Cleveland, OH

Flats East Bank plans reveal $84 million project

Next phase of development of downtown Cleveland’s Flats East BankGP

Plans were shared with NEOtrans today for Kenect Cleveland, the proposed next phase of development of downtown Cleveland’s Flats East Bank. This conceptual rendering by Goettsch Partners for developer Akara Partners, both of Chicago, shows a wide-angled view looking generally east from the intersection of Front Street on the left and West 11th Street on the right. Currently occupying the site is a 173-space, 2.45-acre surface parking lot.

The next phase of development at Flats East Bank has undergone some refining in the last couple of years as the pandemic and technological advances have affected the real estate market. Although the plan was always to build a mixed-use but residential-focused structure, this next phase (dubbed by some as Phase 3B), has been pruned somewhat.

With an early construction cost estimate of $84.4 million and a project size of 213,376 square feet, Kenect Cleveland is still a significant project. The seven-story building is proposed to have 229 market-rate apartments above three levels of parking with 229 spaces, plus 10,000 square feet of ground-floor retail and a leasing office of 5,000 square feet.

Also planned are 10,500 square feet of co-working space on the first and second floors, an indoor amenities fitness/lounge/gaming room measuring 13,278 square feet on the second floor, plus an outdoor pool and an indoor wet bar/lounge on the third floor. Lastly, Kenect Cleveland will have second-floor, covered, outdoor terraces facing north and south as well as a lawn space on the north side of the building, plans show.
Looking generally north up West 11th Street with Main Avenue and the Shoreway bridge at rightGP

The first floor to the left of the near corner will have a leasing office. The first and second floors to the right of the near corner will have co-working spaces. One of two second-floor, outdoor, covered terraces is at this corner. Above it is an outdoor swimming pool with an indoor wet bar and lounge both of which are not visible here.

Proposed by Chicago-based Akara Partners with the Cleveland-based Wolstein Group as a minority partner, the developers hope to start construction in the second quarter of 2022 if they can secure city approvals this winter, said Stephen Ng, vice president of investments at Akara Partners.

“Having already received entitlements (from the city) for a larger iteration of the project on the same site, we understand the city design parameters,” Ng wrote in an e-mail to NEOtrans. “We have ongoing communications with the city to make them familiar with the current design. Other than building permits, land use is subject only to Site Plan Review, which we expect to complete by January 2022.”

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