CHICAGO, MAY 31, 2022 – LCI Development Partners (LCIDP) recently closed on a $38.5MM construction loan through Wintrust Bank, completing the project capitalization for the Residences at Bolivar in Cleveland, OH. LCIDP is a co-sponsor and co-developer of the project with SomeraRoad. Additional project partners include Desmone Architects and Leopardo Construction.
Set to deliver in November of 2024, the seven-story, 184-unit residence will be an adaptive re-use project built on top of a refurbished, three-story, 277-space parking garage. The property will feature studio, one-bedroom, and two-bedroom units, averaging 703 square feet. The development will offer luxury unit finishes and a highly impressive amenity package, including a resort-style pool, sun deck, resident lounge, fitness center, package room, and bike storage. The exterior of Residences at Bolivar will pay homage to the neighborhood’s historic roots, while the interior will support high-end living.
“This project is well positioned to take advantage of Cleveland’s long-term, pro-development outlook. Partnering with Leopardo Construction as the general contractor proved beneficial in a tough capital market environment and brought real value to our joint venture,” said Chad Broderick, Managing Principal of LCI Development Partners.
The project is located in an Opportunity Zone, one block from Progressive Field, home of the Cleveland Guardians MLB team.