This investment is an example of our long-term real estate strategy, which is to build a working endowment to help secure the future of our historic theaters, and the entertainment and educational programs people enjoy in them.Īside from a $15 million gift from the Richard J. Key components of our mission are to create an exciting district and drive economic vitality in the region. Playhouse Square has always taken a lead role in making sure our neighborhood is a vibrant destination in the heart of the city. The Lumen was chosen as the building’s name to reflect the energy surrounding Playhouse Square as well as the importance of light in theater in general and the Playhouse Square District in particular: the GE Chandelier, the marquees, retro sign and gateways. Standing 396 feet tall on a one-acre site at the corner of Euclid Avenue and East 17 th Street, The Lumen apartment tower offers residents commanding views of the city and Lake Erie, thoughtfully curated amenities and a spacious, fresh and healthy environment. PSF bought the Middough lot in 2016 while capital was still being accumulated for The Lumen which ultimately erased a 160-space surface parking lot on Euclid.In October 2020, Playhouse Square completed the largest residential project undertaken in downtown Cleveland in 40 years. It would be located on the 106-space Middough Parking Lot at the southeast corner of Chester Avenue and East 13th Street. One of the two sources said that a community development project would be a follow-on major residential development that some dubbed Act II or The Encore. NEOtrans broke the story in January that PSF wanted to sell The Lumen to raise capital for community development projects, according to two sources. But if the developer tends to own real estate for a source of stable income as PSF does, it may skip the real estate market and refinance the debt portion of its capital stack. The owner, typically a developer, often sells it to help raise capital for its next development project. When a newly built, leasable property reaches 90 percent occupancy, the real estate industry considers it stabilized. A second, 1,135-square-foot retail space remains available for lease. But, yesterday, a certificate of occupancy was granted by the city to First National Bank of Hermitage, PA after it made $165,000 worth of improvements to build-out an 804-square-foot commercial space for a new bank branch. Its two ground-floor retail spaces have been slower to lease. But PSF isn’t commenting on whether they’re still selling The Lumen or not. The nonprofit arts, educational and community development organization built the theater district tower for $135 million to $138 million, depending on which source is quoted and what costs are included in the total. That would put PSF’s asking price for the 602,000-square-foot building at $159 million. The 396-foot-tall skyscraper has 318 apartments. REJournals reported in February that PSF was seeking about $500,000 per apartment for the property located at 1600 Euclid Ave. It was out of everyone’s range.Īccording to two sources, PSF couldn’t get offers at amounts anywhere close to what the organization wanted. And it wasn’t just out of your price range. The reason is that The Lumen’s owner, the Playhouse Square Foundation (PSF), is reportedly taking the 34-story apartment tower off the market. If you were gathering up spare change in the hopes of buying The Lumen, Cleveland’s tallest residential building, you’re probably out of luck. CLICK IMAGES TO ENLARGE THEM Encore project also not in the program Its owner, the Playhouse Square Foundation, put the building up for sale but reportedly has taken it off the market (JLL). The new 602,000 square-foot, 34-story Lumen Apartment Building will house 318 luxury residential units, 528 space parking garage, and 22,000 square feet of. The Lumen, downtown Cleveland’s tallest residential building, was 90 percent leased just one year after it opened for occupancy in July 2020, right in the middle of the COVID-19 pandemic.
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