Developer Plans $36 Million Luxury Apartment Building on Park East Drive in Beachwood

By Bob Sandrick, Northeast Ohio Media Group

BEACHWOOD, Ohio -- A Chicago developer wants to build a $36 million luxury apartment building on Park East Drive.

Covington Realty Partners would build the apartment, consisting of 210 units in four stories, on the site of the vacant Bally Total Fitness building. The total estimated cost, including land acquisition, is $39 million.

First, however, Covington needs the city to rezone the Park East property. The proposed rezoning is on tonight's City Council agenda.

Also tonight, council will host a public hearing on a proposed rezoning for developer Andrew Brickman. In April, council voted down Brickman's plan to build 20 townhouses in the Cranbury Court condominium development.

Brickman still has an outside chance of receiving city approval for his development but would have to come up with a revised plan, probably showing fewer townhouses.

In addition, council may authorize Mayor Merle Gorden to seek federal funds for improvements to the I-271 ramps at Chagrin Boulevard. Councilman Mark Wachter said the project actually focuses on improving traffic flow at the congested Chagrin-Richmond Road intersection but includes possible 271 ramp improvements. The federal funds would also help pay for traffic light upgrades.

Also, council may create an "energy special improvement district" for Briarwood Management LLC, owner of two office buildings at 24100 Chagrin Boulevard. The designation would allow Briarwood to borrow about $2 million -- not from the city -- to make the office buildings more energy-efficient.

Also tonight, council may borrow $5.4 million for a road leading into the relatively new Eaton Corp. headquarters in Chagrin Highlands. Eaton and other companies along Eaton Boulevard would repay the loan through property tax assessments over 20 years, according to Councilman Mark Wachter.

In addition, council may authorize the city administration to seek bids for the repaving of Chagrin and Shaker boulevards.

Reporter Bob Sandrick will cover tonight's meeting starting at about 5:30 p.m. What questions do you have?