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September 28, 2020

NRP starts construction on mixed-use residential community in US

US developer The NRP Group has started construction on a mixed-use residential community in Cleveland's Broadway-Slavic Village neighborhood.

US developer The NRP Group has started construction on a mixed-use residential community in Cleveland’s Broadway-Slavic Village neighbourhood.

The company is developing the project, named 5115 at The Rising, in partnership with social services provider University Settlement.

The 5115 at The Rising development is set to receive financing from local and regional partners, including The OHIO HOUSING FINANCE AGENCY, Keybank, OHIO CAPITAL CORPORATION FOR HOUSING, The City of Cleveland, and Third Federal Foundation, among others.

It will offer 78 apartment homes and ten townhomes to the neighbourhood.

The NRP Group Development senior vice-president Aaron Pechota said: “Broadway-Slavic Village is a unique area that has a lot of potential, and we’re happy to have a hand in contributing to its growth with 5115 at The Rising.”

The residential community will also offer a new home for University Settlement, which will relocate its corporate offices to a 20,000ft² commercial space on the building’s ground level.

University Settlement executive director Earl Pike said: “We’re excited to work with The NRP Group on 5115 at The Rising to improve the Broadway-Slavic Village area while continuing to honour the community’s inclusiveness.

“University Settlement has been active in this area dating back to 1926, and our mission has always been to provide the local community with exactly what they need to live and thrive. We are confident that 5115 at The Rising will do just that.”

Scheduled for completion in early 2022, the residential community project marks a significant milestone for Broadway-Slavic Village.

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