A Cleveland developer has plans to bring life to a long-vacant midtown high rise.
Mark Schildhouse, with the newly-created Inspirion Group, gave newsnet5.com a tour of 3101 Euclid Avenue. The nine story mid-century office building has been vacant for several years.
Principal investors Lemma Getachew and Guenet Indale purchased the building for $1.75 million in April with plans to turn the space into about 85 studio, one and two bedroom apartments on floors two through eight.
Plans call for turning the ninth floor into a penthouse, with retail space and a fitness center on the bottom floor. Schildhouse wants to return the building to its former mid-century modern glory.
A previous owner had the building gutted and the asbestos abated, but never moved forward with redevelopment.
The building already has about 200 parking spaces in the rear.
“Hopefully, as employment increases and the midtown attracts new and more aggressive young entrepreneurs to create businesses here,” Schildhouse said, “They need some place to live and they need some place to dine and they need some place to shop.”
Schildhouse pointed to the success of residential rehabilitations downtown and said midtown was ripe for the same treatment.
“We saw this as the next major opportunity to develop,” he said. “We’re making a huge investment, but we think it’s the right time.”
The project must undergo regulatory review and Schildhouse plans to apply for historic tax credits. He hopes to start construction by the end of the year and have it open by spring, 2018.
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