Pennrose, MidTown Cleveland Close Financing for Warner & Swasey Redevelopment

CLEVELAND — Pennrose and MidTown Cleveland announced the closing of the financial gap for the Warner & Swasey redevelopment project, marking a major step forward in the long-awaited adaptive reuse of the historic manufacturing site. Construction is set to begin in January 2026, according to the firms.

Financing and Project Overview

The closing, scheduled for December 15, 2025, represents a key milestone in the redevelopment of the 194,000-square-foot, five-story building located in Cleveland’s MidTown neighborhood. The project will preserve the historic structure, which has been vacant since 1985, while introducing new residential and commercial spaces.

Development Plans

The redevelopment will be completed in two phases. Phase I will deliver 112 rental apartments, including affordable housing units available at 30% to 60% of the Area Median Income (AMI). Phase II will add approximately 28 additional housing units and 22,000 square feet of commercial space. The project is designed as a mixed-use, mixed-income community.

Community and Developer Perspectives

“The herculean effort and widespread community support that went into getting the Warner & Swasey redevelopment across the finish line is representative of how much this iconic landmark means to the Cleveland community,” said Geoff Milz, director of development at Pennrose. “This project is a testament to how creative solutions can preserve community assets and deliver meaningful housing opportunities.”

“This long-awaited milestone has been decades in the making, and it belongs to everyone who helped keep the spirit of this building alive,” said Ashley Shaw, executive director at MidTown Cleveland. “Reviving Warner & Swasey with much-needed affordable housing not only preserves a cherished piece of Cleveland’s history – it brings a landmark back to life and reactivates a vital gateway in our neighborhood.”

Construction Timeline

The redevelopment will incorporate the building’s original architectural features into new amenity spaces, including a second-floor rooftop terrace and outdoor gathering areas. Construction is set to begin in early 2026. Once complete, the Warner & Swasey redevelopment will deliver new housing options and commercial opportunities, contributing to the ongoing revitalization of Cleveland’s MidTown district.

Sources

Source: Pennrose