Top Of The Hill Project: Developer Releases More Details

CLEVELAND HEIGHTS, OH — On Thursday, Flaherty & Collins, developers of the Top of the Hill project in Cleveland Heights, released more details on the coming mixed-use property. Construction on the four-acre site, at the junction of Cedar Road and Euclid Heights Boulevard, could start this month.

“We’re ecstatic to close on the Top of the Hill development in Cleveland Heights,” said Deron Kintner, general counsel for Flaherty & Collins Properties and lead project developer. “The city has been a tremendous partner through this process and The Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving.”

The $83 million-project will be the largest mixed-use residential site in Cleveland Heights. The project will feature 261 luxury market rate apartment homes and 11,000 square feet of commercial space. There will also be 500 new parking spots.

The apartment homes will have either one or two bedrooms, with select three-bedroom penthouse options. Amenities will include a rooftop pool, rooftop lounge, two co-working spaces (one indoor and one outdoor), a dog park and spa, fitness center, bike storage and bike wash and repair stations and courtyard space for grilling.

There will also be a quarter-acre green space serving as a small, public park. There will be space for public art, outdoor recreation and leisure. The park will also offer pedestrian access to the public parking garage.

Residents will have access to a private parking garage and parcel delivery system. A pedestrian bridge will connect the buildings at the site.

Residents will also be able to enjoy some hotel-like amenities, including morning coffee service. Apartments will have modern finishes, LED lighting, washers and dryers, stainless steel appliances, quartz countertops, a secure fob lock for buildings and most apartments will have private balconies.

Under the final ground lease, the city will retain ownership of the project site while Flaherty & Collins get the right to construct and own the buildings which constitute the Top of the Hill project.

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.

“We are delighted to partner with the Flaherty & Collins team on this project,” says Emily Turner, vice president at Goldman Sachs. “The need for a large construction loan and the backing of a strong sponsor made this a great fit for our firm. Our team is excited for the positive impact of this development on the Cleveland Heights community.”

Cleveland Heights officials said they anticipate receiving $14.3 million in new net revenue over a 32-year span thanks to the project. Officials also expect Top of the Hill to generate $12.3 million in new taxes and compensation for the Cleveland Heights-University Heights Schools over three decades.

Construction on Top of the Hill should start in May and will last 18 to 24 months. The general contractor on the project is Cleveland Construction.