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Posted on: May 5, 2020

Top of the Hill Develoment Project Closing Sets Stage for Start of Construction

FOR IMMEDIATE RELEASE
Media Contact:
Mary Trupo
Director of Communications
mtrupo@clvhts.com

Top of the Hill Develoment Project Closing Sets Stage for Start of Construction
Highly Anticipated Development to be Gateway to Cleveland Heights 

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.

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.
 
"While the City remains focused on the challenges the COVID-19 crisis has created for our entire community in the weeks and months ahead, we are excited to be able to move forward with this project," City Manager Tanisha Briley noted. "It represents a major new investment and positions the City for additional growth and development in the future."


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.  

Indianapolis-based Flaherty & Collins, one of the Nation’s pre-imminent 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. 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.  

Construction is expected to begin this month for what should be an 18 to 24-month single phase construction cycle.  The general contractor on the project is Cleveland Construction.  

"The realization of this catalytic and transformative 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."  

The Top of the Hill is located in the popular Cedar Fairmount commercial district, just minutes from University Circle and major educational institutions and premier medical facilities. The project should be nearing completion by the first half of 2022.  

More information on this exciting new project in Cleveland Heights can be found at www.clevelandheights.com/toh.


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