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April 13, 2015

Heritage Hall will remain student housing facility despite sale

By Kevin Alquist

Heritage Hall was sold to a student-housing investor based in Houston, Texas for the price of $4.5 million on April 1.

Heritage Hall, located at 2200 Prospect Ave. in Cleveland’s Campus District, is a 152,390-square-foot property that was formerly owned by Cleveland State University and is home to the YMCA of Greater Cleveland.

Heritage HallThe building will continue its status as a private student housing facility and will be under a new name — the Domain at Cleveland — after the sale is complete.

Kevin Ziegler, director of communications for Cleveland State, confirmed that the sale would leave control of the building to Asset Plus Companies, Inc.

“A residence hall means that CSU manages the facility and provides programming or staff support, which is different than what is being pursued here,” Ziegler said.

“We’re very happy to have found a buyer that is experienced and successful in managing student-oriented housing,” said Stephanie McHenry, Cleveland State’s vice president for business affairs and finance.

Newmark Grubb Knight Frank, a commercial real estate firm, represented Euclid Avenue Development Corporation, a not-for-profit affiliate of Cleveland State, in the sale of Heritage Hall.

“Asset Plus, with its student housing track record and solid reputation, emerged as a buyer that not only made sense for the property, but was one in which our client, Euclid Avenue Development Corporation, felt 100 percent comfortable with,” said Richard Sheehan, managing director of NGKF’s Cleveland office, in a press release following the completion of the sale.

On March 18, 2014, residents were informed that the building would not be available for the fall 2014 semester pending the sale and were given alternative options for on campus residency.

Students were concerned at the time of the notification, prompting a response by Cleveland State Residence Life in the form of a meeting and a memo that was released on March 20, 2014.At the meeting, students asked Clare Rahm, assistant vice president for campus support services, questions regarding the short notice on the vacation of the premises, which occurred only eight days before room selection process for the 2014-15 academic year began on March 26, 2014.

In a memo released to students after the meeting, Rahm said that because of the timing of the decision to move forward with the deal, which happened in December 2013, the decision was made to wait to inform students until more information was solidified.

“We were waiting to have enough information about the real estate process and how it would impact you as students,” Rahm said in the release. “We regret the timing related to room selection. Our emphasis has been on notification related to the end of the spring semester and, most important, the end of your current housing contract on July 15 [2014.]”

The YMCA facility will be moving to a location in the Galleria at Erieview at 1309 E. 9th St. The 40,000-square-foot facility is set to open on March 7, 2016. The new facility will be known as the Parker Hannifin Downtown YMCA.