Downtown Cleveland Continues Its Transformation

The Lumen, a a 34-story residence tower and associated parking garage, will soon join the Cleveland skyline.

CLEVELAND—Downtown Cleveland has seen a lot of residential development in the past few years, and it about to get a lot more. In a deal led by KeyBanc Capital Markets Inc., the corporate and investment banking arm of Cleveland-based KeyCorp, Cleveland-Cuyahoga County Port Authority expects to issue approximately $80 million in bonds for Playhouse Square, the largest performing arts center in the country outside of New York, located in the heart of downtown Cleveland.

About $50 million of the tax-exempt bonds will finance a portion of the construction of The Lumen, a 34-story residence tower and associated parking garage, which will include about 318 apartments, 530 parking spaces and 22,000 square feet of resident amenities. The other $30 million will refinance existing debt tied to Playhouse Square’s other real estate and to prepay a portion of a loan to finance renovations to the Idea Center building, located on Euclid Ave.