Playhouse Square to List Its Downtown Cleveland Luxury Apartment Building, The Lumen
CLEVELAND, Ohio — Playhouse Square plans to list its luxury downtown Cleveland apartment, The Lumen, for sale less than two years after completion.
The 34-story, 318-apartment building on Euclid Avenue and East 17th Street across from three of the Arts District venues is expected to hit the market “any day now,” said Matthew Lawton, Executive General Manager of the Jones Lang LaSalle. The capital markets brokerage firm markets it, wrote in an email Wednesday.
The building is expected to be listed at around $500,000 a unit, which would put it at around $159 million, according to a company press release.
Cleveland.com and The Plain Dealer have reached out to the association’s spokesperson to find out why Playhouse Square association officials have chosen to sell the building now.
Lawton said the building is over 90% leased.
Construction began in April 2018 and work was completed towards the end of 2020 on the $135 million project, which also includes a 530-space parking lot for tenants and the public. Playhouse Square, which developed it with Hines of Houston, billed it as the largest residential project in downtown Cleveland in four decades.
At 396 feet, it is the 11th tallest building in Cleveland. Rents range from around $1,500 and top out at over $7,000.
Finances for the project included tax-exempt bonds, a $15 million gift from the Richard J. Fasenmyer Foundation, and a $10 million loan from Cuyahoga County.
Its opening took place in a context of uncertainty regarding the downtown residential market. That year, state health officials had demanded the closure of nonessential businesses and banned eating in restaurants because of the coronavirus. The orders emptied office buildings and the city center as a whole during the first months of the pandemic.
But a report by the Downtown Cleveland Alliance showed that 89.4% of all apartments in the central business district were rented between July and September last year, compared to 84.3% in the same months in 2020.
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