Cleveland Hotel to be Converted Into Senior Housing
The Lake County Ohio Port and Economic Development Authority completed a $49 million bond financing packaging for Tapestry Wickliffe to transform the building.
By Laura Calugar, Multi-Housing News
The Lake County Ohio Port and Economic Development Authority has completed a $49 million bond financing package for Tapestry Wickliffe LLC to convert the former 196-key hotel in Cleveland into a 167-unit senior housing property, according to the Crain’s Cleveland Business publication. A combination of taxable and tax exempt bonds have been issued for the project and the Lake County commissioners approved the bonds in late September. Tapestry Senior Housing (LaSalle Development Group Ltd.) is the developer and future manager of the planned community.
Located at 28500 Euclid Ave. in Northeast Ohio in Lake County, the asset sits on approximately five acres and is approximately 12 miles east of downtown Cleveland, at the junction between interstates 90 and 271. The project includes a four-story building encompassing 56 memory care and 111 assisted living units. Construction of the senior living facility is scheduled to be completed in September 2018.
The former hotel was is a Mosley Select Suites property compromising 124,212 square feet, constructed in 1973.
Source: Multi-Housing News 11/9/17
Wickliffe to replace old hotel with $46 million senior citizen housing project
By Stan Bullard, Crain's Cleveland Business
The Lake County Ohio Port and Economic Development Authority announced Thursday, Nov. 2, that it has completed a $49 million bond financing package for Tapestry Wickliffe LLC to convert the shuttered hotel at 28500 Euclid Ave. to a 167-unit assisted living center for senior citizens with a memory care center.
Tim Cahill, director of public finance for the port, said the bond package consists of taxable and tax exempt bonds that the port board and Lake County commissioners approved, respectively, on Sept 27 and 28.
Minneapolis-based Tapestry Senior Housing (LaSalle Development) is developing and will manage the planned facility, which will install a residential tower on the site that will surround an atrium housing dining, indoor recreation, a chapel and other services. The hotel, most recently a Moseley Suites, will be gutted to provide 111 residential suites and 56 memory care suites.
The atrium plan also repurposes space that served as an enclosed "Holidome" when the structure was built as a Holiday Inn.
The port news release stated that the operation will create more than 100 new jobs.
Tapestry (LaSalle) operates about a dozen such properties owned by affiliates and manages a total of 63 others, incorporating more than 5,000 units.
Wickliffe Mayor William Margalis said in the release that it is "great to see the sale of this property finally be completed."
Construction is scheduled to be complete in September 2018.
Source: Crain's Cleveland Business 11/3/17
Lake County’s port authority preparing to issue bonds for Wickliffe senior assisted living and memory care facility
By Andrew Cass, The News-Herald
The Lake County Port and Economic Development Authority is in the process of issuing bonds for the development of a senior assisted living and memory care facility in Wickliffe.
The Port Authority’s board approved an inducement resolution at its most recent meeting to start the process of issuing up to $48 million in bonds to finance the project.
Minnesota-based LaSalle Development Group Ltd. initiated the project that will be developed and eventually operated by Tapestry Wickliffe, LLC.
The facility will be located at the former Mosley Select Suites sites at 28500 Euclid Ave. The site has been vacant since 2014 after the hotel was determined to be a nuisance because of safety issues, unsanitary conditions and violations of the zoning code, specifically fire codes.
In November 2016, Wickliffe residents overwhelming voted to rezone the property from general business to private recreational/institutional.
According to the Port Authority, Tapestry will completely renovate the facility and create 167 unites. Of that, 111 will be senior assisted living and 56 will be memory care units.
Also included will be a commercial kitchen, salon, spa, offices, physical rehabilitation facilities and other miscellanies support facilities.
Once fully occupied, the facility is expected to create approximately 80 full-time jobs and 20 part-time jobs.
Source: The News-Herald 5/27/17
Tapestry Senior Living Opens its Doors
Tours were provided Monday at Tapestry Senior Living, a new assisted living and memory care facility off North Monroe Street near I-10.
The 24-hour facility has 149 studio apartments. Amenities include a full-service restaurant, an outdoor courtyard, walking trail, beauty salon, wellness center, chapel and movie theater. The facility is owned and developed by Tapestry Senior Housing Management, LLC and Tapestry Senior Housing Development, LLC, which are comprised of principals within the Minneapolis-based LaSalle Group.
Tapestry is one of several assisted living facilities that have been in the works. The boom in this particular industry is largely linked to population projections that reflect an increase in senior citizens for the Tallahassee area.
“Tallahassee was an excellent location of this state of the art senior assisted living facility due to the outstanding quality of life, vibrant active senior population, and great reception from the community and local government," said Tom LaSalle of the Minneapolis-based LaSalle Group, in a statement.
Contact TaMaryn Waters at firstname.lastname@example.org or follow @TaMarynWaters on Twitter.
Source: Tallahassee Democrat 1/23/17
2016 Election Results: Wickliffe voters approved rezoning hotel to assisted living facility
By Tawana Roberts, The News-Herald
Wickliffe voters decided on Nov. 8 to approve the rezoning of the former Mosley Select Suites on 28500 Euclid Ave. from a general business to private recreational/institutional by 83 percent. According to unofficial final results from the Lake County Elections Board, voters approved it 4,768 to 976. Current owner Atul Patel said he is pleased with the election results and looks forward to continuing with the plan. The four-story structure will be converted into an assisted living facility with a memory unit. It will be called Tapestry Senior Living Wickliffe of Ohio.
Patel said in a previous interview that the plan required about $7 million of interior and exterior renovations. With most of the interior work completed, Patel said he plans to invest an additional $8 million in the remaining construction and landscaping.
The proposed facility will consist of 76 single-occupancy memory care units, 53 single-occupancy assisted living units and 22 one-bedroom assisted living units. “There’s a huge need in the community for an assisted living facility,” he said. It will generate about 75 full-time jobs, add tax revenue and enhance economic development, he added.
Patel said Tapestry Senior Living Wickliffe of Ohio should be ready to open by June 15, 2017.
Source: The News-Herald