Visconsi Plans to Add 205 Apartments in Little Italy
- Dec 01, 2014
More than 200 new apartments are coming to Cleveland. A Pepper Pike-based developer plans to build a six-story apartment building in the city’s Little Italy Neighborhood.
According to The Cleveland Plain Dealer, the project has recently taken another step toward the start of construction. Earlier this month, the Cleveland Landmarks Commission granted it a preliminary approval, as well as approving the developer’s request to clear the Woodhill Supply property on E. 123rd Street.
Visconsi Cos., the project’s developer, plans to replace the vacant industrial complex in Little Italy with two blocks of apartments, with green space between them. There will be 29 studios, 99 one-bedroom units and 77 two-bedroom units. The 205 apartments could range between 445 and 1,369 square feet. Plans also call for the construction of a two-level, 258-space parking garage. Cleveland-based Vocon designed the project.
The developers did not reveal how much they plan to invest or a timeline for the project. They told The Plain Dealer that the acquisition of the site might occur in the first half of 2015. They also said they hope to start work next spring and that construction could take between a year and 18 months.
In its fourth quarter 2014 apartment market report, Marcus & Millichap said that this year Cleveland will receive the largest addition to its apartment inventory in more than a decade. Builders will deliver 1,100 units this year, increasing apartment stock by 0.7 percent. In spite of this, the elevated demand will continue to push down vacancies. By the end of the year, apartment vacancy in the Cleveland area is expected to reach 4.3 percent. This will enable operators to boost rents by 2.1 percent this year, to $812 per month.
Photo credit: Cleveland Landmarks Commission