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    Beechwood's Strong Office Market Attracts Residential Development

    Like many cities, the pandemic pushed back development in Cleveland for two years. Residential, mixed-use and retail projects are slated to be completed across Downtown, The Flats, Midtown, University Circle and other major neighborhoods in Cleveland. Beachwood, a suburb of Cleveland has a slate of new projects in the area thanks, in part, to their strong office market that has attracted a lot of new residential developers. 

    What’s New?

    Among the many projects breaking ground soon in University Circle is the New Cleveland Public Library along with the Library Lofts Apartments. The library is projected to cost $18M and the attached apartments are priced at $55M. The library originated from an international architectural competition. The project is the beginning of the mixed-use development, Circle Square.

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    In Tremont, the neighborhood is being updated with a few residential buildings that will add 177 units between The Tappan and The Lincoln. Both projects are nearing completion and set to open this summer. These projects are among the most notable on a long list of new residential projects coming to Tremont. 

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    Although nearly half of the new apartment demand is in downtown Cleveland, Beachwood, a suburb of Cleveland has seen a large uptick in demand for residential space in the area. Wangard partners of Milwaukee has received a 30-year tax-increment financing deal with the City Council to create 147 market-rate apartments and 19,900 square feet of commercial and amenity space.  

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    Beachwood’s strong office market is being leveraged to grow the rapidly increasing housing market. As evidenced by My Place Group’s new redevelopment plans to turn a former Doubletree Hotel site into a $125M mixed-use development. Continued growth in the area is beginning to rival that of downtown Cleveland.

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    Tag(s): Ohio Digest

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