Guardian Bluffs
Cleveland's Next Epic Multi Family Development Site | 3.82 Acres in an Opportunity Zone
Marketing description
Guardian Bluffs, currently Epic Steel, is a 3.82-Acre Opportunity Zoned development site located in Cleveland, OH. The site is uniquely positioned in the heart of the Cleveland urban core neighborhoods, including Ohio City, Flats East and West Bank, Downtown Cleveland, Duck Island, and Tremont. The immediate trade area has thousands of new multifamily units under construction as Cleveland’s urban core experiences a renaissance.
The site is adjacent to the brand new (2025) transformational development Thunderbird on the Scranton Peninsula, boasting a combined 600+ market apartments with some town homes as well as the new globally recognized BrewDog and future Great Lakes Brewery. Additionally, The Collins—a 316-unit luxury apartment complex developed by the NPR Group—is within walking distance and The Triton at the Flats—a nearby 293-unit luxury complex developed by Silver Hills—is opening soon.
Guardian Bluffs is positioned in an overlay district which allows for multifamily zoning. Additionally, the city of Cleveland has excellent tax abatement packages for qualified developments. The site has great connectivity to the 100-mile Towpath trail and 20-acre Irishtown Bend public park project and waterfront revitalization.
Investment highlights
Multifamily Zoning: The current zoning is SI K4 Semi-Industry; however, this property is located in an overlay district which allows for multifamily development (Cleveland Zoning Ordinance Code: 337.08 Multi Family District). This property allows for multifamily housing (without variances) at 175’ high above grade with a FAR (Floor Area Ratio) of 6.
Opportunity Zone: This property is located in an Opportunity Zone (https://opportunityzones.ohio.gov).
Explosive Development Market: Over $1B in redevelopment with thousands of new multifamily and single family units coming to market in Ohio City, Tremont, and downtown Cleveland neighborhoods.
Record Breaking Rental Rates: This property is located at the epicenter of new development in Northeast Ohio, with new construction luxury apartment rents ranging from $2.50 PSF - $3.00 PSF.
Residential Home Sales: Newly constructed single-family homes in the nearby neighborhood of Duck Island have a price range of $800,000 to $1.4 million, based on recent sales data from Zillow. New single family homes are being built at $2M+ on adjacent properties.
Uniqueness: This property is located on a bluff with unimpeded views of downtown Cleveland and is connected to the Ohio City and Tremont neighborhoods.
Due Diligence: Ownership currently has a Phase 1 and ALTA Survey for prospective buyers review, with signed Confidentiality Agreement.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
