hills’ buildings. So far, the only for-sure commercial uses with neighborhood benefits are BrewDog, a Scottish brewery which opened up on the peninsula’s north side in 2021; and Great Lakes Brewing Co.’s possible site for a brew garden and new facility, situated directly south of The Collins.

    Pechota said the decision not to include storefronts along Carter was admittedly a conservative one, based on high interest rates and a city tax abatement policy tons of developers like him balk at.

    “It’s just not a high-traffic area,” Pechota said. “I mean, to try and convince Giant Eagle or Kroger to move down there? There’s just not enough traffic.”

    “Seeing glass is nice and it’s pretty,” he added. “But unless it’s in a dense area, a lot of times they sit vacant.”

    As brokers love to gab about, retail is a numbers game: grocers or Chipotles decide to lease out storefronts based mostly on how many live in and around that storefront. About 60 percent of The Collins’ 314 apartments—about 190 units—is leased up as of early September, a spokesperson for NRP told Scene.

    And the area itself is still clearly growing. Carter Road, which was resurfaced this year, has sidewalks that seem bare and almost purposeless with no one walking on them. Even The Collins has yet to complete its sky lounge and kick off its bike rental program.

    “It may just be one of those things—if you get the people first, then the rest will follow,” Michael Mitro, the community manager of The Collins, told Scene on a recent tour. “And I hope it does.”

    If Scranton is to get its own grocer, dog grooming shop or bakery, then it’s most likely going to happen outside of the apartment complexes on its western edge. That is, on some of the 70 acres or so that lie around it, built on those grassy lots, or converted from those vacant buildings. (Like BrewDog itself, from a century-old sawmill.)

    The problem is that, at least from the perspective of the hopeful developer, that land in and around The Collins and Silver Hills isn’t set to be sold anytime soon.

    “We don’t have any intentions of selling anything,” Dennis Troyan, a realtor who’s helped broker with Realty Professional since the late 1970s, said in a phone call. “When we do decide to do something, we’ll do it.”

    Troyan, whose name is splattered across a handful of signs that look like they were designed in the 1990s, is the broker for Scranton Averell, Inc., an inscrutable group of investors situated across the globe that own control of every single lot outside of what’s been recently developed. Land that hosts truck terminals or junk yards.

    To put it simply: if those 70 or so acres are going to one day host a Constantino’s, a bike co-op or a new bookstore, then Troyan and Scranton Averell are probably going to be involved in that transition. And that transaction, Troyan confirmed with an air of acerbic tone, doesn’t seem to be tilted towards apartment living.

    “I think the bloom is off the rose,” Troyan said. “I don’t think they’re renting as fast. I don’t think multifamily has the attraction it does years ago.”

    Scene reached out to Scranton Averell to gauge their opinion on Scranton as a neighborhood. “There is no one here you can talk to,” they said in a phone call. “This is law firm. This is a law firm you’re calling. Thank you. Bye.”

    Scranton Peninsula may fall short, at least for the next decade or so, of its neighborhood concept envisioned by JRoc years ago.

    Even as the land nearby develops — whether that be the Metroparks’ park plans for the former Cantanese Classics to the west, or the Cleveland Clinic Global Peak Performance Center to the northeast, the Bedrock “Rock Block” neighborhood straight across to the north.

    And after all, maybe that’s just what the Flats is? A tug-of-war identity pull between the maritime and city living.

    “What’s one of the attractive things about the riverfront? You have freighters making there way 300 times a year to Cleveland Cliffs,” Jim Haviland, head of Flats Forward, said. “There’s nothing like seeing these vessels passing by—whether you’re living there or not.”

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    Mark Oprea

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  • Councilman Richard Starr Says KeyBank Continues to Fail Cleveland’s Minority and Poor Residents

    Councilman Richard Starr Says KeyBank Continues to Fail Cleveland’s Minority and Poor Residents

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    Cleveland-based KeyBank has for years come under fire with accusations that it has systematically failed minority residents in its own hometown, including last November, when the National Community Reinvestment Coalition released a data report chastising the financial institution for “betraying” Black applicants in search of home loans.

    In 2022, the report found, just 2.6% of KeyBank’s Cleveland lending went to Black borrowers, down from 3% the year prior.

    While KeyBank reps strenuously denied the report’s findings and pointed to recent improvements, Cleveland City Councilman Richard Starr, whose Ward 5 has seen decades of disinvestment, has not been satisfied.

    “I am confident that KeyBank employees are too busy running their mouths to notice the minimal lending their organization does to urban neighborhoods,” Starr posted to X earlier this summer. “They can meet me at King Kennedy and explain themselves if they disagree.”

    Starr describeds his ward as “a low moderate neighborhood” that is diverse. The median household income is around $13,000. He agreed with the report’s stance that KeyBank failed to meet the criteria of what was supposed to be a longstanding promise to promote and work towards social and racial equity for Black and low-income homebuyers.

    “KeyBank has been pulling back from supporting Black homeownership every year since 2018. [At one point] 6.5 percent of its home purchase loans went to Black borrowers,” he told Scene.

    In 2016, KeyBank was involved in a $16.5 billion dollar community benefits agreement, with a goal to invest $5 billion in lending to Black and low-income neighborhoods, but reports show the financial institution failed to follow through.

    “KeyBank is supposed to be one of these top banks in Northeast Ohio. Top provider in the City of Cleveland,” Starr told Scene. “But they have shown that they have redlined in the neighborhoods that majority African Americans live in, and that is no way to call yourself a key player in the community.”

    KeyBank refutes Starr’s claims, saying that it has taken deliberate action to increase Black and minority lending within Cleveland. KeyBank declined to make someone available for an interview with Scene but did pass along relevant data.

    “Nationally, our percentage of applications from Black borrowers has grown from 2.6% in FY20 to 7.6% YTD 2024,” a KeyBank rep wrote in an email. The email stated that Black borrowers in Cleveland grew from 5.7 percent to 27 percent since 2020. They have hired a Community Lending team to create support for underserved communities in Cleveland and launched the Neighbors First Credit program last year, where they have provided over $200,000 in credits to homebuyers and claims to have helped 41 clients in the Cleveland Metropolitan Area.

    Some other examples shared:

    • Launched its Key Opportunities Home Equity Loan and funded 58 applicants in the Cleveland Metropolitan Area.
    • Investing over $10 million of 4 percent Federal LIHTC Equity and loaned over $7 million to finance the development of Henrietta Homes—a 40-unit single family apartment complex for low-moderate income renters in Cleveland’s Hough neighborhood.
    • Invested in over $11 million to finance the construction of Garret Square Apartments—a 49-unit affordable housing project for seniors.
    • Invested over $9 million in low-income housing tax credit equity to help finance permanent housing to serve “chronically homeless individuals in Cleveland.”
    • Gave a grant of $2.5 million grant to support new home repair programs in neighborhoods that have experienced disproportional disinvestment.

    Starr says the Black community has yet to see the results of any of KeyBank’s investments.

    “Despite being headquartered in Cleveland, KeyBank has not made significant investments in our major underserved neighborhoods,” Starr said, “leaving many areas in economic stagnation.”

    Starr says KeyBank’s performance under the Community Reinvestment Act (CRA) has been “unsatisfactory,” and they have not met the credit needs of low- and moderate-income neighborhoods.

    Starr calls on KeyBank to improve their efforts and create tangible investments for Cleveland’s underserved communities and asks how the bank has supported financial literarcy, provide transparency in how much it has reinvested in Cleveland’s poor neighborhoods in the last few years, better support affordable housing projects, improve supplier diversity, and make more firm commitments.

    “To make meaningful progress, KeyBank needs to collaborate more closely with community organizations, local government, and residents to understand and address the specific needs of Cleveland’s underserved neighborhoods,” he said.

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    Jala Forest

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