Two Cleveland-based companies join forces to
transform a historic Downtown building into a boutique hotel and
modern multifamily apartments.
CLEVELAND, June 25,
2024 /PRNewswire/ -- In a strategic collaboration
that allows Cleveland's urban gems
to shine in a new light, Spark GHC and Cleveland Construction today
announce a groundbreaking joint venture. Project Scarlet represents
a significant commitment of $100+ million to transform a
400,000-square-foot office space, formerly Medical Mutual's
headquarters, into a dynamic mixed-use development.
With a shared vision of enhancing the vibrancy and livability of
Cleveland's downtown core, the two
partners will spearhead the conversion of the iconic Rose Building
into a sophisticated boutique hotel with modern multifamily
apartments, along with a unique ground-floor retail experience.
This transformative mixed-use project not only breathes new life
into a historic structure but also addresses the evolving needs of
the Cleveland community for
contemporary living spaces and upscale hospitality offerings.
"This joint venture marks a pivotal moment in Cleveland's ongoing evolution," says Bhavin
"B" Patel, Co-founder and Principal of Spark GHC. "By leveraging
our collective expertise and resources, we are poised to create a
destination that not only honors the city's heritage but also
propels it into a new era of growth and prosperity."
"The Rose Building holds a special place in the history of
Medical Mutual. It's important to us that it's being used to
invigorate the area and contribute to the vibrancy of Cleveland's downtown," says Steve Glass, Medical Mutual's President and CEO.
"That's why passing the baton to Spark GHC and Cleveland
Construction feels right."
Cleveland Construction, renowned as a builder for innovative
development projects, brings invaluable experience to the table.
"We are excited to be part of this endeavor to reimagine urban
spaces," says James Small, Owner of
Cleveland Construction. "Together, we will create a landmark
destination that enhances the quality of life for residents and
visitors alike."
The collaboration with CBRE, the global leader in commercial
real estate services and investments, and its brokers, Jamie Dunford and Kevin
Yates, were instrumental in navigating complex negotiations
and ensuring the success of this joint venture. "This project is a
testament that superior real estate can be activated when facing
significant headwinds in the current economic landscape," says
Jamie Dunford of CBRE. "Through
creativity, we were able to align and structure a partnership with
all parties that will result in an optimal outcome for the Rose
Building and the City of
Cleveland," added Kevin Yates
of CBRE.
The revitalization of the Rose Building into a boutique hotel
and multifamily apartments, along with ground-floor retail, is not
just a development project; it is a testament to the power of
collaboration and innovation in shaping the future of cities. As
Cleveland continues to evolve into
a dynamic and inclusive urban hub, this joint venture sets a new
standard for unique investment and community-driven
development.
About Spark GHC
Spark GHC is a minority owned, U.S.
focused private real estate firm focused on developing, acquiring,
and operating hospitality, multi-family, and commercial assets.
Spark GHC's mission is to improve the daily guest experience
through technological innovation, remain strong stewards of the
community where assets are located, and be a driver of positive
culture. The Spark and GHC family of companies have
$350 million in assets under
ownership consisting of -3,000 hospitality keys and multi-family
units. Over the past 15 months, the companies have acquired 8 hotel
assets and 2 multi-family properties. Spark GHC was founded by
Amit Patel, Bhavesh Lad, Bhavin
Patel, Michael J. Smith, and
Saagar Parikh. The sponsor team has a diverse background spread
across Main Street and Wall Street. Learn more at www.sparkghc.com.
Contact them at mgmt@sparkghc.com.
About Cleveland Construction
Cleveland Construction,
Inc is a national construction company specializing in general
contracting, construction management, design-build, and
self-performing walls and ceilings services. Throughout our
history, they've succeeded by providing a wide range of
construction solutions to our clients and delivering a whole lot of
quality work.
About CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500
and S&P 500 company headquartered in Dallas, is the world's largest commercial real
estate services and investment firm (based on 2023 revenue). The
company has more than 130,000 employees (including Turner &
Townsend employees) serving clients in more than 100 countries.
CBRE serves a diverse range of clients.
Contact:
Bhavin "B" Patel, Co-Founder and Principal, 330-949-7423
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SOURCE Spark GHC