CLEVELAND HEIGHTS –The Ascent at Top of the Hill, a $80 million mixed-use, luxury residential apartment development at the gateway to Cleveland Heights completed closing this week and has officially began construction. The Top of the Hill project is located at a four-acre parcel the junction of Cedar Road and Euclid Heights Boulevard.
“We’re ecstatic to close on the Top of the Hill development in Cleveland Heights,” said Deron Kintner, General Counsel for Flaherty & Collins Properties and lead project developer. “The City has been a tremendous partner through this process and The Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving.”
The Ascent at Top of the Hill is the biggest mixed-use residential project in Cleveland Heights and will feature some of the best amenities offered in the greater Cleveland metropolitan area. The project consists of 261 luxury market rate apartment homes and 11,000 square feet of commercial retail space and a 500-space parking garage.
Comprised of studios, one and two-bedroom apartment homes and select premium three-bedroom penthouses, The Ascent will be authentic to the area’s rich heritage by stitching together the iconic and modern and the historic.
Residents will enjoy a variety of amenities including a rooftop amenity area featuring a rooftop pool, rooftop lounge including two grills and firepit. The project is designed to include two distinct co-working spaces, one an indoor co-working lounge, the other an outdoor co-working patio space.
A quarter-acre public green space is designed as a small public park, with opportunity for public art, outdoor recreation and leisure. The park also provides pedestrian access to the public garage.
Additionally, the project features a bark park and dog spa, fitness center featuring workouts on demand, bike storage area with bike wash and repair station and an additional courtyard space with grill and outdoor kitchen. Residents will have access to private garage parking and parcel delivery system, and a pedestrian bridge connecting the buildings will provide weather protection, move-in staging rooms and a guest suite.
The Ascent at Top of the Hill will be focused on custom service to their residents, featuring morning coffee service and other hotel-like amenities. Apartments will include modern finishes, LED lighting, washer/dryer, stainless steel appliances, quartz countertops, secure fob building and unit access and most apartments include private balconies.
In addition to the public private partnership with the City of Cleveland Heights, Goldman Sachs Private Bank provided a $52.6M construction loan to the project.
“We are delighted to partner with the Flaherty & Collins team on this project,” says Emily Turner, Vice President at Goldman Sachs. “The need for a large construction loan and the backing of a strong sponsor made this a great fit for our firm. Our team is excited for the positive impact of this development on the Cleveland Heights community.”
The city solicited development proposals in 1972, 1982, and 1990, all of which fell through or were rejected.
Tim Boland, Cleveland Heights Economic Development Director, said during the development process that “we feel that now we have the right development partner and it’s the right timing. The city’s behind it, and the business owners support it.”
Construction immediately began this week following financial closing. It is the second Flaherty & Collins Properties development to close in the past 30 days, following 4th & Race in downtown Cincinnati. The firm anticipates closing several more projects in the coming months.
“It is great to see so many cities investing in economic development, especially at this critical time,” said David Flaherty, CEO of Flaherty & Collins Properties. “Residential and mixed-use projects no doubt creates jobs, boost the economic impact and make robust and thriving neighborhoods.”
The Ascent at Top of the Hill, at 460,056 square feet, is anticipated to be completed by the Spring of 2022.
