CLEVELAND, OH – NRP Group, the vertically integrated world-class developer, contractor and manager of apartment buildings, announced the groundbreaking of 5115 in The Rising, a mixed-use community in Cleveland's Broadway-Slavic Village neighborhood. This project is being developed in collaboration with University Settlement, a leading social services provider that has served the residents of Broadway Slavic Village for more than 90 years.
5115 at The Rising will bring 78 condos and 10 townhouses to the neighborhood, including 18 one-bedroom units, 48 two-bedroom units and 22 three-bedroom units. The development is funded with support from a number of key local and regional partners, including the Ohio Housing Finance Agency, KeyBank, Ohio Capital Corporation for Housing, the City of Cleveland, the Third Federal Foundation, and many others.
"The Broadway Slavic Village is a unique area with great potential and we are excited to add 5115 to its growth at The Rising," said Aaron Pechota, senior vice president of development for The NRP Group. "We are grateful to be partnering with University Settlement on this initiative as they have strong neighborhood roots and can help us provide the community with affordable, high-quality living environments that are specifically tailored to the needs of local residents and its preservation is preserved. " diverse culture. "
5115 at The Rising marks a significant milestone for Broadway-Slavic Village as it is the largest capital investment in the community in more than 25 years. In addition to the residential units, the mixed-use project will provide a new home for the university estate, which will move its corporate offices to 20,000 square meters of commercial space on the ground floor of the building.
"We are excited to partner with The NRP Group at 5115 at The Rising to improve the Broadway Slavic Village area while recognizing the inclusiveness of the community," said Earl Pike, Executive Director, University Settlement. "The University Settlement has been active in this field since 1926 and our mission has always been to provide exactly what the local community needs to live and thrive. We are confident that 5115 at The Rising will do just that."
The campus serves more than 12,000 residents each year, from providing case management and critical resources to assisting seniors in the home, to providing tens of thousands of pounds of free, fresh produce to those in need.
"The investment in 5115 at The Rising is a testament to the area's dedication and commitment to improving the Slavic neighborhood and supporting its economic rebirth," said Phyllis Cleveland, councilor for Ward 5 Cleveland. “As one of Cleveland's oldest neighborhoods, the Broadway Slavic Village has seen many ups and downs over the years, but this development is a step in the right direction for the community and we look forward to seeing what the future holds Has stock. "
5115 at The Rising is expected to be completed in early 2022.