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Pennrose Closes on Phase III of Cedar Redevelopment in Cleveland
November 19, 2020
Pennrose, Cuyahoga Metropolitan Housing Authority (CMHA), and Ralph Falbo Group are pleased to announce they have closed on financing for Phase III of the Cedar Estates redevelopment. Phase III is an extension of Phase I and II, known as Sankofa Village, and will deliver 75 additional units of affordable housing to residents of Cleveland.
Cedar III will feature 19 one-, 43 two-, and 13 three-bedroom units scattered across a mix of two- and three-story buildings. Of the total units, 59 are set aside for residents earning up to 60% of the Area Median Income (AMI), eight for residents earning up to 30% AMI, and eight for residents earning up to 15% AMI. The development is located close to the Cuyahoga Community College and St. Vincent’s Health Center and residents will also have access to an outdoor playground and linear park connecting the three phases.
“With the development of Cedar III, we’re one step closer to the culmination of the Cedar Transformation Plan which will enhance the quality of life for the residents of Cleveland for years to come,” said Lasserre Bradley, Regional Vice President at Pennrose. “We’re excited to continue our partnership with Falbo Group LLC and the Cuyahoga Metropolitan Housing Authority as we deliver high-quality, affordable housing and outdoor community space.”
"The Cuyahoga Metropolitan Housing Authority is thrilled to lead the continued implementation of the Cedar Transformation Plan that was shaped by residents and stakeholders throughout the Central Community," said Jeffery K. Patterson, CEO of CMHA. "With strong partnerships and collaborations, like this one with Pennrose and the Ralph Falbo Group, CMHA will continue striving to both improve and to provide additional affordable housing opportunities in this community as well as in other communities across the county. Hopefully, the continued implementation of this plan will lead to even more transformational activity in this community.”
“It has been a pleasure to work with CMHA and Pennrose, plus the municipal authorities in bringing Cedar III to fruition,” said Ralph Falbo, Principal with Ralph Falbo Group. “The cooperation, energy and spirit that was realized during Cedar I and II plus the previous projects continued in Cedar III. Looking forward to the dedication and seeing the faces of the tenants in their new homes.”
The four-phase development replaces CMHA’s Cedar Estates, a 17-acre “superblock” that included barracks-style housing originally constructed in the 1950s. Phases I and II, known as Sankofa Village, were completed in 2017 as part of the Cedar Transformation Plan, which resulted from the Cedar Choice Neighborhood Planning grant. The residential phases play a major role in the Transformation Plan to improve social dynamics, redefine living options for residents, and reinvigorate the Central Neighborhood’s rebuilding process.
Phase I of Sankofa Village consists of 61 one-bedroom affordable units in a four-story, mixed-use building. Phase II includes 50 townhome-style market rate and affordable units scattered among two- and three-story buildings. The comprehensive master plan also includes new streets and green spaces that link residents to each other and the surrounding street network.
Phase III is a Rental Assistance Demonstration (RAD) Transfer of Assistance project funded with a combination of a U.S. Department of Housing and Urban Development (HUD) 221d4 mortgage, $2M in Housing Development Assistance Program funds together with 4% Low Income Housing Tax Credits through the Bond Gap Financing program at the Ohio Housing Finance Agency. CMHA and its affiliate Western Reserve Revitalization and Management Company made an additional $3.6M available to the project.
With a regional office in Cincinnati, Pennrose is active throughout Ohio and the Midwest region of the United States. In addition to the Cedar redevelopment, Pennrose is currently developing Warner and Swasey in Cleveland, College Hill Station, Apple Street Senior, and Lincoln & Gilbert in Cincinnati, and Eastern Woods Senior with the Blanchard Valley Health System in Findlay.