Developer to Transition Lakewood Center North Into Lakewood’s Largest Mixed-Use BuildingApril 08, 2016
Kowit & Company Real Estate Group announced today plans to convert a substantial portion of Lakewood Center North (LCN) into high-end apartment units. Lakewood Center North, located at 14600 Detroit Avenue, is a 15-floor office tower featuring more than 260,000 square feet.
The news comes on the heels of the announcement by New York Life that it plans to expand into a new space in downtown Cleveland. The company’s Lakewood branch plans to move to the new location at the end of its lease, at the end of 2016.
Kowit & Co has owned Lakewood Center North — currently about 50 percent occupied — since 2013. Brad Kowit, of Kowit & Co. said he views the conversion to market rate apartments as an opportunity to provide a truly mixed-use tower and new housing options in downtown Lakewood.
“We are excited about being the first to offer high-rise apartment living in the heart of Lakewood,” said Kowit. “The amenities that the community has to offer, the location and the views to the Lake and Downtown Cleveland are spectacular.”
With more than 52,000 residents in less than 5.5 square miles Lakewood is the most densely populated city in Ohio. The housing market largely drives the local economy, with more than 32,000 residential units of all sizes, types and price points available throughout the city.
“Lakewood is known as the City of Homes,” said Lakewood’s Mayor Mike Summers, “This strategic shift to include housing at Lakewood Center North will only serve to strengthen our diverse housing offerings for years to come.”
Lakewood has a 100-year history of mixed-use buildings with hundreds of apartments over retail space all along Madison and Detroit avenues, Lakewood’s two major commercial corridors. Built in the early 1970s, Lakewood Center North was part of the high-rise commercial development boom in that era.
“With Forage Public House at the ground floor, as well as office users such as Zaremba Group and Regency Construction, the addition of residential options will make Lakewood Center North the largest mixed-use building in Lakewood,” said Summers.
Kowit indicated that plans for the conversion will be submitted to the city later this spring, with construction expected to begin in late 2016.
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