Sign Up For Novogradac Industry Alert Emails

2016 Historic Development that Best Demonstrates Financial Innovation

The Residences at 1717

Developer: KD Management 
Location: Cleveland


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

Learn more about Novogradac's expertise and many services