After sitting vacant since the 1980s, MidTown Cleveland’s hulking five-story Warner & Swasey factory on Carnegie Avenue is finally getting a second act. Developers and city leaders are scheduled to break ground this week on a 64 million dollar adaptive-reuse project that will turn the historic complex into mostly affordable housing, with an initial 112 apartments. Backers are pitching the former factory as a highly visible gateway between Downtown and University Circle that could help spark more investment along East 55th Street.
In a release, Pennrose, working alongside neighborhood nonprofit MidTown Cleveland Inc., said it will convert the 194,000-square-foot complex at 5701 Carnegie Avenue into a mixed-income community. Phase I is expected to deliver 112 one- and two-bedroom rental apartments, while a planned second phase would add roughly 28 more units and about 22,000 square feet of commercial space.
What the Project Will Include
The first 112-unit phase will be split evenly between low-income senior apartments and family units, with rent limits targeting households earning about 30% to 60% of Area Median Income, as reported by News 5 Cleveland. Plans call for studios plus one- and two-bedroom layouts, along with on-site amenities such as a fitness room and a community room.
Funding and Partners
Pennrose says the roughly 64 million budget is stitched together from about two dozen capital sources. The package includes Low-Income Housing Tax Credits, state and federal historic tax credits, loans from the Federal Home Loan Bank of Cincinnati, and philanthropic support from the Cleveland Foundation. The Port of Cleveland is providing construction sales-tax relief, and both Cuyahoga County and the City of Cleveland are contributing grants and HOME funds to close the financing gap.
Timeline and Next Steps
Crews have already been on site this winter, handling preliminary work and environmental cleanup as the team preps for a ceremonial groundbreaking set for Monday, according to neighborhood reporting. NEOtrans notes the ceremony, and News 5 Cleveland reports that the first phase could be built out and ready for leasing by early 2028.
Preservation and Construction Details
Developers say they plan to keep much of the building’s industrial character intact, even as they tackle serious structural issues. That includes documenting interior murals and graffiti before removing failing floor sections and demolishing a cluster of metal saw-tooth sheds to make room for parking and modern systems. Spectrum News 1 reports that crews are photographing and cataloging historic features so select elements can be highlighted in the redeveloped space, even as other portions are rebuilt…