Asset Plus Plans Renovation of the YMCA Building on Prospect to Become The Domain
According to David Salinas, General Manager of the Domain at the YMCA building on Prospect Avenue at East 22nd Street, Phase 1 of a planned total renovation of the residential portion of the Prospect Avenue YMCA building may start as early as next month if historic tax credits are approved by the State of Ohio. The renovations, planned to run from July 2015 to June 2016, will start on the top floor of the building and proceed floor by floor each month. This will enable students who lease the efficiency apartments for the 2015-16 school year to stay in the building and move up into renovated units as the floors are completed. The rents at The Domain start at $560/month for this coming school year with new rates starting in Summer of 2016. The building is also expected to host Republican National Convention attendees in July 2016.
Phase 1 has 147 units with the potential for a Phase 2 with an additional 120 units in the space now occupied by the YMCA. The YMCA's expected move to the Galleria is planned for February 2016 and will allow the building to add 2 bedroom units. It is anticipated that construction on phase 2 could start in Fall 2016.
The amenities planned for the Domain include a state of the art fitness center with "fitness on demand" work out programs, a computer room and study lounge. Owner, Asset Plus is a Houston-based real estate management firm that develops student, senior, military and affordable housing nationwide. They currently operate 110 student housing properties with over 70,000 beds. Jonathan Sandvick of Sandvick Architects is the architect for the project.
For information on renting an apartment visit domainatcleveland.com.