Top Of The Hill Project Breaks Ground In Cedar-Fairmount

CLEVELAND HEIGHTS, OH — The much-discussed Top of the Hill project broke ground in Cleveland Heights on Wednesday.

The Top of the Hill development will create a four-acre, $83 million mixed-use complex in the Cedar-Fairmount neighborhood. City officials have said they anticipate receiving $14.3 million in new net revenue over a 32-year timeframe. Over a three-decade period, the project is also expected to generate $12.3 million in new taxes for the Heights Schools.

When completed, the development should include 261 apartments and 11,000 square feet of commercial, retail or restaurant space. There will also be a parking garage and 25,000 square feet of green space.

"We are excited to move forward with this transformative project that has been years in the making," City Manager Tanisha Briley said. "This development represents a major new investment for Cleveland Heights and positions the city for additional growth and development in the future. I am pleased that even in the midst of the COVID-19 pandemic, we have been able to advance this important development."

Wednesday's ceremonial groundbreaking included representatives from Cleveland Heights City Council, developer Flaherty & Collins, the Heights Schools and representatives from the Cedar-Fairmount Special Improvement District.

Construction is expected to last 18 to 24 months. Cleveland Construction is the general contractor.

"The realization of this catalytic mixed-use redevelopment project at the western gateway to the city is a game changer for our community," said Tim Boland, director of economic development. He added that the project will "bring new residents, jobs, businesses, vibrancy, and increased economic activity, as well as new tax revenue, to our city."

Cleveland Heights City Council unanimously approved the financing package for the mixed-use project in early 2020. Top of the Hill will be funded through private construction loan financing and Tax Increment Financing bonds. The city has a 2-percent commitment in economic development non-tax revenue bond anticipation notes.

Flaherty & Collins received a $52.6 million construction loan from Goldman Sachs to finance Top of the Hill.