News Summary
The NRP Group has unveiled The Collins, a luxury apartment community with 316 units on the Scranton Peninsula. Designed to revitalize the waterfront, it offers diverse housing options and various amenities to cater to residents’ lifestyles. With proximity to downtown and the Cuyahoga River, The Collins aims to attract a vibrant community, supporting the growth of Cleveland’s neighborhoods.
Cleveland, Ohio—The NRP Group has announced the grand opening of The Collins, a new luxury apartment community featuring 316 units located on the Scranton Peninsula in Cleveland. This development aims to transform an underutilized waterfront site into a vibrant living space that meets the growing demand for high-quality housing in the area.
Situated at 1957 Carter Road, The Collins offers modern housing with convenient access to downtown Cleveland, Tremont, and Ohio City. The location is just steps away from the scenic Cuyahoga River and a short drive to the city center, making it an ideal choice for residents seeking a balance between urban convenience and natural beauty. The project is designed to attract a diverse range of residents while also contributing to the activation of the Scranton Peninsula neighborhood.
Aaron Pechota, Executive Vice President at The NRP Group, highlighted the importance of this project in supporting Cleveland’s ongoing growth and development. The Collins spans over seven acres and consists of two five-story apartment buildings alongside three townhome buildings, providing a variety of living options.
The apartments at The Collins include studio to three-bedroom layouts, while the townhomes feature private entries and rooftop balconies, catering to different lifestyle needs. Each unit is equipped with high-quality finishes, including stainless-steel GE appliances, quartz countertops, modern cabinetry, and luxury vinyl plank flooring.
Residents will enjoy a range of indoor and outdoor amenities at The Collins. The indoors include a fitness center, a resident clubhouse, a conference room, private breakout pods, and a pet spa. Additionally, the fifth-floor lounge provides panoramic views of the river and city skyline for a relaxing retreat.
Outdoor spaces enhance the community experience, featuring a resort-style pool, fire pits, grilling stations, and a plaza designated for community events. Furthermore, pedestrian-friendly walkways connect directly to the Towpath Trail, and residents can access free bike rentals, promoting an active lifestyle in the area.
The project received significant support from various financial organizations. Dollar Bank functioned as the construction lender, while the Ohio Department of Development and the Ohio Water Development Authority provided essential funding and gap financing. To further support the development, the City of Cleveland contributed tax abatement and Tax Increment Financing (TIF).
The Collins faced several challenges during its development, particularly delays caused by the COVID-19 pandemic. However, construction resumed in early 2022, and the project ultimately took seven years from conception to completion, which included the remediation of the brownfield site.
As of its opening, The Collins has achieved approximately 70% occupancy, with rental prices ranging from $1,505 for studios to over $3,000 for three-bedroom apartments. This development marks the first completed residential community on the Scranton Peninsula within The Flats area, with further projects planned for the neighborhood in the future.
The NRP Group’s opening of The Collins represents a significant milestone in the revitalization of the Scranton Peninsula, contributing to the provision of quality housing and enhancing the local community’s appeal.
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Additional Resources
- The NRP Group News
- Wikipedia: Cleveland
- Crain’s Cleveland Business
- Google Search: Scranton Peninsula Cleveland
- Cleveland.com News
- Google Scholar: Apartment Development Cleveland
- 247 Sports
- Encyclopedia Britannica: Real Estate Development
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