Downtown Cleveland Redevelopment Highlighted in Urban Land Magazine

In the January 2009 issue of Urban Land, several cities around the United States were highlighted for the rehabilitation of their historic warehouse districts into entertainment districts and residential hotspots.

Cleveland’s own Warehouse District was among those neighborhoods profiled. “Public and private investment totaling $450 million has gone into transforming the eight-block Warehouse District … into a hip neighborhood; 39 of the warehouses have been restored, 28 of which are certified historic structures. This redevelopment has attracted about 3,000 new residents to the area, mainly young professionals, as well as businesses with 2,500 employees.”

While the Warehouse District has blossomed as a neighborhood of choice in downtown Cleveland, other parts of downtown are also experiencing similar revitalization. Among those areas are Public Square and the East Fourth Street District. On Public Square, the historic Park Building is currently being transformed into 27 condominiums, which offer sweeping views of downtown.

Purchasers at the Park Building benefit from amazingly affordable interest rates that are below four percent. While the interest rates on thirty-year, fixed-rate loans have dropped to around 5%, Key Bank’s reduced rate financing program has further reduced the rate for Park Building purchasers, and hence, rates for these purchasers can be locked in well below four percent.

The renovation of the Park Building into condominiums, expected to be largely complete this year, will add another redevelopment project to downtown Cleveland’s already impressive success story.