Stark Enterprises has announced that they have finalized a $65 million dollar construction loan to begin building 'The Beacon,' a mixed-use, high-rise building in Downtown Cleveland.
The $94 million dollar development will be located at 515 Euclid Avenue, and feature 187 luxury one- and two-bedroom residential units.
The Beacon will be 28 stories tall and feature amenities such as a rooftop social space and dog park, a state-of-the-art fitness center, integrated garage parking, unobstructed lake and city views and more. Individual units will boast deluxe finishes, floating vanities, spacious storage, high ceilings and spectacular views.
Apartment pre-leasing information will be available October 2017 for a Spring 2019 opening.
Ground-level tenants will include Balance Grille, Heck's Café and the existing Potbelly Sandwich Shop, which will remain open throughout construction. Heck’s Café is slated to open mid-September 2017 and Balance Grille will open its doors in Spring 2018.
“This is a monumental milestone for our project and for Downtown Cleveland,” said Ezra Stark, chief operating officer, Stark Enterprises. “Given all the complexities that come with downtown new construction, it’s an extreme honor and thrill to commence on this skyline-changing development with the city and our partners.”