CLEVELAND — Pennrose and nonprofit partner MidTown Cleveland have broken ground on the $64 million redevelopment of the former Warner & Swasey factory in Cleveland. In October 2025, Pennrose acquired the building at 5701 Carnegie Ave. from the City of Cleveland. The development team, working on this project since 2017, drew on 24 capital sources to bring the plans to fruition, including contributions from the City of Cleveland, Cuyahoga County and the Cleveland Foundation, among other public and private partners.
Constructed in the early 1900s, the 194,000 square-foot, five story building has been vacant since 1985. The redevelopment will include 112 apartments in the first phase, followed by approximately 28 additional units and 20,000 square feet of commercial space in a second phase. The design will preserve the building’s historic character while incorporating amenities and outdoor gathering spaces. Units will be reserved for renters earning up to 30 and 60 percent of area median income. Phase I leasing will begin in January 2028.