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| Carter Manor Apartments, 1012 East Prospect Avenue, Downtown Cleveland, OH |
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.
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| Kevin Beard |
“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.
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| Max Dunning |
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.
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| 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.
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| Andre Pintauro |
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
