Cuyahoga County recommends $2 million loan for downtown apartment building

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CLEVELAND– Cuyahoga County Executive Armond Budish announced his recommendation for a $2 million loan for a new downtown residential building.

The 19-story apartment tower will be built at 515 Euclid Ave. above an existing parking garage with storefronts. Construction on the Beacon and its 187 rental-housing units is slated to begin this summer. It should be complete in the summer of 2018.

“It is important that we continue to fund projects such as this one that will contribute to the economic growth of our region and create good paying jobs for our residents,” Budish said in a news release on Wednesday.

“This project is a great example of catalytic mixed-use place-based development in downtown Cleveland, which aligns with our strategic priorities for Cuyahoga County.”

This is the first new residential tower in downtown Cleveland in decades. According to the county, it will create about 600 construction jobs and 92 permanent retail jobs.

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