Warner & Swasey faces $2M gap, needs help

Someday, this perspective of Downtown Cleveland could be the view from someone’s
home. But for the last 40 years, Mother Nature has been steadily reclaiming this property
from its prior use, the Warner & Swasey Co.’s machine tool factory on Carnegie Avenue
near East 55th Street. That decay can end and the building be restored if just $2 million
more can be found to close a financing gap (NEOtrans).
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Perhaps as early as Monday, affordable housing developer Pennrose LLC will get a deed and the keys to the hulking mass of brick. concrete, steel and memories that is the Warner & Swasey Co. factory, 5701 Carnegie Ave. The hope since 2018 has been to turn this long-vacant site into affordable housing. But if money was as abundant as hope for this property, its redevelopment wouldn’t have experienced a new, $2 million setback.

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