Pennrose and MidTown Cleveland announced the closing of the financial gap on the Warner & Swasey redevelopment in Cleveland’s MidTown neighborhood. The development team is racing towards closing, scheduled for December 15. Construction is set to begin in January 2026.
The comprehensive Warner & Swasey rehabilitation will transform the 194,000-square-foot former manufacturing facility into a vibrant mixed-use, mixed-income community. Once complete, the initiative will preserve the five-story historic landmark, which has sat vacant since 1985, and deliver 112 rental apartments in the first phase and approximately 28 units and 22,000 square feet of commercial space in the second phase.
Plans for the community feature studio, one-, and two-bedroom apartments designed to serve individuals, seniors, at families at a wide range of incomes, including affordable housing units available at 30% to 60% of Area Median Income (AMI) in the first phase and units available for higher income households as part of Phase 2.
