Despite the down economy, a developer is planning to build new apartments in downtown Cleveland next year.
K&D Group plans to purchase office space in the Playhouse Square district and convert it to more than 100 condo style units. The $23 million project is slated to begin in June and wrap up in 2013.
K&D owns three other rental properties in downtown Cleveland. CEO Doug Price says those apartment buildings are nearly fully occupied and the low vacancy rate in the city’s rental market makes this a safe time to build more.
Price: “The market really has caught up, there’s not enough supply, we’ve got a lot of new businesses moving in. The employees have finally realized the value of living downtown.”
Price says K&D plans to lease out the bottom of the building as retail space. And the group wants to add 400 more apartments in the downtown area in the future.