Milestone marks next chapter for long-vacant historic landmark, delivering mixed-income housing and commercial space

Pennrose and MidTown Cleveland, along with a broad coalition of public and private stakeholders, celebrated the official groundbreaking of the Warner & Swasey redevelopment, launching construction on a long-awaited adaptive reuse of the historic former manufacturing facility located at 5701 Carnegie Avenue in Cleveland's MidTown neighborhood.

Speakers at the event included: Geoff Milz, Regional Vice President, Pennrose; Ashley Shaw, Executive Director, MidTown Cleveland; Mayor Justin Bibb, City of Cleveland; Chris Ronayne, County Executive, Cuyahoga County; Councilman Richard Starr, City of Cleveland –Ward 5; Cody R. Price, PHD, 9% Housing Tax Credit Section Chief, Ohio Housing Finance Agency; Jeff Epstein, President & CEO, The Port  of Cleveland; Heather Pierce, Vice President of Investor Relations, Hunt Capital Partners;  Jay Turakhia, Northeast Ohio Regional President, Huntington National Bank; and Charlie Adams, President, Pennrose.  

The comprehensive Warner & Swasey rehabilitation will transform the 194,000 square-foot, five story building vacant since 1985 into a vibrant mixed-use, mixed-income community. Upon completion, the project will deliver 112 rental apartments in its first phase, followed by approximately 28 additional residential units and 22,000 square feet of commercial space in a second phase. The development will preserve the building’s historic character while incorporating modern amenities, outdoor gathering spaces, and improved connectivity.

"Many Clevelanders have a deep, personal connection to this building, this site, and this neighborhood. That shared history made the case for redevelopment incredibly compelling, and it's what kept our team motivated through years of complex work to get here,” said Geoff Milz, regional vice president, Midwest, at Pennrose. “Our team did a herculean job bringing together the financing and partnerships needed to make this project a reality. Today, we begin honoring that legacy by creating quality, inclusive housing that will make Warner & Swasey an active part of this community once again."

“This groundbreaking represents nearly a decade of collaboration and a belief in the future of MidTown,” said Ashley Shaw, Executive Director of MidTown Cleveland. “Warner & Swasey has long stood as a symbol of this neighborhood’s industrial legacy. Today, we are not only preserving an important historic landmark, but creating new opportunities for residents, families, and businesses to thrive in the heart of Cleveland. This project reflects the kind of equitable, community-centered development that strengthens neighborhoods while honoring the people and history that shaped them.”

The redevelopment will include apartments for individuals, seniors, and families, with affordable housing for households earning between 30% and 60% of Area Median Income (AMI), as well as additional units planned in later phases. The project will preserve defining features of the original factory, adapting the historic structure for residential and community use while respecting its industrial character.

The project will be developed in two phases: phase I will deliver two 56-unit condominiums, one for seniors and one for families; phase II will add 28 housing units with integrated commercial space. The development team plans to preserve and incorporate the building’s unique architectural features into amenity spaces, including a second-floor rooftop terrace and outdoor gathering spaces.

The development team drew on 24 capital sources to bring the project to fruition, including contributions from the City of Cleveland, Cuyahoga County, and the Cleveland Foundation, among other public and private partners.

OHFA awarded the project Low-Income Housing Tax Credits (LIHTC), which were syndicated by Hunt Capital Partners. Huntington National Bank provided construction and permanent debt financing alongside Cedar Rapids Bank & Trust. State and Federal Historic Tax Credits were awarded to the project syndicated by Clocktower Tax Credits. The Ohio Department of Development awarded the project a State Brownfield Remediation Grant and a local match was provided by Cuyahoga County. Cuyahoga County also awarded the project an Emergency Rental Assistance grant, an award of County HOME dollars, ARPA, and Casino Funds. The City provided an Economic Development Loan, HOME funds, VESTA funds, and other resources to make the project possible. The Federal Home Loan Bank of Cincinnati provided funds through their Affordable Housing Program and Cuyahoga County Metropolitan Housing Authority (CMHA) provided Project-Based Vouchers to ensure that some units remain deeply affordable. Capital lease financing was provided by The Cleveland-Cuyahoga County Port Authority. Finally, the Cleveland Foundation provided much-needed philanthropic investment.

The Warner & Swasey redevelopment represents a major investment in equitable development and neighborhood revitalization in Cleveland’s MidTown neighborhood, an area that continues to experience growth as a critical connector between Downtown Cleveland, University Circle, and the region’s expanding Innovation District.

Pennrose is headquartered in Philadelphia, with a regional office in Cincinnati. Pennrose is committed to delivering transformative affordable housing across Ohio and the Midwest region. Pennrose recently celebrated the grand opening of Sankofa Village Phase IV in Cleveland’s Central neighborhood, completing the 236-unit Cedar Extension Transformation Plan in partnership with the City of Cleveland and Cuyahoga Metropolitan Housing Authority.