FOR IMMEDIATE RELEASEMedia Contact:Mary TrupoDirector of Communicationsmtrupo@clvhts.com
CLEVELAND HEIGHTS, OH, 05/5/2020 - The City of Cleveland Heights has taken the final step in preparation for the construction of the Top of the Hill project, a catalytic development at the gateway to Cleveland Heights. On Tuesday, City officials, and the City’s Development Partner, Flaherty & Collins, finalized the closing on the project site, essentially turning the project over for construction of this highly anticipated mixed-use redevelopment. The closing includes a ground lease structure whereby the City retains ownership of the project site, while the Developer has the right to construct and own the buildings and other improvements that will constitute the Top of the Hill project. The four-acre project site is located on Cedar Road and Euclid Heights Boulevard, just up the hill from University Circle.
Earlier this year, Cleveland Heights City Council unanimously approved the final financing pieces for the $83,000,000 mixed-use project. The Top of the Hill is being funded through private construction loan financing and Tax Increment Financing bonds, together accounting for roughly 90% of the project sources of funds. The remaining sources include Developer equity and overhead, and a 2% City commitment in economic development nontax revenue bond anticipation notes to pay for a portion of the costs associated with the construction of the project.
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. This parking lot was closed in early April of this year in anticipation of project construction. 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.