$84 Million Top Of The Hill Project Moves Forward

CLEVELAND HEIGHTS, OH — The Top of the Hill project took another step forward this week. After much discussion, Cleveland Heights City Council voted to approve Planned Development Overlay (PDO) District Development Standards for the project.

Planned for the property at the intersection of Cedar Road and Euclid Heights Boulevard, the PDO allows the city to amend the Zoning Map and lets redevelopment move forward. Flaherty & Collins, the developer, has submitted plans for a mixed-use building at the site.

"The approval by City Council this past Monday marks a significant milestone along the path of realizing this potentially catalytic development for our city," said Heights Economic Development Director Tim Boland in an emailed statement.

The Top of the Hill project should start construction in the waning months of 2019. The project should be completed in early 2021.

City officials have long touted the benefits of the four-acre Top of the Hill project, and its potential economic impact on the Cedar-Fairmount district. The development will cost approximately $84 million, and will feature 275 to 300 luxury apartments and 15,000 square feet of first-floor commercial space. There will also be a parking garage with 550 spaces.

The hope is that more than 90 permanent jobs will be created through Top of the Hill. Nearly 600 temporary construction positions should also be brought into the city. The city estimates annual income tax revenue of $270,000 will be generated by the project. A one-time influx of revenue from construction payrolls should generate about $685,000 for the city.

Tax incremental financing (TIF) was approved for the project by the city and school district in late March. TIF typically reallocates property taxes to encourage more investment in an area. In this case, the school district will receive funds based on what the completed site is expected to generate, versus what it currently generates. The TIF ordinance will help get the school district an estimated $421,000 a year in compensation, versus the $21,000 the undeveloped site currently generates, city and school district officials said.

After the TIF financing was approved, the project moved into the design phase. Original projections suggested Top of the Hill would cost approximately $75 million from start to finish, an estimate that has increased in the interim.

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