The Lumen will also contain 22,000 square feet of resident amenities, including a courtyard terrace with grill area and fireside lounge, electric car charging and car wash stations, a pet spa, bike storageĪnd repair station, concierge services, business and fitness centers, and a heated lap pool. The tower will host 318 luxury apartments and a garage with over 550 parking spaces. Rising to almost 400 feet tall, The Lumen will tower high above all other buildings in the Playhouse Square District. 17th Street, and will consist of a 34-story tower, housing luxury apartments, and a new parking garage. The building is being constructed on a one-acre site at the corner of Euclid Ave. As the largest residential project in downtown Cleveland in over 40 years, IX is honored to be a team member on this history-making development in the heart of the largest theater district outside of Broadway. (IX) is excited to partner with the Gilbane Building Company on the construction of The Lumen at Playhouse Square. The Fidelity Hotel is currently under construction while a W Hotel is planned at the Tower at Erieview.Independence Excavating, Inc. These include The Kimpton, The Drury and The 9. Examples include The Beacon, The Lumen and The City Club Apartments.ĭowntown Cleveland has also seen five office-to-hotel conversions completed since 2007. Most of these units have been absorbed, though JLL reports that overall apartment occupancy has fallen from 97% in 2007 to 91% in 2022.Īt the same time, developers have been adding new-construction multifamily buildings in downtown Detroit for the first time in decades. Overall, more than 3,934 apartment units have been delivered in downtown Cleveland since 2007. JLL says that more than 7.8 million square feet of office space has been converted to residential use since 2007, a figure that accounts for 89% of all conversion activity. What happens to converted office space? In Cleveland, according to JLL, most of it has been turned into apartments. This map, provided by JLL, shows where office conversions and demolitions have taken place throughout downtown Cleveland. According to JLL, the conversion and demolition of more than 9.7 million square feet of office space is equal to nearly seven Key Towers. JLL reported that 65% of the office removed from the downtown Cleveland market since 2007 has been Class-C space, while 35% has been Class-B.įor a nice visual, picture Cleveland’s iconic Key Tower, the tallest building in Ohio. These conversions have resulted in a 40% reduction of inventory in Cleveland’s downtown office market. The pandemic, though, gave it a push.Īccording to JLL, more than 9.7 million square feet of office space has been converted or demolished in downtown Cleveland since 2007, with 90% redeveloped and just 10% demolished. In Cleveland, at least, this trend started long before the pandemic, according to the latest research from JLL. Cities and developers are now working to turn these unloved offices into residential space, one more way to address the shortage of multifamily housing that most cities face. Across the Midwest, office users are seeking out higher-quality space, leaving older buildings largely empty. This trend isn’t limited to Cleveland, either.
And as more users flock to Class-A office space, developers are increasingly targeting Cleveland’s outdated Class-B and Class-C space for conversions, turning many of them into apartments. A flight to quality: Since the start of the COVID-19 pandemic, this has been the biggest trend hitting Cleveland’s office market.
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