The $218 million financing package for the redevelopment of Cleveland’s Erieview Tower into a mixed-use development, including the W Cleveland hotel, has closed.
The Ohio adaptive-reuse project—being developed by Cleveland-based Erieview Development—will update the 700,000-square-foot tower, which was built in 1964 and is listed on the National Register of Historic Places. Erieview Tower is currently the fifth-tallest building in Cleveland.
The hotel and residential components are scheduled to open in late 2027, while the office space on floors 29 through 38 will be delivered on a turn-key basis according to tenant schedules through 2028. The W Cleveland will be the first W hotel in Ohio, and its 215 residences also will be the first W-branded apartments to be offered exclusively as rental units rather than for-sale residences.
Hotel guests and residents will have access to shared amenities that include a fitness center, spa and 24-hour concierge services. The property also will feature a signature restaurant and bar on the 38th floor, a 15,000-square-foot ballroom and a lobby lounge. A subterranean parking garage will provide more than 450 spaces.
The development team includes TurnDev, Rockwell Group, Beyer Blinder Belle, Berardi + Partners, Turner & Townsend and Novogradac & Co. Kohrman Jackson & Krantz is serving as lead counsel to the development team, while Brown Gibbons Lang & Co. served as financial advisor to Erieview Development.
The financing includes $93.4 million in C-PACE financing from Nuveen Green Capital, described as the largest C-PACE transaction closed to date in Ohio. The proceeds will support energy, water and building-envelope improvements associated with the redevelopment.