Chicago developer turns scrap into luxury living with its first Cleveland apartment building
From scrap yard to deluxe living, a Chicago developer believes its first entry into the Cleveland apartment market will offer something unique.
The TREO Apartments on the 2400 block of West 25th Street on the edge of the Tremont and Ohio City neighbourhoods is the first Cleveland endeavour for Chicago-based Mavrek Development.
The land was the former home to a scrap yard owned by Sass Automotive and Wrecking until Mavrek paid $1.2 million for it in 2021.
Construction was completed earlier this month and residents have begun to move in.
TREO has 170 apartments on four residential floors with floor plans offering studios, one-bedroom apartments, two-bedrooms apartments, and two baths. There are also junior size one-bedroom units of up to 612 square feet, or 200 square feet less than the other one-bedroom units.
Rent ranges from $1,223 to $2,160 a month.
Some features include dedicated work areas, motion lights in every closet, in-unit washer and dryers and balconies for all but 10 of the units.
Cleveland native Adam Friedberg of Mavrek said he believes the apartment building offers some new things to the Cleveland market.
“We did some custom stuff at TREO that we hadn’t seen elsewhere in Cleveland. I think we’ve done a really good job at that and so far the feedback has been really, really positive,” Friedberg said.
A rendering of the TREO Apartments ahead of completion of construction on April 1.Mavrek Development :
One of the units in the TREO Apartments :
Friedberg said that Latch, a full-building operating software and security system, will allow residents to use an app to access their apartments and other amenities. Latch also offers residents a package tracking system that gives them codes to pick up packages in a designated place.
Other amenities include a large front courtyard, a sizeable gym, private Zoom-rooms for Zoom meetings on the main floor, a fifth-floor activity room that includes a table beer tap that residents can access with their phones, and a fifth-floor patio with unobstructed views of the downtown Cleveland skyline.
There is 2,100 square feet of commercial space on the main floor, which Mavrek hopes will eventually be home to a local coffee shop or another business that would act as an amenity to the building. Space would also be open to the community.
No.1 most expensive home sold in Cuyahoga County, April 17-24 was in Shaker Blvd, Hunting Valley.
Hunting Valley is an eastern suburb of Cleveland, it is part of the Cleveland metropolitan area.
The Village of Hunting Valley was incorporated as a village in 1924. The Village is comprised of eight square miles in the Chagrin River Valley, a suburb in the Greater Cleveland area. Known for its picturesque landscape and land conservation.
The most expensive home sold in Cuyahoga County, April 17-24 was 3030 Shaker Blvd. The price was $1,600,000. The house was built in 1954 and has a living area of 4,667 square feet. The price per square foot is $343. The deal was finalised on April 6.
Financing lined up for Ohio City high-rise apartment, hotel building
Bridgeworks, a mixed-use high-rise planned in Cleveland’s Ohio City neighbourhood, has received approval on bond financing from the Port of Cleveland.
Two bond financing resolutions were passed by the Port of Cleveland to aid Mass Design Group, M. Panzica Development, and GramMar in constructing the 15-story building.
One resolution authorises the issuance and sale of $80 million in taxable Lease Revenue Bonds. The other resolution authorises the issuance and sale of about $4.1 million taxable Bond Fund TIF Bonds through the Port’s bond fund.
Bridgeworks Project Rendering :
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