Playhouse Square to Write Act II to The Lumen
Ken Prendergast, NEO Trans
Soaring nearly 400 feet above Euclid Avenue in downtown Cleveland, The Lumen is the tallest residential building in Ohio. The 318 apartments leased out in less than two years despite the pandemic and civil unrest. Now stabilized, the building will reportedly be sold so that Playhouse Square Foundation can pursue an encore building.
“With The Lumen now 90 percent leased, we have engaged a brokerage firm to explore a valuation of the building,” said Cindi Szymanski, director of brand marketing and communications at PHSF. “Depending on that valuation, we may decide to pursue long-term financing, sell or do nothing.”
The Lumen was built for $138 million and sources are saying that PHSF will sell it on the market through their broker CBRE.
Once its debt-to-equity ratio is improved by selling The Lumen, a second building can be afforded to achieve one of PHSF’s goals — to create a more vibrant theater district.