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Economy and Business


Cleveland's downtown Leader Building is about to become 200-plus apartments
Downtown occupancy rates are nearing 100 percent
by WKSU's LYNDSEY SCHLEY


Reporter
Lyndsey Schley
 
The 101-year-old office building is the latest to be converted into downtown Cleveland living space.
Courtesy of K&D
Download (WKSU Only)

A local developer is finalizing plans to convert one of Cleveland’s historic downtown office buildings into upscale apartments.

K&D Group C.E.O. Douglas Price says his firm has plans to purchase the 101-year-old Leader Building for an undisclosed amount. He says with high occupancy rates in downtown, converting old office buildings to residences can pay off.

The Leader Building includes ornate Tiffany-designed lobbies and elevators.

LISTEN: Price on old buildings' character

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“The old buildings have a lot of charm to them. The apartments that we’re doing are all modern, they have full modern amenities. They’re basically brand new apartments within the old shell of the building and downtown has some buildings with real character that you can’t get in new construction.” 

Price says his group plans to put 200 to 240 apartments in the building. He says many of its similar projects in the city are at 100 percent occupancy, and they can also qualify for a historic preservation tax credit.

 

 

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