Cleveland’s Playhouse Square has plans to place the nearly two-year-old luxury apartment high rise, The Lumen, on the market.
The Jones Lang LaSalle Capital Markets brokerage firm is marketing the 34-story, 318-unit property located at Euclid Avenue and East 17th Street.
According to JLL executive managing director Matthew Lawton, The Lumen could be up for sale “any day now.”
Cleveland.com reported that the apartment building is expected to go for $500,000 a unit, with the total being close to $160 million.
Playhouse Square spokeswoman Cindi Szymanski told the website that anything goes with The Lumen.
“We may decide to sell, we may decide to pursue long-term financing or we may do nothing,” according to Szymanski. “We don’t have to sell, but as a not-for-profit organization with fiscally conscious leadership, we feel exploring these options is the right thing to do.”
She added that the company doesn’t intend to develop another apartment building, Cleveland.com reported.
Built between 2018 and 2020 at the cost of $135 million, The Lumen rises 396 feet and is the 11th tallest building in the city.
Playhouse Square developed the property with Houston-based Hines, touting it as the largest residential project in downtown Cleveland in 40 years, Cleveland.com reported.
Szymanski told Cleveland Business Journal that 93% of The Lumen has been leased.
"When the property has a high usage, that's when you explore these options," she said, according to the publication. "The Lumen might be sold, financed long-term, or there might be more coming to the property in the future. We're exploring those options to make sure that we're doing what's right for the organization."
Playhouse Square CEO Gina Vernaci said the non-for-profit withstood the financial whiplash of COVID-19 related shutdowns largely on the heels of its real estate profile.
Vernaci late last year announced her retirement, which is to take place in February 2023.
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