Despite the frigid temperatures, writes Michele Jarboe for The Plain Dealer, work will start this week to turn a former creamery building in Cleveland's Tremont neighborhood into a home for apartments, a business accelerator and other tenants.
A developer trio has purchased the Fairmont Creamery building on Willey Avenue for $450,000. Real estate records show that the sale, part of a $14.9 million redevelopment deal, closed Dec. 30th.
In a testament to the strength of the rental market, Ben Ezinga, Josh Rosen and Naomi Sabel say they have a waiting list of more than 85 people for 30 apartments. That's after just two weeks of casual marketing on Facebook and Craigslist, for a project that won't open until October or November.
"There's clearly a very strong residential market in Cleveland right now," said James Patchett of Goldman Sachs, which agreed to participate as an equity investor and lender on the project.
Read Jarboe's full article in The Plain Dealer.
This article was originally published on January 6, 2014 in The Plain Dealer. For more information on The Fairmont Creamery, visit thefairmontcreamery.com.