We needed new housing for Cleveland Institute of Art students, and fortunately Russell Berusch became our partner in this project. Russell is a skilled and honorable property owner, and we have immensely enjoyed our collaboration with him on the planning and master leasing of a new 71-bed apartment building for our students. We are thrilled to be his partner.”
President, Cleveland Institute of Art
Berusch Development Partners saw an opportunity to repurpose two properties in the Uptown district with the goal of further improving the area for residents, students and visitors. Specifically Russell Berusch, the firm’s president, envisioned a trio of benefits: the creation of new housing for disabled, low-income renters; construction of new housing for students at the Cleveland Institute of Art; and, development of more retail options in Cleveland’s growing Uptown district.
The firm is currently leading the development of the student housing as the manager of Euclid 115, a limited liability company. Because this is a market-rate project being developed without any direct subsidy, Berusch needed to ensure that the costs not exceed projected student rental rates. The firm developed and has strictly adhered to a tight budget. This has required vigilant management of design, engineering and construction costs, as well as aggressive bidding. The project is scheduled to be completed by the end of 2013.
|STATUS & RESULTS
Russell Berusch initially approached the nonprofit owner of an aging apartment building at the intersection of Euclid Avenue and East 115th Street to suggest its low-income, disabled tenants would benefit from moving to a new building on an adjacent site that would be more physically accessible. He helped the nonprofit acquire the site, and then Euclid 115 purchased the vacated apartment building. Berusch Development Partners is currently renovating the building and converting it into apartments for Cleveland Institute of Art students, whose classes are directly across the street. The redevelopment also includes storefronts for two new food retailers to augment the burgeoning Uptown district’s shopping and dining options.