CLEVELAND — Renovations are slated to wrap up in the next week and a half at 55 Public Square as tenants continue to move into the 202 new apartments.
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A little more than two years ago, R&D Group bought the 300-foot-tall former Illuminating building. At the time, K&D Group Vice President Doug Price IV said only about 30% of the commercial office space was occupied.
"It was dark, empty, waterlogged hallways; the garage was completely dismantled and falling through the floors," Price explained. "It was kind of a dark and gloomy scene here."
Since then, the company invested more than $80 million into the building and its parking garage, which included converting 14 of the 22 floors into residential space, adding a gym and rooftop lounge and renovating its ground-level restaurant space.
At this time, Price said 80% of the building is leased, and 60% of the apartment are already occupied.
"If we hadn’t stepped into this building, this would still be bare and completely empty office space," he said. "It’s huge now that we have 200 residential units. These are their homes now."
Price told News 5 that 1 and 2-bedroom apartments range in price from $1,300 a month to $3,600 a month. According to its website, 3 bedroom options are also available as well. To learn more about availability and layout options, CLICK HERE.
Dr. Hallie Durschlag just moved in the past week.
"This was the second place we saw, and I couldn’t get it out of my head," she said. "Every day, I wake up so excited to look out at our view."
Between a new restaurant and Sherwin Williams' new headquarters being built next door, it’s quite the change for people like Andrew Margolius, whose law firm has been in the building for the past two decades. Margolius, Margolius & Associates moved from the 11th floor to the 17th floor as a result of the renovation.
"It’s a good building, and it's got a great location, and they’re doing the right things with it by making it part residential, part office space," he said. "The rest of Public Square should come around nicely."
Prior to R&D Group purchasing the property, Optima Management owned 55 Public Square. County records show Optima bought the property in 2008 for $34 million. In 2013, John Q’s Steakhouse closed in the restaurant space on the corner of West 3rd Street and Frankfort Avenue, half a block from Public Square.
In August 2020, the building was caught up in an FBI investigation that alleges a series of brazen, fraudulent schemes orchestrated by Ukrainian businessman Igor Kolomoisky, who was tied to a Ukrainian bank. The lawsuit alleges funds were laundered through a corporate loan from the bank he controlled and used to finance real estate acquisitions like those in Cleveland.
Construction is scheduled to wrap up in about the next week or so. As for the street-level restaurant, Fahrenheit, that’s slated to open next month.
