The owners of the land near McCutcheon and Eager roads, where Manhassett Village apartments once stood, are planning to build a new Manhassett Village, to be completed in four phases between 2015 to 2022.
The property is on the north border of Brentwood Forest. The development will be all rentals.
Draper & Kramer, Inc., of Chicago, have owned the property since 1939. The Richmond Heights City Council voted to blight the area for the purposes of real property tax abatement at a recent meeting.
Draper & Kramer requested 100 percent tax abatement for the first 10 years and 50 percent abatement for the next 15 years for the project, which is the maximum allowable by law. The city agreed to 70 percent abatement for 10 years.
Phases 1 and 2 are be completed by 2016, and would total 321 units. Phase 3 consists of 240 units to be completed in 2019. Phase 1 is estimated to cost $50 million.
Phase 4 is planned to be an approximately 240-unit, 12-story building, estimated to be completed in 2022. These would be considered high-end. Project details are at Richmond Heights City Hall.