Playhouse Square is the country’s largest performing arts center outside of Broadway in New York City. The not-for-profit performing arts center’s mission is presenting and producing a wide variety of quality performing arts, advancing arts education and creating a destination that is a superior location for entertainment, business and residential living, thereby strengthening the economic vitality of the Greater Cleveland region.
Members of Calfee’s Real Estate and Public Finance practice groups have represented Playhouse Square Foundation in a $140 million development of a 34-story residential tower and parking garage. “The Lumen,” as the building has been named, is the largest residential development project in downtown Cleveland in 40 years.
The project will be constructed on a former surface parking lot, and it will create jobs and spur economic development in the area. Lumen residents will have access to the theaters and Cleveland State University, which are both within walking distance, and access to the city’s cultural areas including a multitude of renowned museums accessible via convenient public transportation.
Calfee, as the lead law firm for the transaction, negotiated construction loan documents (which included participation by several lenders and a swap), Tax Increment Financing Agreement documents with the City of Cleveland, Economic Development Loan with the City of Cleveland, Residential Tax Abatement, and Loan Agreement with Cuyahoga County. In addition to leading the real estate development, including title and air-rights splits for the project, Calfee also served as underwriters’ counsel for their public finance component.
Calfee Employee Benefit and Executive Compensation attorneys have served Playhouse Square Foundation’s retirement plan and succession planning needs for many years. Calfee has handled many projects including, for example, IRS audits, the transition of a 403(b) plan to an updated 401(k) plan and addressing specialized issues for the Foundation’s unique workforce. Calfee Employee Benefits attorneys are often asked to serve the role of team leader to coordinate the efforts of the Foundation’s Compensation Committee, the heads of the legal, HR and financial departments at the Foundation with outside service providers like actuaries and national record keepers and investment advisers to drive the successful completion of projects.