2016 Historic Development that Best Demonstrates Financial Innovation
The Residences at 1717
Developer: KD Management
1717 East 9th LLC/The Residences at 1717 received the 2016 Historic Rehabilitation Award as the historic development that best exemplifies financial innovation for renovating a vacant office building in Cleveland. The building is now a mixed-used development consisting of housing, commercial space and a parking garage.
Completed in July 2015, The Residences at 1717 has 223 apartments–20 percent of which are affordable units–that are completely occupied. According to Rick Chukas of NGP Capital LLC, a judge for the Historic Rehabilitation Awards, the “financing of the project, given its many unique and discreet elements,” was impressive given the “use of TIF, EB-5, federal and state HTCs, grant money and traditional construction and bridge financing.”
Developer KD Management transformed a building formerly anchored by East Ohio Gas and located in the central business district. It “required coordination among a number of lenders, equity providers and governmental agencies” according to awards judge Whitney LaNasa of Stonehenge Capital Company LLC.
Return to 2016 Historic Rehabilitation Awards