Vesta Corporation is proud to announce that The Longfellow Senior Housing was named the 2024 Redevelopment of the Year CoStar Impact Award winner in the Cleveland, Ohio market. Winners—chosen for their growth, diversification, and ability to overcome unique challenges in their markets—were selected from a panel of more than 660 industry professionals drawn from each respective market. This award recognizes the exceptional efforts of The Longfellow in transforming the historic Henry W. Longfellow School into a vibrant community of affordable senior apartments.
Originally built in 1924 by renowned architect Walter McCornack, the Longfellow School served as a cornerstone of education in the Collinwood community for over 85 years. Following its closure in 2011, the threat of demolition loomed until the Cleveland Restoration Society (CRS) intervened, successfully designating the building as a national landmark. After an extensive RFP process, Vesta Corporation was chosen to redevelop the school into 80 one- and two-bedroom affordable senior apartments.
The transformation of The Longfellow involved a thoughtful blend of historic preservation and modern design. Original classrooms were converted into 30 apartments, reusing high-quality materials from the original building and unique elements such as floor-to-ceiling windows and marble window ledges. The project also included a new building with 50 additional apartments and dedicated social spaces for residents.
To finance the $23.7 million redevelopment, a diverse capital stack was utilized, including 4% and 9% LIHTC tax credits, HUD loans, a loan from the City of Cleveland Housing Trust Fund, and Federal and State Historic Tax Credits.
The Longfellow now stands as a testament to Vesta’s dedication to preserving history while creating functional and modern living spaces. The Longfellow not only provides affordable housing for seniors but also contributes to the economic prosperity of the Collinwood community. With its unique blend of historic charm and contemporary amenities, The Longfellow has become a beloved focal point in the neighborhood.
We couldn’t have achieved this without the incredible support and collaboration of our partners, including Marous Brothers Construction, Bellwether Enterprise, KeyBank, the Cleveland Restoration Society, Councilman Michael D. Polensek, and LDA Architects, Inc. A huge shoutout to our amazing residents and hardworking staff who make Longfellow Senior Housing feel like home.
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2023 that have significantly influenced neighborhoods or submarkets across 128 major international markets in the United States, Canada, and the United Kingdom. The awards honored over 380 winners for their CRE transactions across five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year and Redevelopment of the Year.
Read more about the The Longfellow Senior Housing here.
Author: Jaime Larkin
Brand Coordinator for Vesta