![]() PSF bought the Middough lot in 2016 while capital was still being accumulated for The Lumen which ultimately erased a 160-space surface parking lot on Euclid. The 318-apartment building represents the transition of Playhouse Square from an entertainment-focused theater district into an urban mixed-use neighborhood. It would be located on the 106-space Middough Parking Lot at the southeast corner of Chester Avenue and East 13th Street. Playhouse Square puts the Lumen apartment tower up for sale JLL Capital. ![]() One of the two sources said that a community development project would be a follow-on major residential development that some dubbed Act II or The Encore. The anticipated pricing is 500,000 Read 128 reviews of Lumen Apartments in. NEOtrans broke the story in January that PSF wanted to sell The Lumen to raise capital for community development projects, according to two sources. But if the developer tends to own real estate for a source of stable income as PSF does, it may skip the real estate market and refinance the debt portion of its capital stack. The owner, typically a developer, often sells it to help raise capital for its next development project. When a newly built, leasable property reaches 90 percent occupancy, the real estate industry considers it stabilized. A second, 1,135-square-foot retail space remains available for lease. ![]() But, yesterday, a certificate of occupancy was granted by the city to First National Bank of Hermitage, PA after it made $165,000 worth of improvements to build-out an 804-square-foot commercial space for a new bank branch. Its two ground-floor retail spaces have been slower to lease. But PSF isn’t commenting on whether they’re still selling The Lumen or not. The nonprofit arts, educational and community development organization built the theater district tower for $135 million to $138 million, depending on which source is quoted and what costs are included in the total. That would put PSF’s asking price for the 602,000-square-foot building at $159 million. The 396-foot-tall skyscraper has 318 apartments. REJournals reported in February that PSF was seeking about $500,000 per apartment for the property located at 1600 Euclid Ave. It was out of everyone’s range.Īccording to two sources, PSF couldn’t get offers at amounts anywhere close to what the organization wanted. And it wasn’t just out of your price range. The reason is that The Lumen’s owner, the Playhouse Square Foundation (PSF), is reportedly taking the 34-story apartment tower off the market. If you were gathering up spare change in the hopes of buying The Lumen, Cleveland’s tallest residential building, you’re probably out of luck. CLICK IMAGES TO ENLARGE THEM Encore project also not in the program Its owner, the Playhouse Square Foundation, put the building up for sale but reportedly has taken it off the market (JLL). “You can socially distance, socialize, you can have private space within that.The Lumen, downtown Cleveland’s tallest residential building, was 90 percent leased just one year after it opened for occupancy in July 2020, right in the middle of the COVID-19 pandemic. “There are pods throughout the common areas where you can gather in small groups, you can set up for businesses,” Vernaci said. The tower is spacious and equipped for social distancing, she said. Residents began moving into the Lumen in mid-July, Vernaci said, while upper floors were still under construction. Playhouse Square began offering virtual tours to potential tenants earlier this year to reduce risk of coronavirus spread. And penthouse apartments range from about $5,700 to about $7,300. Monthly rent for a one-bedroom apartment, depending on the floor plan, runs $1,470 to $2,330. Located at Euclid Avenue and East 17th Street, it includes a parking garage, outdoor terrace and more than 300 apartments – of which 86 are already leased, according to Playhouse Square President and CEO Gina Vernaci. Construction on the largest Downtown Cleveland residential development in 40 years is complete, Playhouse Square announced Thursday.Ĭonstruction of the nearly 400-foot tall Lumen Tower began in 2018.
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