NuCLEus Developers Scale Back Project, Look To Break Ground This Summer
The developers behind the NuCLEus project in downtown Cleveland are looking to move ahead with their proposed mixed-use towers.
Stark Enterprises first conceived 50 story towers, with apartments, shops and a hotel five years ago. That $450 million plan stalled.
The goal this time around is to move faster with a smaller project.
“It’s just been something we’ve been working on behind the scenes for a long time. Now we feel confident that we have the support and are able to move forward on it,” said Stark's Vice President of Marketing Stacie Schmidt.
The original plan met some push back over a proposed lump sum payment to Cleveland public schools in lieu of standard, yearly property tax payments.
State aid, in the form of a credit for "transformational projects," also fell through.
The new proposal, which requires Cleveland Planning Commission approval, would cost at least $100 million less.
“The two towers are slightly less in size. We are moving forward with continuing to keep them both at 24 floors tall, one will be 40 feet taller than the other,” said Schmidt.
One of the buildings will be for apartments and the other for commercial space, including offices and ground floor retail. There will be no hotel.
Schmidt says they plan to break ground in August.