Planned between Euclid and Chester avenues in the East 40s is a large, mostly residential development. This project takes its cue from the newly built Foundry Lofts between Euclid and Carnegie avenues in the East 70th that leased out pretty quickly. This view looks northwesterly from Euclid Avenue (Vocon). CLICK IMAGES TO ENLARGE THEM.
Signet takes cue from Foundry Lofts’ success
A property transaction recorded last week by Cuyahoga County revealed an emerging development site that could host about 200 apartments in Cleveland’s Midtown neighborhood. The site, located between Euclid and Chester avenues in the East 40s, has been the subject of interest by multiple developers in recent years.
But the developer that acquired it was Signet Real Estate Group of Akron, public records show. Its latest acquisition adds to a neighboring property it also recently bought here. It’s not surprising that Signet has shown a continuing interest in developing between Downtown Cleveland and University Circle — two of Ohio’s four largest employment hubs that are separated by less than four miles.
In late-2022, Signet opened the 160-unit first phase of its Foundry Lofts, 7240 Euclid. The apartments and a retail space facing Euclid leased out in six months, prompting the company to pursue a planned second phase that added another 82 apartments fronting Carnegie Avenue. Those have just started leasing and at rates below than most apartments within the two employment hubs.
The goal, according to Signet, is to market the apartments to students and workers who go to school or work in downtown Cleveland or University Circle but can’t afford market-rate housing in those fast-growing residential districts. That approach has been successful and more is in the offing.
Conceptual plans by Cleveland architect Vocon were leaked to the online forum UrbanOhio. They show that about 200 market-rate apartments divided among three new buildings are proposed. One building with ground-floor retail would front Euclid, another might front Chester and a third could rise between them. Engelke Construction Solutions of Brunswick reportedly is the general contractor.
Conceptual site for Signet’s latest mixed-use development in Cleveland’s Midtown. Three mostly residential buildings are shown on a newly platted 2.7-acre parcel with an existing office building and its parking on a new 1.78-acre parcel outlined in red (contributed).
The building facing Euclid is shown to be four stories tall with the other two being only three stories. A preliminary site plan was shared as well, showing a driveway from Euclid to a residential parking lot behind the southernmost apartment building would travel below that building. The reason why the driveway wouldn’t be built east of the proposed Euclid-facing apartment building is due to how the properties are being replatted.
On Dec. 9, a Signet affiliate named 4209 Euclid LLC acquired 2.4 acres from 4415 Euclid LLC for $400,000, Cuyahoga County property records show. That deed transfer was recorded Dec. 13, making it publicly available. The site is next to the East 40th station on the Greater Cleveland Regional Transit Authority’s HealthLine bus rapid transit that links downtown, University Circle and East Cleveland.
This newly acquired property extends all the way north to Chester and includes the MidTown Innovation Center at 4415 Euclid plus its parking. That 1917-built, 72,360-square-foot structure was renovated into Class B offices in 2003 by J. Gordon Priemer, president and founder of Heartland Developers LLC.
Premier has long been an advocate of Midtown’s rebirth. Through his J&M Real Estate Advisors, Inc., he led the redevelopment of the Innerbelt Buildings; 2728-2800 Euclid Ave. He also is a partner in the Cleveland Central Kitchen Food Hub among other endeavors.
Two neighboring parcels totaling 2.2 acres, comprised entirely of parking lots, were also bought by Signet from Premier but in November 2023. It paid $2,361,288 to Premier Investment Co. for those parcels, according to county records.
All of the land visible on the north side of Euclid Avenue here is now owned by affiliates of Signet Real Estate Group. A new, four-story apartment building over a retail space and driveway will be at left. The MidTown Innovation Center in the background may be sold by Signet, possibly back to its original owner. The landscaping in the foreground is part of the HealthLine bus rapid transit’s East 40th Street station (Google).
While that brings the total acquisitions by Signet to about 4.5 acres, Signet is replatting the parcel map so that the MidTown Innovation Center and its parking will be on a new 1.78-acre parcel. It may be sold, possibly back to Premier given its low purchase price compared to what Signet paid for Premier’s land last year.
That appears to be one reason why the driveway from Euclid to the parking lot for the residential development will go under the building fronting Euclid rather than around it to the east. Another reason is that the site is in the Midtown Mixed-Use District — a form-based zoning district to encourage dense, compact land development with a pedestrian-oriented mix of uses built along sidewalks to support the HealthLine.
The new plat map, filed with the county on Dec. 13, shows that the residential development will be on one parcel measuring 2.7 acres. Signet’s residential development site also wraps around the historic Midtown Colonial Townhomes, 4122 Chester. There are 17 of these for-sale townhomes, all of which were built in about 1910.
Also, Level 3 Communications of Broomfield, CO has owned the parcel at the corner of Euclid and East 40th Street since 1999 and still uses it as a parking lot for its building at Chester and East 40th. Level 3 Communications merged with The IRC Company Inc. in 2020, according to Ohio Secretary of State records.
Kevin Belt, senior vice president and managing director for Signet Real Estate Group, did not respond to two e-mails from NEOtrans seeking more information about their plans. NEOtrans also reached out to MidTown Cleveland Inc. Executive Director Ashley Shaw and Midtown’s Vice President of Economic Development Ed Peppers but we haven’t heard back them either prior to publication of this article.
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