Construction completed on The Lumen at Playhouse Square, adding another tower to Cleveland skyline – cleveland.com

CLEVELAND, Ohio Construction on The Lumen, a 318-unit apartment building in the heart of Playhouse Square in Cleveland, is now completed as the market for renting in the city faces an uncertain future.

Management at the 396-foot, 34-story tower at Euclid Avenue and East 17th Street began leasing apartments on lower floors of the building in July as work continued higher up.

As of Tuesday, 86 apartments are spoken for, Playhouse Square spokeswoman Cindi Szymanski said in an email. While some prospective tenants prefer units closer to the ground, many want to be on the upper levels, said Matt McClung, senior community manager for Greystar, the company managing the building.

Rent ranges from $1,430 for a 572-square foot one-bedroom apartment to $7,342 for a three bedroom, 1,932-square-foot penthouse, which Playhouse Square senior adviser Art Falco described as being at the high end of the market for such units.

Falco, during a Sept. 30 tour, pointed out the amenities and flourishes to differentiate from other options downtown renters have, which include older mainstays and newly renovated buildings such as the Historic May Co. Building. Even in the buildings smallest apartment, he pointed to an impressive look down Euclid Avenue, with the arts district, the theater marquees and its famous chandelier on full display.

Take a look at this view, though, said Falco, the former longtime president and CEO of Playhouse Square, the nonprofit that oversees the theater district and owns the building. Again, this is the ninth floor.

Other units higher up the building offer more expansive views of downtown and the lakefront.

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The Lumen luxury apartment living in Cleveland, September 30, 2020

Construction workers broke ground on the $135 million project, which also includes a 530-space parking garage for tenants and the public, in April 2018. Playhouse Square touts it as the largest residential project in downtown Cleveland in four decades. Work was scheduled for completion this summer, though the coronavirus pandemic delayed completion by a few weeks, Falco said.

The projects finances included tax-exempt bonds, a $15 million gift from the Richard J. Fasenmyer Foundation and a $10 million loan from Cuyahoga County.

The buildings opening comes during what could end up being a challenging time for downtown residential landlords. The state required nonessential businesses to close and forbade dining at restaurants, which hollowed out office buildings and downtown as a whole during the early months of the coronavirus pandemic.

Some real estate agents also said they have talked to city apartment dwellers who are looking to buy homes that afford them more space, in part because the pandemic forced them to work from home.

While its unclear whether demand for downtown apartments will drop in the long term, recent statistics are not promising.

The Downtown Cleveland Alliance said in a report that 13.7% of apartments were vacant in the neighborhood at the end of June, compared with 7.8% during the same period last year. Some developers are worried that downtown has too many apartments, even as others propose plans to add even more.

McClung said about 37 percent of its apartments or about 118 units must be leased by the end of the year to make budget.

They hope the views and 22,000 square feet of indoor and outdoor amenities can be enough for new renters, retirees and athletes to live in the building. This includes an outdoor terrace with grills, a pool, a fitness center with workout machines and a yoga studio, a rooftop deck and a pet spa.

Falco said that architects SCB of Chicago and adviser Vocon of Cleveland added touches to make it a premier property. From the get-go, he said the interior design of much of the building was inspired by theaters. It starts at the entrance too, with the mosaic of the Greek goddess Selene, and many common areas and hallways also feature shots from productions from Great Lakes Theater and Cleveland Play House productions.

In most projects, the renderings are generally better than the final product, Falco said, making his best pitch. In this case, its the opposite.

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Construction completed on The Lumen at Playhouse Square, adding another tower to Cleveland skyline - cleveland.com