The Apollo Apartments - Apt Development Group, LLC
This project is about a Historical renovation of the building at 1250 Riverbed St. 44112, converting to 70 apartment units and 1 commercial space. Exterior amenities will be offered via a rooftop deck, connection to the Superior Viaduct as well as an amenity space under the viaduct through a ground lease from the City of Cleveland.
About the Developer & Project
- Owners: Michael Apt & Chris Litzler
- Primary Contractor: Interwest Construction (WA)
Renovation Project 1250 Riverbed Street
- Start Date: August 5, 2024
- End Date: November 28, 2025
- Total Project Cost: $20,634,000
- Total Hard Construction Cost: $16,282,231
Funds
- City of Cleveland - $600,000
- Equity Investment: $3,176,410
- Bank Loans: $10,837,590
- Other Government Loans: $6,020,000
- State Historical: $1,700,000
- Federal Historical: $4,320,000
Building(s):
- Parcel: 003-19-007
- Next to Greater Cleveland Aquarium & Jacob Pavilion
Community Benefits Agreement Terms:
MBE Participation Goal (15%)
FBE Participation Goal (7%)
CSB Participation Goal (8%)
Cleveland Resident Construction Worker Hours: 20% Requirement
Low-Income Cleveland Resident Construction Worker Hours: 4% of the 20% Requirement
Mentor/Protégé Program: (1) Mentor/Protégé Relationships
Apprenticeship: (2) Cleveland Resident
Internships: (2) Cleveland Resident Interns at the Rate of $20 /hr. for a minimum of 50 hrs. worked per intern
Community Engagement: (3) Community Stakeholders’ meetings