One of the two sources said that a community development project would be a follow-on major residential development that some dubbed Act II or The Encore. NEOtrans broke the story in January that PSF wanted to sell The Lumen to raise capital for community development projects, according to two sources. But if the developer tends to own real estate for a source of stable income as PSF does, it may skip the real estate market and refinance the debt portion of its capital stack. The owner, typically a developer, often sells it to help raise capital for its next development project. When a newly built, leasable property reaches 90 percent occupancy, the real estate industry considers it stabilized. A second, 1,135-square-foot retail space remains available for lease. But, yesterday, a certificate of occupancy was granted by the city to First National Bank of Hermitage, PA after it made $165,000 worth of improvements to build-out an 804-square-foot commercial space for a new bank branch. Its two ground-floor retail spaces have been slower to lease. But PSF isn’t commenting on whether they’re still selling The Lumen or not. The nonprofit arts, educational and community development organization built the theater district tower for $135 million to $138 million, depending on which source is quoted and what costs are included in the total. That would put PSF’s asking price for the 602,000-square-foot building at $159 million. The 396-foot-tall skyscraper has 318 apartments. REJournals reported in February that PSF was seeking about $500,000 per apartment for the property located at 1600 Euclid Ave. It was out of everyone’s range.Īccording to two sources, PSF couldn’t get offers at amounts anywhere close to what the organization wanted. And it wasn’t just out of your price range. The reason is that The Lumen’s owner, the Playhouse Square Foundation (PSF), is reportedly taking the 34-story apartment tower off the market. If you were gathering up spare change in the hopes of buying The Lumen, Cleveland’s tallest residential building, you’re probably out of luck. CLICK IMAGES TO ENLARGE THEM Encore project also not in the program Its owner, the Playhouse Square Foundation, put the building up for sale but reportedly has taken it off the market (JLL). 21.The Lumen, downtown Cleveland’s tallest residential building, was 90 percent leased just one year after it opened for occupancy in July 2020, right in the middle of the COVID-19 pandemic. No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. and/or other countries.Ĭorporate Responsibility, Privacy & Legal Notices: Compass is a licensed real estate broker, licensed to do business as Compass RE in Delaware, Idaho, New Jersey, Pennsylvania and Tennessee, Compass Real Estate in Washington, DC, Wyoming and Idaho, Compass Realty Group in Missouri and Kansas, and Compass South Carolina LLC in South Carolina. Do Not Sell or Share My Personal Information, Terms of Service, Privacy Center, Scam Avoidance, Responsible Disclosure, Compass is an E-Verify employer, Notice for California Applicants, California COVID-19 Rules of Entry, and Your CA Privacy RightsĬOMPASS, the Compass logo, and other various trademarks, logos, designs, and slogans are the registered and unregistered trademarks of Compass, Inc.
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