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The Ascent at the Top of the Hill Development Ceremonial Groundbreaking Held in Cleveland Heights
Highly Anticipated Development to be Gateway to Cleveland Heights
CLEVELAND HEIGHTS, OH, 6/24/2020 - The City of Cleveland Heights and Development Partner Flaherty & Collins held a ceremonial groundbreaking event today for the newly underway Ascent at the Top of the Hill Development. The project is a luxury mixed-use development that was approved earlier this year. Cleveland Heights City Council, City officials, Flaherty & Collins, representatives from the Cedar-Fairmount Special Improvement District, and the Cleveland Heights-University Heights School District participated in the ceremonial groundbreaking to help celebrate this catalytic new development in Cleveland Heights. The four-acre project site is located on Cedar Road and Euclid Heights Boulevard, just up the hill from University Circle and world-class cultural assets and major educational institutions and premier medical facilities.
Earlier this year, Cleveland Heights City Council unanimously approved the final financing pieces for the $83,000,000 mixed-use project. The City anticipates significant economic benefits from the Top of the Hill development. As a result of the development of this project, the City anticipates receiving a projected $14,300,000 in net new revenue over a 32-year timeframe. In addition, it is projected that the project will generate over $12,300,000 in new taxes and compensation for the CH-UH school district, over a 30-year period.
"We are excited to move forward with this transformative project that has been years in the making," City Manager Tanisha Briley noted. "This development represents a major new investment for Cleveland Heights and positions the City for additional growth and development in the future. I am pleased that even in the midst of the COVID-19 pandemic, we have been able to advance this important development."
At the prominent gateway between the Heights and University Circle, the Top of the Hill’s development has been a long-time goal of the City. Originally home to the eleven-story Doctor’s Hospital, the City first acquired the site in the 1960’s and, at that time, constructed a municipal surface parking lot on the site. The Ascent at the Top of the Hill is expected to include 261 market-rate luxury apartments, over 11,000 square feet of first-floor commercial/retail/restaurant space, close to 25,000 square feet of green space, and a structured parking garage resulting in approximately 550 parking spaces.The plans for the project include amenities such as first-floor co-working space, pet spa, dog park, indoor bicycle parking with a bike-wash station, fitness center, and a tenth-floor pool, terrace and common space for socializing.
Indianapolis-based Flaherty & Collins, one of the Nation’s pre-emminent developers of mixed-use projects, was selected as the City’s development partner in May of 2017 after a robust vetting process.The development is expected to offer luxury-style living with unmatched amenities in a high-demand area.
Construction is expected to be completed within an 18 to 24-month single phase construction cycle. The general contractor on the project is Cleveland Construction.
"The realization of this catalytic mixed-use redevelopment project at the western gateway to the City is a game changer for our community," stated Tim Boland, Director of Economic Development for the City. He added that the project will "bring new residents, jobs, businesses, vibrancy, and increased economic activity, as well as new tax revenue, to our City."
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