CLEVELAND--(BUSINESS WIRE)--The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, celebrated the grand opening of 5115 at The Rising today. Cleveland Mayor Justin Bibb was in attendance, alongside representatives from University Settlement, a nonprofit organization providing premier social services to the residents of the Broadway-Slavic Village neighborhood for more than 90 years.
The mixed-use residential community comprises 78 apartments and 10 townhomes, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by The Ohio Housing Finance Agency's Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries.
“The grand opening of 5115 at The Rising is a vital milestone in the process of revitalizing the Broadway-Slavic Village neighborhood, one of the oldest communities in Cleveland. I am honored to be a part of the celebration,” said Mayor Justin Bibb. “The city of Cleveland is committed to providing affordable housing to working families at the heart of this community. Sustainable homeownership helps build the local economy and creates neighborhoods that are safe for residents and instills stability in their day-to-day lives. Projects of this sort are a necessity that I will continue to champion.”
In addition to the residential units, University Settlement will relocate its offices to the building, occupying 20,000 square feet of commercial space on the ground level of the property. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center. As NRP’s largest commercial space built to date, this new office will help support University Settlement’s goals of economic rebirth, and community revitalization and preservation.
“Having had a presence in this community since 1926, it’s been an honor working with The NRP Group to expand upon our capabilities and provide residents with quality housing and services that will empower them both personally and professionally,” said Earl Pike, Executive Director at University Settlement. “We are immensely proud of this project and the positive impact it will have, and cannot wait to welcome visitors to our brand new space which will reflect the hard work and commitment of our organization to the Broadway-Slavic Village community.”
University Settlement serves more than 12,000 residents annually and provides community, family, youth and senior programs. Services offered range from case management and critical resources, assistance for homebound seniors, and providing tens of thousands of pounds of free, fresh produce to those in need.
“5115 at The Rising is more than just a building, it’s the first step in expanding upon the inclusive community that exists in Broadway-Slavic Village and helping foster long-term growth and success for its residents,” said J. David Heller, President and Chief Executive Officer at The NRP Group. “The priorities of residents have remained top of mind throughout every step of our development process and we look forward to residents experiencing all that this community has to offer.”
Beyond housing, community residents will have access to a host of social empowerment services such as a mix of affordable and no-cost, community-based workforce and educational training through Tri-C Access Center, a food pantry, and street-level retail featuring local businesses.
“The need for more quality rental housing for residents of all income levels in the Broadway-Slavic Village neighborhood is vast. 5115 at The Rising will help satisfy demand in an area that has not seen any significant new housing investment in decades,” said Scott Skinner, Vice President of Development at The NRP Group. “After personally speaking with residents in the neighborhood, we believe this development will satisfy renter’s varying needs for generations to come, and are honored to collaborate with University Settlement to provide community services and resources to residents in the surrounding neighborhood.”
5115 at The Rising was financed with the support of several key local and regional partners including The Ohio Housing Finance Agency, KeyBank, Ohio Capital Corporation for Housing, The City of Cleveland, Third Federal Foundation, among others.
ABOUT THE NRP GROUP
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 20,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
ABOUT UNIVERSITY SETTLEMENT
Since 1926, University Settlement has been offering resources to individuals and families by which they can learn, grow, and thrive. University Settlement is proud to be at the forefront of social service providers in the Broadway-Slavic Village neighborhood. By removing barriers to help families overcome poverty, they empower citizens to maximize their potential and reach their goals. University Settlement does this by protecting and educating children, advancing literacy and job readiness, providing nutritious and sustaining meals, strengthening families, and serving the elderly.
