High-end Apartments Coming to Beachwood

By Adrian Maties, Associate Editor Hundreds of new apartments may come to the Cleveland suburb of Beachwood in the near future. Two property developers have already made plans. Apartment developer and operator Goldberg Cos. plans to redevelop a site across the street [...]

Hundreds of new apartments may come to the Cleveland suburb of Beachwood in the near future. Two property developers have already made plans.

Apartment developer and operator Goldberg Cos. plans to redevelop a site across the street from Beachwood Place Mall to add a fourth building to its luxury Four Seasons I, II and III apartments at 26600 George Zeiger Drive. The rent for a three-bedroom unit in the luxury complex is $3,000 a month.

If the city of Beachwood approves the plan, Goldberg will start work on a four-story building with 132 units adjoining Four Seasons III. The fourth building in the luxury complex will be constructed on a site that has been left unused since the late 1980s.

Goldberg is a nationwide builder, owner and manager founded more than 50 years ago. It is headquartered in Northeast Ohio and has built more than 8,000 apartment homes, 500,000 square feet of premier office and retail space, and more than 4,000 single-family homes in the Greater Cleveland area.

The city of Beachwood is also considering rezoning the site of the Commerce Park I, II and III office buildings at the corner of Chagrin Boulevard and Green Road, turning the business park into a multi-family residential district. The city’s planning and zoning commission will see the rezoning request on Jan. 26.

A joint venture by NRP Group L.L.C. of Garfield Heights and Munsell Realty Advisors Inc. of Beachwood paid $4.1 million for the Commerce Park I, II and III office buildings last September. Munsell also owns the newer Commerce Park IV and V buildings, to the south, and smaller office buildings just east on Chagrin. Reviving the Commerce Park area is a priority for the city. No plans have been disclosed so far, but rents are certain to be among the highest in Cleveland’s eastern suburbs.

Established in 1998, Munsell Realty Advisors owns, operates and leases real estate properties. NRP is a big developer of seniors and affordable housing. Recently, it ventured into market-rate apartment development in Texas and Florida.