Wednesday, April 8, 2020

Lakefront luxury development secures construction financing

Looking east towards downtown Cleveland along Lake Erie,
700 Lake in Rocky River offers 25 condominiums and eight
townhouses on Lake Road. Already, one-third of the for-sale
residences have pre-sold (Brickhaus). CLICK TO ENLARGE
A real estate partnership announced this week in a written statement that it has finalized its construction financing and hired its general contractor for a luxury condominium and townhouse development on the west-suburban lakefront.

The partnership Carney Brickhaus along with its contractor Infinity Construction are due to start construction by summer on 700 Lake in the City of Rocky River. Comprising the partnership are developers James Carney and Andrew Brickman. The latter is principal of Brickhaus Partners.

Construction of the $35 million first phase of the development is expected to take about 15 months. Construction financing was provided by Erie Bank after Carney Brickhaus hit its pre-sales requirement, selling one-third of the development's residences.

This is occurring despite the pandemic crisis which is, at best, slowing down real estate development activities nearly everywhere.
First phase of 700 Lake is outlined in red, between Bradstreet's
Landing Park and the Bay Village city line. A possible second
phase featuring townhomes is proposed where a half-dozen
homes on Breezevale Cove now stand (Google/KJP).
"When life is unusual and all the rules for conducting business and living life are changing every
day, the Carney Brickhaus team and their strategic partners are moving along with the construction
of the long-awaited 700 Lake condo on Lake Erie in Rocky River," said the Carney Brickhaus partnership in a written statement.

Located on 2.5 acres at 22700 Lake Road, the 700 Lake development took its name from one of two lakefront estates that previously occupied this site. Both were demolished two years ago, followed by two smaller homes on Breezvale Cove in late-2019. All were acquired by an affiliate of Carney Brickhaus called Rocky River Preservation Partners II LLC.

On that land, Carney Brickhaus will build eight townhomes fronting Lake Road, just west of Breezevale. Behind them will rise the 25-unit condominium building built of concrete which will be three stories in front, facing Lake Road and five stories in back, facing Lake Erie.
Site plan for the first phase of 700 Lake. Note that north is
to the right in this image (Brickhaus).
A later phase comprised of townhouses is planned on 2.1 acres just east of the first phase. It will first require the acquisition of six private homes on Breezevale. Carney has acquired one of those homes while Brickhaus has acquired three, according to Cuyahoga County property records. The other two are not yet under the developers' control.

Just east of Breezevale is the 1975-built, eight-story Beach House Condominiums, the 1997- to 2000-built Harbor Village townhomes and Bradstreet's Landing Park. The park is about to undergo $3.4 million worth of improvements including a reconstruction of the closed fishing pier.

At 700 Lake, the townhomes will all offer three bedrooms and measure from 2,000 to 2,200 square feet. They will have terraces ranging from 650 to 750 square feet and individual, indoor garages entered from the back. Pricing for the townhomes start at $750,000, according to the Kim Crane Group at Howard Hanna's Rocky River office.

The condos will range in size from 2,200 to 3,600 square feet. Each offers three bedrooms, private outdoor spaces and lake views from every residence. There will be indoor and outdoor parking for condo residents and visitors. Condo pricing starts at $1.2 million.
Rendering for 700 Lake with Lake Road at the bottom-left of
the image and Breezvale Cove to the right (Brickhaus).
Interior finishes for the townhomes and condos will be high end, imported from Italy. They include
kitchens by Aran Cucine, wood flooring by Garbelotto Pavimenti and tile by Fiandre. Appliances and climate controls will all be state-of-the-art offerings from Wolf, Sub-Zero, Thermador and Bosch.

A sales office has been established at 19204 Detroit Road in downtown Rocky River.

"Infinity is pulling permits, and in the coming weeks will be completing a variety of different preconstruction activities," according to the written statement from Carney Brickhaus.

"The construction fence to secure the property will be installed along with additional construction
trailers," the statement said. "After that, clearing will begin, followed shortly thereafter by the grading and installation of all utilities and infrastructure."


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