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Cuyahoga County Council's economic development committee approved a $2M short-term loan to developer CAC Project 2014 Developer LLC for the conversion of the Cleveland Athletic Club Building at 1118 Euclid Ave., which has been vacant about a decade, into a mixed-use development.
When completed, the building will have 161 apartments, 8K SF of office space and 8K SF of retail space. GL Housing Group will move its office into the building.
The loan would be the finishing piece of the financing package for the $56.3M project, Crain's Cleveland Business reports, necessitated when a mezzanine lender for the project pulled out late in 2017.
First National Bank is providing a $29.1M construction loan, and other financing includes a historic tax credit, an Ohio Water Development Authority environmental cleanup loan and Cleveland tax increment financing. The developer is kicking in equity to the tune of $5.8M.
The developer wants to begin construction in mid-February so tenants can start moving in before the end of this year.
CAC Project 2014 Developer is a partnership that includes Cleveland Heights-based investor Ned Weingart, the DiGeronimo family of Precision Environmental Group of Independence and the family of Joseph Bobeck Sr., chairman of Cleveland-based GL Housing Group.
The athletic club closed about 10 years ago, and since then the recession and other factors have put other redevelopment plans on hold.
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