Wolfe Investments & RDYNE Mark Groundbreaking of New Development
CLEVELAND, Sept. 2, 2021 /PRNewswire/ -- As shovels went into the ground this week for a new apartment building in the Upper Chester section of Cleveland's Hough neighborhood, the project's partners were already looking to the future.
A groundbreaking ceremony was held Aug. 24 for The Lumos, 1866 E. 93rd St., an $8.8 million investment in the community that will add quality housing, add more population and support the expansion of more businesses and jobs in the neighborhood.
The Lumos will offer 42 market-rate apartments including studios, one-bedroom units and a small number of two-bedroom homes priced to attract workers from booming University Circle that's within a short walk or bike ride away.
"Lumos" is the Latin meaning for "To have light" and which is rooted in Greek mythology.
"I am thrilled to share with you our excitement about The Lumos and the impact that we believe it will have on Cleveland and the Upper Chester neighborhood," said Richard Arnstine, Chairman of ARPI Development, LLC which he founded with his son-in-law Zach Pinkert.
One of the first people Arnstine met was Zak Baris, President of Comprehensive Zoning Services Inc. Baris put him in touch with Conrad Geis and Brandon Kline, both principals at Geis Companies a leading one-stop-shop design-build-management effort. He also worked with staff at Cleveland Neighborhood Progress and attorneys at McCarthy Lebit and Calfee, Halter & Griswold LLP. Those connections, in turn, put Arnstine in touch with investors Agostino Pintus, Founder and Principal of Cleveland-based Realty Dynamics Equity Partners LLC (RDYNE), and Kenny Wolfe, President of Dallas-based Wolfe Investments LLC.
"After working with the dedicated and extremely knowledgeable partners for the past year on the budget and schedule matters, we are very excited to see this day come," said Pintus, whose firm invests in multifamily communities throughout Cleveland and in commercial deals throughout the US. "Without the support and collaboration of our partners, city representatives, our families and the people that believed in us to bring this project to life, this apartment community would not be possible. I truly appreciate the support."
"We're based in Texas, but I have personal ties to Ohio that go back generations," said Wolfe who leads a private equity real estate investment company with assets in 11 states. "We've been investing in Ohio over the past six years and have really loved owning assets in this great state. We started investing in Cleveland three years ago specifically for the growth potential that we saw. And Cleveland has not disappointed in the least! We here at Wolfe Investments are very excited to be a part of this continued improvement and are committed to bring a quality asset with quality service to the residents here."
"I'm very happy that we can bring the density back to these neighborhoods as it once was," said Baris who is the owner's representative on the project. "We're making more viable neighborhoods from vacant lands. This is about repopulating Hough without taking away from the neighborhood feel. We have many more investments coming up in the neighborhood in the near future. This is just the start of one of many efforts based on a larger vision to bring this community back."
All members of The Lumos team singled out Ward 7 Councilman Basheer Jones for praise in providing the assistance and opportunities to become a member of the Upper Chester-University Circle area where the team would like to make more quality housing investments in the future.
"Affordable housing is critical to strengthening communities and growing local economies," said Councilman Jones. "Every person in Cleveland needs and deserves a safe and affordable place to call home, and this latest development is making that a reality."
Pintus said construction of the four-story building will take about 10-12 months. Studios will measure about 576 square feet, one-bedroom apartments 718 square feet and two-bedroom units approximately 1,000 square feet. All apartments at The Lumos will have first-floor patios or upper-floor balconies to enhance a greater sense of community. There will also be an on-site gym, rooftop patio and community room. A 28-space parking lot is planned behind the building.
"Our team has been looking forward to the kickoff of construction for months and we can't wait to deliver a successful project for this dynamic neighborhood," Pintus added. "This project is a game changer for Upper Chester and it is only a small part of the changes ahead. We look forward to making this a beautiful building. This project will be a magnet to attract a diverse set of residents they will be proud to call home."
"It's been amazing to see this neighborhood change for the better," Wolfe observed. "You can see the direction this part of Cleveland is being led and it's all positive. We're very excited to be a part of this continued improvement and are committed to bring a quality asset with quality service to the residents here."
Ultimately, Arnstine said The Lumos is about what everyone wants – a brighter tomorrow for ourselves and for our children.
"That light is where The Lumos comes from," he said.
SOURCE Realty Dynamics
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