Playhouse Square Completes Construction of Lumen Tower
Construction on the largest Downtown Cleveland residential development in 40 years is complete, Playhouse Square announced Thursday.
Construction of the nearly 400-foot tall Lumen Tower began in 2018. Located at Euclid Avenue and East 17th Street, it includes a parking garage, outdoor terrace and more than 300 apartments, of which 86 are already leased, according to Playhouse Square President and CEO Gina Vernaci.
Monthly rent for a one-bedroom apartment, depending on the floor plan, runs $1,470 to $2,330. Two-bedroom units are $2,365 to $4,710. And penthouse apartments range from about $5,700 to about $7,300.
Playhouse Square began offering virtual tours to potential tenants earlier this year to reduce risk of coronavirus spread. Residents began moving into the Lumen in mid-July, Vernaci said, while upper floors were still under construction. The tower is spacious and equipped for social distancing, she said.
“There are pods throughout the common areas where you can gather in small groups. You can set up for businesses,” Vernaci said. “You can socially distance, socialize. You can have private space within that.”
Each unit also includes its own washer and dryer, she said, so there are no public laundry facilities that could pose a risk.
“While we could not have anticipated the circumstances in which we all find ourselves today, The Lumen was designed with working from home in mind,” said Playhouse Square Senior Advisor Art Falco in a press release.
No funds raised to support Playhouse Square were used to construct the Lumen, according to a press release, aside from a $15 million gift from the Richard J. Fasenmyer Foundation designated for a residential project.
“We had the chance to create a portfolio of real estate that not only diversified the business model for Playhouse Square, but then allowed us to control the experience of being in this entertainment district,” Vernaci said.
Residential real estate was always part of the vision for the revitalized Public Square, Vernaci said, and the Lumen is in line with the character of the area.
“Some of the designs inside, inspiration from the historic nature of the theaters themselves is wrapped into this contemporary environment,” Vernaci said.
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