Flats East Development LLC, the partners behind the multi-phase Flats East development, have broken ground on Phase II. The project is expected to be complete in time for residents, visitors and office workers to enjoy the 1,200-foot riverfront boardwalk by summer of 2015. The ambitious project contains a few surprises, including a new office building that's been added to the mix.
"Currently, we've broken ground on Building 4, which is the large residential building with 243 apartments above a parking deck and retail podium," says Brice Hamill, Director of Design with Fairmount Properties. "With Building 4 being the largest of the buildings [in Phase II], we needed to kick it off now to complete it on schedule. We just finished up the auger piles and deep foundation, and now we're coming out of the ground and casting columns for the first floor retail."
Read more at:
You may remember earlier coverage of the now-complete Ernst & Young Tower, which was considered the first phase of this groundbreaking project, which successfully produced the first highrise office tower built in Cleveland for over 20 years. The continued forward push of this project is motivated in part by the astronomically-high $30/square foot/year rents that are being fetched in the new tower, which is about one-third to twice as high as standard class-A or class-B office space brings in other parts of the central business district.
Stay tuned for pictures of the construction site.