At the northeast corner of Detroit and St. Charles avenues is the former Lakewood Center West, now converted into Lakewood Lofts. In the parking garage seen behind, 70 spaces are set aside for tenants of the lofts (Google). CLICK IMAGES TO ENLARGE THEM.
Lakewood Lofts welcomes new tenants
Downtown Lakewood is steadily turning from an office district into a residential one. The latest example of that metamorphosis is perhaps the quietest conversion of a seven-story suburban office building in Greater Cleveland’s history.
That conversion is of the former Lakewood Center West, 14650 Detroit Ave., a 77,112-square-foot, pre-cast concrete structure built in 1982. It reopened last month after two years of renovations into Lakewood Lofts by Preferred Housing Corp. of Brooklyn, NY.
The result is the delivery of 64 apartments over approximately 10,000 square feet of ground-floor commercial spaces. While it received its occupancy permit from the city on March 24, public records show, leasing got underway only a few weeks ago.
Preferred Housing affiliate 14650 Detroit Ave LLC acquired the former office building for $2.4 million in March 2023, county records show. Renovation costs weren’t available.
The upper floors of the neighboring 15-story Lakewood Center North were converted from offices to 182 apartments in 2017 by developer Kowit & Co. Real Estate Group of Mayfield Heights for $15 million.
Open-floor designs, high ceilings and contemporary styles are seen in this latest renovated former office building in Downtown Lakewood (lakewoodloftoh.com).
Renovations for Lakewood Lofts began in 2024 but there were delays in moving out the few remaining office tenants, said Joe Zagelbaum, principal of Preferred Housing.
“It took a little bit of time working with the existing tenants so it was hard to start right away,” Zagelbaum said. “We have one (ground-floor) commercial tenant, Thriveworks Therapy, and another commercial tenant space or two that we’re looking at filling.”
As for tenant interest, Zagelbaum said it’s too soon to say since leasing just started. He said his target market is focused on young professionals but anyone interested in living in an urban setting with suburban services should schedule a tour of the building.
“We’re hoping it’s a big success,” Zagelbaum said, adding that he is looking for the next development opportunity in or near Lakewood. “We’re keeping an eye open.”
Lakewood Lofts offers 40 one-bedroom units ranging in size from 518 to 929 square feet. Another 12 one-bedroom units have offices and total 929 square feet except for one on the second-floor that has 941 square feet.
A boutique hotel-like atmosphere surrounds the Lakewood Lofts’ common spaces. The building’s lobby is seen here (lakewoodloftoh.com).
All of the 12 two-bedroom apartments measure 1,042 square feet. And all of the apartments, regardless of size, have one bathroom each according to the Lakewood Lofts’ floor plans.
Rents are priced anywhere from $2.25 to nearly $3 per square foot, putting them in the mid- to upper-market range for Greater Cleveland according to the latest listing on Realtor.com.
In the parking garage immediately north of the building, between Belle and St. Charles avenues, 70 spaces are reserved for use by Lakewood Lofts residents by agreement with the garage’s owner Lakewood Equities LLC.
Each residence has 10- to 12-foot-high ceilings, is designed with contemporary kitchens with oversized islands, quartz countertops, custom cabinetry, stainless steel appliances, spa-inspired baths with deep soaking tubs, in-suite laundry, central air, and forced-air heating.
Residents will have access to renovated common areas that include lounge spaces, oversized elevator entrances, secure video-entry access, electronic entry, and a boutique hotel-inspired atmosphere throughout the building.
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