Tuesday, September 30, 2014

Occupancy rates of newly opened downtown office-to-apartment conversions

The most recent residential offerings in Downtown Cleveland are getting snapped up by renters hungry to experience urban living. This red-hot market is running between 96-98% leased and developers can't produce enough units. Here's a roundup of what's been happening.

Residences at 1717

Formerly known as:
The East Ohio Gas Building
Construction started:
September 11, 2013
Construction finished:
March 2015 (estimated)
Rents: $1.25 per square foot
Lease-up rate: 65% (as of August 26, 2014)

"The 9"
Formerly known as: The Ameritrust Tower
Construction started: February, 2013
Construction finished: September, 2014
Rent: $2.00 per square foot
Lease-up rate: 90% (as of September 4, 2014)
A Marriott signature hotel property will partially occupy the tower, alongside apartments, a movie theatre, several restaurants and an indoor dog park. Includes the historic and stunningly appointed Cleveland Trust Rotunda, which is slated to become a Heinen's upscale grocery store.

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