Flaherty & Collins Begins Construction of $80M Luxury Apartment Project in Cleveland Heights
CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties, an Indiana-based developer, has started construction of The Ascent at Top of the Hill, an $80 million luxury apartment project in Cleveland Heights. The 261-unit community will also include 11,000 square feet of retail space and a 500-space parking garage.
The 460,056-square-foot development is situated on a four-acre parcel at the intersection of Cedar Road and Euclid Heights Boulevard. Amenities will include a rooftop pool and lounge, public green space, coworking areas, a dog park, fitness center and bike storage area. Residential floorplans will include studio, one-bedroom and two-bedroom units, as well as premium three-bedroom penthouses.
Goldman Sachs Private Bank provided a $52.6 million construction loan for the project and a public-private partnership with the City of Cleveland Heights provided additional financing. Cleveland Heights is a first-ring suburb just east of Cleveland proper.
“The city has been a tremendous partner through this process and the Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving,” says Deron Kintner, general counsel for Flaherty & Collins Properties and lead project developer.
Construction began this week following financial closing. Completion is slated for spring 2022.
— Alex Patton, Kristin Hiller