In Brief: ErieView Development closed financing for a $218 million conversion of Erieview Tower in downtown Cleveland into the 210-key W Cleveland hotel, 215 rental apartments, office space and other uses.
Erieview Tower, at East Ninth Street and St. Clair Avenue, is scheduled to include the first W Hotel in Ohio and 215 W Apartments offered for lease. The hotel, apartments, 38th-floor restaurant and bar are scheduled to open around late 2027. Class A office floors are to be delivered turnkey on tenant schedules through 2028.
The 40-story building was completed in 1964 and designed by Harrison & Abramovitz. It rises 529 feet and contains approximately 700,000 square feet. The building is listed on the National Register of Historic Places.
The apartment component will occupy floors 17 through 28 and total approximately 179,565 square feet. Units will range from studios to two-bedroom apartments. The apartments are planned as rental units rather than for-sale residences.
The hotel will have 210 keys. The redevelopment also includes office space on floors 29 through 38, a restaurant and bar on the 38th floor, a 15,000-square-foot ballroom, spa, fitness center, lobby lounge, the Galleria at Erieview and a single-deck subterranean parking garage with more than 450 spaces.
The restaurant and bar are planned to be open to the public. The 38th floor previously housed Stouffer’s Top of the Town, which operated in the building’s early years for three decades.
Nuveen Green Capital provided $93.4 million in C-PACE financing. The proceeds will fund energy, water and building-envelope improvements, including VRF mechanical systems, curtain wall work and elevator modernization. ERIEBANK, a division of CNB Bank, is providing $20 million in senior financing.
Foss & Company invested in Ohio historic and Transformational Mixed-Use Development tax credits. Consortium Structured Investments invested in federal historic tax credits, and Midland States Bank is providing federal historic tax credit bridge financing. Cuyahoga County provided a loan supporting the hotel.
The financing also includes Ohio Brownfield Remediation Program funds, City of Cleveland tax abatements and tax increment financing, and Cleveland-Cuyahoga County Port Authority incentives.
BGL Real Estate Advisors served as exclusive financial adviser to the developer. KJK served as lead counsel, and TurnDev is project manager.
Rockwell Group and Beyer Blinder Belle are leading design work. Berardi + Partners is architect of record. Turner & Townsend and Novogradac & Company are also part of the project team.