CLEVELAND - Above Euclid Avenue and East 6th Street it rises, a massive crane going about the parking garage at 515 Euclid. It's being hoisted into place so construction can begin on The Beacon, a 29-story apartment tower that will feature 187 new one and two-bedroom luxury apartments set to open early 2019.
The project is the work of Stark Enterprises which is also behind the massive Nucleus project announced for E. 4h & Huron Road across the street from Quicken Loans Arena. The mixed use development will feature apartments, restaurants, retail, office space and a hotel.
It was announced in the fall of 2014 with plans to begin construction on the parking deck in 2016 with a targeted completion in mid-2017. To date though the spot remains a surface parking lot.
To help fund the proposed $500 million project Stark Enterprises this summer proposed to the Cleveland Metropolitan School District a tax increment financing deal that would in a sense trade the first 30 years of tax payments for an up front $18 million now.
Without it, CMSD CEO Eric Gordon said at an August meeting where the board delayed a vote on the measure, "the developer states the project won't likely be built."
A year after the 2014 Nucleus announcement came an equally ambitious announcement by Weston Inc. to turn the surface parking lots bordered by West 6th & St. Clair into a massive mixed use development of it's own that over four phases would bring an additional 1,200 apartments along with retail, restaurants and entertainment areas to the space.
In their initial plans in 2015 the company hoped to break ground on the first phase if 352 units at the corner of West 6th and St. Clair in the beginning of 2016 with occupancy expected in the summer of 2017.
Calls to Weston, Inc for an update on the project were not returned. In a previous inquiry in late 2016 News 5 was told “the project remains on track. We recently acquired the last parcel needed to complete the land assembly needed for the project. The project is now in the financing stage and also continues to make its way through the city approval process.”