Lakewood, OH

Large apartment building planned in Lakewood

Site is across the street from Phantasy Theater in Lakewood, developers would like to construct a large apartment buildingGoogle

In addition to the redevelopment of the Phantasy Theater on Detroit Avenue in Lakewood into Studio West 117, its developers would like to construct a large apartment building on the site of the closed National Tire & Battery service center seen at left in this August 2019 view. A few months after this photo was taken, the NTB shop closed and was put up for sale.

One of the surprise applicants to a new ‘megaprojects’ tax credit program was the Studio West 117 development, a project now under way at the east end of Lakewood. Until the tax credit applications were submitted Oct. 29 to the Ohio Department of Development, public information about the project showed it was limited to renovations of historic buildings.

Now, a significant new-construction apartment building for seniors is being added to the $75 million planned revitalization those historic structures into a hub of entrepreneurship, arts, culture, health and human services for Cleveland’s LGBTQ+ community.

The proposed apartment building could reach or exceed 265,000 square feet in a multi-story building located on the closed National Tire & Battery (NTB) service center, 11801 Detroit Ave. Developers of Studio West 117 are seeking $8,687,615.20 from Ohio’s new Transformational Mixed-Use Development (TMUD) tax credit program to help finance the expanded project.

Gaslamp Capital President Daniel Budish and Betsy Figgie who owns Your CFO Resource are developing Studio West 117 in and around the Phantasy Theater, 11794 Detroit Ave. Budish confirmed that he has a purchase agreement to acquire the 1.1-acre lot and the 14,878-square-foot former NTB service center. The current owner is the Niki Group of San Diego, CA which has properties nationwide.

More at large-apartment-building-planned-in-lakewood/

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