Pennrose LLC – NEOtrans

Warner & Swasey faces $2M gap, needs help

Ken Prendergast / June 18, 2025

Perhaps as early as Monday, affordable housing developer Pennrose LLC of Philadelphia will get a deed and the keys to the hulking mass of brick. concrete, steel and memories that is the Warner & Swasey Co. factory, 5701 Carnegie Ave. The hope since 2018 has been to turn this long-vacant site into affordable housing. But if money was as abundant as hope for this property, its redevelopment wouldn’t have experienced a new, $2 million setback.

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Warner & Swasey conversion funding not there yet

Ken Prendergast / May 23, 2025

It’s been a long road for the former Warner & Swasey plant, 5701 Carnegie Ave. in Cleveland’s Midtown neighborhood, to become a useful building again. And while it doesn’t have all of its financial pieces available yet to complete its $52 million puzzle, those last five pieces have been identified and are in the process of being secured.

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McCafferty site redevelopment in Ohio City revealed

Ken Prendergast / March 4, 2025

Six weeks ago, city officials announced that they had picked Pennrose, LLC and its proposal to build senior affordable apartments on the current site of the Thomas F. McCafferty Health Center, 4242 Lorain Ave. in Cleveland’s Ohio City neighborhood. Now, with a Pennrose-led development team submitting to the state its application for Low Income Housing Tax Credits (LIHTC) for the project, the public can see the developer’s proposed plan.

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