FOR IMMEDIATE RELEASE
Director of Communications
CLEVELAND HEIGHTS TOP OF THE HILL PROJECT RECEIVES TAX APPROVALS AND ADVANCES TO DESIGN STAGE
CLEVELAND HEIGHTS, OH, 3/20/2018 - The Cleveland Heights development project, known as the Top of the Hill, has taken another important step forward with approvals related to Tax Increment Financing (TIF) by both the City and the Cleveland Heights-University Heights School District.
On Monday, March 19, Cleveland Heights City Council approved a Tax Increment Financing ordinance by a 6-0 vote (one member was absent). The TIF ordinance will support critical financing for the project’s debt service payments, as well as providing the school district with an estimated $421,000 a year in compensation and tax revenue versus the $21,000 the undeveloped site generates at this time.
The City’s approval follows the unanimous approval of the TIF and the school compensation agreement last week by the Board of Education.
“This action moves the project to the next phase of development, which includes due diligence and detailed design of the project,” City Manager Tanisha Briley said. “The City greatly appreciates the approval actions taken by the Board of Education last week and is eager to move forward with this transformative project.”
The Top of the Hill Project refers to the approximately four acres of City-owned property at the corner of Cedar Road and Euclid Heights Boulevard at the top of Cedar Hill. As a highly visible property at the gateway between the Heights and University Circle, developing this property has been a long-time goal of the City.
The projected $75 million project is proposed to consist of 200 market-rate luxury apartments, 15,000 square feet of first floor restaurant, retail and commercial space, a parking garage containing 525 parking spaces, a nationally branded or boutique hotel, possibly as many as 20 for-sale townhomes, all necessary sidewalks, driveways, access ways and utility connections, public gathering and green spaces and the potential opportunity to include a Class A office component.
“Flaherty & Collins is excited that the City and School District have approved the Tax Increment Financing necessary to support this dynamic project,” Deron Kintner, General Counsel for Flaherty & Collins Properties said. “We are looking forward to working with the City and the community as we enter into the design phase of the project.”
Indianapolis-based Flaherty & Collins Properties, who was selected as the development partner for this project after an extensive RFQ/RFP process, has completed more than $2 billion in development projects since their founding in 1993, including mixed-use projects similar in scope to what is being envisioned for the Top of the Hill.
More information on this exciting development opportunity is available at www.clevelandheights.com/toh.