City Council has cleared the way for an upscale apartment complex on Chagrin Road, creating a new zoning district and rezoning the property where three Commerce Park office buildings stand.
City officials hope the four-story, 340-unit building to be built at Green Road and Chagrin Boulevard will attract young professionals to the city.
A concept plan presented calls for an apartment building with a two-story parking garage where Commerce Park Buildings I, II and III stand at the southeast corner of the intersection.
City Planner George Smerigan said that the plans are consistent with the his company conducted for the city earlier this year.
The property sold for $4.1 million in September to The NRP Group, LLC and Munsell Realty Advisors, LLC. City Planner George Smerigan said the buildings will be torn down to make room for the new apartments if the legislation passes. Tenants from those offices will move to buildings IV and V.
The property was close to foreclosure before it went to Marketview Properties, LLC, added Smerigan.
Smerigan said that the office buildings were in dire need of repairs.