Officials gathered yesterday for the ceremonial groundbreaking for the renovation and mixed-use repurposing of the long-vacant Warner & Swasey factory in Cleveland’s Midtown district. But the actual site preparations began months before (NEOtrans). CLICK IMAGES TO ENLARGE THEM.
Site prep underway since winter
Although site preparations have been underway since winter, now the repair, recovery and rebuilding work begins on the redevelopment of the long-vacant Warner & Swasey factory, 5701 Carnegie Ave., in Cleveland’s MidTown neighborhood.
Pennrose and MidTown Cleveland, along with a broad coalition of public and private stakeholders, yesterday celebrated the official groundbreaking for the Warner & Swasey redevelopment. It ceremoniously launched construction on an adaptive reuse of the historic former manufacturing facility that has been in the works for more than a decade.
The $64 million Warner & Swasey rehabilitation will transform the 194,000 square-foot, five-story building vacant since 1985 into a vibrant mixed-use, mixed-income community. Upon completion, the project will deliver 112 rental apartments in its first phase.
A second phase will follow, adding approximately 28 more residential units and 20,000 square feet of commercial space. The development will preserve the building’s historic character while incorporating modern amenities, outdoor gathering spaces, and improved connectivity.
“Many Clevelanders have a deep, personal connection to this building, this site, and this neighborhood. That shared history made the case for redevelopment incredibly compelling, and it’s what kept our team motivated through years of complex work to get here,” said Geoff Milz, regional vice president, Midwest, at Pennrose, in a written statement.
Much work has already been done at the Warner & Swasey redevelopment. Where Pennrose Regional Vice President Geoff Milz stood one year ago is where the groundbreaking ceremony was held yesterday. The machine shop shed, the vegetation and the litter has since been removed (NEOtrans).
“Our team did a herculean job bringing together the financing and partnerships needed to make this project a reality,” Milz added. “Today, we begin honoring that legacy by creating quality, inclusive housing that will make Warner & Swasey an active part of this community once again.”
An affiliate of Pennrose acquired the 3-acre site in October 2025 from the City of Cleveland for $2,236,134. Now that it is sold, the proceeds of the sale will be loaned by the city to Pennrose as part of a complex financing package.
“This groundbreaking represents nearly a decade of collaboration and a belief in the future of MidTown,” said Ashley Shaw, Executive Director of MidTown Cleveland, a co-developer in the project.
“Warner & Swasey has long stood as a symbol of this neighborhood’s industrial legacy,” she continued. “Today, we are not only preserving an important historic landmark, but creating new opportunities for residents, families, and businesses to thrive in the heart of Cleveland.
“This project reflects the kind of equitable, community-centered development that strengthens neighborhoods while honoring the people and history that shaped them,” Shaw said.
What the Warner & Swasey redevelopment will look like when it’s done in 2028. The parking lot is where the machine shop shed stood and on the other side of the long building shown here is Carnegie Avenue (Moody Nolan).
The redevelopment will include apartments for individuals, seniors, and families, with affordable housing for households earning between 30 percent and 60 percent of Area Median Income (AMI), as well as additional units planned in later phases.
The project will preserve defining features of the original factory, adapting the historic structure for residential and community use while respecting its industrial character. Redevelopment of the vacant eyesore is already spurring multiple developments along East 55th Street.
The 112 apartments in the first phase will be divided into two groupings of 56-unit apartments. One group will be for seniors and the other for families — all affordable housing.
The development team plans to preserve and incorporate the building’s unique architectural features into amenity spaces, including a second-floor rooftop terrace and outdoor gathering spaces.
Site plan for the Warner & Swasey redevelopment and landscaping features for the site. North is at the top of the image (Moody Nolan).
Financing for the project was complex. The development team pulled together 24 capital funding sources to bring the project to fruition, including contributions from the City of Cleveland, Cuyahoga County, and the Cleveland Foundation, among other public and private partners.
OHFA awarded the project Low-Income Housing Tax Credits (LIHTC), which were syndicated by Hunt Capital Partners. Huntington National Bank provided construction and permanent debt financing alongside Cedar Rapids Bank & Trust. State and Federal Historic Tax Credits were awarded to the project syndicated by Clocktower Tax Credits.
The Ohio Department of Development awarded the project a State Brownfield Remediation Grant and a local match was provided by Cuyahoga County. Cuyahoga County also awarded the project an Emergency Rental Assistance grant, an award of County HOME dollars, ARPA, and Casino Funds.
The City provided an Economic Development Loan, HOME funds, VESTA funds, and other resources to make the project possible. The Federal Home Loan Bank of Cincinnati provided funds through their Affordable Housing Program.
Warner & Swasey dates to 1880 when a partnership of Worcester Reed Warner and Ambrose Swasey launched a machine tool-making powerhouse that grew to employ up to 7,000 people during World War Two (contributed).
Cuyahoga County Metropolitan Housing Authority (CMHA) provided Project-Based Vouchers to ensure that some units remain deeply affordable. Capital lease financing was provided by The Cleveland-Cuyahoga County Port Authority. Finally, the Cleveland Foundation provided much-needed philanthropic investment.
The Warner & Swasey redevelopment represents a major investment in equitable development and neighborhood revitalization in Cleveland’s MidTown neighborhood, an area that continues to experience growth as a critical connector between Downtown Cleveland, University Circle, and the region’s expanding Innovation District.
Pennrose is headquartered in Philadelphia, with a regional office in Cincinnati. Pennrose recently opened Sankofa Village Phase IV in Cleveland’s Central neighborhood, completing the 236-unit Cedar Extension Transformation Plan in partnership with the City of Cleveland and Cuyahoga Metropolitan Housing Authority.
In addition to Milz and Shaw, speakers at the event included Cleveland Mayor Justin Bibb, Cuyahoga County Executive Chris Ronayne, Ward 5 City Councilman Richard Starr, District 8 Cuyahoga County Councilman Pernel Jones Jr. and others.
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