Stark Enterprises Finalizes Construction for The Beacon
CLEVELAND – Stark Enterprises has closed on a $65M construction loan for its new, mixed-use, high-rise project in Downtown Cleveland – The Beacon. The company and its partners have fully capitalized the $94M-development, located at 515 Euclid Avenue.
When complete, The Beacon will be 28 stories tall and house 187 luxury one- and two-bedroom residential units. First class building amenities will include a rooftop social space and dog park, a state-of-the-art fitness center, integrated garage parking, unobstructed lake and city views and more. Individual units will boast deluxe finishes, floating vanities, spacious storage, high ceilings and spectacular views. Its central location on Euclid Avenue is right in the heart of Downtown Cleveland’s business district and will offer the first brand-new units to the market in decades.
“This is a monumental milestone for our project and for Downtown Cleveland,” said Ezra Stark, chief operating officer, Stark Enterprises. “Given all the complexities that come with downtown new construction, it’s an extreme honor and thrill to commence on this skyline-changing development with the city and our partners.”
Apartment pre-leasing information will be available October 2017 for a Spring 2019 opening. Ground-level tenants include Balance Grille, Heck’s Café and the existing Potbelly Sandwich Shop, which will remain open throughout construction. Heck’s Café is slated to open mid-September 2017 and Balance Grille will open its doors in Spring 2018.
About Stark Enterprises
Headquartered in Cleveland, Ohio, Stark Enterprises is a full-service and vertically integrated real estate development company with the highest level of expertise in acquisition, development, leasing, property management, capital markets, construction, architectural design, landscape architecture, marketing and security. With approximately eight million square feet of Class A properties in its portfolio with an approximate value of $2 billion, Stark Enterprises balances revolutionary idealism, new urbanist principals and sustainability practices with economic viability to deliver remarkable, next generation, mixed-use properties. For more information, visit www.StarkEnterprises.com.