Top Of The Hill Project Ready To Start Construction

CLEVELAND HEIGHTS, OH — The final pre-construction step for the Top of the Hill project was completed Tuesday. Cleveland Heights city officials and Flaherty & Collins finalized the closing on the project site, effectively turning the area over for construction. Work could start this month.

Top of the Hill is an $83 million, four-acre development project on Cedar Road and Euclid Heights Boulevard, up the hill from University Circle, in the city's Cedar Fairmount district. Under the final ground lease, the city will retain ownership of the project site while Flaherty & Collins get the right to construct and own the buildings which constitute the Top of the Hill project.

Plans for the project include residential units and space for businesses. Amenities will include a co-working space on the first floor, a pet spa, a dog park, indoor bicycle parking and a bike wash station, a fitness center and a 10th floor pool, terrace and common area for socializing.

"While the city remains focused on the challenges the COVID-19 crisis has created for our entire community in the weeks and months ahead, we are excited to be able to move forward with this project," City Manager Tanisha Briley said in a statement. "It represents a major new investment and positions the city for additional growth and development in the future."

Cleveland Heights City Council unanimously approved the financing package for the mixed-use project in early 2020. Top of the Hill will be funded through private construction loan financing and Tax Increment Financing bonds. The city has a 2-percent commitment in economic development non-tax revenue bond anticipation notes.

Cleveland Heights officials said they anticipate receiving $14.3 million in new net revenue over a 32-year span. Officials also expect Top of the Hill to generate $12.3 million in new taxes and compensation for the Cleveland Heights-University Heights Schools over three decades.

"The realization of this catalytic and transformative mixed-use redevelopment project at the western gateway to the City is a game changer for our community," said Tim Boland, director of economic development. He added that the project will "bring new residents, jobs, businesses, vibrancy, and increased economic activity, as well as new tax revenue, to our city."

Construction on Top of the Hill should start in May and will last 18 to 24 months. The general contractor on the project is Cleveland Construction.