PHSF also received millions of dollars in donations for recent capital campaigns to limit increases in its debt burden.Įven so, it has taken significant debt to build The Lumen. The project received significant public sector support including $50 million in tax-free bonds from the Port of Cleveland, a $4 million grant from the State of Ohio’s Capital Budget, a $10 million loan from Cuyahoga County, 30-year tax increment financing and a $1 million loan from the City of Cleveland. The Lumen was built for $138 million and sources are saying that PHSF will sell it on the market through their broker CBRE. Leasing success with The Lumen is prompting the Playhouse Square Foundation to pursue a follow-on residential project (Ian Meadows/UrbanOhio). Looking west along Euclid Avenue, from Cleveland State University’s campus into Playhouse Square, The Lumen dominates the skyline from this vantage point on the east side of downtown Cleveland. None are as new, were built as apartments or offer the contemporary luxury as The Lumen. And there’s the 43-story, 417-foot-tall Landmark Place apartments in Hamilton, ONT built as apartments 48 years ago. Another one nearby is the 475-foot-tall, 96-year-old Book Tower in Detroit but is a mixed-use building. The closest residential tower that’s taller is the 410-foot-tall, 30-story The Residences at the Alcoa Building in Pittsburgh that was converted from offices. It is not only the tallest residential building in Cleveland, it’s the tallest in Ohio. And it will be able to sell The Lumen for less money than another for-profit developer, such as Greystar, could build a comparable tower.īut it should be noted that there is no tower within 140 miles of Cleveland that can compare to the 396-foot-tall Lumen. NEOtrans sources acknowledge that, but also are aware of what conversations are being had at PHSF regarding The Lumen and a desire for a follow-on project.īecause PHSF is tax-exempt and doesn’t seek a financial return on its investments, it was able to build The Lumen for less money per square foot than other recent or pending high-rise apartment towers in Cleveland. She said the foundation has not made any other decisions about the future of The Lumen or an encore development to The Lumen. The Lumen clearly does (Ruken/UrbanOhio). Some buildings are called luxury multifamily properties but they don’t really deserve the tag. The architects were Solomon Cordwell Buenz of Chicago and Vocon of Cleveland. Make your home at the doorstep of world-class entertainment and the country's largest performing arts center outside New York at The Lumen at Playhouse Square.The finishes in The Lumen are top-notch, including those in the fifth-floor amenity level shown here. Concierge provides you with greater confidence and Butterfly MX Video Entry System offers simple access to the building for you, your guests and service providers. The expansive fitness and yoga areas allow for a social distancing friendly workouts with additional cleaning efforts in high touch areas. Multiple state-of-the-art fast elevators to reduce wait time and number of riders. With 22,000 square feet of amenity spaces, The Lumen not only provides something for every resident but plenty of space to enjoy community amenities and additional conveniences that help you comfortably practice social distancing. Work-from-home spaces, they're everywhere. Need a change of scenery? No problem, Enjoy building-wide private Wi-Fi and get a new setting every day simply by moving to a different community space.
THE LUMEN CLEVELAND WINDOWS
Working from home has never been easier with floor to ceiling windows that flood your home with sunlight and fresh air and solid wood apartment doors provide noise control for your at-home video conference calls. Fresh air is no longer exclusive to the outdoors. Not only do we feature a leading edge Fresh Air System that circulates fresh air throughout the building but also open-latch windows in every home. The Lumen at Playhouse Square is the ideal place to stay social while distancing. Studio, one-bedroom, two-bedroom and three-bedroom apartments with penthouse selections. The Lumen sets a new standard in a sophisticated design with elegant finishes, breathtaking views, rejuvenating community spaces and elevated service. Raise the curtain on a premier residential experience at The Lumen in the heart of the vibrant Playhouse Square district in downtown Cleveland.
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