Union at Cleveland Harbor would offer affordable housing along Cleveland’s lakefront, near the East 55th Street marina and Gordon Park (RDL). CLICK IMAGES TO ENLARGE THEM.
State awards loans, tax credits to development
Despite having 17 miles of shoreline, developments along Cleveland’s Lake Erie waterfront don’t happen that often due to a lack of developable land. But one got closer to construction today after financing for it was approved by the state, according to a press release.
Union at Cleveland Harbor, a 209-unit affordable apartment complex for families that’s proposed at 5475 N. Marginal Rd., just west of East 55th Street, was awarded loans and financing by the Ohio Housing Finance Agency (OHFA). The site is at the north end of Cleveland’s Goodrich-Kirtland Park neighborhood.
Union Development Holdings III, LLC, an affiliate of the Annex Group of Fishers, IN, which is located in suburban Indianapolis, received approval from OHFA of a $2.5 million Housing Development Loan and an allocation of $10 million in Ohio Low-Income Housing Tax Credits (LIHTC).
The development will also receive 4 percent LIHTCs which will help subsidize about 30 percent of the apartment complex’s $60.3 million in construction costs. But total costs for the development, including the acquisition of 4.27 acres of land, financing and fees reach $69.3 million, according to the project’s OHFA application.
Site and surroundings of Union at Cleveland Harbor, located on North Marginal Road next to the interchange of Interstate 90 and East 55th Street (RDL).
While 4 percent LIHTC awards aren’t competitive, a proposed development still has to be designed in a manner with the right features and affordability to be eligible for them. Final plans for the development were approved in February by the Cleveland Planning Commission.
There will be 88 one-bedroom units, 81 two-bedroom apartments, and 40 three-bedroom suites in the five-story, 198,500-square-foot building. One-third of the units will be income-restricted at 50 percent of the area’s median income (AMI).
Another 35 percent of units will be offered at 60 percent of the AMI, and the remainder at 70 percent of the AMI or less. Cleveland’s median household income is approximately $40,801, according to the U.S. Census.
While Union at Cleveland Harbor will have 209 parking spaces, the site is fairly isolated especially for lower-income residents who may not have cars. The nearest bus stop is on East 55th on the other side of Interstate 90 — a long, windy walk in winter.
Union at Cleveland Harbor will have 209 apartments and 209 parking spaces, although some residents likely will not have cars because the income levels of one-third of the renters will be half of the area’s median, or about $20,400 (RDL).
But the site is also next to the new Mandel Community Trail along North Marginal and has the167-unit Shoreline apartments as its neighbor. Plus the new development will have a playground, community garden, walking path, bike parking, onsite food pantry and vending machines.
Additionally, Union at Cleveland Harbor will feature a fitness center, business/computer center, community room and a small office area. Services provided onsite will include social programs such as literacy classes, financial literacy classes, nutrition programs and more, according to the Annex Group.
NEOtrans broke the story last August about the developer seeking Union at Cleveland Harbor. Another developer, Landmark Companies of Cleveland, previously tried to build a 212-unit project offering mid-market rents but couldn’t make the numbers work.
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