Friday, May 7, 2021

Evergreen Real Estate Group Acquires Affordable Housing Community in Downtown Cleveland; Plans $18 Million Historic Renovation

 

Carter Manor Apartments, 1012 East Prospect Avenue,
 Downtown Cleveland, OH

CHICAGO, IL and CLEVELAND, OH — Chicago-based Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, announced it has acquired Carter Manor Apartments in downtown Cleveland.

 Evergreen plans to update the 270-unit apartment building through an $18 million capital improvement program that will preserve the building’s historic facade and restore other original design elements.

 

Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of 33 studio, 209 one-bedroom and 28 two-bedroom apartments, all of which will be preserved as affordable housing for seniors and disabled individuals.


Kevin Beard
“Carter Manor is a natural addition to our growing portfolio of affordable and mixed-income housing communities, and I couldn’t think of a better way to enter the Cleveland market than by preserving this historic property,” said Kevin Beard, director of acquisitions for Evergreen Real Estate Group, which assumed management of the community following the acquisition.

 

“Our substantial investment in the building will benefit existing residents and ensure Carter Manor continues to serve the greater Cleveland community for years to come.”

 

Designed by architect Max Dunning, the building opened in 1917 as the luxurious 600-key Hotel Winton.

 

The hotel’s greatest claim to fame was its head chef, Ettore Boiardi, better known as Chef Boyardee.


Max Dunning
The property was redeveloped as an apartment building following a fire in 1971. The building’s facade is currently subject to a Historic Conservation Easement granted by Cleveland’s Historic Gateway Neighborhood and Historic Warehouse District.

In addition to the affordable apartments, Carter Manor also has three commercial tenants on the ground floor: Domino’s Pizza, Liberty Labor and Guardian Title and Guaranty Agency.

 

Evergreen Construction Company, an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work, with construction set to begin in June. Both residential and commercial tenants will remain in place during the redevelopment.

 

All apartments will be improved with refreshed kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades.

 

Evergreen also plans to modernize three of the building’s elevators, repair the facade and underground parking garage, replace the roof, and update major mechanical systems.


Ettore Boiardi, better known as Chef Boyardee

 

Common area renovations include the addition of a community kitchen and new paint and flooring in corridors.

 

“We have big plans for Carter Manor that will bring a new level of safety and comfort to residents,” said Andre Pintauro, president of Evergreen Construction Company.

 

“Our experience with in-place renovations will minimize disruption to residents and commercial tenants, and our affiliation with ownership allows us to leverage efficiencies as we work toward a target completion date of December 2022.”

 

The acquisition and renovation of Carter Manor was financed using low-income housing tax credits syndicated by CREA LLC, pre-development financing from Local Initiatives Support Corporation, a bridge loan from Huntington National Bank, and construction financing provided by KeyBank and Freddie Mac.


Andre Pintauro
Downtown Cleveland has experienced significant population growth in recent years, with the population more than doubling between 2000 and 2017. 


Carter Manor is surrounded by restaurants, just one block from Progressive Field, home of the Cleveland Indians MLB team, and two blocks from Quicken Loans Arena, home of the Cleveland Cavaliers NBA team.

 

 

 



CONTACTS: 

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com

 (312) 267-4514

Abe Tekippe, atekippe@taylorjohnson.com (312) 267-4528

 www.evergreenreg.com.

 

Torch.AI Announces Plans to Expand Operations and Create Nearly 500 Jobs in Huge Boost to Kansas City’s Tech and Cyber Sector

Kansas Gov. Laura Kelly
 

 Leawood, KS, May 7, 2021 –  Torch.AI, a leading global artificial intelligence (AI) firm that uses machine learning to enable massively scaled, ultra-high performance data processing, announced today plans to make a significant and sustained economic investment in the Kansas City region, committing to creating nearly 500 full-time jobs over five years as part of a $27 million tax incentive package awarded by the Kansas Department of Commerce.

 “Kansas is a great place for businesses to prosper with our strong public schools, investments in roads and bridges and economic development tools,” Governor Laura Kelly said.

 “I can think of no better place for Torch.AI to grow. They will bring sophisticated, high-wage tech jobs, and their decision to locate this expansion in our state enhances our pedigree as a destination for forward-thinking tech experts.

 "I look forward to seeing the incredible developments that will undoubtedly come from this new facility.”

 Kansas Lieutenant Governor
and Commerce Secretary 
David Toland

Torch.AI will hire more than 100 new professionals this year alone with an average salary of more than $100,000. The roles range from early career associate engineer and junior data scientist to experienced hires such as top engineering and sales positions.

 As part of its commitment to Kansas, Torch.AI is also making a significant capital investment in collaborative workspaces for its employees including plans to relocate key talent to Kansas City.

 “Congratulations to Torch.AI on this extraordinary announcement,” Lieutenant Governor and Commerce Secretary David Toland said. “Investing in the future is the purpose behind our new Framework for Growth, and Torch.AI’s work with machine learning and artificial intelligence is a prime example.

 "Thanks to the city of Leawood and to Torch.AI for making this major success happen in Kansas.”

 

Brian Weaver

“It’s an honor to align the growth trajectory of Torch.AI with Kansas initiatives to expand its economy and regional impact as a tech hub,” said Brian Weaver, founder, chairman and CEO of Torch.AI.

 “Demand for our advanced AI and data services continues to grow as the intelligence and security communities attempt to organize and analyze unprecedented levels of data.

 "We’ve long known there is untapped talent here in the region that can help the government and commercial sectors solve significant challenges.

"This agreement represents our commitment to harness the wealth of experience and skillsets in the Kansas City region and develop new talent to expand our capabilities and customer impact.”

Tim Cowden

Torch.AI’s commitment to create hundreds of new jobs in the Kansas City region further optimizes our strengths as a vibrant tech hub with a growing presence in cybersecurity, AI and machine learning,” Kansas City Area Development Council president and CEO Tim Cowden said. 

 “It’s critical to not only grow existing companies but also attract emerging enterprises like Torch.AI that are highly sought after by regions across the U.S. This is truly exciting news for our region and a precursor of what can be for KC.”   

 

 Peggy Dunn, Mayor of Leawood, KS

“We competed with Southern California, Washington D.C. and New York City to secure these high-paying technology jobs, and we’re pleased that Torch.AI selected Leawood to continue its growth and innovation in data science and artificial intelligence,” Mayor of Leawood Peggy Dunn said.

 Today’s announcement comes on the heels of Torch.AI’s recent $30 million raise in Series A funding to accelerate its overall growth strategy.

 For individuals interested in learning more about current job opportunities at Torch.AI, please visit https://www.torch.ai/company#careers.

 To read more about the details of Kansas incentive programs, please visit https://www.kansascommerce.gov/program/business-incentives-and-services/.

  To learn more about the company’s vision for unifying AI, visit Torch.AI.

Kansas City 

 Home to 2.5 million people, Kansas City is a vibrant metro in the heart of the U.S., known as “KC Heartland.” KC is a center for leading industries including eCommerce, technology, animal health, entrepreneurship, and is home to a renowned arts community.

 Please visit KC.org and follow @KCHeartland for more details.

 CONTACT: 

Christina Forrest

Account Director

Violet PR

7 N Willow St

Suite 8C, Mailbox 11

Montclair, NJ 07042

646.586.9932 (direct)

201.790.1179 (cell)

www.violetpr.com

 thinkKC.com.