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Cleveland Athletic Club Redevelopment Slated for First Quarter of 2018

Cuyahoga County Council's Economic Development Committee Approves Short-Term, $2M Loan to Developers
January 25, 2018
The developers, a partnership between Ned Weingart, the family of Joseph Bobeck Sr. and the DiGeronimo family of Precision Environmental Group of Independence, received approval from the Cuyahoga County Council’s economic development committee for a short-term, $2 million loan to complete a $56.3 million development package for the Cleveland Athletic Club bldg. at 1118-1148 Euclid Ave.

The developers expect the project to commence in coming weeks with occupancy executed by the end of 2018.

The development group plans to convert the approximately 255,000-square-foot, 15-story building into a 161-unit apartment complex with 16,000 square feet of office and retail space on the first floor.

A $29.1 million construction loan will be provided by First National Bank. Additional financing includes a $3.6 million Ohio Water Development Authority environmental cleanup loan, a $12.9 million historic tax credit, $3 million in Cleveland tax increment financing and $5.8 million in equity contributed by the developers.
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