121 Larchmere Cleveland
CLEVELAND, Ohio — Officials and developers on Tuesday broke ground on a $23 million, four-story apartment building in Cleveland’s Larchmere neighbourhood set to open next spring.
The building, dubbed 121 Larchmere, will be perched at the corner of Larchmere Boulevard and East 121st Street at the western end of the East Side commercial strip, known for its array of antique shops and restaurants. The plans include 88 market-rate studio and one-bedroom apartments and the hope is to attract more people to an area of the city that continues to develop.
The building will have more than 64,000 square feet for apartments and about 6,300 square feet for a first-floor office.
The project is developed by First Interstate Properties of Lyndhurst, which also built Legacy Village, Steelyard Commons and the One University Circle high-rise apartment building.
An affiliate of First Interstate bought the property in March for $950,000, Cuyahoga County property records show. The land was previously home to a Pick n Pay supermarket and later housed the Life Skills Center of Northeast Ohio charter school.
The company on Tuesday held a “virtual groundbreaking” for the project because of the coronavirus pandemic. Still, about two dozen people were present at the site to commemorate the project, including many from the company and City Councilman Blaine Griffin. The rest watched via livestream on YouTube.
“We hope that 121 Larchmere will really serve to enhance the neighbourhood, bring residents to the neighbourhood, bring new business to the neighbourhood and continue the renaissance that’s happening in this neighbourhood,” First Interstate President Mitchell Schneider said at the groundbreaking.
Development associate Tony Smith said Wednesday that the company already has a tenant for the first-floor office space but declined to name it.
City Council in March approved tax incentives for the project, which will give First Interstate 30 years of tax-increment financing, a mechanism that allows revenue from future taxes on the property to be used to pay for its improvements.
Griffin said at the groundbreaking that there was a proposal to put a dollar store on the location. Slowing the proliferation of such stores has been an interest of the councilman, and he said residents intervened and paved the way for the new apartment building.
121 Larchmerer is very close to Buckeye Shaker,
Buckeye Shaker and the surrounding neighbourhoods like Woodland Hills and Mt Pleasant are one of the most popular areas in which Global Investments have sold many properties over the years.
Buckeye Shaker is only minutes from the famous Shaker Square. Shaker Square is one of the biggest attractions in Cleveland and is full of restaurants, bars, boutiques and of course the Cinema.
It is good to see continued new property developments in this area which continues to attract investors and business, great for capital appreciation.
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