After years of collaborative efforts, The Finch Group has closed on financing for the first phase of The Preserve at Upper Chester in the Hough neighborhood, including a $3 million loan from Cleveland Development Advisors’ (CDA) Advance Cleveland Development Fund.
CDA is the Greater Cleveland Partnership’s real estate and business development finance affiliate that invests privately funded capital and New Markets Tax Credit allocations into catalytic projects designed to advance economic and community development projects throughout Cleveland.
The $42 million project at the corner of Chester Avenue and East 97th Street will create 177 units of residential apartments, 23,000 square feet of retail space including a fresh food market, and supporting parking.
A transformational project
The Preserve will be transformational to this section of Cleveland by not only anchoring a 24-hour community but also connecting the main campus of Cleveland Clinic
to Cleveland’s cultural institutions in University Circle
Wesley Finch, founder and chairman of The Finch Group said of the closing, “This project will affect the lives of many of the area’s current and future residents by bringing an array of new opportunities to live, work, learn and play to this exciting section of Cleveland.
“The Finch Group has worked for seven years to achieve this milestone and we could not have done it without the cohesive partnership of, most notably, Councilman T.J. Dow, the Mayor's administration, Huntington Bank
and Cleveland Development Advisors.”
The apartment building will have a 24-hour concierge/doorman, a full fitness center available for residents, laundry facility, free surface parking, free Wi-Fi throughout the entire property, a rooftop deck and residents-only penthouse floor club room.
Future phases will develop the adjacent blocks as additional apartments, commercial and retail space, and affordable housing for seniors.