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The 396-foot-tall skyscraper has 318 apartments. That would put PSF’s asking price for the 602,000-square-foot building at $159 million. The nonprofit arts, educational and community development organization built the theater district tower for $135 million to $138 million, depending on which source is quoted and what costs are included in the total. But PSF isn’t commenting on whether they’re still selling The Lumen or not. Its two ground-floor retail spaces have been slower to lease. But, yesterday, a certificate of occupancy was granted by the city to First National Bank of Hermitage, PA after it made $165,000 worth of improvements to build-out an 804-square-foot commercial space for a new bank branch. A second, 1,135-square-foot retail space remains available for lease. When a newly built, leasable property reaches 90 percent occupancy, the real estate industry considers it stabilized. The owner, typically a developer, often sells it to help raise capital for its next development project. But if the developer tends to own real estate for a source of stable income as PSF does, it may skip the real estate market and refinance the debt portion of its capital stack. NEOtrans broke the story in January that PSF wanted to sell The Lumen to raise capital for community development projects, according to two sources. One of the two sources said that a community development project would be a follow-on major residential development that some dubbed Act II or The Encore. It would be located on the 106-space Middough Parking Lot at the southeast corner of Chester Avenue and East 13th Street. PSF bought the Middough lot in 2016 while capital was still being accumulated for The Lumen which ultimately erased a 160-space surface parking lot on Euclid. Playhouse Square Foundation’s 106-space Middough Lot at Chester Avenue and East 13th Street is no longer being considered for development by the owner. The Lumen towers over the PSF’s Chester Garage and its Middough Building (KJP).

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The rationale, according to that source plus another from back in 2019 when PSF began construction of The Lumen, was that the 550-space parking garage for The Lumen would also offer some public parking. & Hz.Theatergoers using The Lumen’s parking deck, rather than one on Chester behind the theaters, would put more feet on Euclid and increase patronage of the district’s restaurants and cafes. #cleveland #clevelandhomes #clevelandrealestate #realestate #clevelandohio #apartment #clevelandlifestyle #movetocleveland #clevelandvibes #realtor #realestateagent #ohiorealestate #apartmenttour #apartmentlife #apartmentliving #downtowncleveland #apartmenttherapy #apartmentdecor #apartmenthunting #luxury #luxuryrealestate #luxuryapartment #luxuryapartmentbuilding'.

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