CLEVELAND — The work being done right now on the parking garage just off Public Square is the first step in what will ultimately be a roughly $80 million project to revitalize 55 Public Square.
Parking Garage
K&D Group CEO Doug Price told News 5 soon after his company bought the building that the garage is getting a major facelift to be ready to take on additional parking once Sherwin-William’s new headquarters project removes a large portion of three major surface parking lots next door.
“All new lighting, elevators are being redone, it’ll be repaired on the outside so you won’t see that ugly cement block splotch thing all over the place,” said Price.
The garage could also eventually house a large video board that would be visible around Public Square and from his restaurant’s rooftop deck.
New Restaurant Space
Price says the roughly 10,000 square feet of restaurant space, well-known as the former John Q’s Steakhouse will be activated again.
The space could help bridge the gap between the east and west sides of Downtown Cleveland and will be right across the street from the thousands of Sherwin-Williams employees who could one day work across the street.
A rooftop just one story off the ground is still likely to have a good view of Public Square and the surrounding streets because, Price says, he expects the segment of Sherwin-Williams’s headquarters that will be on the parking lot immediately off Public Square will not be too tall.
“This building in front of us will only be two stories,” said Price, pointing out of the windows in 55 Public Square’s lobby. “According to what I’ve seen, so 55 keeps its real high profile in the square.”
55 Public Square
The remaining office tenants are relocating to higher floors, where new office space will be built, freeing up lower floors for 156 new apartment units.
Of the 156 apartments, around 100 of which will be 525 square feet intended for younger residents looking to live downtown as the rental price per square foot continues to increase.
“Everywhere we have those style units, they’re in extremely high demand because of the coast,” said Price. “We’ll be at $1,000 to $1,100 on those units.”
Rent for a two-bedroom apartment in other buildings just a few blocks away on Euclid Avenue can be as high as $2,400 per month.
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