W Cleveland Secures $218M for Tower Conversion

ErieView Development has closed financing for the $218 million redevelopment of downtown Cleveland’s 40-story Erieview Tower into the 210-key W Cleveland hotel, 215 rental apartments, and Class A office space, with completion expected around late 2027 [1]. The project marks the first W Hotel in Ohio and features the state's largest C-PACE deal to date [1].

What does the $218 million Erieview Tower redevelopment include?

The conversion transforms the 529-foot, 700,000-square-foot skyscraper into a mixed-use complex containing a hotel, residential rental units, and commercial offices, Hotel Business reported [1]. Built in 1964 and listed on the National Register of Historic Places, Erieview Tower stands as Cleveland’s fifth-tallest building [1].

Floors 17 through 28 will house the 215 W Apartments, spanning approximately 179,565 square feet in studio through two-bedroom layouts [1]. According to ErieView Development, these residences represent the first W Apartments developed exclusively for rental use rather than for sale [1]. Residents will receive hotel amenities such as 24-hour concierge, door and porter service, in-residence dining, event space, and access to the fitness center and spa [1].

Floors 29 through 38 will hold both the 210-key W Cleveland hotel and Class A office space, along with a 15,000-square-foot ballroom, spa, fitness center, and lobby lounge [1]. The broader site also includes a subterranean parking garage with more than 450 spaces and The Galleria at Erieview [1].

How is the project's capital stack structured?

The financing package combines private senior debt, record-setting clean energy financing, public loans, and tax credits across multiple government tiers [1]. Nuveen Green Capital provided $93.4 million in Commercial Property Assessed Clean Energy (C-PACE) financing, which ErieView Development stated is the largest C-PACE transaction closed in Ohio [1]. The C-PACE capital will fund energy, water, and building-envelope upgrades, including curtain wall repairs, elevator modernization, and variable refrigerant flow (VRF) mechanical systems [1].

ERIEBANK, a division of CNB Bank, supplied $20 million in senior financing [1]. The remainder of the capital stack incorporates federal historic tax credits, federal historic tax credit bridge financing, Ohio historic tax credits, and Ohio Transformational Mixed-Use Development tax credits [1]. Public-sector funding includes a Cuyahoga County loan supporting the hotel, Ohio Brownfield Remediation Program funds, City of Cleveland tax abatements, tax increment financing, and Cleveland-Cuyahoga County Port Authority incentives [1].

What food and beverage venues are planned?

A signature restaurant and bar will open on the 38th floor of the tower, rising roughly 500 feet above East Ninth Street [1]. According to the company, the venue will be the highest restaurant and bar in Ohio [1]. The space was historically occupied by Stouffer’s Top of the Town, which operated on the 38th floor for 30 years [1]. ErieView Development principal Elias Kassouf noted that the 38th-floor venue will be run by an unannounced celebrity chef [1].

How will the office space integrate with hotel operations?

Turnkey office suites across floors 29 through 38 will offer views of Lake Erie, Public Square, North Coast Harbor, the central business district, Cuyahoga Valley, and the West Side [1]. Tenants will receive direct access to the hotel's fitness center and spa facilities [1]. Hotel restaurants will also deliver food and beverage orders directly to office floors [1]. ErieView Development confirmed that office space will be built to individual tenant specifications with zero capital cost incurred by the tenant [1].

Who is managing the architecture, design, and advisory work?

The project brings together several advisory and design firms across finance, legal, architecture, and construction management [1]. BGL Real Estate Advisors served as the developer's exclusive financial adviser, KJK acted as lead counsel, and TurnDev serves as project manager [1]. Design is led by Rockwell Group alongside Beyer Blinder Belle, with Berardi + Partners serving as architect of record [1]. Turner & Townsend and Novogradac & Company round out the project team [1].