Senior Housing Project Financed by KeyBank CDLI Receives Redevelopment of the Year Award in Cleveland
Facility offers 80 new one-and two-bedroom affordable apartments for seniors 62 and older, preserved within Cleveland’s the historic Henry W. Longfellow School
The Longfellow Senior Housing, an historic redevelopment in Cleveland’s Collinwood community financed by KeyBank, has been awarded CoStar’s 2023 Impact Award for Redevelopment of the Year in Cleveland. KeyBank Community Development Lending and Investment (CDLI) provided a $16.9 million investment, purchasing the housing and historic tax credits for the project. KeyBank also provided $8.8 million in financing towards construction.
The Longfellow offers 80 new one-and two-bedroom affordable apartments for seniors 62 and older, preserved within the historic Henry W. Longfellow School and a newly constructed building on the property. The site’s redevelopment kept the original building’s integrity while also providing modern amenities that enhance seniors’ social, physical, and mental well-being.
For more than eight decades, the property was home to The Henry W. Longfellow Elementary School. However, the school faced demolition in 2011 until The Cleveland Restoration Society stepped in and had it become a designated historic landmark by the City of Cleveland, and thanks to Vesta Corporation’s redevelopment project, Longfellow can continue to provide an essential service to the community.
From the creation of a usable senior-focused fitness center to the development of green spaces and community social areas, The Longfellow offers a unique living experience for seniors. Additionally, a wellness room was also included in the plan to provide a confidential on-site space where third-party healthcare providers can conduct examinations and provide essential healthcare services to Longfellow residents.
