One of the two sources said that a community development project would be a follow-on major residential development that some dubbed Act II or The Encore. NEOtrans broke the story in January that PSF wanted to sell The Lumen to raise capital for community development projects, according to two sources. But if the developer tends to own real estate for a source of stable income as PSF does, it may skip the real estate market and refinance the debt portion of its capital stack. The owner, typically a developer, often sells it to help raise capital for its next development project. When a newly built, leasable property reaches 90 percent occupancy, the real estate industry considers it stabilized. A second, 1,135-square-foot retail space remains available for lease. But, yesterday, a certificate of occupancy was granted by the city to First National Bank of Hermitage, PA after it made $165,000 worth of improvements to build-out an 804-square-foot commercial space for a new bank branch. Its two ground-floor retail spaces have been slower to lease. But PSF isn’t commenting on whether they’re still selling The Lumen or not. The nonprofit arts, educational and community development organization built the theater district tower for $135 million to $138 million, depending on which source is quoted and what costs are included in the total. That would put PSF’s asking price for the 602,000-square-foot building at $159 million. The 396-foot-tall skyscraper has 318 apartments. REJournals reported in February that PSF was seeking about $500,000 per apartment for the property located at 1600 Euclid Ave. It was out of everyone’s range.Īccording to two sources, PSF couldn’t get offers at amounts anywhere close to what the organization wanted. And it wasn’t just out of your price range. The reason is that The Lumen’s owner, the Playhouse Square Foundation (PSF), is reportedly taking the 34-story apartment tower off the market. If you were gathering up spare change in the hopes of buying The Lumen, Cleveland’s tallest residential building, you’re probably out of luck. CLICK IMAGES TO ENLARGE THEM Encore project also not in the program Its owner, the Playhouse Square Foundation, put the building up for sale but reportedly has taken it off the market (JLL). The building includes a landscaped deck and heated pool, a rooftop lounge, fitness facilities and shared workspaces for tenants.The Lumen, downtown Cleveland’s tallest residential building, was 90 percent leased just one year after it opened for occupancy in July 2020, right in the middle of the COVID-19 pandemic. Rents start around $1,500 a month and top out at more than $7,000. The Lumen houses one-, two- and three-bedroom apartments, ranging from 570 to almost 2,000 square feet. … What's great is that we don't have any pressure. 'If the stars align and multifamily is still strong and there's an interested buyer, we would entertain it,' Falco said just after the first residents moved in. Earlier this month, a Playhouse Square spokeswoman confirmed that the nonprofit had retained a brokerage firm to establish a value for the building but had not made a decision about the path forward. In October 2020, former Playhouse Square CEO Art Falco, who now serves as a special adviser to the organization, told Crain's that the nonprofit did not necessarily view the Lumen as a long-term hold. 'With its spectacular execution, the property transcends the Cleveland marketplace.' 'The Lumen is one of the finest multi-housing communities I have seen in my career,' said Matthew Lawton, a JLL Capital Markets executive managing director, in a news release. Playhouse Square, which treats its real estate portfolio as a working endowment, developed the $135 million project through a partnership with Hines, a global real estate developer and manager. The 318-unit Lumen is the newest trophy downtown, a 35-story theater district building that is 93% leased. Investors are flush with cash and searching for returns in a fiercely competitive landscape. The listing comes at a hot moment in the apartment market, on the heels of a record year for commercial real estate sales. The anticipated pricing is $500,000 a unit - or $159 million. 16, that it is marketing the downtown Cleveland high-rise for sale. JLL Capital Markets announced late Wednesday, Feb. Playhouse Square Foundation is testing the market for the Lumen, the glassy Euclid Avenue apartment tower that the nonprofit performing-arts organization opened in late 2020.

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