Pending approval from the Cleveland City Planning Commission, Zaremba Inc. plans to build 108 new apartment units in downtown. The nine-building development project would create 59 one-bedroom apartments and 49 two-bedroom apartments in the Avenue District. The units would range in size from 600 to 1,100 square feet and include a mix of townhouse-style homes and flats. Seventy-seven new parking spaces would also be included in the real estate development project.
An apartment broker for Marcus & Millichap questioned the feasibility of Zaremba’s development plans. He commented that the Superior Avenue location has always been questionable because it is somewhat isolated. In 2007, a development project in the Avenue District that was meant to become a several-block neighborhood only sold five condos before going into foreclosure.
According to Zaremba’s project summary, the apartments are described as “market rate.” Although no further details were given concerning what the rental prices are expected to be, data put together by the Downtown Cleveland Alliance indicates that rental prices have been about $1.25 per square foot this year. In other words, a 1,000-square-foot unit generally rents for $1,250 per month. It is unclear how soon Zaremba plans to begin building after receiving approval from the city.
Developers in Cleveland often enlist the help of an attorney before making a major real estate purchase. Because each area of the city may have different zoning laws, an attorney may be able to provide information about the legal aspects of a commercial or residential real estate investment. If a legal issue should arise during the acquisition of a property, an attorney may be able to assist the buyer in defending their interests in the matter.
Source: Cleveland.com, “Zaremba plans 108-unit apartment project at stalled Avenue District townhouse development“, Michelle Jarboe McFee, July 10, 2014