Cleveland Downtown Now a Hot Residential Neighborhood

The Standard Building was constructed in the 1920s, and is now class B office space, but will soon provide luxury apartments.

CLEVELAND—The transformation of downtown Cleveland into a residential neighborhood has taken another step forward. BGL Real Estate Advisors LLC has just completed an $81 million development financing for Weston, Inc. The capital structure will support the company’s historical conversion of downtown’s Standard Building into market rate luxury apartments and first floor retail.

It’s a good time to put money into the city’s CBD. As reported in GlobeSt.com, Cumberland Development and Trammell Crow are currently reviving the nearby waterfront by building about 1,000 new residential units, along with new office space and retail. And in the years leading up to this massive harbor project, the downtown saw the completion of the 422,000-square-foot Global Center for Health Innovation, several major hotels, and over 1,000 apartments.