CLEVELAND -- Preliminary work has just started for Phase II of the Flats East Bank project.
Developer Scott Wolstein says financing should close in about 10 days.
The preliminary work has already begun as heavy equipment is inserting pilings in the ground to support Phase II's massive centerpiece.That building will house 10-15 restaurants and nightclubs, several stories of parking, and 243 upscale apartments.
Wolstein jokes that he could have financed the project if he could get deposits from everyone who has claimed that they want one of the penthouse units.
Wolstein thinks the residential component is the most important element of the second phase.
He describes the East Bank project as actually a complete neighborhood.
Expect a groundbreaking soon and Phase II will also include a couple of other buildings. One is another office complex. Wolstein says the $170 million project should be complete by late next spring.