CLEVELAND, Sept. 25, 2020 /PRNewswire/ -- The NRP Group, the vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, today announced the groundbreaking of 5115 at The Rising, a mixed-use residential community in Cleveland's Broadway-Slavic Village neighborhood. This project is being developed in collaboration with University Settlement, a premier social services provider that has been serving residents in the Broadway-Slavic Village area for more than 90 years.
5115 at The Rising will bring 78 apartment homes and 10 townhomes to the neighborhood, including 18 one-bedroom, 48 two-bedroom, and 22 three-bedroom units. The development will be financed with the support of a number of key local and regional partners including The Ohio Housing Finance Agency, KeyBank, Ohio Capital Corporation for Housing, The City of Cleveland, Third Federal Foundation, and many others.
"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," said Aaron Pechota, Senior Vice President of Development at The NRP Group. "We're grateful to be partnering with University Settlement on this initiative as they have strong roots in the neighborhood and can help us deliver the highest quality affordable living environment to the community, tailored specifically to meet the needs of the area's residents and preserve its diverse culture."
5115 at The Rising marks a significant milestone for Broadway-Slavic Village as it is the largest capital investment made in the community in more than 25 years. In addition to the residential units, the mixed-use project will provide a new home for University Settlement, which will relocate its corporate offices to a 20,000 square foot commercial space on the ground level of the building.
"We're excited to work with The NRP Group on 5115 at The Rising to improve the Broadway-Slavic Village area, while continuing to honor the community's inclusiveness," said Earl Pike, Executive Director at University Settlement. "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."
University Settlement serves more than 12,000 local residents each year ranging from providing case management and critical resources, assistance for homebound seniors, and providing tens of thousands of pounds of free, fresh produce to those in need.
"The investment in 5115 at The Rising is a testament to this area's dedication and commitment to improve the Slavic neighborhood and support its economic rebirth," said Ward 5 Cleveland City Councilwoman Phyllis Cleveland. "As one of Cleveland's oldest neighborhoods, Broadway-Slavic Village has seen many ups and downs over the years, but this development is a step in the right direction for the community, and we're looking forward to seeing what the future has in store."
5115 at The Rising is expected to be completed in early 2022.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company's formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About University Settlement
Since 1926, University Settlement has been offering resources to individuals and families by which they can learn, grow, and thrive. University Settlement is proud to be at the forefront of social service providers in the Broadway-Slavic Village neighborhood. By removing barriers to help families overcome poverty, they empower citizens to maximize their potential and reach their goals. University Settlement does this by protecting and educating children, advancing literacy and job readiness, providing nutritious and sustaining meals, strengthening families, and serving the elderly.
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SOURCE The NRP Group