Hoya (The Finley)
4755 Pearl Road is a two-story brick building, encompassing approximately 20,000 square feet of interior space, which was previously operated as a motel. The property has been vacant since 2014. This project aims to convert the building into a 35-unit apartment complex, complete with an on-site laundry facility. No structural work will be required, but the project will include several key upgrades: a new roof, updated electrical systems, a repaved parking lot, and cosmetic renovations to each unit. The apartments will feature modern, energy-efficient appliances and high-end finishes. Additionally, the project will be certified as green under the Enterprise Green Communities standard.
About the Developer & Project
- Developer: Hoya Ventures LLC
- Primary Contractor: Thompson Hovan
Redevelopment Project at 4755 Pearl Road
- Start Date: 1 September 2024
- End Date: 1 May 2025
- Total Project Cost: $2,028,000.00
- Total Hard Cost Construction: $1,384,000.00
Funds
- Total City Financial Assistance: Tax Abatement
- Equity Investment: $550,000
- Bank Loans: $1,479,000.00
Building
- Parcels: 011-12-066
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
Internships: (1) Cleveland Resident Interns at the Rate of $20 /hr. for a minimum of 50 hrs. worked per intern
Community Engagement: (3) Community Stakeholders’ meetings