Frequently Asked Questions

Can I tour Quay 55?

Quay 55 tours are available by calling the Leasing Office at (216) 432-0622 to schedule an appointment.

Are there any leasing specials currently being promoted?

There are several leasing promotions currently running!  Contact the Leasing Office at (216) 432-0622 and ask about our latest specials.

Do you have a model suite for viewing?

Quay 55 features two beautifully decorated model suites and a fully furnished guest suite, all currently available for viewing.

What are the monthly lease rates?

Monthly lease rates for specific suites can by found by clicking on the suite number in the Floor Plans section of this site.  Average rates are:

ONE-BEDROOM SUITES starting at $900

TWO-BEDROOM SUITES starting at $1,200

THREE-BEDROOM SUITES starting at $2,200

PENTHOUSE SUITES starting at $1,600

Will any of the suites be sold as condominiums?

All Quay 55 suites are leased apartments. There are currently no plans to convert to condominiums.

What are Quay 55’s leasing terms?

Tenants are required to make a one-month security deposit of $1,000 plus the first month’s rent at lease signing. Leases are renewed on an annual basis.  

Is there a charge for parking?

Parking is free in Quay 55’s large, gated and secured outdoor lot. Heated, indoor parking is available at $100 per month.

Are there charges for other Quay 55 amenities?

Quay 55 residents have full access to all amenities, including fitness center, pool, conference room and party room. A security deposit is required for use of the conference and party rooms, and a usage fee may apply.

Are pets allowed?

Quay 55 allows cats only.

When will the Phase II town homes be offered for sale/deposits taken?

Phase II of the lakefront development project at Quay 55 includes the construction of 70 luxury town homes located just east of the property. While price ranges and deposits have not yet been determined for those town homes, more information should be available in 2005.

 

What are the plans for dockage space for Quay 55 tenants?

Plans are still being developed for proposed dockage space.

Is there any special significance to the name “Quay 55?”

“Quay” (pronounced "KEE") is formally defined as “a wharf or reinforced bank where ships are loaded or unloaded.” The term embodies the rich history surrounding the structure and defines the close interaction between the building and the lake.  

How much has the overall project cost?  

The initial phase of Quay 55 cost nearly $28 million to complete.

How was the project financed?  

Quay 55 was financed through a $21 million loan held by the AFL-CIO and insured by the United States Department of Housing and Urban Development. The remainder of the project’s cost has been assumed by the developers, Coffin Lakeside Ventures.

 

The City of Cleveland is providing a 12-year, 75% tax abatement on the property.

How old is the building?  

The Quay 55 building is 74 years old and is located on the National Registry of Historic Landmarks. The development is housed in what was once the Nicholson Cleveland Terminal Building, which was constructed in 1929 by the Nicholson Terminal & Dock Company of Ecorse, Michigan. The original structure served as a warehouse for automobiles, paper pulp and other finished goods that arrived from Detroit, Michigan on Nicholson-owned lake transport vessels.

What is the chronology of ownership of the Quay 55 property?

The Nicholson Cleveland Terminal building was built by the Nicholson Terminal & Dock Company in 1929.

The company sold the building to a Cleveland real estate developer in 1974 and it subsequently has changed ownership several times from 1974 through 1993.

 

Coffin Lakeside Ventures purchased the building and five acres of land in 1993. The company also owns five acres of adjoining land directly east of the property.

 Who are the major players involved in Quay 55?

Quay 55 Developer:       

     Coffin Lakeside Ventures

General Construction Contractor:   

     Marous Brothers Construction

Project Architect:         

     City Architecture

Property Management Company:     

     R.F. Coffin Enterprises, Inc.

Why has the project taken so long to launch?

Three primary causes have delayed the project: Economy, funding and historic preservation.

 

The development of Quay 55 has spanned several chapters in Cleveland ’s rough and tumble economy throughout the past decade. The building was originally purchased in 1993 and slated for renovation as a commercial property, since urban lakefront residential development had yet to become a proven venture.

 

Progress was severely impeded by the savings and loan crisis which effectively redefined the rules governing the financing of commercial properties. As the local economy tightened, businesses (and potential tenants) started to downsize and the market for commercial space downtown came to a standstill.

 

The project also has survived several exhaustive rounds of complex financing involving the U.S. Department of Housing and Urban Development and local funding sources.

 

Finally, since the building is listing on the National Registry of Historic Landmarks there were a myriad of compliance issues that needed to be addressed. Design of Quay 55 has been altered dramatically since the building was purchased a decade ago, shifting from commercial office space to upscale lakefront residential units that answer the market’s demand for downtown living. Significant updates have been made that address aesthetics and engineering components of the building while preserving the historic significance of the original structure.

What are the different phases of Quay 55?

Phase I:

Renovation of the Nicholson Cleveland Terminal Building into Quay 55’s 138 residential apartments.

Phase II:   

Construction of approximately 70 lakeside townhomes along the land directly east of the building.

Phase III:   

Proposed development of a multi-level office, restaurant and entertainment complex across the harbor from Quay 55.

Phase IV:   

Proposed development of a private marina in the harbor adjacent to Quay 55.

 

Why is this development so important to Cleveland ?

Quay 55 represents the first multi-unit residential housing development on Cleveland ’s shoreline in the city’s history. The project exemplifies a strong commitment to the revitalization of the lakefront that serves as the eastern gateway to the city.

How many units are housed in the building?

138 total suites, made up of 10 one-bedroom suites, 126 two-bedroom suites and 2 three-bedroom suites. Included in this count are 28 penthouse suites.