Pennrose, a leading developer of sustainable, high-quality affordable housing, announced today the successful acquisition of the historic Warner and Swasey building at 5701 Carnegie Avenue in Cleveland’s MidTown neighborhood. The closing, which occurred on Friday, September 26, represents a pivotal milestone in the comprehensive redevelopment of the 194,000-square-foot former manufacturing facility into a vibrant mixed-use, mixed-income community.

The acquisition advances the transformation of the building, which has stood vacant since 1985, into approximately 140 residential units ranging from studios to three-bedroom apartments, along with up to 22,000 square feet of commercial space. The adaptive reuse project will preserve the elegant five-story structure originally constructed in 1905 for the Warner and Swasey company, whose legacy of engineering innovation and precision instruments helped transform the twentieth century.

"This acquisition represents years of planning and partnership coming to fruition," said Geoff Milz, Director of Development with Pennrose. "Warner and Swasey will be a model for how historic preservation and inclusive housing development can work together to revitalize neighborhoods and create opportunities for residents across the income spectrum. We're honored to be entrusted with bringing new life to this iconic Cleveland landmark."

On Tuesday, September 30th, Pennrose closed on financing from Cuyahoga County to fund the building acquisition, with the team working toward a mid-December financial closing on the full redevelopment project. The development will serve both seniors and families with housing affordable to households earning 30% to 60% of Area Median Income (AMI), as well as market-rate workforce housing for households earning 60% to 120% AMI.

"Cuyahoga County has been an incredible partner throughout this process," added Milz. "Their commitment to this project demonstrates the power of public-private collaboration in addressing Cleveland's housing needs while honoring the city's industrial heritage."

Strategically located on Carnegie Avenue, a major thoroughfare connecting Downtown Cleveland and University Circle, Warner and Swasey is positioned to serve as a gateway to the growing Innovation District and a catalyst for continued investment in the MidTown neighborhood. The area has experienced significant growth in recent years, supported by the HealthLine bus rapid transit and complementary developments including the redeveloped Agora Theater Complex, Link 59, new townhomes, and a full-service grocery store.

"The Warner and Swasey redevelopment is transformational for MidTown," said Ashley Shaw, Executive Director of MidTown Cleveland, the area’s community development corporation and a partner in the project. "This project will bring much-needed housing options to our neighborhood while preserving an irreplaceable piece of Cleveland's manufacturing legacy. Pennrose's vision for mixed-income, mixed-population housing aligns with our goal of creating a diverse, inclusive community where longtime residents and newcomers alike can thrive."

The phased development will include two 56-unit condominiums utilizing 9% Low-Income Housing Tax Credits – one serving seniors and one serving families – followed by a 28-unit workforce housing component with integrated commercial space. Unique architectural features from the building's manufacturing past will be preserved and incorporated into amenity spaces, including a second-floor rooftop terrace and outdoor gathering spaces.

The project is being developed in partnership with the City of Cleveland, which owned the property, and represents a significant investment in affordable housing and neighborhood revitalization along the Carnegie Avenue corridor.